98 million people


Coinbase has brought legitimacy to the crypto market, but with it shattered the entire premise as to why one should use it. Anonymous? Nope. To open a Coinbase account you have to jump through the same KYC hoops you do at any brokerage. Secure? Nah. Plenty of bitcoin, ethereum, and other coins have been hacked and stolen. Scarce? Not even close. Sure, Bitcoin has a limited supply. So does any product on earth. Even the US Dollar has a limited supply, it just happens to be a much higher supply, but when you break down BTC to Satoshi’s, then it’s 2.1 quadrillion. Oh, and there doesn’t happen to be anything stopping anyone else from starting a very similar or identical blockchain token system. Still, almost 100 million people use it for their crypto needs.

When I look at Coinbase’s financials and see it has a lot of revenue and profit and makes the stock look juicy thanks to its current price drop. It’s not. It’s a fugazi. First, I can’t tell if Coinbase is a bank or exchange? It is playing both parts right now and that’s dangerous. It has plenty of cash ($3.21b net via financing mostly) and hopefully that’s not in crypto, because it would be 50-80% lower on the next quarterly report. The ponzi scheme of crypto has to end. Maybe I’m wrong.