It's Coinbase Day!

in LeoFinancelast month

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One of my favorite movies is Empire Records. In the movie one of the best subplots is the fact that it is something called "Rex Manning Day". This popular (but pretty crappy) artist is coming to the record store and everyone is excited about it (some more than others). Anyway. That is kind of how I feel about today.

Today is Coinbase Day! I feel like people should be running around shouting it from the rooftops because this could be one of the single largest factors that drive people into crypto.

Don't get me wrong, I know that the institutions have been driving people into crypto a lot lately, but somehow Coinbase seems much more accessible. For many people in the US, it was probably their first conduit in to crypto.

The platform has a ton of users and they are creating new accounts every day. I have been wishing for three years now that they would list Hive, but that hasn't happened yet. Can you imagine how much this place could blow up if they did?

The fact is, right now most of the public still doesn't understand crypto. They don't care about what Grayscale is doing or EFT's or any of that. They likely don't understand it and they probably don't want to.

What they do understand (I guess that can be debated) is stocks and even more importantly IPO's. Even though Coinbase is not doing a traditional IPO, the term IPO is still being thrown out there and that is going to drive investors to it like you would not believe. At least that is what I think.

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I have been going back and forth ever since the announcement of the Coinbase sale about whether or not I want to buy some of the stock. At first the valuation was around $250 a share and I thought sure why not. Then it jumped up to $350 and I thought better of it. For a while anyway, eventually I talked myself into being okay with $350 per share.

Then the other day they stated that based on the current valuation the stock would be closer to $440 per share. I was still in, but after thinking about it a while, I emailed my broker and told him to hold off.

Then last night I read a new story that stated they think the opening share price is going to be closer to $260. Ugh, I thought I had this all figured out... I have no doubt the price will probably not stay at $260 for long. It will likely be seconds before it passes $300. So now I am on the fence again.

Email is too slow, so I will likely need to give my broker a call if I decide to move forward. He usually likes to get verbal okay from me anyway.

Is anyone else struggling with this as much as I am or is it just a no brainer?

Either way, I have a feeling this is going to have far reaching impact across the whole sector.

It's Coinbase Day everyone!

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Without knowing any more information about the institutional positioning, I think getting in today would just be a gamble. I plan to wait to see where people are interested before deciding whether or not I will enter. Also I wonder if Coinbase price will drop once BTC ETfs are approved or will they go up since these institutions will buy from Coinbase.

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Good questions. I agree it is too much up in the air at this point. If I wasn't as involved with crypto as I am, I would likely jump on the bandwagon, but at this point, I think I am just going to wait it out.

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Personally, I'm thinking its highly likely it will perform like one of the crypto ICOs; pump out of the gates and then plummet as all the weak hands take profits. I'm not touching it. I mean, if you're looking for 20%, 30%, 50% returns, I'd rather buy Hive at $.58 or Leo at $.80. With the news and development coming on both over the next couple months I would think it's likely you could make at least 50% on either or both. Probably more. Just me though. I get diversifying. I just don't necessarily trust their valuations. Seems like it could go either way in the short-term. I'll stick with my "sure-things". :-) That said, if bitcoin and ethereum continue to pump, who knows? I guess that's the risk/reward factor.

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I don't disagree with you, but I also feel this one is kind of different. I think it will have ups and downs, but like I said, there is just something else that makes it feel differently. I also think that this is going to have a good impact on cryptos as a whole, so there is that too.

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Here we are. Exaaaaaactly as predicted. lol Probably jump tomorrow with a night to think about it. Then settle in somewhere for a while. Just my guess. Once they get closer to another earnings announcement, that's when you might see another sustained pump.

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I honestly haven't even been paying attention since this morning 😃

Pump and dump. Just like a crypto. $86 billion valuation. Nuts.

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Haha.

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You say coinbase day and I immediately think of the day my modest monthly purchase of litecoin hits coinbase that I then redistribute to other cryptos including hive.

Haha, yeah. I have a monthly buy that I split between five different coins in coinbase I still haven't gotten around to creating the spreadsheet to track them which is kind of surprising to me given how much I love spreadsheets.

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we are witnessing a historic day in crypto world
I hope Hive and leo could catch the train

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I hope so as well. Though it looks like things have taken a collective dip at the moment.

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Well, I've really ponder on if to actually get into stock and stuff. I basically have little idea on how investing works there, prolly relatable to what we have here in the crypto space. However, it sure is one of those days to remember, things can only get better from here.

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If you don't already have things setup for stocks then I wouldn't worry about it. You are probably just as well to keep doing what you are doing in crypto. I agree, things are looking up!

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Exactly how I feel, it seems there's really no need to jump on stock right now, so I just keep it crypto based...

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It’s going to be interesting!