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Comment by erentz | Hacker News Reader

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erentz·

This is apparently only 1.5% of his holdings. [1]

[1] https://www.coindesk.com/coinbase-ceo-sold-291-8m-in-shares-...

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Unless my math is off, that would put his net worth in the $10-20B bracket. That is positively insane.

And he and Coinbase are barely scratching the surface if crypto / web3 is truly in its nascent stages as claimed.

I agree.

Coinbase is the trusted inlet to trading crypto for individual investors. One of the blockchains, Bitcoin, has a 1 trillion dollar market cap, and the next largest has 259 bn. And coinbase captures a fee of some large percentage of transactions on those.

He should be worth much more.

I would really like to know how much of the bitcoin trading is bubble and/or unbacked money printing by a certain coin, and what parts is actual value. There is way too much shady stuff going on to get my involvement.

> bitcoin [...] actual value

lol

The only part of crypto that isn't bubble, is the slice used for drug trading. It's been eleven years and there are still no usecases for any of them.

Crime in general, including money laundering, or having a currency which is more stable than your own (hello Venezuela). I don't see a valid use-case in the West.

The chart in this tweet shows him as having sold 71% of his shares: https://twitter.com/PeterSchiff/status/1383792715360399372

Some folks are counting un-exercised options as shares to make it sound like insiders sold less than they actually did, but you cant sell shares you dont own.

He could exercise and then sell his options, most of which are probably vested. It’s absolutely logical to count the unexercised vested options, and extraordinarily misleading not to.

The CFO exercised 20% of her options and then sold those shares, which the chart then spins as her selling 100%.

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