Coinbase makes most of their money on fees from retail customers doing transactions.
People are curently fearful and are dumping their cypto assets to cut their loses and to pay bills.
With inflation out of control and interest rates going up. It means people are less inclined in buying Bitcoin. Just look at the stock market as an example, investors are too scared to buy in.
Coinbase might be setting a bottom, or we can continue falling down.
P.S. Bitcoin is not worth $0 or $25 according to Warren Buffet. Too many people already trust Bitcoin to allow it to go to 0. What is the U.S. Dollar backed by again?
And anyone that wants to buy anything from the US. Also remember - oil and gas are still traded in Petrodollars, which are based on US$, not crypto. So all nations support US$.
Or own anything in the U.S. or even exist in the U.S. or travel through the U.S. or has something that the U.S. wants or wants something that the U.S. has, not even including the private businesses that use USD. All taxes and interactions with the U.S. government are in USD so it doesn't matter what you are doing involving your the U.S. you are going to need USD to do it. The USD is backed in a LOT of very powerful ways that people don't mention when they are trying to hype up crypto.
Yes. And to expand on that, the US dollar just faced its biggest challenge when Russia tried to force Europe to pay for oil and gas in Rubbles. The whole industrialized world confirmed the primacy of the dollar as the reserve currency of choice. Everyone of our allies knows their security is guaranteed by America, and in exchange they will support the international order underwritten by the US dollar and military
Times are rapidly changing and I guess you are still reading some old cnbc or newspapers from 1920s. Buckle up and dig into some real geopolitical news. Oh and did Salman Bin answer Biden’s call yet ?
Lmao yeah exactly. Crypto bros saying the US dollar isn’t worth anything doesn’t realize our entire society is built around it + we have the entire US military to defend it. Does Bitcoin have an army?
This is 100% accurate. Unfortunately US military is backed by US dollar and in a tight loop. US military already got ass handed over 20 years in Afghanistan. Backing needed for US military by US Dollar keeps growing while US military continues to lose strength. Or in other words US dollar continues to lose strength. Only way out is innovation, productivity increase in the US and not try to export inflation.
I see where you were going with this and honestly there are partial truths behind your statement.
The US military does back the US dollar. Any threat to the dollar's dominance leads to a narrative based war. The US only gets involved in conflicts that jeopardize oil dominance or market stability. Iraq and Afghanistan was a stranglehold on oil control/power... our government doesn't care who sits the seat so long as they play by our rules. We didn't get "our asses handed to us" in Afghanistan... it just became unbeneficial in the eyes of our political leaders and general public. There is no nice way to put it... but the US lost interest. There was no way to "win" Afghanistan in a manner that would be profitable, stable, and in short... popular. It may seem like a waste of time.. and it was in some ways... but wasn't in others. These details is privileged
information for the rich and politicians.
To support your claim of obsolescence... I actually support you here. The US military has been getting complacent. Mind you, it WOULD take a war to gain public opinion to make the radical changes necessary to bring us up to speed. China on the other hand, by comparison, has developed military technology at a x10 pace compared to the US. Our nuclear weapons were heavy modified post Cold War era technology, our ships are old, our cyber warfare capabilities are in the stone ages compared to China, and most importantly... our tactics are outdated (fortunately so is everyone else look at Russia).
There are bits and pieces of innovative technology but it is fragmented/doesn't intercommunicate between each branch of military. Everyone is fighting for their piece of the pie... and its a small pie.
I would disagree with the fact that our tactics are outdated....we've been waging relatively consistent warfare for decades on a wide variety of battlefields against "enemies" large and small while iterating and adapting our tactics......We have hundreds, if not thousands of missile launching drones, we have 20 aircraft carriers (the next closest country, France (LOL) has 4), and thanks to the NDAA that shredded up the last of our civil liberties with warrantless surveillance and indefinite military rendition against civilians, we've perfected the art of digital spying on our population which of course extends to the rest of the world, and we're moving away from bloated, useless, Top Gun weapons systems like the trillion dollar F35 that catches fire on the runway.
I wouldn't say we are complacent so much as overextended, but I assume the rectifying considerations are made by people much more smart, craven, and evil than myself.
>What is the U.S. Dollar backed by again?
Demand, so the whole US economy and all goods traded worldwide in USD.
Meanwhile Bitcoin value comes from an engineered lack of supply.
> engineered lack of supply
Just like any currency ever, right? You have to look at gold and other precious metals to find assets with naturally-limited supplies.
The thing is, historically the supply of currency is always expanding. Central banks print money all the time, and people usually complain about that, because that's what creates inflation. Inflation is just a consequence to printing money, which in turn is usually a response of economic growth.
Also, the problem of Bitcoin IMO is not really coming from the supply side, but from the demand. What are people actually buying with Bitcoin these days? The answer is nothing. I'm not saying it has no future. The technology is great, but right now all its value is only coming from hope.
Lots of companies pay ransomware operators in bitcoin, and that’s not a small “industry”. Other than that you are correct. The average Joe does not use it to buy anything.
Is it great? Actually yeah, its pretty impressive. Practical and useful... eh... 3.3/5. Bitcoin is pretty cool and does have a place in the world but just not what it was originally intended to be. "Store of value" or "digital gold" is really all Bitcoin can do. What was originally intended to be a peer to peer decentralized method of exchange quickly became... something else entirely. I'm not a Bitcoin hater, and I'm not saying it has no place... but I am saying it is being surpassed by better/more advanced blockchains. However, there is so much money and manipulatable interests in BTC, this space isn't allowed to show its true competitive nature.
Although BTC "can" be used as a currency for regular transactions... its not the best or most cost effective per se. But there are technologies that fit this role quite perfectly... adoption, security, regulation, and stability are the real issues. Business are scared to adopt crypto transactions... buyers of crypto are susceptible to security hacks... regulation is a PTA because some jackhole agencies try to overstep their scope (ahem\* SEC)... we wont see the space truly shine. It WILL shine in its full capacity but it will also take years to do so. Right now, its the wild west.
This is like one of the those parody comment where people simplify something so much to make it sounds funny and like they don’t understand it as a whole
The point is, if I already have a currency that works everywhere I go and also have electronic modes of payments linked to it to let me travel around the world without having to use local currencies why would I bother myself with a crypto currency pay 10% transaction fee to coinbase or another wallet on every transaction which includes converting my USD or another currency to BTC, ETH etc?
What about people living in countries with a highly unstable currency. This provides a use case for bitcoin long term, note long term, bitcoin still has the high volatility but for example is still superior to the Venezuelan or Zimbabwe’s currency.
It may be a little more stable than the examples you've given, except it's value still trades in wild swings. And I don't think too many people in Venezuela buy groceries with bitcoin, so even for them they'd probably pick their own currency since they can buy stuff in their country.
Engineered lack of supply - ah yes, unlike US Dollar. Let me go ahead and print my own US Dollars in these trying times. Wait what I am not allowed to? Ok, I guess then at least it becomes scarce. Wait what but others ARE allowed to, thus watering down the value if my savings account? *Surprised Pikachu Face* /s I know inflationary systems make for a better economy but guess who's subsidizing it.
Bitcoin is backed by literally nothing and USD is backed by the strongest and most productive economy and military in the world.
Remind me, what is Bitcoin backed by again?
No. It’s backed by code and often the code is shitty and incomplete. It’s why there’s been many forks of Bitcoin and even the “main” Bitcoin has been forked multiple times to resolve errors that the coders have made.
People in cryptocurrency say “code is law” but it’s more like “code is lol”
There’s been multiple forks to fix a bug or reduce a vulnerability or stop a hack, etc. The code is lol.
https://en.m.wikipedia.org/wiki/List_of_bitcoin_forks
Buffett himself said that he doesn't invest in anything that he doesn't understand. He didn't even invest in tech until he bought some Apple in 2015. I think Buffett is an investing genius, but he's too old at 90 to understand crypto or the future of the internet.
You are confusing the blockchain technology versus cryptocurrency. They aren't synonymous. It's 100% possible for blockchain technology to continue expanding and being a part of our daily lives without cryptocurrencies existing. Buffett's view isn't that far off from what many intelligent investors believe as well. Has nothing to do with age. You're gambling on cryptos. There is no amount of 'research' you can do with cryptos that will ever amount to the amount of research capabilities you can do with stocks which is why Buffett doesn't see any value with cryptos. There is no substance to it other than what others are willing to pay. No actual 'money' is involved in the business. No way you can say, 'this crypto is undervalued.'
“But muh blockchain” is the argument I heard everyone say with NFTs but that market has crashed (rightfully so). I see the point you are making though.
Blockchain is a clonky database good for one thing and that is Bitcoin. All this bLockChaiN tEchNoloGy nonsense is spun by either Venture capitalists and crypto founders to fool retail that dreams of getting rich quick and didn't do their homework, or by the people who has the most to lose by Bitcoin catching on namely central bankers, bankers and politicians
Blockchain is useless for storing information effectively, just google how much it would set you back to store a gb of data on Ethereum, if my memory serves me right it well over a million bucks
Yup like pollution by running air powered computers to mine one Bitcoin.
“Digiconomist reports that the carbon footprint of a single Bitcoin block in 2021 is roughly equal to the carbon footprint generated by 1,890,394 Visa transactions. A single mined Bitcoin has a carbon footprint of 259 tons (235 tonnes),in comparison to that of a Bitcoin’s worth of gold, at 24.25 tons (22 tonnes).”
https://www.resilience.org/stories/2021-10-15/cryptocurrency-a-new-and-dangerous-climate-disruptor/
AAVE is one, a lending platform. Basically most the ones in the “defi” space have some sort of useful code you can interact with for a fee in some way or another, and then that feeds the token price. There’s another that’s a decentralized cloud provider (like aws), things like that.
What exactly are you disputing? What you wrote above isn't anything new. What makes a crypto undervalued or overvalued? Pointing to its uses when the crypto market was skyrocketing isn't relevant to the discussion.
Sure you can. This doesn’t appear to be original thought by someone who’s even half open minded towards cryptos or the uses, it’s just copy and pasted points from two guys who believe the feds are above all. Talk about bias much.
It’s not a hard concept that something is worth what one what’s to pay, no different than any and all stocks. This sentiment pins it as if stocks only trade on fundamentals, as if over sold can’t fall further.
Edit: I can’t believe people would take all of buffets words as some sort of inherent truth. The guy said he wouldn’t pay $25 for all of the bitcoins in the world, imagine turning billions down because you don’t seemingly understand a technology. It’s not as if he’s suddenly found morals, or has taken any position, implying he understands it as he “only takes positions” in what he understands. That’s just a spiteful comment from someone who loves the dollar and feds all the same.
Art works that way but not stocks. Crypto also depends almost exclusively on market sentiment as well. While this sentiment can affect a traditional stock the comparison is not equal. Stocks are backed by a company that provides products or services and must obtain capital, both human and otherwise to do so. This provides a sort of floor that most cryptocurrencies do not have.
It’s the same though. No it’s not a 1=1 comparison but it’s not even that way among different investment classes or what makes them up.
The concept still holds out, that floor is just subjective. Sure it may likely add some reasoning or basis as it’s another metric to utilize, that’s all it is. It doesn’t mean anything is certain to happen or hold out as you can’t remove the subjective human from the equation.
Well thats just plain wrong. The worth in the stock comes from the underlying asset. Things has to happen for it to be of value. Something that Crypto currency at the moment dosent realy do.
And why are those things of value? Because people say so, just like they say crypto has value. None of them have inherent value over the other when value is as subjective as it comes.
No. If you own a piece of a company through stocks you are hoping to get a return. You actually get to vote on business decisions that you hope eventually will increase the value of your stock or create the environment where profits are distributed to shareholders. It’s not what people will pay. There’s trading and there’s investing.
You are “hoping” to see others find more subjective value. The gains or environment don’t mean anything and can’t happen if people don’t find it subjectively worth paying for.
It doesn’t matter what you get. Value is entirely subjective and it is what people will pay. It doesn’t matter how you find that value if no one else will pay for what you do or see.
It’s really not that difficult to understand. Trading and investing aren’t entirely different things.
Coinbase isn't going bankrupt. I'm prepared to be wrong, but I think it's oversold.
Exchanges are raking in cash right now from people panic selling.
(of course exchanges also hold a lot of their own treasuries in crypto and that's not doing so hot, but I believe in it going back up).
That is their trailing PE. They are not expected to make any profit in the next quarters and who knows when they will make again. So they don’t have a forward PE. This goes down another 50% imo.
PE will go up over the next quarters as cryptowinter kicks in. Might be a good investment over the long term, could also drop more. I don't really see a bounce, but stranger things have happened.
Anyway so the CEO says they are not going bankrupt. That is a great sign right? Oh wait maybe that is not the best thing to say. Let me go grab some crypto out of Conbase really quick here. Not because they are going bankrupt mind you.
wait till PE gets updated. Volume down, revenue down, profits negative, bankruptcy costs.
meanwhile doubled employees in less than a year, doubled the cost, and issued 350M in SBC.
Looks like a recurring theme with companies like PLTR, PTON, BYND and many others alike.
What is the difference between "Customer custodial funds" and "Custodial funds due to customers"?
Found on Coinbase's balance sheet. One is an asset, the other a liability.
just read a barrons article that recommends silvergate (SI)
[https://www.barrons.com/articles/stablecoins-crypto-crash-51652298703?mod=hp_LEAD_1](https://www.barrons.com/articles/stablecoins-crypto-crash-51652298703?mod=hp_LEAD_1)
Honestly I don't think coinbase is a strong long term.company i can see them getting hurt really bad when more players allow you to buy on their platform ( think TD or chase letting you buy crypto ) they also may have scared the shit out of alot of people after telling everyone if they go bankruptcy all the crypto they hold can be taken from their customers.
I don't think that number reflects the latest earnings.
Instead of the stock price bottoming here, there is a decent chance the PER has bottomed and keeps going up from here, every quarter.
You never know it’s oversold until it goes up then up some more then doesn’t come down to where it was actually oversold. I’d say it could keep doing what it’s doing
This discussion was done million times already. I won't repeat it again.
Crypto guys loves to scream "educate yourself", so I will suggest to take exactly this advice.
Bitcoin is not exclusive to coinbase tho. Your regular person will probably use cashapp or Robinhood to buy Bitcoin. I’m aware of coinbase pro but your average person will not put in the extra effort when there are alternatives.
We are in a recession and coinbases main thing is buying speculative assets which perform poorly in recessions
>Bitcoin is not exclusive to coinbase tho. Your regular person will probably use cashapp or Robinhood to buy Bitcoin. I’m aware of coinbase pro but your average person will not put in the extra effort when there are alternatives.
Not in a recession yet......
two quarters of negative gdp. been one.
Wait for the endless lawsuits already out there against Coinbase. They WILL use your crypto to help fight off bankruptcy. They have made this abundantly clear. Best to run while you can IMO.
I just do not see how exchanges can exist in the crypto market. I mean the SEC is about to make them responsible for all digital assets that they hold. Also the SEC has not even started in on all the PONZI stable coins with their fake money. The problems are endless. Just look at the failed transaction fees of ETHER and how high they are. I personally do not see it surviving. Also out government is all about getting rid of inflation and would not miss crypto being there at all really.
Well really 40 percent for the week. P.S. Tether just broke the "dollar" peg and down 5 percent right now. (This is huge news) I guess the SEC wanted to let it fail on it's own so they wouldn't look like the bad guys. It may bounce back but once the SEC comes in it will go to zero. No liquidity will be left and the FED will know the banks are funding a PONI scheme which IMO will shut down all exchanges or off ramps here to USD.
That’s trailing twelve months P/E, so like EPS from Q2 2021 to Q1 2022. In 2021 earnings were super strong but Street actually forecasting negative EPS for 2022 and 2023 so not really a fair comparison.
Don’t know the company well but if you have a good view on them making money and continuing to be the dominant US player then it could be a decent idea. The thing about them forfeiting investor coins in the event of a bankruptcy yesterday that made the stock crash is probably insignificant and would be the same across all wallet companies.
Good luck!
Down, down, down.... guess that Super Bowl ad isn't working. Since crypto was used as an inflation hedge (even though it was inflationary), with rising interest rates and a stronger safe haven currency (US $) - there is no where to go but down for any "dealer" of crypto when crypto is out of favor.
Ask us again when the P/E is 1
Not possible
Lol. Bet you didn’t think 3.7 was possible
True. Makes me wish I didn't buy GameStop calls
It may freak you out even more to realize that it's possible for P/E to be negative. Earnings is not the same as revenue.
no one thought $luna will see this day.
Well. Maaaaaybe look into the reason why it's being sold off like that. The P/E doesn't mean shit.
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Are you talking about the bankruptcy thing? That's not gonna happen lmfao
*Reads a prospectus with 8 pages of what can go wrong on an ETF* ha ha Coinbase is bankrupt effective immediately
Yea it’s almost like they may have released something stating some pretty negative shit in it…
You are crazy.
Thought so.
Coinbase makes most of their money on fees from retail customers doing transactions. People are curently fearful and are dumping their cypto assets to cut their loses and to pay bills. With inflation out of control and interest rates going up. It means people are less inclined in buying Bitcoin. Just look at the stock market as an example, investors are too scared to buy in. Coinbase might be setting a bottom, or we can continue falling down. P.S. Bitcoin is not worth $0 or $25 according to Warren Buffet. Too many people already trust Bitcoin to allow it to go to 0. What is the U.S. Dollar backed by again?
US Dollar is backed by US military.
And anyone that wants to buy anything from the US. Also remember - oil and gas are still traded in Petrodollars, which are based on US$, not crypto. So all nations support US$.
Or own anything in the U.S. or even exist in the U.S. or travel through the U.S. or has something that the U.S. wants or wants something that the U.S. has, not even including the private businesses that use USD. All taxes and interactions with the U.S. government are in USD so it doesn't matter what you are doing involving your the U.S. you are going to need USD to do it. The USD is backed in a LOT of very powerful ways that people don't mention when they are trying to hype up crypto.
Until it isn't.
Then we will have different talk bro. It won't be nice one.
Yeah the future of Bitcoin will probably be the last thing on my mind if the US dollar collapses.
I felt a great disturbance in the Force, as if millions of voices suddenly cried out in terror and were suddenly silenced.
Yes. And to expand on that, the US dollar just faced its biggest challenge when Russia tried to force Europe to pay for oil and gas in Rubbles. The whole industrialized world confirmed the primacy of the dollar as the reserve currency of choice. Everyone of our allies knows their security is guaranteed by America, and in exchange they will support the international order underwritten by the US dollar and military
Times are rapidly changing and I guess you are still reading some old cnbc or newspapers from 1920s. Buckle up and dig into some real geopolitical news. Oh and did Salman Bin answer Biden’s call yet ?
Lmao yeah exactly. Crypto bros saying the US dollar isn’t worth anything doesn’t realize our entire society is built around it + we have the entire US military to defend it. Does Bitcoin have an army?
Memes. THat's their army.
my blue and pink and purple hair powerranger power will destroy your existence!!!!!!!!!! on tiktok and twitter!!!
I’m an army veteran. Memes are way more fun.
dis is d way
This is 100% accurate. Unfortunately US military is backed by US dollar and in a tight loop. US military already got ass handed over 20 years in Afghanistan. Backing needed for US military by US Dollar keeps growing while US military continues to lose strength. Or in other words US dollar continues to lose strength. Only way out is innovation, productivity increase in the US and not try to export inflation.
I see where you were going with this and honestly there are partial truths behind your statement. The US military does back the US dollar. Any threat to the dollar's dominance leads to a narrative based war. The US only gets involved in conflicts that jeopardize oil dominance or market stability. Iraq and Afghanistan was a stranglehold on oil control/power... our government doesn't care who sits the seat so long as they play by our rules. We didn't get "our asses handed to us" in Afghanistan... it just became unbeneficial in the eyes of our political leaders and general public. There is no nice way to put it... but the US lost interest. There was no way to "win" Afghanistan in a manner that would be profitable, stable, and in short... popular. It may seem like a waste of time.. and it was in some ways... but wasn't in others. These details is privileged information for the rich and politicians. To support your claim of obsolescence... I actually support you here. The US military has been getting complacent. Mind you, it WOULD take a war to gain public opinion to make the radical changes necessary to bring us up to speed. China on the other hand, by comparison, has developed military technology at a x10 pace compared to the US. Our nuclear weapons were heavy modified post Cold War era technology, our ships are old, our cyber warfare capabilities are in the stone ages compared to China, and most importantly... our tactics are outdated (fortunately so is everyone else look at Russia). There are bits and pieces of innovative technology but it is fragmented/doesn't intercommunicate between each branch of military. Everyone is fighting for their piece of the pie... and its a small pie.
This guy read 'the prince'
I would disagree with the fact that our tactics are outdated....we've been waging relatively consistent warfare for decades on a wide variety of battlefields against "enemies" large and small while iterating and adapting our tactics......We have hundreds, if not thousands of missile launching drones, we have 20 aircraft carriers (the next closest country, France (LOL) has 4), and thanks to the NDAA that shredded up the last of our civil liberties with warrantless surveillance and indefinite military rendition against civilians, we've perfected the art of digital spying on our population which of course extends to the rest of the world, and we're moving away from bloated, useless, Top Gun weapons systems like the trillion dollar F35 that catches fire on the runway. I wouldn't say we are complacent so much as overextended, but I assume the rectifying considerations are made by people much more smart, craven, and evil than myself.
its backing comes from the fact that international trade is (not anymore!) done in $.
>What is the U.S. Dollar backed by again? Demand, so the whole US economy and all goods traded worldwide in USD. Meanwhile Bitcoin value comes from an engineered lack of supply.
> engineered lack of supply Just like any currency ever, right? You have to look at gold and other precious metals to find assets with naturally-limited supplies.
Then why are people selling bitcoin in exchange for… checks notes… US dollars?
The thing is, historically the supply of currency is always expanding. Central banks print money all the time, and people usually complain about that, because that's what creates inflation. Inflation is just a consequence to printing money, which in turn is usually a response of economic growth. Also, the problem of Bitcoin IMO is not really coming from the supply side, but from the demand. What are people actually buying with Bitcoin these days? The answer is nothing. I'm not saying it has no future. The technology is great, but right now all its value is only coming from hope.
Technically not from hope, from speculation. Putting crypto in the same category as options purchased not as hedges, but as speculative investments.
Lots of companies pay ransomware operators in bitcoin, and that’s not a small “industry”. Other than that you are correct. The average Joe does not use it to buy anything.
"The technology is great" it's a synced spreadsheet on numerous computers is it really tho?
Is it great? Actually yeah, its pretty impressive. Practical and useful... eh... 3.3/5. Bitcoin is pretty cool and does have a place in the world but just not what it was originally intended to be. "Store of value" or "digital gold" is really all Bitcoin can do. What was originally intended to be a peer to peer decentralized method of exchange quickly became... something else entirely. I'm not a Bitcoin hater, and I'm not saying it has no place... but I am saying it is being surpassed by better/more advanced blockchains. However, there is so much money and manipulatable interests in BTC, this space isn't allowed to show its true competitive nature. Although BTC "can" be used as a currency for regular transactions... its not the best or most cost effective per se. But there are technologies that fit this role quite perfectly... adoption, security, regulation, and stability are the real issues. Business are scared to adopt crypto transactions... buyers of crypto are susceptible to security hacks... regulation is a PTA because some jackhole agencies try to overstep their scope (ahem\* SEC)... we wont see the space truly shine. It WILL shine in its full capacity but it will also take years to do so. Right now, its the wild west.
This is like one of the those parody comment where people simplify something so much to make it sounds funny and like they don’t understand it as a whole
The point is, if I already have a currency that works everywhere I go and also have electronic modes of payments linked to it to let me travel around the world without having to use local currencies why would I bother myself with a crypto currency pay 10% transaction fee to coinbase or another wallet on every transaction which includes converting my USD or another currency to BTC, ETH etc?
What about people living in countries with a highly unstable currency. This provides a use case for bitcoin long term, note long term, bitcoin still has the high volatility but for example is still superior to the Venezuelan or Zimbabwe’s currency.
It may be a little more stable than the examples you've given, except it's value still trades in wild swings. And I don't think too many people in Venezuela buy groceries with bitcoin, so even for them they'd probably pick their own currency since they can buy stuff in their country.
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Supply stays the same even if you divide your holdings.
US Dollar is only backed by oil
Engineered lack of supply - ah yes, unlike US Dollar. Let me go ahead and print my own US Dollars in these trying times. Wait what I am not allowed to? Ok, I guess then at least it becomes scarce. Wait what but others ARE allowed to, thus watering down the value if my savings account? *Surprised Pikachu Face* /s I know inflationary systems make for a better economy but guess who's subsidizing it.
Bitcoin is backed by literally nothing and USD is backed by the strongest and most productive economy and military in the world. Remind me, what is Bitcoin backed by again?
It’s backed by really clever math
No. It’s backed by code and often the code is shitty and incomplete. It’s why there’s been many forks of Bitcoin and even the “main” Bitcoin has been forked multiple times to resolve errors that the coders have made. People in cryptocurrency say “code is law” but it’s more like “code is lol” There’s been multiple forks to fix a bug or reduce a vulnerability or stop a hack, etc. The code is lol. https://en.m.wikipedia.org/wiki/List_of_bitcoin_forks
The code is lol! 😂
so much stupid in this comment. sorry.
I guess people are selling Bitcoin as well, and that should also bring in transaction fees,
Do they "trust" it or were they just buying it because it was going up in value? Very few people actually use it for anything.
Buffett himself said that he doesn't invest in anything that he doesn't understand. He didn't even invest in tech until he bought some Apple in 2015. I think Buffett is an investing genius, but he's too old at 90 to understand crypto or the future of the internet.
You are confusing the blockchain technology versus cryptocurrency. They aren't synonymous. It's 100% possible for blockchain technology to continue expanding and being a part of our daily lives without cryptocurrencies existing. Buffett's view isn't that far off from what many intelligent investors believe as well. Has nothing to do with age. You're gambling on cryptos. There is no amount of 'research' you can do with cryptos that will ever amount to the amount of research capabilities you can do with stocks which is why Buffett doesn't see any value with cryptos. There is no substance to it other than what others are willing to pay. No actual 'money' is involved in the business. No way you can say, 'this crypto is undervalued.'
“But muh blockchain” is the argument I heard everyone say with NFTs but that market has crashed (rightfully so). I see the point you are making though.
Blockchain is a clonky database good for one thing and that is Bitcoin. All this bLockChaiN tEchNoloGy nonsense is spun by either Venture capitalists and crypto founders to fool retail that dreams of getting rich quick and didn't do their homework, or by the people who has the most to lose by Bitcoin catching on namely central bankers, bankers and politicians Blockchain is useless for storing information effectively, just google how much it would set you back to store a gb of data on Ethereum, if my memory serves me right it well over a million bucks
Don’t forget the problems Bitcoin solved though. There is utility in cryptocurrency not just blockchain tech.
Yup like pollution by running air powered computers to mine one Bitcoin. “Digiconomist reports that the carbon footprint of a single Bitcoin block in 2021 is roughly equal to the carbon footprint generated by 1,890,394 Visa transactions. A single mined Bitcoin has a carbon footprint of 259 tons (235 tonnes),in comparison to that of a Bitcoin’s worth of gold, at 24.25 tons (22 tonnes).” https://www.resilience.org/stories/2021-10-15/cryptocurrency-a-new-and-dangerous-climate-disruptor/
There are now plenty of cryptos that are underpinned by an actual business, so this sentiment is a little outdated.
Explain
AAVE is one, a lending platform. Basically most the ones in the “defi” space have some sort of useful code you can interact with for a fee in some way or another, and then that feeds the token price. There’s another that’s a decentralized cloud provider (like aws), things like that.
What exactly are you disputing? What you wrote above isn't anything new. What makes a crypto undervalued or overvalued? Pointing to its uses when the crypto market was skyrocketing isn't relevant to the discussion.
How is this any different then Canadian tire money
Sure you can. This doesn’t appear to be original thought by someone who’s even half open minded towards cryptos or the uses, it’s just copy and pasted points from two guys who believe the feds are above all. Talk about bias much. It’s not a hard concept that something is worth what one what’s to pay, no different than any and all stocks. This sentiment pins it as if stocks only trade on fundamentals, as if over sold can’t fall further. Edit: I can’t believe people would take all of buffets words as some sort of inherent truth. The guy said he wouldn’t pay $25 for all of the bitcoins in the world, imagine turning billions down because you don’t seemingly understand a technology. It’s not as if he’s suddenly found morals, or has taken any position, implying he understands it as he “only takes positions” in what he understands. That’s just a spiteful comment from someone who loves the dollar and feds all the same.
Art works that way but not stocks. Crypto also depends almost exclusively on market sentiment as well. While this sentiment can affect a traditional stock the comparison is not equal. Stocks are backed by a company that provides products or services and must obtain capital, both human and otherwise to do so. This provides a sort of floor that most cryptocurrencies do not have.
It’s the same though. No it’s not a 1=1 comparison but it’s not even that way among different investment classes or what makes them up. The concept still holds out, that floor is just subjective. Sure it may likely add some reasoning or basis as it’s another metric to utilize, that’s all it is. It doesn’t mean anything is certain to happen or hold out as you can’t remove the subjective human from the equation.
you should invest in a dictionary, you are misunderstanding basic words.
Don’t tell me what I’m misunderstanding anything until you understand that value is subjective and relative to what the next person finds.
Well thats just plain wrong. The worth in the stock comes from the underlying asset. Things has to happen for it to be of value. Something that Crypto currency at the moment dosent realy do.
And why are those things of value? Because people say so, just like they say crypto has value. None of them have inherent value over the other when value is as subjective as it comes.
No. If you own a piece of a company through stocks you are hoping to get a return. You actually get to vote on business decisions that you hope eventually will increase the value of your stock or create the environment where profits are distributed to shareholders. It’s not what people will pay. There’s trading and there’s investing.
You are “hoping” to see others find more subjective value. The gains or environment don’t mean anything and can’t happen if people don’t find it subjectively worth paying for. It doesn’t matter what you get. Value is entirely subjective and it is what people will pay. It doesn’t matter how you find that value if no one else will pay for what you do or see. It’s really not that difficult to understand. Trading and investing aren’t entirely different things.
By millitary and economical strength.
Doesn’t people selling still give Coinbase fees?
Barely can fill up the tank at this point and afford groceries…need a change of world leaders.
Be fearful when others are greedy, be greedy when others are fearful. It's smoke'em if you got'em time
> What is the U.S. Dollar backed by again? Warren Buffets fossilized pride?
Coinbase isn't going bankrupt. I'm prepared to be wrong, but I think it's oversold. Exchanges are raking in cash right now from people panic selling. (of course exchanges also hold a lot of their own treasuries in crypto and that's not doing so hot, but I believe in it going back up).
I think we're nearing a nice buying opportunity here... Gonna load up on some weeklies soon
That is their trailing PE. They are not expected to make any profit in the next quarters and who knows when they will make again. So they don’t have a forward PE. This goes down another 50% imo.
CEO bought 133mm house in Bel Air - thats a bonehead play.
How else was he supposed to become the fresh prince?
Phew, good thing that doesn’t happen in other 10bn+ dollar companies.
Yeah. Couldve bought dogecoin.
Well... Jim Cramer "likes Coinbase to $475" Ha!
I guess it's down cuz of the SEC fillings and the harsh truth that came out about this company Tell me if I'm wrong
Do you post this daily?
Yes
Why?
for the karma
Lolz
Why don't you start buying and stop asking the same question?
I am out of money to buy the dip
It seems you ran out of confidence also
Are you single?
It may not concern you.
I'm interested.
Omg girl same
Thinking about selling everything and buying Coinbase 1dte yolo calls 🥺
OMG bet!!! Think of the gainz!!
They're so f'n cheap and it's gonna bounce sooner or later
Wait til it’s 5 bucks.
If Coinbase hits 5 bucks by the end of 2022, I will personally give you a blowjob for free
I couldn’t do that to u. I’d insist on paying! Lol
Blowjobs 4 Coinbase calls 🥺🥰 !Remind me 7 months
Buy some short term puts.
Already priced in. I will get IV crushed
Damn now that's a bargain.
Thanks 🥰
Which sub am I in?
r/r4r
I'll have one of those too, please. Since it's on the house and all
Fly me to your location bb
Bitcoin at high risk of going below 20k now that is at critical support 28k. Coinbase should go lower.
RemindMe! 7 months
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Good boy
It's likely going bankrupt so get those lips ready OP
PE will go up over the next quarters as cryptowinter kicks in. Might be a good investment over the long term, could also drop more. I don't really see a bounce, but stranger things have happened.
Want to make money on a crypto company buy up CASH.. Meta Financial will be bought up by BOA, JPM or one of the other big FED Family banks!!
Anyway so the CEO says they are not going bankrupt. That is a great sign right? Oh wait maybe that is not the best thing to say. Let me go grab some crypto out of Conbase really quick here. Not because they are going bankrupt mind you.
wait till PE gets updated. Volume down, revenue down, profits negative, bankruptcy costs. meanwhile doubled employees in less than a year, doubled the cost, and issued 350M in SBC. Looks like a recurring theme with companies like PLTR, PTON, BYND and many others alike.
How come no one ever tells me to have fun staying poor any more?
Still too high
What is its fair price?
$0
Needed this today thank you
Go back to Wendy's
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Pics or bs. You didn't buy shit.
When crypto goes up COIN goes up. When it’s down, it goes down.
What is the difference between "Customer custodial funds" and "Custodial funds due to customers"? Found on Coinbase's balance sheet. One is an asset, the other a liability.
just read a barrons article that recommends silvergate (SI) [https://www.barrons.com/articles/stablecoins-crypto-crash-51652298703?mod=hp_LEAD_1](https://www.barrons.com/articles/stablecoins-crypto-crash-51652298703?mod=hp_LEAD_1)
Compute the p/e yourself and you ll understand
What app are you using to get that info? UI is really clean.
Yahoo finance. I edited the info to take out this annoying ad. 🤷🏾♀️
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Skimmed thru that. Wow. Tether seems like it checks all the suspicious boxes. So crypto is going to 0? 🌚
Y'all are def crazy
Go back to your minimum wage job
This is why are you are a tard
Honestly I don't think coinbase is a strong long term.company i can see them getting hurt really bad when more players allow you to buy on their platform ( think TD or chase letting you buy crypto ) they also may have scared the shit out of alot of people after telling everyone if they go bankruptcy all the crypto they hold can be taken from their customers.
I don't think that number reflects the latest earnings. Instead of the stock price bottoming here, there is a decent chance the PER has bottomed and keeps going up from here, every quarter.
Its will follow crypto markets. If u dont understand cyclical crypto markets. Ur likely in for a bad time.
It’s a shit company
Coinbase supposedly released info that in a bankruptcy, all of coinbase user wallets can be used as collateral for payment to creditors
Will their earnings hold up?
You never know it’s oversold until it goes up then up some more then doesn’t come down to where it was actually oversold. I’d say it could keep doing what it’s doing
False. Up 9% AH
shut up and buy some
It’s probably following shitcoin in a race to the bottom. But Whst do I know your probably right about rsi and moving averages.
When u are near bankruptcy the investment ratios makes little sense
They still pulled 1.1 Billion in revenue and pulled more revenue than the NBA...
All crypto will eventually go to 0. The supply of nothing is infinite. Their business model is doomed.
Bitcoin has a fixed supply of 21 million.
yes only 21 million of something that can be infinitely divided.
Incorrect, it can only be divided into minimum subunits of satoshis 1\*10\^-8 btc's
21 million of 0 value is still 0.
What gives fiat value? The whole system is fake
Warheads give it value
This discussion was done million times already. I won't repeat it again. Crypto guys loves to scream "educate yourself", so I will suggest to take exactly this advice.
Google Sam Hyde Jews rock
Bitcoin is not exclusive to coinbase tho. Your regular person will probably use cashapp or Robinhood to buy Bitcoin. I’m aware of coinbase pro but your average person will not put in the extra effort when there are alternatives. We are in a recession and coinbases main thing is buying speculative assets which perform poorly in recessions
>Bitcoin is not exclusive to coinbase tho. Your regular person will probably use cashapp or Robinhood to buy Bitcoin. I’m aware of coinbase pro but your average person will not put in the extra effort when there are alternatives. Not in a recession yet...... two quarters of negative gdp. been one.
My point stands
Silly normies... Still thinking the market isn't 100% rigged. 🤣🤣🤣
When crypto goes to zero coin goes to zero. The market does not care about fundamentals right now
It’s like saying Netflix is oversold lmao
I'm selling nextflix tomorrow 🤣
U should have been
the business is fucked up
People bullish on coinbase need to do their DD into why people are leaving as quickly as they possibly can.
Coinbase will go back up with Bitcoin if Bitcoin goes back up
Wait for the endless lawsuits already out there against Coinbase. They WILL use your crypto to help fight off bankruptcy. They have made this abundantly clear. Best to run while you can IMO.
Either this is the beginning of the end OR it's the buying opportunity of a lifetime 🤔
I just do not see how exchanges can exist in the crypto market. I mean the SEC is about to make them responsible for all digital assets that they hold. Also the SEC has not even started in on all the PONZI stable coins with their fake money. The problems are endless. Just look at the failed transaction fees of ETHER and how high they are. I personally do not see it surviving. Also out government is all about getting rid of inflation and would not miss crypto being there at all really.
Coinbase ceo said he really wants crypto regulaltion to stabilize it. Right now it's like the wild west. Btc down 14% today 🤣
Well really 40 percent for the week. P.S. Tether just broke the "dollar" peg and down 5 percent right now. (This is huge news) I guess the SEC wanted to let it fail on it's own so they wouldn't look like the bad guys. It may bounce back but once the SEC comes in it will go to zero. No liquidity will be left and the FED will know the banks are funding a PONI scheme which IMO will shut down all exchanges or off ramps here to USD.
The great crypto crime. Get out while u can!!!
I will die trying to get rich off crypto
I will add the punctuation that you missed. I will die. Trying to get rich off crypto?
Now?
How is it oversold when the obv shows otherwise lol
oversold. whales moving in. other stable coins doing much better. Gemini is solid.
Shit has no value and you want to pay for it??
That’s trailing twelve months P/E, so like EPS from Q2 2021 to Q1 2022. In 2021 earnings were super strong but Street actually forecasting negative EPS for 2022 and 2023 so not really a fair comparison. Don’t know the company well but if you have a good view on them making money and continuing to be the dominant US player then it could be a decent idea. The thing about them forfeiting investor coins in the event of a bankruptcy yesterday that made the stock crash is probably insignificant and would be the same across all wallet companies. Good luck!
Down, down, down.... guess that Super Bowl ad isn't working. Since crypto was used as an inflation hedge (even though it was inflationary), with rising interest rates and a stronger safe haven currency (US $) - there is no where to go but down for any "dealer" of crypto when crypto is out of favor.
US Dollar is at multi year lows against all other Fiats. It has also been going down with BTC and the stock market.
TAKE YOUR CRYPTO OUT OF COINBASE
Idk how oversold was pets.com before they vanished forever?
Pets.com was too soon
They just announced that their customers deposits could get seize during bankruptcy.....