Coinbase revenue drops 27% from a year ago, stock slides | Hacker News Reader

Coinbase revenue drops 27% from a year ago, stock slides

cnbc.com

48 pointswollsmoth16 comments

I once bought a thousand bucks of BTC on Coinbase, but the fees and taxes and stuff were absurd. I remember calculating that BTC would have to go up like 25% in value before I could sell for a profit given the fees. That was the last time I ever used Coinbase. I can't imagine that many more people are gonna fall for that trick when the chances that BTC goes up 25% are getting lower by the minute.

Coinbase.com has/had 3x+ the fees of pro.coinbase.com. Likely the fees would have been much more reasonable by adding the subdomain.

IIRC I used the Coinbase iOS app to do this, but yeah I wish I had known about the pro subdomain.

Ripping off your customers and YCombinator. An iconic duo.

The also lost 800M despite being one of most expensive trading exchange. Recently the focused a lot on gambling having listed a lot if shitcoin to earn commission from retail traders. Now retail trader have lost all their money and they have no more customers.

Precisely. I still think BTC has a future, but the fewer shitcoins the better. It’s gotten utterly absurd.

Good time to buy Coinbase stock maybe? They can't possibly go the same way as MTGOX...

I think most of their revenue comes from trading fees. I just don't know if trade volume is going to be way up on Coinbase in the future, especially with new exchanges popping up all over.

Just seems like there's so much competition in the crypto exchange area. How to differentiate? Seems like a race to the bottom fee wise is where we're headed. Especially with the rise of defi exchanges sucking up a lot of the power user market.

I bought bitcoin and when I tried to sell it on coinbase I realized coinbase is a big fat scam. There fees are are a robbery and you are the victim.

Only a 27% drop isn't bad in the current climate, seems like better prospects than $NFLX.

Netflix revenue went up 10% YoY last earnings

The Netflix story is related to subscriber growth and nothing else.

But this is Jan-Mar. Sh*t started getting worse in April. Next quarter will be a massacre for $COIN.

You shorting?

I possess neither the analytical skills nor the required stomach for doing this. But it's 45 days into Q2 and crypto is falling apart. If retail traders disappeared from Robinhood, I can only imagine it will be worse in crypto, given that there are fewer traders and some coins, in certain cases, suffered total losses, which hasn't happened in (many, or any) stocks.

As a greedy but fearful person, I will rejoice in the fact that I declined to interview with them for massive compensation (~900k) which was mostly paid out in stock. That would have been now about ~370k.

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