Coinbase Announces Listing Date of Its Stock on the Nasdaq(blog.coinbase.com)
blog.coinbase.com
Coinbase Announces Listing Date of Its Stock on the Nasdaq
https://blog.coinbase.com/coinbase-announces-effectiveness-of-registration-statement-and-anticipated-listing-date-of-its-1509b281f760
120 コメント
I agree with you, I think their coinbase pro fees are relatively reasonable, but I just don't see why anyone would use the "normal" coinbase, the fees are very high, I suspect it's probably name recognition, ease of use and trust.
Coinbase is just a money grab to extract money from people who don't know about Coinbase Pro. Really shady if you ask me and I'm surprised it doesn't seem to have damaged their brand name. The fees on "regular" Coinbase are outrageous and no one should ever buy through there.
Are there different requirements for Coinbase Pro that many users of the "normal" service wouldn't qualify for?
> it feels like pretty much every stock broker app will now let you buy Bitcoin and they'll do it with lower fees than Coinbase
Coinbase even undercuts themselves. Use the Coinbase App - 2.5% fee. Use the Coinbase Exchange App (Coinbase Pro) - 0.5% Fee.
So... buy your Bitcoin (and others) through the Coinbase Pro website/app, then transfer them into your Coinbase wallet/vault for free.
Coinbase even undercuts themselves. Use the Coinbase App - 2.5% fee. Use the Coinbase Exchange App (Coinbase Pro) - 0.5% Fee.
So... buy your Bitcoin (and others) through the Coinbase Pro website/app, then transfer them into your Coinbase wallet/vault for free.
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So I don't get that impression because the trading fees are a sideshow.
Coinbase Vault is providing access and liquidity to the whole DeFi market without ever saying it.
Its like not investing in Amazon because you didn't notice AWS. The similarity being limited to there being a non-consumer facing product that might be bigger than the visible one. Coinbase has a lot of growing revenue streams, which has almost nothing to do with the retail platform of non-crypto people looking to buy crypto.
Coinbase Vault is providing access and liquidity to the whole DeFi market without ever saying it.
Its like not investing in Amazon because you didn't notice AWS. The similarity being limited to there being a non-consumer facing product that might be bigger than the visible one. Coinbase has a lot of growing revenue streams, which has almost nothing to do with the retail platform of non-crypto people looking to buy crypto.
> Because of things like Apex Crypto, it feels like pretty much every stock broker app will now let you buy Bitcoin and they'll do it with lower fees than Coinbase.
Which stock broker app lets you deposit in Bitcoin? Or withdraw your Bitcoin to your own address?
Which stock broker app lets you deposit in Bitcoin? Or withdraw your Bitcoin to your own address?
Cash App does, but that's the only one I'm aware of.
in the few times I've traded BTC, I've personally seen tighter spreads in Coinbase (fixed + % fee) than Robinhood Crypto ("free").
I'm aware there can be many reasons for this but I couldn't help but wonder if Robinhood was baking in some hidden fees.
I'm aware there can be many reasons for this but I couldn't help but wonder if Robinhood was baking in some hidden fees.
I think the reason is because Coinbase Pro has an API. People running trading bots keep the spreads tighter.
I think the bull case may be more about their future sources of revenue. If crypto succeeds, exchanging it with fiat may end up being only a relatively small amount of the economic activity. Traditional brokers are not likely to be able to compete with Coinbase in those future markets.
Of course it's really hard to predict what those future markets might be or how much value Coinbase will be able to extract from them, so I have no idea if $68 billion is a reasonable valuation.
Of course it's really hard to predict what those future markets might be or how much value Coinbase will be able to extract from them, so I have no idea if $68 billion is a reasonable valuation.
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Not to mention that Coinbase doesn’t really serve a strong purpose anymore. Why not just use a DEX?
Well first, how are you gonna get Eth or whatever to use that DEX? Some apps have payment options but hoooo boy are the fees outrageous. Coinbase doesn’t have the best fees in the world but just mosey on over to Coinbase Pro and it’s a whole lot better.
Then there’s the gas fees on Uniswap. Not even worth bothering with unless you plan on making $1000+ trades.
The other thing to consider is that for newbies they offer a safe platform with a list of established coins. That counts for something.
Then there’s the gas fees on Uniswap. Not even worth bothering with unless you plan on making $1000+ trades.
The other thing to consider is that for newbies they offer a safe platform with a list of established coins. That counts for something.
Onramp is a good point. Didn't think of that.
> Then there’s the gas fees on Uniswap. Not even worth bothering with unless you plan on making $1000+ trades.
This is fixed by PancakeSwap.
> Then there’s the gas fees on Uniswap. Not even worth bothering with unless you plan on making $1000+ trades.
This is fixed by PancakeSwap.
PancakeSwap which is running on a "decentralized" network, "CeDeFi" as CZ calls it, that's tightly controlled by Binance.
I think the real solution are layer 2s, optimism comes to mind, but there are many others too.
I think the real solution are layer 2s, optimism comes to mind, but there are many others too.
High fees and lack of a fiat on ramp are two big reasons
Liquidity.
Many Stock brokers like Webull let you buy crypto, but you can't transfer them to your wallet or use them to make purchases. Also, they claim no fees, but they add the fee to the spread (the spread is artificially increased to 1% both ways (2% total)) ... so it is like a hidden fee that ends up being more then what you pay on Coinbase, especially if you trade a substantial amount each month [1]. So Coinbase is still one of the best even though they can't handle the loads when the market get busy.
1. https://i.imgur.com/IohYn4o.png
1. https://i.imgur.com/IohYn4o.png
> Many Stock brokers like Webull let you buy crypto, but you can't transfer them to your wallet or use them to make purchases.
Fair, but I feel like most people I know aren't using crypto as a currency right now. They're more interested in holding or speculating on the price, so transferring to another wallet is a non-issue.
> Also, they claim no fees, but they add the fee to the spread (the spread is artificially increased to 1% both ways (2% total))
I'm not up to date on Coinbase's latest fee structure, but I think 2% still may be less than, or at least comparable, to what they are charging. Even if it isn't, the illusion of no fees will attract a certain amount of people.
> especially if you trade a substantial amount each month
Do people trade a lot using Coinbase (serious question)? I was under the impression that there were better platforms out there more suited to day/swing trading crypto.
Fair, but I feel like most people I know aren't using crypto as a currency right now. They're more interested in holding or speculating on the price, so transferring to another wallet is a non-issue.
> Also, they claim no fees, but they add the fee to the spread (the spread is artificially increased to 1% both ways (2% total))
I'm not up to date on Coinbase's latest fee structure, but I think 2% still may be less than, or at least comparable, to what they are charging. Even if it isn't, the illusion of no fees will attract a certain amount of people.
> especially if you trade a substantial amount each month
Do people trade a lot using Coinbase (serious question)? I was under the impression that there were better platforms out there more suited to day/swing trading crypto.
The maximum that you can get charged at Coinbase is 1% for a buy & sell transaction pair (0.5% each way), if you don't trade much... so half of webull : https://i.imgur.com/IohYn4o.png
But it goes down quickly. It gets cut in half if you trade $50k/month and goes to down to 0% if you trade a lot.
But it goes down quickly. It gets cut in half if you trade $50k/month and goes to down to 0% if you trade a lot.
That's not including the credit and debit card fees though, right?
It's been a while since I've used Coinbase, but I feel if you want to just buy a small amount of crypto, the total fees can be up to like 10%.
It's been a while since I've used Coinbase, but I feel if you want to just buy a small amount of crypto, the total fees can be up to like 10%.
You mean Coinbase Pro, not Coinbase.
Coinbase charges 2.5% to purchase.
Coinbase charges 2.5% to purchase.
For reference, coinbase is currently quoting bid/ask for bitcoin at around 58/62...
That's their quote for casual users. You get much tighter spreads on coinbase pro.
I get $0.01 spread on Coinbase pro unless the market activity is going crazy.
I think that's the right comparison for webull or robinhood.
maybe they should add a 3rd option where you would pay 5% ....
What’s “Apex Crypto”?
I am not being obtuse or sarcastic here. Is it this? http://apexcrypto.com Because that website tells me nothing at all. And past that, Google only shows a few press releases.
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But on the consumer crypto coin collector criteria, it still seems like Coinbase has the mind-share. And I imagine they have the reach and scale to be in compliance with regulators, which is what makes them a more attractive investment.
Me? Square’s Cash app is awfully slick, and makes buying drugs…I mean…buying non-fiat currency to stick it to the man all very easy. But I have no idea if people use that feature frequently.
I am not being obtuse or sarcastic here. Is it this? http://apexcrypto.com Because that website tells me nothing at all. And past that, Google only shows a few press releases.
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But on the consumer crypto coin collector criteria, it still seems like Coinbase has the mind-share. And I imagine they have the reach and scale to be in compliance with regulators, which is what makes them a more attractive investment.
Me? Square’s Cash app is awfully slick, and makes buying drugs…I mean…buying non-fiat currency to stick it to the man all very easy. But I have no idea if people use that feature frequently.
> What’s “Apex Crypto”?
Apex Crypto is a crypto clearing house, similar to the clearing houses we have for the stock market. Companies like Robinhood, WeBull, SoFi, etc aren't building their crypto trading infrastructure from the ground up. They're plugging into services like this, which handle the exchange between fiat and crypto and a lot of the regulatory compliance. This drastically cuts down the complexities and lowers the barrier to entry for offering buying and selling of crypto.
I don't know all the details of the services they offer, but services like this are the reason it seems like every app under the sun will now let you buy and sell crypto.
Apex Crypto is a crypto clearing house, similar to the clearing houses we have for the stock market. Companies like Robinhood, WeBull, SoFi, etc aren't building their crypto trading infrastructure from the ground up. They're plugging into services like this, which handle the exchange between fiat and crypto and a lot of the regulatory compliance. This drastically cuts down the complexities and lowers the barrier to entry for offering buying and selling of crypto.
I don't know all the details of the services they offer, but services like this are the reason it seems like every app under the sun will now let you buy and sell crypto.
>Apex Crypto is a crypto clearing house, similar to the clearing houses we have for the stock market
Is this the same "Apex" that handles clearing for stocks?
Is this the same "Apex" that handles clearing for stocks?
I'm not 100% sure. I actually tried to do some research on that a few months ago and couldn't find anything definitive one way or the other (I haven't looked since then).
When I did look, I found some press releases about them partnering, but it was light on details. Based on the name and the fact that their logos now match (they didn't used to), my guess is that they aren't two separate companies.
When I did look, I found some press releases about them partnering, but it was light on details. Based on the name and the fact that their logos now match (they didn't used to), my guess is that they aren't two separate companies.
Or a hell of a clever ruse to cause exactly this confusion by consumers to think it’s more legit than it is. All of this is buyer beware outside of CoinBase. Why? CoinBase and regulators are best buddies. Hard to be dodgy with Big Brother peering into your customer data via IRS subpoenas.
> But I have no idea if people use that feature frequently.
Looks like they made 4.57B$ in revenue with 97M$ in profit [1]. And "We’ve continued to see strong adoption, with 3 million customers [buying bitcoin] through the past year, and in January we saw 1 million new to bitcoin in just one month."
1: https://www.coindesk.com/square-cash-app-bitcoin-revenues-sw...
Looks like they made 4.57B$ in revenue with 97M$ in profit [1]. And "We’ve continued to see strong adoption, with 3 million customers [buying bitcoin] through the past year, and in January we saw 1 million new to bitcoin in just one month."
1: https://www.coindesk.com/square-cash-app-bitcoin-revenues-sw...
It's a bit odd to count that as revenue. Like Robinhood counting their entire trade volume of $350 billion as "revenue".
Unfortunately under US accounting rules you have to do it this way in your financial filings.
But bigger brokers (in fact, much more than just brokers) like Merrill ($18B) or Schwab($10B) do not report their transaction volume as revenue.
I'm having trouble finding a good citation, but I think the GP is referring to a quirk of US accounting rules that causes crypto trades specifically to be counted as revenue. The same does not apply to traditional financial market trades, which I think is what your numbers are.
But we are talking about Robinhood here. I doubt they trade $350B worth of crypto.
Weirdly, it seems there are no GAAP accounting rules for cryptocurrencies yet. Apparently there is informal guidance that it should be treated as an intangible asset:
https://news.bloombergtax.com/financial-accounting/tesla-bit...
https://news.bloombergtax.com/financial-accounting/tesla-bit...
> Coinbase anticipates that its Class A common stock will begin trading on the Nasdaq Global Select Market under the ticker symbol “COIN” on April 14, 2021.
Honest question, why is Coinbase listing on the NASDAQ (edit: tangentially also NYSE)? If their whole business model is predicated on the success of crypto-currency shouldn't the whole world of fiat currency be completely irrelevant and a distraction?
The VCs that gave them many dollars would like their investment (and hopefully, profit) returned in dollars.
Ahh, there's the real reason. So why do the VCs want fiat and not crypto returns?
Well, (a) just because they invested in Coinbase, which does crypto, doesn’t mean they have as much confidence in crypto as they have in Coinbase—betting on Coinbase is a bet on the volatility of crypto + Coinbase’s ability to win, not a bet on the price of crypto, (b) you have to pay taxes in dollars, (c) their investors probably want dollars.
Why is it a direct conclusion that the investors want dollars? it's currently the only system that is available to Coinbase within the US and they're utilizing that. What is stopping the investors from buying back in with the dollars they gained? (you can't know that for sure either)
They want dollars to make the paperwork and accounting easier. They're obviously not going to hold them for long.
If there was an alternative option allowed by the SEC in the US, I'm certain that they'd have chosen that. This is not a cut and dry conclusion (that the investors want dollars).
At a minimum, that's a signal for the future of cryptoCURRENCY. :)
How did you come to that conclusion?
coinbase is still a company with shareholders - decentralized or not. there are shareholders who want liquidity; there are investors who want in now.
the choice of listing has nothing to do with the monetary unit of trade ($, euro, btc, doge etc). the exchange simply enables them to trade the equity of their company. NASDAQ/US is just the most liquid one (and likely where their immediate investors past and future are going to have access to already)
but perhaps I'm not aware of alternatives where one can trade equity in the crypto/defi market?
happy to learn if you point me to the right places.
the choice of listing has nothing to do with the monetary unit of trade ($, euro, btc, doge etc). the exchange simply enables them to trade the equity of their company. NASDAQ/US is just the most liquid one (and likely where their immediate investors past and future are going to have access to already)
but perhaps I'm not aware of alternatives where one can trade equity in the crypto/defi market?
happy to learn if you point me to the right places.
Coinbase CEO and CFO did an AMA on Reddit on the topic of IPO and this question was raised. Read for yourself (search for "security token"): https://old.reddit.com/user/CoinbaseListing/comments/m71qrc/...
> If their whole business model is predicated on the success of crypto-currency shouldn't the whole world of fiat currency be completely irrelevant and a distraction?
I'm not following this line of logic, where are you getting this from? Why would the success of crypto-currency imply the demise of fiat, if that's what you're saying? Or why would you have no interest in fiat just because crypto-currency turns successful?
I'm not following this line of logic, where are you getting this from? Why would the success of crypto-currency imply the demise of fiat, if that's what you're saying? Or why would you have no interest in fiat just because crypto-currency turns successful?
> why is Coinbase listing on the NYSE
I don’t think you read the article, let alone the headline.
I don’t think you read the article, let alone the headline.
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Nasdaq, but in any case coinbase is predicated on crypto interacting with the normal banking/fiat world. They're basically in the middle ground. They aren't crypto-denialists who say crypto will go to zero. They aren't crypto-bulls who say crypto will replace all currency in the near future. They see crypto as coexisting with the existing banking and finance sector.
The US markets have the most liquidity and access and users compared to all markets in the world, including crypto markets.
Not from what I've seen. Binance (Intl) has a lot more liquidity than any US specific market, mainly because they offer derivatives
I was referring to the US equities and treasuries markets
Which in this context includes cross linked index and futures markets
As this is a conversation about listing an equity versus a security token on a crypto venue, the liquidity is unparalleled (even if crypto venues were trading registered securities tokens)
Which in this context includes cross linked index and futures markets
As this is a conversation about listing an equity versus a security token on a crypto venue, the liquidity is unparalleled (even if crypto venues were trading registered securities tokens)
Stocks just want to be traded, Coinbase is just getting ready for when Nasdaq will quote in BTC. ;-)
They are listing on NASDAQ. Though they will be tradable on NYSE as well.
Would've been interesting if they'd IPO through some crypto means, like on ether or something
Despite what Crypto Bros say, all they really want is to get filthy rich with real money.
Good zinger! that'll show them!
Yeah man, we all love the petro-dollar.
I know it's wrong and this is likely a low level comment but...
Crypto Bros -> CryptBros -> XD
Crypto Bros -> CryptBros -> XD
Real lambos and houses. No one wants dirty fiat.
If anyone has fiat lying around causing them problems I'd be happy to take it off your hands. I'm certified for proper fiat handling.
> If anyone has fiat lying around causing them problems I'd be happy to take it off your hands. I'm certified for proper fiat handling.
You can't be trusted not to manipulate the Bitcoin market, as you just got fined; your customer service is abhorant and you keep shutting down accounts and trades for no explicable reason. Why would anyone trust you with anything at this point is beyond me.
I want you personally to know that YOU and Coinbase (and what it represents) are the bane of Bitcoin and all of HN and YC should know that.
You can't be trusted not to manipulate the Bitcoin market, as you just got fined; your customer service is abhorant and you keep shutting down accounts and trades for no explicable reason. Why would anyone trust you with anything at this point is beyond me.
I want you personally to know that YOU and Coinbase (and what it represents) are the bane of Bitcoin and all of HN and YC should know that.
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Yes, this is a missed opportunity for crypto. Unfortunately, securities and exchanges for securities are so heavily regulated, that it is very hard to try something like this with a “fail fast” approach and we will probably have to wait for quite a while until we see such markets happen, if at all.
To me as a computer scientist, it is astonishing that even something as simple as a web service that matches willing buyers and sellers of securities requires a license that costs millions of dollars to obtain.
To me as a computer scientist, it is astonishing that even something as simple as a web service that matches willing buyers and sellers of securities requires a license that costs millions of dollars to obtain.
About a decade ago BATS tried to IPO on their own exchange and failed pretty spectacularly. Coinbase probably doesn't want to "fail fast" with their IPO when there are billions on the line.
>Yes, this is a missed opportunity for crypto. Unfortunately, securities and exchanges for securities are so heavily regulated
Makes sense, given the ICO craze back in 2017.
Makes sense, given the ICO craze back in 2017.
Never get high on your own supply
The reason is the SEC. Look into stokr.io.
There's a reason access to capital markets is somewhat restricted. Investors are going to get fleeced.
I only wish the SEC (or the European authority) had more bite, as stokr absolutely deserves to be shut down.
I only wish the SEC (or the European authority) had more bite, as stokr absolutely deserves to be shut down.
Why?
Since there is a good chance you have not read the details within stokr.io, I'll offer some details, this is not just for retail investors, there is a minimum required investment in most projects, for example: https://stokr.io/blockstream-mining has a minimum of 200K EUR. This is similar to how IPOs function, but this is more open and you hold the tokens in your wallet, instead of a custodian like DTCC.
They are in full compliance of EU regulations: "The issuance of securities is governed by EU regulations and is available in a number of European countries. STOKR is constantly working on making the securities available in as many countries as possible. Both individuals and legal entities can invest on STOKR."
They are in full compliance of EU regulations: "The issuance of securities is governed by EU regulations and is available in a number of European countries. STOKR is constantly working on making the securities available in as many countries as possible. Both individuals and legal entities can invest on STOKR."
Coinbase has been using Morgan Stanley's Shareworks platform to manage the direct listing, which has been a nightmare to use. ACH transfers take over a week and the platform has a ton of technical issues.
In my experience, financial literacy is so poor and Dunning Kruger so high that typical non-finance human beings constantly blame the process for extremely basic mistakes, like sending money between accounts of different titles but saying that you own both of them.
Even the word "title" would detonate the average person.
Even the word "title" would detonate the average person.
I'm a pretty experienced trader and worked on the Payments team at Coinbase, dealing with ACH, wires, and whatnot. If it's hard for me, can't imagine what the platform is like for others.
Coinbase has an alumni Slack filled with complaints on Shareworks.
Coinbase has an alumni Slack filled with complaints on Shareworks.
This sounds like a case of blaming the user for poor UX design. If the users that the system is designed for are constantly making the same "basic mistakes", then the system isn't designed well for them.
I think it is spelled Dunning-Kruger.
The answer is April 14th for those too lazy to read the article.
How is the opening stock price decided on a direct listing?
Is there a way to put in orders for a ticker before it has opened/been listed so that you can purchase at 9:30 on the 14th?
Is there a way to put in orders for a ticker before it has opened/been listed so that you can purchase at 9:30 on the 14th?
RBLX just did a direct listing. They set a reference price at $45. Later in the day (they did not start trading until midday) the reference price was adjusted to $60. I had two limit orders. One from day before at $50, another placed at noon at $62. None of them executed, since it opened at $64+.
Thank you. When did they set the reference? The day of or before?
I saw it a day before, but on the day of listing they have updated it again
> How is the opening stock price decided on a direct listing?
Same way every stock does every morning: the opening cross [1].
[1] http://www.nasdaqtrader.com/Trader.aspx?id=OpenClose
Same way every stock does every morning: the opening cross [1].
[1] http://www.nasdaqtrader.com/Trader.aspx?id=OpenClose
Look for an order type called "limit on open," or its radioactive cousin, "market on open."
The reason people don't do this is, that kind of order requires having an opinion about what a stock should be priced at. And retail traders basically never have that opinion.
The reason people don't do this is, that kind of order requires having an opinion about what a stock should be priced at. And retail traders basically never have that opinion.
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Another option: https://finance.yahoo.com/quote/VYGVF
What happens when the US bans Bitcoin?
People have been saying that ever since Bitcoin existed.
1) they don't see it as a threat (ex: Powell comparing it to gold rather than USD)
2) it's actually generating capital gains tax, jobs and revenue for the country (by creating business around it, etc)
3) US has auctioned off seized Bitcoin in the past, so it would be weird if they make something illegal after selling it themselves
Last, but not least, they can't ban it, they can ban the on/off ramps and cause short term disruption, but that wouldn't be sustainable in the long term, how do you stop millions of people from running some code on their computer (case in point, torrent is still very much alive)?
1) they don't see it as a threat (ex: Powell comparing it to gold rather than USD)
2) it's actually generating capital gains tax, jobs and revenue for the country (by creating business around it, etc)
3) US has auctioned off seized Bitcoin in the past, so it would be weird if they make something illegal after selling it themselves
Last, but not least, they can't ban it, they can ban the on/off ramps and cause short term disruption, but that wouldn't be sustainable in the long term, how do you stop millions of people from running some code on their computer (case in point, torrent is still very much alive)?
What makes you so confident that the US will ban bitcoin?
Also, if the US bans it then it's still valuable in much of the rest of the world. Bitcoin is antifragile in that regard.
Also, if the US bans it then it's still valuable in much of the rest of the world. Bitcoin is antifragile in that regard.
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The US won't ban Bitcoin, because USG philosophy isn't based on obtuse assaults like that. What will happen is ever more "money laundering" laws making it irrelevant for its original purpose. You can already see startups gearing up for this with things like "cross border payment compliance" and the like. Eventually if you want to convert to fiat, you'll be forced to have good provenance coins as determined by such gatekeeper companies, effectively undermining the whole point.
I don’t think anyone has seriously suggested such a thing would happen.
India, though, has floated such a ban.
https://www.reuters.com/article/uk-india-cryptocurrency-ban/...
And I don’t think it would be crazy to imagine China doing such a thing.
India, though, has floated such a ban.
https://www.reuters.com/article/uk-india-cryptocurrency-ban/...
And I don’t think it would be crazy to imagine China doing such a thing.
China already has banned/unbanned Bitcoin several times.
The stock drops.
is this april fools?
1. No, because if a company announced that the SEC had given them go-ahead to go public “for the lulz”, that company would then be in deep shit with investors and the SEC for the rest of time.
2. No, because that wouldn’t even be a funny joke.
3. No, because we are done with April Fools, the internet drove that into the ground looooong ago.
2. No, because that wouldn’t even be a funny joke.
3. No, because we are done with April Fools, the internet drove that into the ground looooong ago.
> is this April fools?
No. Why would it be? Coinbase has been preparing to go public for some time now.
No. Why would it be? Coinbase has been preparing to go public for some time now.
Because it's April 1st.
I hope the GME crowds short the living hell out this thing...
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Lmk when i can short.
If you want to short a stock, you should at the very least do some due diligence and read the article before you comment.
April 14
typically options dont get written for a few months until after
Should be able to sell short the day of, but locating borrows may be difficult depending on who's holding it.
If you have direct market access and a clearing house you can do whatever you want, its the reliance on brokers that limits all the other market participants
Just a few years ago, they were by far the easiest was to buy crypto (IMO). At that time they also felt like the most legitimate site and for people who didn't 100% know what they were doing, but wanted to buy some Bitcoin, that perception of legitimacy is important. For those reasons, I feel like they kind of dominated the casual coin holder space, and I think they could justify the fees they were charging.
In the last year or so it feels like that's all changed. Because of things like Apex Crypto, it feels like pretty much every stock broker app will now let you buy Bitcoin and they'll do it with lower fees than Coinbase. It seems like their market (non-crypto people looking to buy crypto) is being eaten alive. I don't understand their value prop or why their higher fees make sense anymore.
I've been burned too many times, so I don't short stocks or buy puts, but I just can't see this being a good buy. Unless they drastically lower their fees, I just don't see them continuing to grow users.