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I wouldn't worry about Coinbase, whilst SBF was the cool kid who had a motorbike and smoked round the back of the bike sheds, Coinbase is the kid sat at the bac

I wouldn't worry about Coinbase, whilst SBF was the cool kid who had a motorbike and smoked round the back of the bike sheds, Coinbase is the kid sat at the back of the class eating glue. Coinbase is doing all of the things required to run a crypto exchange as if you were actually a real exchange trading items of value. The problem is there are no crypto assets of value, and so Coinbase looks perpetually behind the ball, because their trading volumes are nothing, their costs are high, and they move incredibly slowly. They've spent their entire time as a company looking stupid because they don't show crazy trading volumes or magical new markets that are going to drive incredible revenue. Instead, they got valued as an also-ran in the market, people thinking "Oh well they're no FTX but they're worth something". The problem they face today, is is turns out all the guys they looked unsuccessful next to turned out to be bare faced liars. So now people look at Coinbase and realise it's not a business. We thought they were doing a poor job of capturing a brilliant market. Actually they've done a great job building a company to a serve a market that simply never existed and was all pretend.

gjvc 4y ago
Coinbase is losing money hand over fist, even while doing everything right.
kerkeslager 4y ago
> I wouldn't worry about Coinbase, whilst SBF was the cool kid who had a motorbike and smoked round the back of the bike sheds, Coinbase is the kid sat at the back of the class eating glue. Coinbase is doing all of the things required to run a crypto exchange as if you were actually a real exchange trading items of value. Why is it that crypto bros think this sort of metaphor-that-doesn't-explain-anything is persuasive? Or do you actually think that a company being "cool" is important in this context? Crypto is a space where you want to move slowly. "Move fast and break things" doesn't work here because "break things" causes full-scale collapse. Coinbase is the largest exchange in a Western country and as such is a market leader--definitely not an also-ran. You may be looking for "crazy trading volumes or magical new markets", but anyone who actually knows how to invest knows the risks of those things and is skeptical. > The problem they face today, is is turns out all the guys they looked unsuccessful next to turned out to be bare faced liars. Huh? Why would competitors turning out to be liars be a problem for Coinbase? Also, I'll point out: even if you didn't know FTX were scammers, you had to know that their products were extremely high risk, while Coinbase's products were... still high-risk but at least a coherent choice. Of the crypto scams of this past year I've been taken in by exactly 0 of them because even when they weren't obvious scams, there have always been obvious issues.

gjvc 4y ago

Coinbase is losing money hand over fist, even while doing everything right.

kerkeslager 4y ago

> I wouldn't worry about Coinbase, whilst SBF was the cool kid who had a motorbike and smoked round the back of the bike sheds, Coinbase is the kid sat at the back of the class eating glue. Coinbase is doing all of the things required to run a crypto exchange as if you were actually a real exchange trading items of value. Why is it that crypto bros think this sort of metaphor-that-doesn't-explain-anything is persuasive? Or do you actually think that a company being "cool" is important in this context? Crypto is a space where you want to move slowly. "Move fast and break things" doesn't work here because "break things" causes full-scale collapse. Coinbase is the largest exchange in a Western country and as such is a market leader--definitely not an also-ran. You may be looking for "crazy trading volumes or magical new markets", but anyone who actually knows how to invest knows the risks of those things and is skeptical. > The problem they face today, is is turns out all the guys they looked unsuccessful next to turned out to be bare faced liars. Huh? Why would competitors turning out to be liars be a problem for Coinbase? Also, I'll point out: even if you didn't know FTX were scammers, you had to know that their products were extremely high risk, while Coinbase's products were... still high-risk but at least a coherent choice. Of the crypto scams of this past year I've been taken in by exactly 0 of them because even when they weren't obvious scams, there have always been obvious issues.