1) The other crypto IPO
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Great thread, Sam. Similar to how I'm thinking about it as well. Another issue for Coinbase is the trend of fees going down long term. Sure they can charge these in manias but unlikely to last. Coinbase did $923M rev in 2017 on $75.4B volume.
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holy shit!
yeah, agreed -- it's not going to be easy for them to keep that cash cow.
thus, probably, the pivot towards institutional service.
(or, I mean, selling equity at $50b.)
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One thing that's worth a lot of money though that you didn't mention is their compliance and relationships with regulators. Not really apples and oranges to compare to Binance etc because it's unlikely that Coinbase will be significantly affected by large regulatory interventions
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True!
Though I think this is easy to oversell.
One reading of their blitz of listings is "Coinbase is immune to the SEC".
Another -- if you look at their XRP delisting -- is to ask, "how would we actually _know_ whether they were immune, or just reckless?"