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🧵1/Ω
$COIN Q1 unaudited earnings takeaways:
➤ thank god for jerome powell
➤ retail customers getting fleeced
➤ shitcoins are king
$COIN Q1 unaudited earnings takeaways:
➤ thank god for jerome powell
➤ retail customers getting fleeced
➤ shitcoins are king
🧵2/Ω
I'll say it again: shitcoins are king.
I'll say it again: shitcoins are king.
🧵3/Ω
$COIN is saying assets on platform are up 62% because more people moved their crypto onto Coinbase but... isn't the price of BTC and ETH also up like 70%?
$COIN is saying assets on platform are up 62% because more people moved their crypto onto Coinbase but... isn't the price of BTC and ETH also up like 70%?
🧵4/Ω
On the expense side $COIN's big layoffs in early January 2023 definitely showing up in the numbers bigtime.
On the expense side $COIN's big layoffs in early January 2023 definitely showing up in the numbers bigtime.
🧵5/Ω
This program "Coinbase Borrow" is unsecured loans against crypto collateral (sort of) and will be discontinued as of May 10th (announcement was yesterday).
@HarrieScarlet pointed out most people thought this was a small # but $400 million in exposure is not small.
This program "Coinbase Borrow" is unsecured loans against crypto collateral (sort of) and will be discontinued as of May 10th (announcement was yesterday).
@HarrieScarlet pointed out most people thought this was a small # but $400 million in exposure is not small.
🧵6/Ω
$COIN provided vague "outlook". Remember this is an preliminary announcement and not an SEC filing so they can say kinda whatever they want, within reason.
tl;dr they are predicting big drop in revenue and higher costs.
god help them if the price of crypto falls again
$COIN provided vague "outlook". Remember this is an preliminary announcement and not an SEC filing so they can say kinda whatever they want, within reason.
tl;dr they are predicting big drop in revenue and higher costs.
god help them if the price of crypto falls again
🧵7/Ω
Also I couldn't help but be troubled by the fact that the federal reserve and the taxpayer bailed out such a piece of shit company, bc if Circle had lost $3.3bn in #SVB's collapse like it should have, $COIN would be totally rekt.
Also I couldn't help but be troubled by the fact that the federal reserve and the taxpayer bailed out such a piece of shit company, bc if Circle had lost $3.3bn in #SVB's collapse like it should have, $COIN would be totally rekt.
🧵8/Ω
Think about that anon the next time some crypto bro is trying to tell you about "operation chokepoint".
I leave you with this:
Think about that anon the next time some crypto bro is trying to tell you about "operation chokepoint".
I leave you with this:
https://twitter.com/Cryptadamist/status/1654012871909470208
🧵9/Ω
This is an important point. $COIN total trading volume was completely flat and yet they are making 15% more in fees.
That $50 million in new revenue came from the higher take rate Coinbase has on shitcoins, either bc more degneracy or higher fees.
This is an important point. $COIN total trading volume was completely flat and yet they are making 15% more in fees.
That $50 million in new revenue came from the higher take rate Coinbase has on shitcoins, either bc more degneracy or higher fees.
https://twitter.com/walamaking/status/1654238447773839361
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