Worthwhile exercise to go back and read early Coinbase blog posts to get a sense for what the idea maze was like during the 2014-2017 crypto winter.
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Stuff we spent a lot of time on that didn’t work:
- Bitcoin merchant payments
- a user-controlled vault hosted on the app
- an embeddable buy widget
- a Bitcoin tip button
Stuff that worked:
- being early to MTLs
- Coinbase Exchange / GDAX
- international payment rails
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Ultimately, the two most impactful decisions were:
1. Adding Ethereum in early 2016
2. Raising prices in August 2016 from 1% to 2% fees
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Also easy to forget there were a bunch of 2014 era Bitcoin companies that pivoted away to private blockchains.
Peak “Bitcoin is dumb but blockchain technology…” midwit meme.
Coinbase, Kraken, Gemini stayed focused on crypto and benefitted from the tremendous growth in 2017.
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