This redditor correctly predicted Celsius' and BlockFi's collapse and 17 days ago he mentioned Coinbase as next: His post was removed, but it makes you wonder if he can go 3/3? This weekend Coinbase users reported withdrawal problems, and there was a huge 248 MM outflow from the brokerage. We shall see, the company has 4000 employees, I ordered an extra large popcorn for next week....
Boggles the mind that anyone still leaves their coin on an exchange when there are multiple options for offline storage. Smart enough to trade bitcoin, but not smart enough to move their profits into cold storage. Strange indeed.
I could be mistaken, but the technology to invest from cold storage has yet to be developed. I only trade crypto and never invest it. But moving it to my own safe haven is part of the routine.
If broken clocks turn out correct two times every day, why would it be impossible for someone to nail a third prediction? Except, people have been predicting Coinbase to not exist since exception. Given enough of a time-line, ALL companies cease to exist. In any case, ETH has been going on a tear the last few days and is in deep-green territory. But what does it matter. Coinbase is another RobinHood. It doesn't matter how much money it loses, it will just sit there as a zombie company day after day in the index.
From Day 1...up to now. I still don't, fully, understand Crypto/Bitcoin. The whole thing feels completely like fantasy, video game, bs, made up, money currency. I would like to see all of it crash. Or more specifically, all the zombies, sheep and cattle....who made the prices skyrocket...I would like to see them all get burned. All bubbles, throughout history, have been fed by dumb zombies, sheep, and cattle human beings. Tulips, 1929, Real estate, dot com, bitcoin/crypto -- and everything else in between. People have greedy, irrational, $$$$ fantasy signs in their eyes, and they all follow the dumb crowd and bogus influencers.
Why do I care about what people say? But if a dude is right twice in a row, I am listening to his 3rd call. Not to mention red flags and current events back him up. Anyway, I was surprised that they have 4000 employees. That is a lot to carry in good times and bad. 50K average salary, that is 16.5 MM monthly expense.
I don't think CBase is losing money. Their trailing financials are very strong, but their forwards don't look good. But anybody who can do crypto forwards is a wizard, not an analyst.