Thread by @The_ReadingApe

Today, we're sharing the pod summary from @BanklessHQ where @TrustlessState and @RyanSAdams interviewed @brian_armstrong, CEO of @coinbase. Find out how Brian's values impact the running of Coinbase itself and what the challenges are for Coinbase in this current climate. Read on!

@BanklessHQ @TrustlessState @RyanSAdams @brian_armstrong @coinbase Who is Brian Armstrong?

🔹 Studied computer science and economics
🔹 Felt that he was born too late to start a great internet company, but $BTC is like the next internet
🔹 First thought after reading $BTC whitepaper was how can he make it easier to use

@BanklessHQ @TrustlessState @RyanSAdams @brian_armstrong @coinbase 🔹 After seed funding, Coinbase became a 3-man operation in 2013
🔹 Coinbase initially failed to build a user base but quickly found out that the core issue was that users did not have any $BTC to use
🔹 Added a buy button on the site and everything changed from that moment

@BanklessHQ @TrustlessState @RyanSAdams @brian_armstrong @coinbase Brian's values

🔹 Capitalist at heart, passionate about economic freedom
🔹 Saw what hyperinflation is like in Argentina
🔹 Believes fiat currency creates unnecessary economic friction internationally and is unfair
🔹 Hodler at heart, in crypto for the freedom

@BanklessHQ @TrustlessState @RyanSAdams @brian_armstrong @coinbase Reflecting values in Coinbase

🔹 Trust is a major focus - wants Coinbase to be the most trusted brand
🔹 Loves repeatable innovation and fears becoming a complacent boomer
🔹 To avoid this, 10% of Coinbase's resources go towards venture bets e.g. Coinbase wallet

@BanklessHQ @TrustlessState @RyanSAdams @brian_armstrong @coinbase Coinbase product roadmap

3 main product categories:
🔸 Retail investors
🔸 Institutions
🔸 Developers

🔹 Coinbase is not competing with DeFi, but building on top of it
🔹 Only way to be relevant is to go where customers go
🔹 Focusing on apps to allow access to DeFi

@BanklessHQ @TrustlessState @RyanSAdams @brian_armstrong @coinbase Coinbase Lend

🔹 Coinbase Lend is a centralized product
🔹 The yield does not come from DeFi
🔹 They are also not utilizing DeFi

@BanklessHQ @TrustlessState @RyanSAdams @brian_armstrong @coinbase SEC halting Coinbase Lend

🔹 SEC threatened a Wells Notice over this and said that Coinbase cannot launch it
🔹 If they didn't comply, civil enforcement action would be taken against them
🔹 Decided not to launch - figured they had a 50/50 chance of winning in court

@BanklessHQ @TrustlessState @RyanSAdams @brian_armstrong @coinbase Exchange-based blockchains

🔹 $BNB and #BSC made Brian uncomfortable because of the centralization. Same goes for $SOL
🔹 Doesn't like the idea of a Coinbase chain - don't think the world needs another chain
🔹 Would rather focus on help existing chain scale

@BanklessHQ @TrustlessState @RyanSAdams @brian_armstrong @coinbase 🔹 Could have printed more money by making their own chain but this isn't what interests Brian
🔹 Would rather contribute to open-source public goods
🔹 Coinbase will take a chain agnostic approach and encourage self-custody

@BanklessHQ @TrustlessState @RyanSAdams @brian_armstrong @coinbase Thoughts on Founder CEOs

🔹 Is a long term thinker, not interested in short term gains with short term people
🔹 Thinks about what will happen to Coinbase after he is dead - writing a book to extend his values beyond his life
🔹 Founder CEO is more risk-tolerant - scarce now

@BanklessHQ @TrustlessState @RyanSAdams @brian_armstrong @coinbase Coinbase and self-custody

🔹 Will Coinbase having self-custody products cannibalize their own revenue?
🔹 Short to med term, yes. But in the long term, the future is with non-custodial
🔹 Building for the future (non-custodial) and also for the masses (custodial)

@BanklessHQ @TrustlessState @RyanSAdams @brian_armstrong @coinbase Thoughts on Meta (Facebook)

🔹 Good branding move by Zuckerberg - staying on top of things
🔹 Apple and Google caught the move to mobile but are missing the one to AR and VR
🔹 META might be forced to build on existing crypto and DeFi infrastructure, though in a centralised way

@BanklessHQ @TrustlessState @RyanSAdams @brian_armstrong @coinbase Coinbase's NFT platform

🔹 3-5 mil sign-ups for early access
🔹 Allows @MetaMask or non-custodial wallet interactions, with social media elements
🔹 Wants to create NFT bounties - paying others to create NFT through their platform

@BanklessHQ @TrustlessState @RyanSAdams @brian_armstrong @coinbase @MetaMask Withdrawals from Coinbase to L2 blockchains

🔹 No plans for withdrawal to L2 blockchains now
🔹 Does not have anything he can announce publicly
🔹 But he has been seeing some really cool stuff internally

@BanklessHQ @TrustlessState @RyanSAdams @brian_armstrong @coinbase @MetaMask U.S. regulations

🔹 Gap in education for Wallstreet folks who spent their whole career in Tradfi - likely to dismiss crypto
🔹 Brian is very patient with them. Spends a lot of time explaining and also listening to their concerns

@BanklessHQ @TrustlessState @RyanSAdams @brian_armstrong @coinbase @MetaMask 🔹 Coinbase needed as a bridge between TradFi and crypto
🔹 Regulators are still behind in thinking about crypto space
🔹 Coinbase tackling regulation through their side projects
🔹 Brian thinks SEC "here to protect the retail investors" is patronizing

@BanklessHQ @TrustlessState @RyanSAdams @brian_armstrong @coinbase @MetaMask Do you notice something different about this pod summary?

Well, it's a guest post by @maxbphi (with some light touch from us). He's interested to learn from us how to do up podcast summary and we're only too happy to impart. He works for @backdfund, so check it out.

@BanklessHQ @TrustlessState @RyanSAdams @brian_armstrong @coinbase @MetaMask @maxbphi @backdfund Links:

Podcast: podcast.banklesshq.com/91-brian-armst…

Thanks to David and Ryan for the interview!

@BanklessHQ @TrustlessState @RyanSAdams @brian_armstrong @coinbase @MetaMask @maxbphi @backdfund Substack article: thereadingape.substack.com/p/bankless-ep-…

@BanklessHQ @TrustlessState @RyanSAdams @brian_armstrong @coinbase @MetaMask @maxbphi @backdfund Like our work?

✅Follow us
✅Subscribe to our substack

Apes alone weak 🦍💀
Apes together strong🦍🦍🦍💪💪💪

Stay strong, apes 🦍💪

~ End Thread