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>> “If any exchange is safe, it's Coinbase” >Ok, so other exchanges are worse. Oof... You are really reaching... >> “Somehow you extrapolate this to ‘all exc

by piqi 3y ago

>> “If any exchange is safe, it's Coinbase” >Ok, so other exchanges are worse. Oof... You are really reaching... >> “Somehow you extrapolate this to ‘all exchanges’” >You just told me the other exchanges are worse. pardon me....? Other non-public companies have executives selling stock? > At the rate Coinbase is piling up losses Feel free to cite your source. > Oh, so you agree with me that nobody should use crypto exchanges in the first place. Because they will lose your money. No, I don't. You buy it on an exchange, and then move it on-chain. Done. That's the point of a centralized exchange with banking connections. You are welcome to leave it there if you'd like, but you have to accept the risks. Go ahead, try to move the goal posts again. Every comment you make more irrelevant and false points.

pavlov 3y ago
> “Feel free to cite your source.” You don’t think Coinbase is losing money? Go to their investor relations page: https://investor.coinbase.com/home/default.aspx https://investor.coinbase.com/home/default.aspx Open the Q4 2022 shareholder letter. It’s printed right there: a loss of $557M on revenue of $605M. The loss is nearly as large as their entire revenue! Is that a sign of a healthy business? It’s like selling $5 pancakes that each cost you $10 to make.
- piqi 3y ago
  You've moved the goal posts from "stealing" funds to highlighting that a business has revenue and costs during a quarter. > ...a loss of $557M on revenue of $605M. > It’s like selling $5 pancakes that each cost you $10 to make. $605m - $557m = $48m (7.9% gain) $5 - $10 = -$5 (100% loss) Yup... Exactly the same. More false and irrelevant info. At least you're consistent! Keep the FUD flowing!
  - danans 3y ago
    > $605m - $557m = $48m (7.9% gain) In the report ($557M) doesn't mean "expenses". It's an overall loss. A $557M loss means they spent all that $605M in revenue and another $557M on top of that.
    - piqi 3y ago
      Thanks for clarifying. Their previous statement was not clear: >The loss is nearly as large as their entire revenue Their initial claim is "Coinbase is piling up losses, it will eventually be bankrupt, and executives will have accumulated billions while customers will lose billions." And saying this is "stealing" from customers. I haven't been advocating for purchasing the stock. I don't own it. Regardless, looks like they had positive net income in 2020 & 2021. Coinbase isn't the only business dealing with losses 2022. I still very much disagree with "piling up losses... eventually be bankrupt"
      - pavlov 3y ago
        It’s a good idea not to own a stock if you can’t read the income statement. Fortunately that kind of boring traditional finance stuff is not a problem in crypto.
        piqi 3y ago
        Me: "I haven't been advocating for purchasing the stock. I don't own it." You: "It’s a good idea not to own a stock if you can’t read the income statement." I figured it out! It's your reading comprehension! I was wondering why I had to repeat myself so much in this thread, and why you had been trailing off on tangents away from each point you attempted to pivot around. While ignoring each of your previous statements. I hope you can sort that out. Wish you the best.
- p0pcult 3y ago
  >selling $5 pancakes that each cost you $10 to make. So the Silicon Valley business model?
  - Zanfa 3y ago
    They'll make it up in volume.
vkou 3y ago
> No, I don't. You buy it on an exchange, and then move it on-chain. Done. That is something like 1% of their business. Great, that's one use case where they might not lose all of your money in the event of a bankruptcy. Anyone actually using it to actively trade will not be so lucky.

by piqi 3y ago

pavlov 3y ago

> “Feel free to cite your source.” You don’t think Coinbase is losing money? Go to their investor relations page: https://investor.coinbase.com/home/default.aspx https://investor.coinbase.com/home/default.aspx Open the Q4 2022 shareholder letter. It’s printed right there: a loss of $557M on revenue of $605M. The loss is nearly as large as their entire revenue! Is that a sign of a healthy business? It’s like selling $5 pancakes that each cost you $10 to make.

piqi 3y ago
You've moved the goal posts from "stealing" funds to highlighting that a business has revenue and costs during a quarter. > ...a loss of $557M on revenue of $605M. > It’s like selling $5 pancakes that each cost you $10 to make. $605m - $557m = $48m (7.9% gain) $5 - $10 = -$5 (100% loss) Yup... Exactly the same. More false and irrelevant info. At least you're consistent! Keep the FUD flowing!
- danans 3y ago
  > $605m - $557m = $48m (7.9% gain) In the report ($557M) doesn't mean "expenses". It's an overall loss. A $557M loss means they spent all that $605M in revenue and another $557M on top of that.
  - piqi 3y ago
    Thanks for clarifying. Their previous statement was not clear: >The loss is nearly as large as their entire revenue Their initial claim is "Coinbase is piling up losses, it will eventually be bankrupt, and executives will have accumulated billions while customers will lose billions." And saying this is "stealing" from customers. I haven't been advocating for purchasing the stock. I don't own it. Regardless, looks like they had positive net income in 2020 & 2021. Coinbase isn't the only business dealing with losses 2022. I still very much disagree with "piling up losses... eventually be bankrupt"
    - pavlov 3y ago
      It’s a good idea not to own a stock if you can’t read the income statement. Fortunately that kind of boring traditional finance stuff is not a problem in crypto.
      - piqi 3y ago
        Me: "I haven't been advocating for purchasing the stock. I don't own it." You: "It’s a good idea not to own a stock if you can’t read the income statement." I figured it out! It's your reading comprehension! I was wondering why I had to repeat myself so much in this thread, and why you had been trailing off on tangents away from each point you attempted to pivot around. While ignoring each of your previous statements. I hope you can sort that out. Wish you the best.
p0pcult 3y ago
>selling $5 pancakes that each cost you $10 to make. So the Silicon Valley business model?
- Zanfa 3y ago
  They'll make it up in volume.

vkou 3y ago

> No, I don't. You buy it on an exchange, and then move it on-chain. Done. That is something like 1% of their business. Great, that's one use case where they might not lose all of your money in the event of a bankruptcy. Anyone actually using it to actively trade will not be so lucky.