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To everyone: 2017 had the exact same pattern. Coinbase is suffering this time because they didn't learn at all the lessons that happened to the companies in 201

by fallat 4y ago

To everyone: 2017 had the exact same pattern. Coinbase is suffering this time because they didn't learn at all the lessons that happened to the companies in 2017. For example, you will not see this happen with Kraken. This is normal, nothing to see here.

randomsearch 4y ago
Anyone thinking this is like 2017 and hodling or investing on that basis needs to pay a lot more attention the global economy.
capableweb 4y ago
Coinbase has survived something like 4 downturns before, the previous ones on the same strategy that they are employing now. So not sure what lessons they are not applying, that others are?
- hcmacro 4y ago
  In which prior downturn did the valuation of Coinbase (and other unicorns) get nuked -90%?
  - chrisco255 4y ago
    Coinbase is the only publicly traded exchange that I know of? Coinbase wasn't public until early '21. So sure, VCs might have piled more money into Coinbase at higher valuations, but all of that VC activity and valuation is an inexact science without a liquid market. At any rate, off the top of my head, the dot com era had a similar vibe. And several tech firms are down 75+% this year so far (Netflix included).
  - Redoubts 4y ago
    In which prior downturn were they even listed?
    - hcmacro 4y ago
      Does it really matter? It's almost assured that private valuations will get written down with a lag (already underway). Favorable public markets are what allowed VCs to foist the turd on the greater fool for a decade.
- graeme 4y ago
  Coinbase has not, however, been through a bear market. Nor has crypto
  - capableweb 4y ago
    That's true. But that still makes me wonder, what could Coinbase do in this case, that other companies are already doing? Do other companies not perform layoffs when there is a bear market?
treyfitty 4y ago
Why won't one see the same thing with Kraken?
- fallat 4y ago
  It's already happened to them in 2017 and during my interview with them (after the 2017 crash), the interview was basically me interviewing them asking them what they're doing and it all checked out. Their biggest mistake was growing too fast and too much liquidity in crypto. All fixed now as far I can see from the public eye now

by fallat 4y ago

randomsearch 4y ago

Anyone thinking this is like 2017 and hodling or investing on that basis needs to pay a lot more attention the global economy.

capableweb 4y ago

Coinbase has survived something like 4 downturns before, the previous ones on the same strategy that they are employing now. So not sure what lessons they are not applying, that others are?

hcmacro 4y ago
In which prior downturn did the valuation of Coinbase (and other unicorns) get nuked -90%?
- chrisco255 4y ago
  Coinbase is the only publicly traded exchange that I know of? Coinbase wasn't public until early '21. So sure, VCs might have piled more money into Coinbase at higher valuations, but all of that VC activity and valuation is an inexact science without a liquid market. At any rate, off the top of my head, the dot com era had a similar vibe. And several tech firms are down 75+% this year so far (Netflix included).
- Redoubts 4y ago
  In which prior downturn were they even listed?
  - hcmacro 4y ago
    Does it really matter? It's almost assured that private valuations will get written down with a lag (already underway). Favorable public markets are what allowed VCs to foist the turd on the greater fool for a decade.
graeme 4y ago
Coinbase has not, however, been through a bear market. Nor has crypto
- capableweb 4y ago
  That's true. But that still makes me wonder, what could Coinbase do in this case, that other companies are already doing? Do other companies not perform layoffs when there is a bear market?

treyfitty 4y ago

Why won't one see the same thing with Kraken?

fallat 4y ago
It's already happened to them in 2017 and during my interview with them (after the 2017 crash), the interview was basically me interviewing them asking them what they're doing and it all checked out. Their biggest mistake was growing too fast and too much liquidity in crypto. All fixed now as far I can see from the public eye now