Coinbase Hits Record Low as Crypto Contagion Anxiety Intensifies | Hacker News Reader

Coinbase Hits Record Low as Crypto Contagion Anxiety Intensifies

uk.finance.yahoo.com

39 pointsCrankyBear19 comments

Generally, this would be the point in the market where you would want to start buying assets. But this being crypto, you may be better of heading to a casino.

I think its safe to say that cryptocoin volume for the near future is dead.

Coinbase makes its profits / revenue off of trades, akin to how ETrade used to offer $7 per trade, Coinbase skims a touch of money per trade to enable BTC and USD exchanges.

The fewer people exchanging BTC / ETH / USD / (etc. etc.), the less money Coinbase makes. And vice versa, the more people doing this activity, the more money Coinbase makes.

'Bitcoin is dead' I've heard it said during ~6 different epochs since I first mined a block in 2009. We'll see how it goes.

You have been fooled by 0% interest rates.

There have been countless of technological achievements since 2008/2009, which have seen mass user adoption, to the point where we have apps and devices which we can't think without. Yet, Bitcoin with so much promises, in the same time (~6 epochs), has yet to achieve any sort of consumer adoption (in 14 years!). I'm hardly willing to call Bitcoin alive.

I don't think you would call it dead, just a failure at the original objectives.

Its the greatest and most successful rube farming exercise in history, which is...not nothing.

At this point it's similar to that wall mural that reads

"God is dead - Nietsczhe"

"Nietschze is dead - God"

The first line would be written by those that entered crypto having believed its promises of financial salvation, but ended up losing a lot of money. As far as they're personally concerned, crypto is dead.

The second would be written by those who have already bestowed supernatural qualities upon Bitcoin, and thus no longer concern themselves about its relationship to earthly reality, i.e. its price in dollars. The focus is now about more abstract concepts that don't easily translate to hard cash.

Been buying the whole way down. Cryptoassets are all on sale.

Nice bag you are holding there. Where did you get it?

I certainly do not hold cold funds anywhere I can readily access, if that is what you are poking at.

It is not ... you must be new to crypto

https://en.wikipedia.org/wiki/Bagholder

Been in it for a decade. Bought my house with Bitcoin, get paid in Bitcoin, and frequently buy things online or IRL with it.

Privacy, censorship resistance, proof of reserve, inflation resistance, digital payments for the unbanked, and near-free international money transfers are all highly valuable advantages of cryptoassets over fiat that will be here long after the luddites and speculators move on.

IMO cryptoassets are likely overvalued in the short term and dramatically undervalued for those planning longer term for another decade of inflation.

As long as you diversify and dollar-cost-average it all balances out.

‘$COIN went from "no risk of bankruptcy" to a "small risk of bankruptcy" to its bonds yielding ~15%’

https://twitter.com/stockjabber/status/1594821293186195459

I believe Coinbase's 2028 bonds are identified by "USU19328AA89". They're down to 53-cents per dollar today.

Note: the bond market is very thinly traded and you may have to wait days before a new trade can establish a new price for a particular bond. I wouldn't recommend reading into any particular price too much, you really gotta "squint" and average things out in your brain.

Coinbase is not even top5 exchange [1], how come the press only talk about this exchange? specially considering the recent insider trading story[2,3]

[1] - https://coinmarketcap.com/rankings/exchanges/

[2] - https://news.ycombinator.com/item?id=31012462

[3] - https://www.justice.gov/usao-sdny/pr/three-charged-first-eve...

Isn’t it no.2 there on cmc?

check volume, score isn't relevant

“If the $15,500 level breaks for Bitcoin, there is not much support until the $13,500 level, followed by the psychological $10,000 level,” wrote Ed Moya, senior market analyst at Oanda.

What complete bullshit. Who listens to these “analysts”? All he’s stating is that the price can fall, and then later when it does he’ll pretend that he knew something secret that we simpletons all can’t see on the chart. If the price is falling as the bubble bursts it will likely fall more. Thank you genius.

I've been. opening and closing short positions. I can totally see them going to low 30s

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