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That thread actually seemed like a reasonable response to balance out the "gloom and doom" from the media. Also, not sure why you think "8 twitter posts" are a

That thread actually seemed like a reasonable response to balance out the "gloom and doom" from the media. Also, not sure why you think "8 twitter posts" are a such big deal -- tweets are limited in size, and twitter has a broad audience, and these types of tweet threads are very common.

TheCondor 4y ago
They are common and stupid. Write a memo, have the lawyers review it, post it on Coinbase.com, tweet a link, do a press release, etc.
- Redoubts 4y ago
  or you go to where the people are, and talk in the way that’s expected there.
krono 4y ago
Only took me 5 words and a contraction to say the same thing, and I'm not even a native English speaker. Edit: All those maybe's and probably's are the most troublesome part though.
- bombcar 4y ago
  “Pay no attention to the man behind the curtain” would have worked just as well. Before reading that tweet chain I was on the “SEC always requires horribly pessimistic outlooks” and now I’m in the “they’re going bankrupt very soon” camp.
nolok 4y ago
Because if all he had to say was "there is no actual risk", then that's all he would have written, and it fits in less than a single tweet.
- nisegami 4y ago
  Why would anyone just take that as it is?
  - nolok 4y ago
    Because he is the CEO and if he lies about those matters in a public communication he is liable to shareholders. Which is why he doesn't do it.
dj_mc_merlin 4y ago
It does not look reasonable in any way to me. > Your funds are safe at Coinbase, just as they’ve always been. You won't lose your funds, don't worry. > For our retail customers, we’re taking further steps to update our user terms such that we offer the same protections to those customers in a black swan event. We should have had these in place previously, so let me apologize for that. Unless we have your keys, in which case I'm sorry we're not protecting you yet (but don't worry, everything's fine). > We have no risk of bankruptcy Said directly after their worst quarter to date. Always a lie regardless. > however we included a new risk factor based on an SEC requirement called SAB 121, which is a newly required disclosure for public companies that hold crypto assets for third parties. A rule made specifically for their type of companies that clarifies risks of storing assets in a non regulated bank.. somehow shouldn't make you scared that your assets might get taken away since it's very "unlikely".
paxys 4y ago
If it was a reasonable explanation then it would be in the SEC disclosure. Except that you can get sued for misrepresenting what's in there. On the other hand you are mostly free to Tweet whatever garbage you want.
9935c101ab17a66 4y ago
You say "doom and gloom" as if the media is being unfair in their coverage of Coinbase. The same Coinbase that saw a 43% decline in share price in four days before releasing their earnings. In said earnings report, they: - Posted a net loss of $430m (defying analyst expectations of a profit) - reported a decrease in monthly active users. - reported a decrease in transaction volume. Their bonds have been downgraded, they are facing increased financial regulation and two of the largest stablecoins have become unpegged in the last few days. Coinbase then files an SEC disclosure stating in plain terms that it will use the assets of its users to pay off secured creditors in the event of a bankruptcy. His twitter thread was definitely not a reasonable response.

TheCondor 4y ago

They are common and stupid. Write a memo, have the lawyers review it, post it on Coinbase.com, tweet a link, do a press release, etc.

Redoubts 4y ago
or you go to where the people are, and talk in the way that’s expected there.

krono 4y ago

Only took me 5 words and a contraction to say the same thing, and I'm not even a native English speaker. Edit: All those maybe's and probably's are the most troublesome part though.

bombcar 4y ago
“Pay no attention to the man behind the curtain” would have worked just as well. Before reading that tweet chain I was on the “SEC always requires horribly pessimistic outlooks” and now I’m in the “they’re going bankrupt very soon” camp.

nolok 4y ago

Because if all he had to say was "there is no actual risk", then that's all he would have written, and it fits in less than a single tweet.

nisegami 4y ago
Why would anyone just take that as it is?
- nolok 4y ago
  Because he is the CEO and if he lies about those matters in a public communication he is liable to shareholders. Which is why he doesn't do it.

dj_mc_merlin 4y ago

It does not look reasonable in any way to me. > Your funds are safe at Coinbase, just as they’ve always been. You won't lose your funds, don't worry. > For our retail customers, we’re taking further steps to update our user terms such that we offer the same protections to those customers in a black swan event. We should have had these in place previously, so let me apologize for that. Unless we have your keys, in which case I'm sorry we're not protecting you yet (but don't worry, everything's fine). > We have no risk of bankruptcy Said directly after their worst quarter to date. Always a lie regardless. > however we included a new risk factor based on an SEC requirement called SAB 121, which is a newly required disclosure for public companies that hold crypto assets for third parties. A rule made specifically for their type of companies that clarifies risks of storing assets in a non regulated bank.. somehow shouldn't make you scared that your assets might get taken away since it's very "unlikely".

paxys 4y ago

If it was a reasonable explanation then it would be in the SEC disclosure. Except that you can get sued for misrepresenting what's in there. On the other hand you are mostly free to Tweet whatever garbage you want.

9935c101ab17a66 4y ago

You say "doom and gloom" as if the media is being unfair in their coverage of Coinbase. The same Coinbase that saw a 43% decline in share price in four days before releasing their earnings. In said earnings report, they: - Posted a net loss of $430m (defying analyst expectations of a profit) - reported a decrease in monthly active users. - reported a decrease in transaction volume. Their bonds have been downgraded, they are facing increased financial regulation and two of the largest stablecoins have become unpegged in the last few days. Coinbase then files an SEC disclosure stating in plain terms that it will use the assets of its users to pay off secured creditors in the event of a bankruptcy. His twitter thread was definitely not a reasonable response.