h/t @theemilyaccount for initially posing this q
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One reason Coinbase's valuation is so high is vertical integration. In the real economy, different cos dominate brokerages, custody, payments, and exchanges. In the US crypto economy, Coinbase dominates them all. If crypto is the future, how does Coinbase not get broken up?
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Great point, but the game is just getting started. Coinbase dominates NOW, but there will be a lot of competition as the business matures. It's not clear that their first mover advantage is sustainable, nor have they shown any inclination to lower margins to stop competition.
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True, they could lose the crown. In a business with impactful network effects & high barriers to entry idk if that will happen, but it's possible. thx for sharing your thoughts via clubhouse the other day btw
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Can someone tell me what % of CB’s revenue is custody versus trading? I assume the latter is significantly stickier.
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that's not a positive development. putting aside the possible consumer protection issues or conflicts of interest that this "stack" creates, separating these functions helps de-concentrate systemic risks:https://www.ofnumbers.com/2015/07/09/learning-from-the-past-to-build-an-improved-future-of-fintech/ …
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