Yeah, one employee swindled about $50k. He was immediately let go. OpenSea does $200m/day in volume. So about 20 seconds of their tx volume (not 100% sure I'm doing the math right).
1,183 karma · joined August 12, 2011
Yeah, this valuation is easily justifiable. First chart is OpenSea's monthly transaction volume. Multiply by 0.025 to calculate OpenSea's take.
To me, the open question is if the novelty factor will wear off. I don't think I would ever get the same person a second Cameo. I'm not even sure if I would keep buying Cameos if the service was well-known. A big part of the gag is "How did you pull that off?!" Maybe there are enough birthdays that it just doesn't matter.
https://pro.coinbase.com/static/digital-asset-framework-2017...
Funding a company that IPOs is pretty wild when you think about it in that context.
YC is creating a program to help improve outcomes for portfolio companies that go on to raise a Series A from other VCs.
Bitcoin Cash is not something that existed inside Bitcoin and was then spun out. It's more like a new company was formed and it's cap table was initialized as a copy of another pre-existing company.
I think there just isn't any precedent for the concept of "forking" and how the internal revenue code applies to it.
Now the price action makes sense. There were insiders who knew today was the day that Bitcoin Cash was coming to Coinbase and the price was up on that info. It's really a comment on the nature of unregulated crypto markets and insider trading.
If you leave the company, there is a limited window of time to exercise the option. If you don't exercise it, the stock gets returned back to the company.
This post is favoring that window being long and is responding to blog post favoring that window being short.
The majority of items in CS:GO are initially generated by purchasing a key (for $2.75) to open a case. The game tells the user that the case contains one of a dozen possible items, but not which item. The act of opening the case generates an item that can be worth anywhere from $0.10 to $10,000. The in-game UI for this process even looks like a slot machine: https://www.youtube.com/watch?v=WpFlpyZ4eBM&t=1m45s
If you want a specific item, (rather than a random one from a case) you can buy it on the Steam Market. But that's a secondary market where the sellers are other gamers. The items themselves were still initially generated from playing Valve's slot machine game.
Valve has a vested interest in maintaining the perception that the items have zero value in real dollars. If the items had real dollar value, then the act of opening cases would make Valve a casino.
That's why when you sell your items on the Steam Market, you can only use the proceeds for other items on Steam. The money is steam dollars, not real dollars. There is no "cash-out" mechanism within Steam.
Of course, this perception is a farce because there is a large market outside of Steam for selling the items for real dollars. Two popular websites are https://opskins.com/ and https://bitskins.com/ . I don't believe that Valve can maintain their position that the items have a real dollar value of zero when lots and lots of people are trading them for real dollars. It's sort of like a casino saying the chips are worth zero because the cashier works for a different company.
I believe that this is at the root of why Valve is so comfortable with all the 3rd-party gambling sites. Valve has established their position that the items are worthless, so normal rules about money shouldn't apply.