"Coinbase COIN -10.55%▼ lost $1.1 billion, or $4.98 a share, in the second quarter, the company said Tuesday, compared with a profit of $1.6 billion, or $6.42 a share, a year ago. Revenue fell to $808 million from $2.2 billion a year ago....Coinbase is the largest U.S.-based crypto exchange and one of the top three in the world by trading volume. It is also one of the few publicly traded companies in the sector, so its earnings provide insights into an otherwise opaque market."
i.e. an otherwise opaque market ...of bullshtters grifters scammers and scumbags
“Cryptocurrency businesses have faced disastrous economic conditions in recent months, as both prices and trading volumeshave plummeted. Crypto lender BlockFi cut 20 percent of its staff in June; that same month, crypto exchange Coinbase said it planned to lay off 18 percent of its workforce, or around 1,100 employees. In July, NFT marketplace OpenSea laid off 20 percent of its staff, followed by a similar announcement from Blockchain.com that it was closing offices and cutting 25 percent of its workforce (around 150 employees).”
Bitcoin has performed worse than the US stockmarket, real estate, gold etc this year, and on top of that, in a high inflation environment . It is not acting at all as a store of value. I posted on crypto forums of this and no one replied. Has anyone here heard what is the reasoning is about this?
Nobody actually knows. All the "experts" who claim to know are just talking out of their butts. It's a pure speculation play, including bitcoin. The gains are entirely from the risk premium.
To be clear, speculation plays can still have large expected payoffs.
For instance, I bought LUNA Classic (formerly known as LUNA) at 0.0001 after the crater and I'm up 450%. There's opportunities abound. Sure, did some people lose tens of millions in LUNA Classic? Absolutely, but I bought near the absolute bottom and I'll take their money. Is there a reason I bought LUNA Classic? H e double l no. The reason was gambling that it will turn it around. The rationale to buy was putting money in a slot machine and pulling the lever. I could have lost all my money (so I only used an amount I can afford to lose) or make a lot of money. I ran the calculation and using an assumption of 99% probability of $0 payoff, the expected value resulted in a super strong buy signal.
I hear there's going to be big news that's going to shake the crypto community. They're finally going to reveal what BTC is actually useful for!
It’s been said that maybe one possible use case for Blockchain is preventing voter fraud….the funny thing is there essentially is zero voter fraud! Centralized systems are not only more secure and less out in the open and work very very well. therefore blockchain crap is still useless
Help us build the best running shoe review site for a chance to win a LetsRun t-shirt.Help us build the best running shoe review site for a chance to win one of 10 LetsRun t-shirts.
