Does Coinbase List Interference or Curse? There is also a "share" on 16z and Coinbase.

Defi之道 view 51157 2022-1-15 10:13
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Marc Andreessen has been a little tough lately.

Was he worried that his situation would not be recognized?

Jack Dorsey argued that venture capitalists were pushing for "distribution", but also argued that they benefited from altcoins. It reminds me of Marc Andreessen's site on the Coinbase board. During this time, Coinbase places the coin. Isn't that the conflict?

上市Coinbase是效应还是诅咒?a16z与Coinbase之间也存“勾当”


I'm starting to wonder what this coin will do in the long term, especially compared to Bitcoin and Ethereum, which are hard standards to analyze and count.

If tokens, especially VC-backed tokens, are constantly attacking Bitcoin/Ether from their name on Coinbase, it looks like insiders are waiting for the big USD-based exchange to go public. This means that VCs benefit from the trader's investment. These insiders include VCs like a16z and surprisingly Coinbase has VCs with some of the investments listed on Coinbase. Other exchanges such as Kraken, FTX and Gemini also work in the capital markets and fix their capital.

Why is this important? Coinbase, for example, is similar to the New York Stock Exchange of cryptocurrencies. Public awareness is enormous and often comes down to all participants. However, unlike the NYSE or Nasdaq, Coinbase uses its own feature to let you select the asset you want.

Second, a16z and Coinbase personal recovery are particularly interesting. The fact is that 16z, who is considered the best trader in the business, may have a conflict of interest. Is this game rigged?

Third, Coinbase changed its strategy from a conservative one last year to listing as many as possible. This makes them and their users more susceptible.

So I started digging and was amazed at what I saw. Most coins perform poorly and earn less over time, with VC salvage coins being the worst.

A few years ago, Coinbase announced the token it had decided to register but had yet to manufacture. Reviewing these coins has shown them to perform better than the stated results, while VC-backed coins do not perform poorly.

Let's dig a little deeper.

Coinbase Effect lossis Coinbase Curse?

Coinbase listing has been the purest cryptocurrency like Wall Street IPOs for years. As with the IPO, it looks "pop". Crypto research firm Messari wrote in a report that the token received an average of 91% within five days of listing on Coinbase.

However, I believe there are two downsides to this test.

1. Short term. If, like me, you believe that most coins earn skepticism more than essentially, a broken point will occur due to the immediate impact of the registration of subsequent customers, but in the end it will go wrong after the system internal. number.

What does illiquidity mean? Typically, many people shut down their product marketplace due to inducements to stop selling or “lock in” to the Defi Protocol. Manufacturers and traders hold a lot of coins, but their products have disappeared over time.

2. There is no need to represent factual income. If you are a hedge banker, you should maintain a standard measure. References for all cryptocurrencies must be Bitcoin (BTC) and/or ETHereum (ETH). Ethereum makes sense, in my opinion, most "web3" tokens are based on the vision of Ethereum and not Bitcoin.

For example, the Coindesk article above mentions Filecoin "on time" recovery. However, when Coinbase went public on 10/12/20, traders who opted to buy Filecoin instead of Bitcoin actually lost relative value, dropping sharply in the first month (yellow line). ).

上市Coinbase是效应还是诅咒?a16z与Coinbase之间也存“勾当”

Note: The yellow line is relative to Bitcoin performance and the green line is in USD.

While most of the returns they refer to are Bitcoin gains, Filecoin has outperformed Bitcoin by 55% since then!

I'm not the only one to think so. Most people with experience in the cryptocurrency market watch and measure the value of BTC or ETH, not the value of USD.

How to register on Coinbase? I took 128 names (excluding fixedcoins and pegcoins) from Coinbase and separated them by year.

Note: In most cases we currently use Coinbase Coinbase Pro. Trading for most coins usually starts in two days, usually on the same day.

I think these results confirm my thesis. Coinbase and VCs seem to be kickstarting their own cashflow, proving that cryptocurrencies allow investors (“communities”) to participate in the growth of these networks. However, the facts show that most products are returned very quickly after check-in. Parts in 2021 work fine, but not all parts before 2020! What does it say? 2021 revenues are also still below the 91% gains reported by Messari, indicating that they have lost all value after this data.

上市Coinbase是效应还是诅咒?a16z与Coinbase之间也存“勾当”

When the coin hits Coinbase for a year, it looks very good that it is going after Bitcoin and Ethereum.

I also saw a few pieces (68 out of 128) that could benefit from the year before recording. This is to show that this piece doesn't hurt in the first place.

上市Coinbase是效应还是诅咒?a16z与Coinbase之间也存“勾当”

If we break down the parts last year, we can still see the older models. Last 6 months coins (65 coins) outperformed first 6 months coins, followed by last 6 months coins. Average yield of 91%. If only 2 of these 63 coins (Polygon and Solana) were removed from the 63 coins older than 6 months, the return on Coinbase would be negative (-10.5% for Bitcoin and -55.0% for Ethereum). .

上市Coinbase是效应还是诅咒?a16z与Coinbase之间也存“勾当”

Of all the coins listed, 91% lagged Ethereum and 70% lagged Bitcoin when it went public over a year ago. And this number goes on and on.

上市Coinbase是效应还是诅咒?a16z与Coinbase之间也存“勾当”

need for liquidity

Surely you can get better results if you filter Coinbase 16z listings? Similar...

上市Coinbase是效应还是诅咒?a16z与Coinbase之间也存“勾当”

A16z often pays less than Coinbase securities! I think it smells like in the eyes. These are supposed to be the best coins to give access to A16z, but replace Ethereum with 90% of all 12 month and 6 month coins.

上市Coinbase是效应还是诅咒?a16z与Coinbase之间也存“勾当”

Andreessen can counter that, "He's a watchdog." Corn:

Retailers do not create comprehensive data like VCs.

Since this is a public offering, the yield should be compared to the product with a good average yield.

A VC's "hit rate" must be "100x" to cause many failures, but only one of the listed a16z operations (Solana) at least doubles its success in BTC content.

As I trade fun for 2018, watching the stock market of famous entrepreneurs like 16z is the best way to avoid getting “ripped off”. I have to say it worked well. However, if you try to use a strategy similar to Coinbase in 2021, you will lose more money. Now I wonder why.

We also looked at investments in Coinbase Ventures. They seem to be doing better. Old coins don't work well. Although the Coinbase box is still young, its performance is driven by two coins: Polygon and Luna. Without these two, Coinbase Ventures' other 15-currency wallet returns between -6.0% BTC and -42.6% ETH.

上市Coinbase是效应还是诅咒?a16z与Coinbase之间也存“勾当”

My favorite angle is when Coinbase invests with 16z. This seems to be the most popular in the industry (most attractive DeFi?), but the best performance of any team! (There are 5, Uniswap, Celo, Keep Network, Rally and Compound if you want to know.)

上市Coinbase是效应还是诅咒?a16z与Coinbase之间也存“勾当”

As an American venture capital trader, you also have good reasons to sell on Coinbase. (1) I do not want double taxation. Trading non-USD revenue will double the tax. (2) You are a US entity and cannot open a primary account of Binance or any other exchange that lists these coins. (3) Markets are safer as they are held on Coinbase and other exchanges using hardware wallets and may require you to plan your trades across multiple exchanges.

We also looked at why investing in Coinbase can generate such great returns. One thing I've noticed is that Coinbase seems to have listed its capital with smaller retailers (see below). When we checked whether Coinbase or Binance (more regulated exchange) previously for 7 out of 18 coins sponsored by Coinbase, Coinbase moved first in 5 out of 7 coins. Does Coinbase know that Binance names affect earnings from profit theft?

上市Coinbase是效应还是诅咒?a16z与Coinbase之间也存“勾当”

(If you were wondering if the 16z flaw could be explained by its larger industrial IPO cap, the answer is no. It seems internet computers have a bigger market since they were introduced for the first time with a retail value of $52 billion.

pudding proof

Their spokesperson would say that these numbers alone prove nothing to Coinbase or 16z. Modern cryptocurrencies are doing better with better technology! And this income applies to all exchanges, not just Coinbase. So now shut up before we chase you.

It is fortunate that there is a kind of business called "natural trial". Coinbase will announce that they decide to list a bunch of coins by 2020. Some have agreed (including in my review above) and some have not.

So how do unregistered coins perform? The answer is that many of them exploded. In terms of USD and BTC, unlisted coins outperformed public market coins and slightly outperformed ETH (I think ETH is the best indicator). ).

上市Coinbase是效应还是诅咒?a16z与Coinbase之间也存“勾当”

Significantly, depending on the age of the coins, they were also worth less than Coinbase coins. There are several reasons for this. (1) The Coinbase selection process will determine the worst coin. (2) Unregistered parts are used longer and have more time to degrade.

Looking only at 2020, there is a fair comparison (5 p.m. Coinbase vs. 13 anonymous) with astronomical differences that almost come back. It is not a winning product. While 4 coins not listed is good for ETH, only 1 out of 17 coins listed is good.

上市Coinbase是效应还是诅咒?a16z与Coinbase之间也存“勾当”

This negative impact is so strong in 2019 and 2020 that choosing something not listed on Coinbase puts you at risk of earning BTC or ETH. In 2020, the difference in ETH is 5 (one Coinbase coin failed in 2020 compared to 94% of coins not recognized by Coinbase). This suggests that USD earnings seem to be performing better than Coinbase's "halo effect"...or sellers.

上市Coinbase是效应还是诅咒?a16z与Coinbase之间也存“勾当”

My conclusion: The so-called “coinbase effect” seems to be doing more harm than good. Anyway, I like to call it "Coinbase Curse".

This seems to be good support for both of my arguments. (1) Most coins increase in value due to unreliable and insignificant amounts (listed and unregistered coins decrease over time). (2) The performance of these coins is not good due to the performance of Coinbase. It's probably part of inside sales.

for sale? You didn't say anything about it...

lock

We review a16z coins and find that they do not follow the average of coins listed in BTC, ETH and Coinbase.

How to delete tokens? The 4-piece model is small, but the results are minimal.

上市Coinbase是效应还是诅咒?a16z与Coinbase之间也存“勾当”

The return of an unlisted 16z coin could be better than Bitcoin, which contrasts with the coin. Arweave is funded by 16z and Coinbase Ventures, but has not been made public. Arweave was by far the best performer since Coinbase said it had "tested" whether to go public, doubling the total 10x!

We can tell our story with 3 coins of "Summer of DeFi" in 2020.

上市Coinbase是效应还是诅咒?a16z与Coinbase之间也存“勾当”

These parts all pass through a "macro" environment. Unlisted coins are best, unlisted VC coins are best, and reverse VC coins are worst.

What does it mean?

When I saw this, my first thought was that I wouldn't trust VC recovery coins without buying something listed on Coinbase, especially after the initial hype. Turns out I didn't lose all my business skills in the end.

The reason for the result is only to buy BTC and ETH. Although these discounts decrease from year to year (like the previous year), they are less risky than these small amounts. There seems to be more purchases than "web3" tokens in general. (Please re-read the disclaimer above.)

I think it also has a significant impact on some of the big cryptocurrency debates.

Refutation of the "Balaji" theory. Balaji would like to remind you that one of the main objectives of "web3" is to help "the little ones". However, most users buy from Coinbase, which simply does not match Bitcoin's performance.

Request for "Jack". Jack argues that most tokens are owned by investment firms that use the term "web3" to destroy Bitcoin by stealing the capital created by claiming deflationary assets. Jack is a bitcoin maximalist, so that's his theory, but now it looks like he's got a point.

Another thought: Coinbase could also lose its reputation here. They may need new tools to stimulate the economy, but others think Balaji stepping out with caution could have an impact. This makes the decision to give his word to "help" investors, but judging by the data, it may be wrong. Also, since Balaji works for 16z and Coinbase, no one can tell what his goals are.

Finally, are there any issues with these two companies? In fact, I don't think so. Chances are they won't see the person's number. Information from other investors and exchanges is probably the most transparent as it is difficult to obtain. But they are also by far the most influential. As Uncle Ben used to say, mighty...

Alternatively, VCs and Entrepreneurs who have been waiting for revenue for 10 years can now get it in one year. The last time this happened was in 1999 and we know how it ended. This is a dangerous statement that is quickly recognized by the public.

Ability to protest on my screen

You are homeless No, I bought BTC, ETH and NEAR to counter recent skepticism with a $26 BITO release on March 22.

You are a big bitcoin. No, I worked with Joe Lubin for 3 years at ConsenSys.

You haven't seen any other exchanges. Since Coinbase has the “most affected currency” listed on the exchange so far, I would consider what is missing the strongest in there. I also think the relationship between 16z and Coinbase is the best place to learn because 16z and Coinbase have the greatest relationship and impact. I also believe that 16z has an account at Kraken or Gemini, which interests them for Coinbase. This relationship is unimaginable. I like testing with Binance, so this might be my future test.

It's not a bad comeback. Cashback set last year (from 2021) is still good and cashback against USD is good. That's fine, but what if Bitcoin had a bad year if these coins rallied because of it? And if you just fell in love with Bitcoin, what is Coinbase for?

You did your research at the time of the bloodshed, so you were better off. No - I ran the raw data (about $50,000 BTC) in December before writing this and all the patterns are the same.

My resolution (Hello, Gary Gensler)

The first question I want to ask is, is it legal? The Nasdaq and NYSE both have capital investments, but the SEC must approve the investment before it goes public! Regulators do not verify all Coinbase listings. Sure, they have procedures and can follow suit, but can you trust the old company's financial information if no one checks it?

Think of it the same way Google invested in Goldman Sachs (here Messari), Goldman Sachs released research data on Google operations, and Google made its investment public. And no one needs to publish what they are buying or selling. In the face of bad awakenings, can you get good information?

Here are some of the solutions we believe are needed to better protect our customers and correct these misconceptions.

Financial report. Funds and joint ventures are governed by 13F and 13D, and 13F is required to disclose their insurance plans quarterly, and 13D requires them to disclose their capital when they obtain 5% or more of the public company's proceeds. My point is that VCs and other crypto traders should do the same with cryptocurrencies. Do you want to sell it? Play by Open Shop rules. Otherwise, it's not fair to parents who click Coinbase's billionth YouTube ad.

Some claim that 13F and 13D are unusable and will not help small traders who cannot read the data. But I think it will allow investors to value the tokens of those that have been completed so quickly that they will gain or lose their reputation.

Changes to Business Licensing Rules. But not just through deregulation. Populists will say: "Proclaim the law recognizing investors!" This affects human participation in the development of the industry! "I'm being honest. But did you know that public companies ('unlicensed' investments) are also regulated and regulated? These defenders are open trading rules (and appropriate). This means that the S-1 style presents S -1 in General, members of management and key investors.

I'm sure the Balaji and Ryan Selkis world will say that this idea "kills" new construction. Contrary to popular belief, I don't think companies prolong privatization because of the heavy burden. This makes opening the market more avoidable of losses. In other words, the magnitude of the overall loss will be greater and greater. As a designer or entrepreneur, if you can avoid conflicts and get a bigger release, why not?

Close the loophole for power consumption and control tokens. The SEC mistakenly created the negative saying that Ethereum is not secure because Ethereum coins have value.

Let's say you're a delicatessen and you've decided to sell sandwich coupons online (Utilities!). If the internet community is willing to pay, why not get a sandwich coupon? Of course, your snack bar won't sell a million sandwiches in the next 10,000 years. But that's not your problem.

Most DeFi coins use the “Governance Token” model, where a token is a ballot. This falls into the similar "voting" gray area.

Take Celo as an example. “In 2018-20, Celo raised over $46.5 million by selling approximately 120 million CELO tokens.” Since then, he said that the total token supply will not exceed 1 billion, which is only 6% (60 million) of exports. Since then, it has been listed on Coinbase (Coinbase and a16z Investments) on September 3, with around 12% of the coins in circulation, and in the 15 months since, it has increased to 37%!

The value of these coins lies in its ability to "vote for the creation of stablecoins", thus requiring 1 billion coins.

If tokens/controls are still open, consultants should make an honest estimate when presenting users with how many tokens they actually need. By doing so, investors can guarantee.

Look at how stable performance has been since the April 2021 reporting period (1.2% per month).

上市Coinbase是效应还是诅咒?a16z与Coinbase之间也存“勾当”

stricter (incorrect) rules. Coinbase currently has no rules regarding minimum trading, minimum membership, or minimum daily trading. This means that poopcoins can go back down. The NYSE and Nasdaq have many of these rules, so they have the best reputation in the world. This also includes rules regarding the number of products the management team can control. If cryptocurrency exchanges need to be restructured due to a lack of capital or a drop in value, their reputation is affected, which stimulates good demand.

epilogue

In Urdu, we call minions camcha or "wide". Because they give you what you need. After all, I'm on Substack. But unfortunately, the status of cryptocurrency investments today is that all the “research” you get from someone is chasing it.

I don't know if Balaji or Jack will turn out to be true in 10 years, but they all support the idea that I call "Charlie Lee" (founder of Litecoin). A theory that could have a major impact on assets like Bitcoin. There are demands, but the biggest problem is that there is no real deflation because anyone can create another cryptocurrency likeness.

What will Coinbase's revenue be in 2021 next year? I would bet the same pattern will continue as prices rise and then fall below the value of Bitcoin. At the very least, we hope Coinbase users will eventually see it, as we've seen with ETFs and mutual funds. This is only true because Coinbase expands people into riskier assets over time.

Ideally, investors and exchanges are those who wish to restructure financially but do not consider it difficult. As Matt Levine said, many cryptocurrencies simply repeat the mistakes of their financial history. In the worst case, the wealthy get together with their friends to help them take advantage of the bubble and buy a $100 million mansion. Now is the time for big business and leaders to take action and ensure everyone has the same standards and data. Until then, buyers are cautious.

fist:

In eight cases, no unregistered coins were traded prior to Coinbase's measurement. In this case, we use the fastest trading data available from Coiningecko. Interestingly, 5 out of 8 coins that have not been traded and are publicly listed have been invested in a16z or Coinbase!

I use a16z and Coinbase Ventures personal investment wallet, but in one case (Livepeer) I found an external site that has an investment in Coinbase, but it's not listed on the website (probably in the return position later).

For market comparisons with and without Coinbase support, we could not find the list of hat brands for the following activities. Braintrust, Clover Finance, Jasmy, Kyber Network, Loom Network, Moss Carbon Credit, Voyager Token, Wrapped LUNA, Orchid-protocol.

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Tags: Coinbase a16z
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