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> You can't deny a P/E ratio. Value is being created here.

Oh yes, yes you can. You're talking about a currency exchange, not a commodity. I guess you weren't around for the last two bubbles.

There literally is no value being created. Coinbase earnings are based on people paying to use its service, and that service is trading imaginary currency with no intrinsic value. Unlike a semiconductor, oil, or even industrial labor.

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So it's like a mobile game with in-game purchases and loot boxes. It's the entertainment industry in the finance industry's clothing.

Coinbase provides KYC compliance which then gives it government blessing to be a gateway between crypto and the US dollar financial system. That is the value. Otherwise, there are DApps that allow trading between cryptos and don't require employees, offices, centralized server infrastructure, etc. that would take the place of Coinbase.

it is value based on vaporware. don't be a K=1 thinker.

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