Coinbase IPO - anyone tempted?

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gubernaculum
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Re: Coinbase IPO - anyone tempted?

Post by gubernaculum »

Coinbase? hahhhahahahahahhahahahhahahahahah..................................its value is zero.
jeffh19
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Re: Coinbase IPO - anyone tempted?

Post by jeffh19 »

gubernaculum wrote: Wed Apr 21, 2021 11:43 pm Coinbase? hahhhahahahahahhahahahhahahahahah..................................its value is zero.
I don’t like Coinbase, but regardless if you hate coinbase or crypto all together, obviously a company with their level of revenue and user base is obviously going to be valued at more than zero.
gubernaculum
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Re: Coinbase IPO - anyone tempted?

Post by gubernaculum »

I suspect that most of the transactions are covering illegal activities and laundering money. The feds will regulate it and will demand ability to trace its source. Once that happens it's over. Moreover, everyone can start a cryptocurrency. It's volatility will never make it an exchange of choice. It's a tulip like no other.
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anon_investor
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Re: Coinbase IPO - anyone tempted?

Post by anon_investor »

gubernaculum wrote: Wed Apr 21, 2021 11:43 pm Coinbase? hahhhahahahahahhahahahhahahahahah..................................its value is zero.
At a certain point it will be in VTSAX...
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jason2459
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Re: Coinbase IPO - anyone tempted?

Post by jason2459 »

gubernaculum wrote: Thu Apr 22, 2021 7:13 am I suspect that most of the transactions are covering illegal activities and laundering money. The feds will regulate it and will demand ability to trace its source. Once that happens it's over. Moreover, everyone can start a cryptocurrency. It's volatility will never make it an exchange of choice. It's a tulip like no other.
I believe Coinbase has been reporting account details and working with the IRS.
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txhill
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Re: Coinbase IPO - anyone tempted?

Post by txhill »

gubernaculum wrote: Thu Apr 22, 2021 7:13 am I suspect that most of the transactions are covering illegal activities and laundering money. The feds will regulate it and will demand ability to trace its source. Once that happens it's over. Moreover, everyone can start a cryptocurrency. It's volatility will never make it an exchange of choice. It's a tulip like no other.
Maybe you should do a bit more research into it. It's basically impossible for citizens of most developed countries to purchase Bitcoin without providing KYC (and certainly not on any exchanges), and every transaction ever made through Bitcoin is recorded and traceable. It's pretty clear that most transactions in Bitcoin currently are speculative (which may be a reason you may want to avoid it if you think it has no value like futures contracts in Dutch tulips)--but not criminal. That said, there are some cryptocurrencies like Monero that really are untraceable, just like cash.
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Re: Coinbase IPO - anyone tempted?

Post by nisiprius »

anon_investor wrote: Thu Apr 22, 2021 7:20 am
gubernaculum wrote: Wed Apr 21, 2021 11:43 pm Coinbase? hahhhahahahahahhahahahhahahahahah..................................its value is zero.
At a certain point it will be in VTSAX...
I guess I'll just have to grin and bear it.

Current market cap is about $62 billion, so it will be something roughly like this, the grey patch. Gotta admit, it's a lot.

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SrGrumpy
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Re: Coinbase IPO - anyone tempted?

Post by SrGrumpy »

gubernaculum wrote: Thu Apr 22, 2021 7:13 am I suspect that most of the transactions are covering illegal activities and laundering money. The feds will regulate it and will demand ability to trace its source. Once that happens it's over. Moreover, everyone can start a cryptocurrency. It's volatility will never make it an exchange of choice. It's a tulip like no other.
Debunked a few pages back.
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Re: Coinbase IPO - anyone tempted?

Post by nisiprius »

How much cryptocurrency does Coinbase Global itself own, rather than hold and manage for its customers? IIRC Tesla actually owns $1.5 billion in bitcoin. How does that compare with the Coinbase's actual holdings of cryptocurrency as part of its own assets... and, for that matter, how do you go about finding that out?
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secondopinion
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Re: Coinbase IPO - anyone tempted?

Post by secondopinion »

arcticpineapplecorp. wrote: Tue Apr 13, 2021 3:37 pm In this chapter Larry goes through all the evidence that picking an IPO is the winning strategy...for the underwriters on Wall Street who generate great fee income and insiders who sell their shares on unwitting retail investors. The retail investors (OP) are buying lottery tickets.

The evidence of underperformance? Paraphrasing from Larry's Book:

Journal of Finance 1995. Study covering 1970-1990 looked at returns from buying every IPO at the end of the first day's closing price and holding for 5 years. The return was just 5% per year and it was 7% LESS than a benchmark of companies of similar market cap.

Wall Street Journal Feb 24, 1999. U. of Florida prof. Jay Ritter looked at 1006 IPOs that raised $20 mil 1988-1993. The median IPO underperformed the Russell 3000 by 30% 3 years after going public and 46% of IPOs produced negative returns.

Fortune Nov 23, 1998. How did IPOs issued in 1993 do through 1998? The average IPO returned 1/3rd as much as the S&P500 index. 1/2 traded below the offering price. 1/3rd were down over 50%.

Wall Street Journal March 30, 1999. U.S. Bancorp Pier Jaffray study looked at May 1988 - July 1998 (4900 IPOs). The outcome? Less than 1/3rd were above the IPO price, 1/3rd weren't even trading anymore due to bankruptcy, or were acquired or no longer trading in an active market.

And on and on for another four pages. The persistent underperformance continues.

Larry writes:
In the face of this poor performance, why do investors continue to chase the latest IPO? There are two explanations for this seemingly irrational behavior. FIrst, unless an investor happens to read scholarly publications such as the Journal of Finance, he or she is unlikely to be aware of the facts. Second, even when informed, investors often act in what appear to be irrational ways .In this case, it is another example of the triumph of hope over experience. Investors seem to be willing to accept the high probability of low returns in exchange for the small chance of a home run or, possibly even more important, a great story to tell at the next cocktail party.

There is an old saying in sports that sometimes the best trades are the ones you don't make. You can avoid the mistake of investing in IPOs by remembering that while IPOs have provided huge profits for the Wall Street firms that market them, they have generated very poor returns for investors.
of course, this time's different, right?

guess this time wasn't different:
Coinbase debut generates billions of dollars for early backers Union Square and Andreessen Horowitz

source:https://www.cnbc.com/2021/04/14/coinbas ... -rich.html
There is also evidence that there is risk skew with many investors; this skew is what makes people buy lottery tickets despite the expected return being negative. Very poor credit bonds (the junky bonds of the high-yield) also show this effect, as do bankrupt stocks. Factoring for this, IPOs are likely to be poor returns until they are more established, when the risk is not so high as to give this risk skew effect. Of course, some risk is fine to take, as more risk give more return when it is not so skewed.

I remember having a mathematical thought where I considered portfolios made of long shot versus unlikely versus half chance versus likely versus near certain investments. I factored in the assumptions that diversification is not a free lunch, and that the more certain the investment is the less diversification was permitted. Given a non-competitive market (investment-based), I found that "likely" portfolios would, in theory, perform the best because they carry the most variation; the long shots would be the worst returns while near certain portfolios would receive reduced returns. In a competitive market (speculator versus speculator), the "likely" portfolios would also win. The main losers? The "unlikely"; long shots would also be losers when you factor in trading and supply problems. In theory, the typical decent stock falls into the likely category; a portfolio of all such stocks would perform very well, hence why most general index funds seem to perform well. They should according to the theory.

Considering this, the OP should just wait a year or two and see if it is more favorable afterwards if they want to buy it.
Passive investing: not about making big bucks but making profits. Active investing: not about beating the market but meeting goals. Speculation: not about timing the market but taking profitable risks.
secondopinion
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Re: Coinbase IPO - anyone tempted?

Post by secondopinion »

gubernaculum wrote: Thu Apr 22, 2021 7:13 am I suspect that most of the transactions are covering illegal activities and laundering money. The feds will regulate it and will demand ability to trace its source. Once that happens it's over. Moreover, everyone can start a cryptocurrency. It's volatility will never make it an exchange of choice. It's a tulip like no other.
At least you can plant a tulip and hopefully grow more of them.
Passive investing: not about making big bucks but making profits. Active investing: not about beating the market but meeting goals. Speculation: not about timing the market but taking profitable risks.
SethJane42
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Re: Coinbase IPO - anyone tempted?

Post by SethJane42 »

I stay from stocks where there is too much cognitive dissonance. There is such a cloud of bias for and against crypto, tethers, and platforms like Coinbase, that the truth takes too much work to find.
SlowMovingInvestor
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Re: Coinbase IPO - anyone tempted?

Post by SlowMovingInvestor »

txhill wrote: Thu Apr 22, 2021 8:46 am
gubernaculum wrote: Thu Apr 22, 2021 7:13 am I suspect that most of the transactions are covering illegal activities and laundering money. The feds will regulate it and will demand ability to trace its source. Once that happens it's over. Moreover, everyone can start a cryptocurrency. It's volatility will never make it an exchange of choice. It's a tulip like no other.
Maybe you should do a bit more research into it. It's basically impossible for citizens of most developed countries to purchase Bitcoin without providing KYC (and certainly not on any exchanges), and every transaction ever made through Bitcoin is recorded and traceable. It's pretty clear that most transactions in Bitcoin currently are speculative (which may be a reason you may want to avoid it if you think it has no value like futures contracts in Dutch tulips)--but not criminal. That said, there are some cryptocurrencies like Monero that really are untraceable, just like cash.
Purchasing BTC using regular currency yes, that requires KYC at US exchanges. I'm pretty sure they have lists of blacklisted 'wallets' from which they don't allow transfers of crypto (in or out).

But DeFi exchanges do not require any KYC/AML for buying BTC with other crypto currencies -- I think I've even seen posts even here saying that Uniswap is better than CoinBase because it doesn't require KYC/AML.

It also wouldn't surprise me in the least if there's a great deal of underreporting of tax gains from trading crypto at various exchanges. Certainly the DeFi exchanges, but possibly even some of the Centralized exchanges. The IRS was recently granted a John Doe summons (*) on Circle to get info on transactions and account data for customers. It's also asking for info from Kraken. It served one on Coinbase 5 years ago.

(*) A John Doe Summons is a summons directed at a group of unknown people believed to be US Persons. The IRS/DOJ used similar summons against Swiss banks a few years back to target illegal offshore banking.
SlowMovingInvestor
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Re: Coinbase IPO - anyone tempted?

Post by SlowMovingInvestor »

nisiprius wrote: Thu Apr 22, 2021 9:49 am How much cryptocurrency does Coinbase Global itself own, rather than hold and manage for its customers? IIRC Tesla actually owns $1.5 billion in bitcoin. How does that compare with the Coinbase's actual holdings of cryptocurrency as part of its own assets... and, for that matter, how do you go about finding that out?
Their balance sheet (in the S-1/A) has some info which allows one to put a higher bound on it, but I'm sure it changes a lot. In general they act as an exchange, but I think they do sometimes make markets in thinly traded coins. So they would have some holdings.

It would make sense for CoinBase to load up on a coin before listing it. In fact, they would have a legitimate reason to do that - since newly listed coins may be thinly traded, it may require CoinBase to act as a market maker for a while. And for CoinBase, the additional advantage is that the coin will likely soar in price when they list it.
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Re: Coinbase IPO - anyone tempted?

Post by Prahasaurus »

SlowMovingInvestor wrote: Thu Apr 22, 2021 11:43 am
nisiprius wrote: Thu Apr 22, 2021 9:49 am How much cryptocurrency does Coinbase Global itself own, rather than hold and manage for its customers? IIRC Tesla actually owns $1.5 billion in bitcoin. How does that compare with the Coinbase's actual holdings of cryptocurrency as part of its own assets... and, for that matter, how do you go about finding that out?
Their balance sheet (in the S-1/A) has some info which allows one to put a higher bound on it, but I'm sure it changes a lot. In general they act as an exchange, but I think they do sometimes make markets in thinly traded coins. So they would have some holdings.

It would make sense for CoinBase to load up on a coin before listing it. In fact, they would have a legitimate reason to do that - since newly listed coins may be thinly traded, it may require CoinBase to act as a market maker for a while. And for CoinBase, the additional advantage is that the coin will likely soar in price when they list it.
Also note that Coinbase is a massive early stage investor in many projects: https://ventures.coinbase.com. They hold stakes in Compound, Synthetix, Matic, etc. If this space explodes in growth, Coinbase will be at the center of that growth.
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EnjoyIt
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Re: Coinbase IPO - anyone tempted?

Post by EnjoyIt »

I would not mind Coinbase being a part of my Total US stock index fund. It is what it is. Considering how profitable they are being a middle man for crypto transactions, then why not take a piece of that profit. I suspect there really is not much R&D that will be done on Coinbase's end that requires lots of cash and they should start accumulating that cash which will have to be distributed somehow to its investors either through buybacks or a dividend. I would hope that all the profit won't be disappearing as salary and bonuses, otherwise why bother owning the stock.

Also, as many expected, the hype made the stock overpriced at IPO and now down from IPO peak. If crypto continues to gain more adoption and Coinbase keeps increasing revenue, I would assume price will increase...eventually. I am not betting on it happening any better or faster that the general market which is why I don't own individual stocks.
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atdharris
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Re: Coinbase IPO - anyone tempted?

Post by atdharris »

I don't understand entirely the purpose of owning Coinbase as a proxy for crypto. If you want crypto exposure, why not just buy the underlying asset? I hold a bit of BTC in a Robinhood account, for example.
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Re: Coinbase IPO - anyone tempted?

Post by rage_phish »

gubernaculum wrote: Thu Apr 22, 2021 7:13 am I suspect that most of the transactions are covering illegal activities and laundering money. The feds will regulate it and will demand ability to trace its source. Once that happens it's over. Moreover, everyone can start a cryptocurrency. It's volatility will never make it an exchange of choice. It's a tulip like no other.
most huh?
Freefun
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Re: Coinbase IPO - anyone tempted?

Post by Freefun »

gubernaculum wrote: Thu Apr 22, 2021 7:13 am I suspect that most of the transactions are covering illegal activities and laundering money. The feds will regulate it and will demand ability to trace its source. Once that happens it's over. Moreover, everyone can start a cryptocurrency. It's volatility will never make it an exchange of choice. It's a tulip like no other.
if it gets regulated it's unlikely based on money laundering... it's very common with fiat as well as crypto, and blockchain transactions are easier to track.

Source: Katie Haun knows more about this than most people...

https://www.judiciary.senate.gov/imo/me ... timony.pdf
Remember when you wanted what you currently have?
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F150HD
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Re: Coinbase IPO - anyone tempted?

Post by F150HD »

:|

Image

https://www.thejakartapost.com/news/202 ... lion-.html

Turkish prosecutors on Thursday opened an investigation after the Istanbul-based founder of a cryptocurrency exchange shut down his site and fled the country with a reported $2 billion in investors' assets.

HaberTurk and other media said Thodex shut down after running a promotional campaign that sold Dogecoins at a big rebate -- but did not allow investors to sell. Reports said the website and the entire exchange had shut down while holding at least $2 billion from 391,000 investors. "The victims are panicked," investors' lawyer Oguz Evren Kilic was quoted as saying by HaberTurk. "They are lodging complaints at prosecutors' offices in the cities they reside."
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HomerJ
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Re: Coinbase IPO - anyone tempted?

Post by HomerJ »

F150HD wrote: Thu Apr 22, 2021 6:58 pm :|

Image

https://www.thejakartapost.com/news/202 ... lion-.html

Turkish prosecutors on Thursday opened an investigation after the Istanbul-based founder of a cryptocurrency exchange shut down his site and fled the country with a reported $2 billion in investors' assets.

HaberTurk and other media said Thodex shut down after running a promotional campaign that sold Dogecoins at a big rebate -- but did not allow investors to sell. Reports said the website and the entire exchange had shut down while holding at least $2 billion from 391,000 investors. "The victims are panicked," investors' lawyer Oguz Evren Kilic was quoted as saying by HaberTurk. "They are lodging complaints at prosecutors' offices in the cities they reside."
Good thing it's decentralized with no government protection!!

That's what makes crypto so great!
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Uniswap
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Re: Coinbase IPO - anyone tempted?

Post by Uniswap »

HomerJ wrote: Thu Apr 22, 2021 7:47 pm
F150HD wrote: Thu Apr 22, 2021 6:58 pm :|

Image

https://www.thejakartapost.com/news/202 ... lion-.html

Turkish prosecutors on Thursday opened an investigation after the Istanbul-based founder of a cryptocurrency exchange shut down his site and fled the country with a reported $2 billion in investors' assets.

HaberTurk and other media said Thodex shut down after running a promotional campaign that sold Dogecoins at a big rebate -- but did not allow investors to sell. Reports said the website and the entire exchange had shut down while holding at least $2 billion from 391,000 investors. "The victims are panicked," investors' lawyer Oguz Evren Kilic was quoted as saying by HaberTurk. "They are lodging complaints at prosecutors' offices in the cities they reside."
Good thing it's decentralized with no government protection!!

That's what makes crypto so great!
Sounds like HomerJ is a fan of Self-Custody!
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Re: Coinbase IPO - anyone tempted?

Post by Uniswap »

nisiprius wrote: Thu Apr 22, 2021 9:49 am How much cryptocurrency does Coinbase Global itself own, rather than hold and manage for its customers? IIRC Tesla actually owns $1.5 billion in bitcoin. How does that compare with the Coinbase's actual holdings of cryptocurrency as part of its own assets... and, for that matter, how do you go about finding that out?
https://www.sec.gov/Archives/edgar/data ... 3bacd66_61

"As of December 31, 2020, we had $48.9 million of USDC, a stablecoin which can be redeemed one USDC for one U.S. dollar on demand. While not accounted for as cash or cash equivalent, we believe our USDC holdings to be an important liquidity resource.

In addition to USDC, as of December 31, 2020, we held $62.3 million of crypto assets for investment and operational purposes at cost, excluding crypto assets borrowed. The fair value as of December 31, 2020 was $187.9 million which included $130.1 million of Bitcoin, $23.8 million of Ethereum and $34.0 million of other crypto assets. The fair value is primarily based on the closing quoted market prices on our platform as of December 31, 2020."
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Re: Coinbase IPO - anyone tempted?

Post by Uniswap »

gubernaculum wrote: Thu Apr 22, 2021 7:13 am demand ability to trace its source.
Like with a publicly accessible blockchain?

Here, you can do it yourself!

https://www.blockchain.com/explorer
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Re: Coinbase IPO - anyone tempted?

Post by NabSh »

atdharris wrote: Thu Apr 22, 2021 1:55 pm I don't understand entirely the purpose of owning Coinbase as a proxy for crypto. If you want crypto exposure, why not just buy the underlying asset? I hold a bit of BTC in a Robinhood account, for example.
In theory Coinbase is a place to trade much more than Crypto Currency. This includes NFT as well. I do agree I don’t know if Coinbase will pick up not. I would not put my life savings. I would consider this speculative or play investment.
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Re: Coinbase IPO - anyone tempted?

Post by AHK-Hero »

nisiprius wrote: Thu Apr 22, 2021 9:02 am
anon_investor wrote: Thu Apr 22, 2021 7:20 am
gubernaculum wrote: Wed Apr 21, 2021 11:43 pm Coinbase? hahhhahahahahahhahahahhahahahahah..................................its value is zero.
At a certain point it will be in VTSAX...
I guess I'll just have to grin and bear it.

Current market cap is about $62 billion, so it will be something roughly like this, the grey patch. Gotta admit, it's a lot.

Image
What’s the source of that image? I really enjoy data visualizations like that.
smectym
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Re: Coinbase IPO - anyone tempted?

Post by smectym »

No special view on the future prospects of Coinbase: I lack cryptofinance expertise. Bought 10 shares. I’m learning quickly
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Re: Coinbase IPO - anyone tempted?

Post by nisiprius »

AHK-Hero wrote: Thu Apr 22, 2021 9:03 pmWhat’s the source of that image? I really enjoy data visualizations like that.
That form of presentation is called a "treemap," and it's one of the forms of chart Excel supports. Google Sheets, too, apparently. It is vastly superior to a pie chart for any set of percentages with a wide range. I made it myself by calculating percentages; in this case, I used the end-of-February composition of VTI for Tesla, GME, and AMC, and very roughly estimated the percentage for COIN by dividing $62 billion--the first market cap number that came up in a Google search--by $50 trillion, which is the approximate current total market cap of the US stock market.
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Re: Coinbase IPO - anyone tempted?

Post by atdharris »

NabSh wrote: Thu Apr 22, 2021 8:45 pm
atdharris wrote: Thu Apr 22, 2021 1:55 pm I don't understand entirely the purpose of owning Coinbase as a proxy for crypto. If you want crypto exposure, why not just buy the underlying asset? I hold a bit of BTC in a Robinhood account, for example.
In theory Coinbase is a place to trade much more than Crypto Currency. This includes NFT as well. I do agree I don’t know if Coinbase will pick up not. I would not put my life savings. I would consider this speculative or play investment.
From my understanding the things Coinbase offers could be offered by just about any broker, no? Is there anything proprietary about it? I see that Cathie Wood is buying up shares, so I guess I will let my ARKK holdings be a proxy for a Coinbase investment.
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Re: Coinbase IPO - anyone tempted?

Post by SlowMovingInvestor »

atdharris wrote: Fri Apr 23, 2021 8:51 am
NabSh wrote: Thu Apr 22, 2021 8:45 pm
atdharris wrote: Thu Apr 22, 2021 1:55 pm I don't understand entirely the purpose of owning Coinbase as a proxy for crypto. If you want crypto exposure, why not just buy the underlying asset? I hold a bit of BTC in a Robinhood account, for example.
In theory Coinbase is a place to trade much more than Crypto Currency. This includes NFT as well. I do agree I don’t know if Coinbase will pick up not. I would not put my life savings. I would consider this speculative or play investment.
From my understanding the things Coinbase offers could be offered by just about any broker, no? Is there anything proprietary about it?
And the things Schwab offers could be and are offered by several other brokers such as Fidelity, MS/ETrade etc. They're still a very large and successful company.

In CoinBase's case, they have early mover advantage. They also have a lot of customers, built out technology for trading, custody, KYC etc. Not exactly a moat, but a pretty large ditch.
AHK-Hero
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Re: Coinbase IPO - anyone tempted?

Post by AHK-Hero »

nisiprius wrote: Fri Apr 23, 2021 5:42 am
AHK-Hero wrote: Thu Apr 22, 2021 9:03 pmWhat’s the source of that image? I really enjoy data visualizations like that.
That form of presentation is called a "treemap," and it's one of the forms of chart Excel supports. Google Sheets, too, apparently. It is vastly superior to a pie chart for any set of percentages with a wide range. I made it myself by calculating percentages; in this case, I used the end-of-February composition of VTI for Tesla, GME, and AMC, and very roughly estimated the percentage for COIN by dividing $62 billion--the first market cap number that came up in a Google search--by $50 trillion, which is the approximate current total market cap of the US stock market.
Really cool, thanks for the breakdown!
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Re: Coinbase IPO - anyone tempted?

Post by occambogle »

SlowMovingInvestor wrote: Fri Apr 23, 2021 8:59 am In CoinBase's case, they have early mover advantage. They also have a lot of customers, built out technology for trading, custody, KYC etc. Not exactly a moat, but a pretty large ditch.
As you say, it's a ditch but not a moat. I thought interesting that all the new Canadian bitcoin ETFs (BTCC,EBIT,BTCX) went with Gemini for custody of their assets.
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Re: Coinbase IPO - anyone tempted?

Post by Maverick3320 »

I think crypto is here to stay. I haven't invested in it, though.

I guess my question is this: my mostly three fund portfolio is up like 45% over the last year or so. Are there people that aren't happy with that kind of return to the point where they need even more and/or invest specifically in the asset that would probably be held in a larger ETF/fund anyway?
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Re: Coinbase IPO - anyone tempted?

Post by cos »

Maverick3320 wrote: Fri Apr 23, 2021 11:12 am I think crypto is here to stay. I haven't invested in it, though.

I guess my question is this: my mostly three fund portfolio is up like 45% over the last year or so. Are there people that aren't happy with that kind of return to the point where they need even more and/or invest specifically in the asset that would probably be held in a larger ETF/fund anyway?
Lottery tickets sell like hot cakes.
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Re: Coinbase IPO - anyone tempted?

Post by rchmx1 »

Maverick3320 wrote: Fri Apr 23, 2021 11:12 am I think crypto is here to stay. I haven't invested in it, though.

I guess my question is this: my mostly three fund portfolio is up like 45% over the last year or so. Are there people that aren't happy with that kind of return to the point where they need even more and/or invest specifically in the asset that would probably be held in a larger ETF/fund anyway?
I think "get rich now" is a WAY more prevalent notion than is "get rich slowly." Also, if you feel like you're struggling to make ends meet, chasing a higher return can seem necessary to make anything out of the meager funds you have to invest. At least, that's a big part of my explanation for the popularity of meme stocks and crypto.
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Re: Coinbase IPO - anyone tempted?

Post by LadyGeek »

I removed an off-topic post questioning the legitimacy of bitcoin. As a reminder, see: Non-actionable (Trolling) Topics
If readers can't do anything with the content of a topic other than argue about it, it does not belong here. Examples include:
  • US or world economic, political, tax, health care and climate policies
  • conspiracy theories of any type
  • discussions of the crimes, shortcomings or stupidity of other people, whether they be political figures, celebrities, CEOs, Fed chairmen, subprime mortgage borrowers, lottery winners, federal "bailout" recipients, poor people, rich people, etc. Of course, you are welcome to talk about the stupid financial things you have done.
Please stay on-topic for all cryptocurrencies mentioned in this thread. Remove emotion from your post and state your concerns in a civil, factual manner.
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SlowMovingInvestor
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Re: Coinbase IPO - anyone tempted?

Post by SlowMovingInvestor »

Coincidentally, this article came out today. It's about scams perpetuated by folks using MacKenzie Scott's name.

https://www.nytimes.com/2021/04/24/busi ... scams.html

The scammers told Ms. Churchill how to download the Bitcoin Wallet app to send them the money. Whereas a bank could have tried to help her recover the funds, once she hit “send” on the cryptocurrency, her money — Bitcoin transfers totaling $10,400 in Australian dollars — was gone for good.

Now plenty of scams take place via regular banking channels too (especially wires) but as it happens the scammers asked her to use BTC. [And the sum isn't that large, so it could likely be laundered easily through CoinJoin or other mixers.]
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F150HD
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Re: Coinbase IPO - anyone tempted?

Post by F150HD »

F150HD wrote: Thu Apr 22, 2021 6:58 pm :|

Image
X2


Turkey’s Crypto Pain Grows With Second Exchange Collapse

Turkey’s cryptocurrency investors were dealt another blow at the end of a dismal week after a second big exchange collapsed in as many days and its chief executive was reportedly detained.
sarala
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Re: Coinbase IPO - anyone tempted?

Post by sarala »

F150HD wrote: Sun Apr 25, 2021 11:25 pm
F150HD wrote: Thu Apr 22, 2021 6:58 pm :|

Image
X2


Turkey’s Crypto Pain Grows With Second Exchange Collapse

Turkey’s cryptocurrency investors were dealt another blow at the end of a dismal week after a second big exchange collapsed in as many days and its chief executive was reportedly detained.
Good lord! reminds me of Madoff
Xrayman69
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Re: Coinbase IPO - anyone tempted?

Post by Xrayman69 »

jeffh19 wrote: Wed Apr 21, 2021 11:53 pm
gubernaculum wrote: Wed Apr 21, 2021 11:43 pm Coinbase? hahhhahahahahahhahahahhahahahahah..................................its value is zero.
I don’t like Coinbase, but regardless if you hate coinbase or crypto all together, obviously a company with their level of revenue and user base is obviously going to be valued at more than zero.
I believe coin base is an exchange and transaction service. It has physical offices and assets and likely more than zero. That being said the service is the commodity and thus it is in the service industry and makes money by charging fees for transaction. This sounds like a reasonable business model. The value of the service is debatable.
euphonious
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Re: Coinbase IPO - anyone tempted?

Post by euphonious »

For those who sat out the IPO because they thought Coinbase was too expensive, any temptation to get in now? It's currently down about 30% from the launch price.
txhill
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Re: Coinbase IPO - anyone tempted?

Post by txhill »

euphonious wrote: Wed May 05, 2021 2:54 pm For those who sat out the IPO because they thought Coinbase was too expensive, any temptation to get in now? It's currently down about 30% from the launch price.
Good question! Looks like I previously said $250 was an attractive price... but I have never really been an individual stock picker, so I still won't buy it even if it gets to $250, even if I do think coinbase will do well over time and capture more and more of a growing market. I just cannot imagine committing capital to anything but index funds and Ethereum right now...
euphonious
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Re: Coinbase IPO - anyone tempted?

Post by euphonious »

txhill wrote: Wed May 05, 2021 3:06 pm
euphonious wrote: Wed May 05, 2021 2:54 pm For those who sat out the IPO because they thought Coinbase was too expensive, any temptation to get in now? It's currently down about 30% from the launch price.
Good question! Looks like I previously said $250 was an attractive price... but I have never really been an individual stock picker, so I still won't buy it even if it gets to $250, even if I do think coinbase will do well over time and capture more and more of a growing market. I just cannot imagine committing capital to anything but index funds and Ethereum right now...
I'm not rich enough to casually throw $20k into COIN, but my limit order for 4 shares at $256 did get filled today. This is just for fun. My next limit order is for 8 shares at $128. We'll see how this goes. :beer
New Providence
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Re: Coinbase IPO - anyone tempted?

Post by New Providence »

I bought few hundred shares at the launch and now am 30% down. :oops:


Won't sell till it goes back up.
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JonnyDVM
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Re: Coinbase IPO - anyone tempted?

Post by JonnyDVM »

New Providence wrote: Thu May 06, 2021 5:50 pm I bought few hundred shares at the launch and now am 30% down. :oops:


Won't sell till it goes back up.
Meh. I’ve made worse investments. At this point I’m weighing averaging down vs cutting my losses and TLH.
I’d trade it all for a little more | -C Montgomery Burns
SlowMovingInvestor
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Re: Coinbase IPO - anyone tempted?

Post by SlowMovingInvestor »

COIN popped today. Don't see any news justifying it.
Morris
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Re: Coinbase IPO - anyone tempted?

Post by Morris »

P/E ratio of 458? I'm all in.
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JonnyDVM
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Re: Coinbase IPO - anyone tempted?

Post by JonnyDVM »

SlowMovingInvestor wrote: Mon May 10, 2021 6:27 pm COIN popped today. Don't see any news justifying it.
Five more big gainer days like that and I’m back to even! :greedy
I’d trade it all for a little more | -C Montgomery Burns
txhill
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Re: Coinbase IPO - anyone tempted?

Post by txhill »

SlowMovingInvestor wrote: Mon May 10, 2021 6:27 pm COIN popped today. Don't see any news justifying it.
Trading volume on a lot of cryptos is way up; we're headed into a full on crazy bull market. Going to be a high-revenue year for COIN. Although in theory the coming mania should have already been priced in, so who knows!
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JonnyDVM
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Re: Coinbase IPO - anyone tempted?

Post by JonnyDVM »

Morris wrote: Mon May 10, 2021 6:33 pm P/E ratio of 458? I'm all in.
Valuations don’t matter anymore since Tesla. There was a memo. Didn’t you get it ?
I’d trade it all for a little more | -C Montgomery Burns
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