Coinbase is like Netscape. It's a well designed UI on top of a new network (Bitcoin/web) created using a new protocol (Bitcoin spec/HTTP). It's worth more than Netscape because it holds currency but maybe it should be valued based on financial services, not tech stock growth.
Like Netscape and unlike, say, Facebook, it doesn't own its own protocol. It's not a platform in the traditional sense.
Now you could argue that Coinbase is like Google which sits directly on the web and therefore doesn't own its own protocol, but Google monetizes its traffic not its deposits or their transactions.
It's also only possible to measure Coinbase market cap based on a metric based on deposits in the currencies it holds, and these are way too volatile relative to the dollar which determines its value on capital markets.
In theory it should be on a capital market valued in the token it holds - but that was the route ICOs went down, and regulation has killed it in the US, at least.
So there's an argument to value Coinbase like Google, but certainly not like Facebook and hopefully not like Netscape. But if they monetize based on deposits held or transacted then they're worth less as there is precedent with banking as they don't own the network or protocol.

• • •

Missing some Tweet in this thread? You can try to force a refresh

Keep Current with David Galbraith

David Galbraith Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!


Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @daveg

7 Apr
The end of growth .
1. The growth in number of Internet users has halted. Image
2. Our attention is saturated. Image
3. Toxicity on social media creates reverse network effects. Image
Read 16 tweets
30 Sep 20
Presidential debates don't matter. They are obsolete, game-show era media invented in their current format for TV, which isn't really a thing anymore.
Attachment to them is cultural in the US. European countries like France and the UK have only recently started copying them, ironically just as the world is about to move on.
There were other ways of doing this before. In the US, in the Lincoln era, debates were face to face with no moderator (game shows hadn't been invented). In the UK they were out in the streets on soap boxes.
Read 8 tweets
27 Sep 20
Elon Musk is doing something even more interesting design wise, than Jobs did. Jobs imported decades old German modernist product design, which, unlike architecture, never really made it to the US, and applied Bauhaus modernism to software design. Musk is postmodern... the best way. He's using retro cultural influences, Flash Gordon era rockets and Stealth Fighter like, origami style, car design from 70s Lotus, to deliberately invert the current norm and show that you can be playful with products that are much more ambitious than Apple's.
You can tell at a glance that this is real design in the sense of a human being making creative choices, rather than abrogation through focus groups under the euphemism of 'human centric design' (which is really the opposite).
Read 5 tweets
17 Sep 20
Why the whole environmental narrative of reducing energy consumption is false. Zero consumption and the temperature rises for 40 years, then levels off, the ice melts, we die, the planet survives.…
So we need to geoengineer (sadly) which requires progress, which has always correlated with increased energy consumption (probably has to, due to laws of physics), so we need to massively onboard renewables, so this energy consumption doesn't make things worse.
But bringing on renewables will take time so we probably need to ramp up nuclear as a stopgap. And we possibly need to turn the flywheel of battery use and electric car demands on the grid to bootstrap a different economic and structural model for the electricity grid.
Read 6 tweets
8 Sep 20
The whole spidersweb of bureaucracy and legalese, from form filling to GDPR whack-a-mole to impenetrable language and unread, ass covering bits of paper or disclaimers, from website signups to medication packaging, product instructions, taxes and applications...
Is designed for a pre computer, industrial era of paperwork and structured data interpreted and pored over by gatekeepers ordinary people don't have access to. It is obsolete, inhuman impenetrable and intimidating for the most vulnerable or underrepresented in society.
All of it should be replaced but is almost impossible to do so as it represents the calcified skeleton of society itself. A decayed framework picked over like carrion by vultures. It's probably only a new country that could bypass this and create an entirely new way of...
Read 4 tweets
28 Aug 20
Most demographic models point to reduced religion as cause of reduced fertility, but this is wrong. Image
A more accurate view would be that reduced superstition and increased reason reduces fertility. But this is also wrong as it assumes secular societies have no art of spiritual component.
A more accurate view is that the decoupling of aesthetics and knowledge leads to reduction in fertility. Image
Read 4 tweets

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!

Follow Us on Twitter!