Coinbase struggles to find focus (and revenue) with gross new sales tactics
The world's largest Bitcoin exchange has laid off 30 engineers in its Chicago office, just weeks after reporting that its YOY revenue had halved. The engineers had been tasked with rebuilding the exchange's matching engine. Instead of undertaking that foundational project, the company seems to have shifted focus to selling mostly-worthless "utility" tokens to developing countries in Latin America and Southeast Asia--mixing the business model of a traditional brokerage with a large-scale pseudo-scam like Herbalife. If anyone still thinks Coinbase is innovating at this point, they are mentally dead.
"As crypto moves from the current 'investment phase' into what we call the 'utility phase,' a host of new use cases will present themselves. This could take the form of decentralized versions of traditional financial services like lending or micropayments or truly novel crypto applications that no one has even thought of yet' the statement said. ... While Coinbase is primarily a cryptocurrency exchange, the outfit has its tentacles across the board sliding into practically every area possible from staking and voting support, to institutional grade offerings."
"One year ago, Coinbase served customers in 32 countries across two continents. Over the past 12 months, one of our main priorities has been to bring Coinbase services to people in all corners of the globe. Today we’re excited to welcome 11 more countries across Latin America and Southeast Asia to the cryptoeconomy by allowing customers to store, trade, send, and receive cryptocurrencies on Coinbase Pro and Coinbase.com — increasing the reach to 53 countries, spread across four continents."
"We pride ourselves in having published our 2012 and 2015 Bitcoin reports during what we perceived as periods of significant undervaluation. Each report was issued when Bitcoin was down more than 80% from all-time highs. Now, at 75% below its 2017 all-time high, we believe the current bear market represents an exceptional opportunity for value investors. During this accumulation phase, we expect for Bitcoin to trade in a range of $3,000 to $6,500, until the new bull market permanently cements the denarian cryptocurrency as a multi-trillion dollar asset class."
"In this paper, we present an approach to generate adversarial patches to targets with lots of intra-class variety, namely persons. The goal is to generate a patch that is able successfully hide a person from a person detector. An attack that could for instance be used maliciously to circumvent surveillance systems, intruders can sneak around undetected by holding a small cardboard plate in front of their body aimed towards the surveillance camera. From our results we can see that our system is able significantly lower the accuracy of a person detector. Our approach also functions well in real-life scenarios where the patch is filmed by a camera. To the best of our knowledge we are the first to attempt this kind of attack on targets with a high level of intra-class variety like persons. "
"Financialization is profit margin growth without labor productivity growth. That sounds like a small thing, but I tell you it is EVERYTHING. Financialization is squeezing more earnings from a dollar of sales without squeezing at all, but through tax arbitrage or balance sheet arbitrage. Financialization is the zero-sum game aspect of capitalism, where profit margin growth is both pulled forward from future real growth and pulled away from current economic risk-taking. Financialization is the smiley-face perversion of Smith’s invisible hand and Schumpeter’s creative destruction. It is a profoundly repressive political equilibrium that masks itself in the common knowledge of 'Yay, capitalism!'. ... Financialization is the zombiefication of an economy and the oligarchification of a society."
"'The blockchain' is a very inefficient way of solving the Byzantine generals problem but proof of work is the only mechanism that cannot just be replicated and no other proof of work can provide the level of security of Bitcoins network. In order for bitcoins compounding security to remain self-sustaining and txs censorship resistant there must be ongoing demand or blockspace and a tx fee market must develop to incentivise miners, lightning improves this as mentioned earlier by providing price inelastic demand for blockspace and onchain fee premiums are for accelerated confirmations. Inflation will never be an option. This is completely disconnected from lightning’s own fee market which is liquidity based and per Sat routed as opposed to blockspace onchain. The demand lightning provides to efficiently settle onchain and fill blockspace also disincentivizes spam attacks."
"Meanwhile, the 50-day moving average (MA) has crossed the 200-day MA from below, confirming a long-term bullish pattern known as a 'golden crossover' in technical parlance. This is the first golden crossover since October 28, 2015. Many analysts consider the indicator an advanced warning of stronger price gains in the long term."
"In the process, and as detailed in a paper they published Tuesday, the researches not only found that cryptocurrency users have in the last few years stored their crypto treasure with hundreds of easily guessable private keys, but also uncovered what they call a 'blockchain bandit.' A single Ethereum account seems to have siphoned off a fortune of 45,000 ether—worth at one point more than $50 million—using those same key-guessing tricks."
"This entire system the central banks have crafted for us will all come crashing down at some point, and decentralization will be the key to ensuring it never has to happen again. For all intents and purposes, the overall economy seems to be doing better than ever, just ask the mainstream media. But that’s all happening while certain fiscal and economic indicators aren’t looking all too hot. One of the biggest concerns is the global debt crisis. Debt across the board, especially sovereign debt, is passing all-time highs on a daily basis. In fact, since 2008’s fiscal debacle, the nominal value of all forms of debt has increased by dozens of trillions of dollars, as central banks across the globe bolster their balance sheets, firms borrow more to promote their growth, and consumers spend more than ever, all while lenders are seemingly becoming more lenient with each passing day, wrote NewsBTC."
"One feature that probably every Lightning enthusiast has been hoping for is node backups. Lighting Labs has delivered in this release in the form of Static Channel Backups. With SCB’s the safety of your funds has increased markedly. SCB’s reduce the risk of losing funds due to data corruption or device loss."
"In March, Fed officials decided to stop letting those bond holdings decline by September. To keep control of rates, officials will eventually have to start buying bonds again and building up bank reserves. 'The size of these purchases will need to be larger than similar pre-crisis operations,' in part because the Fed’s other liabilities – including paper currency and the U.S. government’s accounts – are bigger, Lorie Logan, an official at the Federal Reserve Bank of New York, said in a speech at an event in New York. The purchases would be 'gradual and mechanical,' she said. "
"A number of independent researchers have concluded that 'a single actor' caused the recent spike in Bitcoin on April 2. Whether the actor was a lone whale, a group of big investors acting together—or a crypto exchange trying to jump start the sluggish market, as one analyst suggested today—remains a mystery. ... Per Crypto Integrity, 'The data shows that the initial price movement originated on Bitfinex,' said Dmitry. The CI analysts did not implicate the Hong Kong-based Bitfinex, whose management and investors overlap with Tether, as the instigator of the run up, however."