Like, even if you think crypto is going to be super relevant, there's tons of other cryto startups. Coinbase has or had first mover advantage, but that's no longer an enormous advantage.
The decade where it wasn't "mission focused"?
Coinbase is down a little over 27% since IPO, at a time when the wider US stock market is up around 10%. That's not "approximately equal" in any meaningful way.
> At the IPO, the rocketship factor is already priced in.
I'll agree with you here - there was a ton of hype and the IPO price was largely based on an expected rocketship trajectory that failed to materialize. Its extremely telling that many of their executives have cashed out 100% or nearly 100% of their available stock options.
Some major ones aren't included such as CoinSwitch Kuber which Coinbase Ventures recently co-led a $260M round.
> their offers aren't particularly better than <anywhere else>
citation needed, I mean 'anywhere' is a big space. I'm seeing north of $100K on a quick google, that's a lot more than most places pay. Or are you speaking from a privileged, SF-blinkered position?
https://blog.coinbase.com/how-coinbase-is-rethinking-its-app...
That's where the "isn't better than other offers" part comes in. If you get 40K in stock from Coinbase or 40K in stock from Robinhood, and one went up and one didn't...
> citation needed, I mean 'anywhere' is a big space. I'm seeing north of $100K on a quick google, that's a lot more than most places pay.
I'm speaking as compared to the list of stock tickers I listed.
> Or are you speaking from a privileged, SF-blinkered position?
If we're at the point where Coinbase can't hire "privileged" employees and is having to settle for ones who don't have other options, I think that makes my case for me.
Where in your analysis do you talk about how these other crypto startups have (1) easier onboarding/KYC than COIN, (2) access to more coins to trade (3) better tooling (4) better fees (5) etc. etc. ?