Nearly 100% of Coinbase's revenue has high exposure to the price of crypto (if Bitcoin goes up, Coinbase's revenue goes up in proportion).
Until they change their pricing, $COIN will not trade like a legit exchange but as a $GBTC alternative.
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insto eq brokers would give their left eye, first-born, etc etc for ad valorem rate card.
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(although the time for a shift away from per-share to the rest of financial services world was like a decade ago.)
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What prevents the existing exchange from competing with Coinbase?
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Mainly liquidity - Coinbase is the top exchange for spot Bitcoin and it will be hard to take that market share away from them. Exchanges aren't focusing on crypto infrastructure either but that could change down the road.
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But what could they become? How is their current standing allowing them a leg up on what they’ll become. Might your comments, while true and valid, be less than relevant than it appears you think they are?
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