I mean, Long Island Iced Tea -> Long Blockchain Company got the "yay" [sic] of Wall Street but the "nay" of "people who recognized that an Iced Tea company claiming they could magically reinvent their business around blockchain with no specifics as to how"; and subsequently it turns out that, actually, there was no business plan and it was an insider trading pump and dump move. I'm sure before the insider trading charges that the executives of the company were absolutely happy to have market approval and leases on yachts, as anyone would be.
I should say, I think Coinbase is relatively well situated to capitalize on crypto, and it's a real business. I also think it's pretty well situated to shrink and deleverage if there's a decline in the crypto market. I don't think they're a scam.
I just mean that using market approval as evidence that the market is real, not a scam, not a trend, or does something useful is foolish. The point-in-time correlation of market success and fundamental success is nearly 0, even if the long-term correlation is very high.
Recently see also: NFT mania. Surely you'd rather be the artist that gets paid $50 million for selling some bits even as the process is widely derided, since you the artist aren't the bag-holder later on when it turns out the bits aren't worth $50 million.
I should say, I think Coinbase is relatively well situated to capitalize on crypto, and it's a real business. I also think it's pretty well situated to shrink and deleverage if there's a decline in the crypto market. I don't think they're a scam.
I just mean that using market approval as evidence that the market is real, not a scam, not a trend, or does something useful is foolish. The point-in-time correlation of market success and fundamental success is nearly 0, even if the long-term correlation is very high.
Recently see also: NFT mania. Surely you'd rather be the artist that gets paid $50 million for selling some bits even as the process is widely derided, since you the artist aren't the bag-holder later on when it turns out the bits aren't worth $50 million.