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Coinbase Apocalypse The American Dream of Cryptocurrency Starting from Eleven Pages PPT



A moment in history is coming, Coinbase will be listed on NASDAQ (code COIN) on Wednesday (14th), becoming a milestone in the cryptocurrency world. According to Bloomberg, the valuation of Coinbase may be as high as about 100 billion U.S. dollars, which is more than the combined market value of the parent company of the Nasdaq exchange and the New York Stock Exchange. Founded in 2012, Coinbase does not have too many legends of barbaric growth. If the global cryptocurrency exchange is compared to a classroom, then Coinbase is a typical "obedient student": a transaction with average early results and a larger transaction volume than Coinbase There are many exchanges, and there are too many exchanges that are more innovative than Coinbase, but Coinbase is honest and obedient, and is very popular among teachers. In the end, it happened that Coinbase came to center stage. In Christmas 2010, Brian Armstrong accidentally read the Bitcoin white paper and opened the door to cryptocurrency. He bought more than 1,000 Bitcoins at a price of $9. When the price of Bitcoin fell to $2, Armstrong He didn't leave the market, but has been buying bitcoins by writing codes. At the same time, he noticed the entrepreneurial opportunity, maybe he can create a bitcoin company? 2 years later in the summer, Brian co-founded Coinbase with partner Fred Ehrsam, in the form of a wallet. The duo envisions Coinbase as a bitcoin marketplace where people can buy the cryptocurrency. Later, they registered Coinbase into the Y Combinator business incubator project. On the YC Roadshow Day, Brian Armstrong used eleven pages of PPT to describe Coinbase's ideals and visions, "Coinbase is to Bitcoin, just like iTunes is to MP3." Rarible The proposal to build a zero-fee Apecoin market was not approved: On November 11, Apecoin DAO voted to reject Rarible's proposal AIP-97 to create a zero-fee Apecoin market. The voting results showed that the proposal received 85.65% of the votes against it. It is reported that ApeCoin DAO also rejected the proposal of Magic Eden and X Marketplace to create an Apecoin market in September, because the community may think that these markets may have centralization problems. [2022/11/11 12:51:43] CoinW will launch SNX in the DeFi zone at 19:00 on July 17: According to official news, CoinW will be launched in the DeFi zone at 19:00 on July 17 SNX, opened SNX/USDT transactions, and held recharge and send SNX activities; it is reported that Synthetix (formerly known as: Havven) is designed for engineers and aims to build a decentralized and trustless network. [2020/7/17] In 2017, when Brian Armstrong reviewed the eleven pages of Pitch Deck, he was quite impressed and wrote this passage: Great things start from humble beginnings. Most of the things you see around you start out as a simple idea and a rough prototype, and it takes five to 10 years to turn it into an "overnight success," with dozens of setbacks and failures along the way. course correction. So, pick something you are passionate about and get started. Duan Yongping once said, "Slow is fast". Coinbase is not a case of rapid rise and savage growth. On the contrary, although it was established earlier, its transaction volume is far surpassed by its descendants. If the global cryptocurrency exchange is compared to a classroom, then Coinbase is a typical "good student": although the grades are average, he is honest and obedient, and is loved by the teacher. At the crossroads of development speed and compliance, Coinbase chose compliance. Analysis | CoinDesk analysis: The price of BTC is expected to break through $4,000: According to CoinDesk analysis, the price of BTC has corrected in recent days, and the trading volume is also declining. The shrinking decline means that weak buyers are exiting the market. BTC's recent slight decline is a temporary correction, and it is still in the process of breaking through $4,000. However, if it cannot break through as soon as possible, the 50-day moving average will become upward pressure. A break below the December 27 low ($3,566) would open the possibility of a retest of support at the December low ($3,122). [2019/1/4]Coinbase has been investing heavily in obtaining regulatory licenses. It has Money Transmitter Licenses from 50 states in the United States. The BitLicense exchange has obtained permission to legally trade legal currency in 33 countries and opened up payment channels. In addition to the exchange business, Coinbase has also applied for and acquired licenses on a large scale in the upstream and downstream of the industry chain. Currently, Coinbase has a series of financial licenses for payment, savings, loans, financial derivatives transactions, alternative asset transactions, brokerage transactions, and investment consulting. Previously, according to internal employees, the number of Coinbase’s compliance team was close to 1/3 of the company’s, occupying a large amount of company resources, which also led to high fees for Coinbase and insufficient investment in technology, operations and user experience. Because of compliance, Coinbase cannot provide a large number of currency transactions, nor does it provide derivative transactions such as contracts, which makes it far behind similar exchanges outside the United States in terms of transaction volume. In the compliance process of Coinbase, the former Chief Legal Officer Brian Brooks played a pivotal role, cooperating with various regulatory agencies and leading the construction of the Crypto Rating Council (CRC), which is an industry alliance. In 2020, Brian Brooks was hired to head the Office of the Comptroller of the Currency (OCC), which oversees the U.S. banking industry. AirAsia to Launch Cryptocurrency BigCoin Rewards Program: Malaysian low-cost airline AirAsia is launching a cryptocurrency-based rewards program, according to an article published by Nikkei on Thursday. AirAsia CEO Tony Fernandes told Nikkei that its frequent flyer program is being converted to a cryptocurrency system called BigCoin. The move will improve the airline's digital services and push the company toward a cashless system. The system will allow customers to use BigCoin to purchase in-flight seats, in-flight meals, seat upgrades and other services, Fernandes said. \u2028 The article suggests that BigCoin may launch within the next three to six months. Whether AirAsia is developing its own blockchain or utilizing an existing platform has not been announced. [2018/3/31] Coinbase's compliance-focused business strategy did not allow it to achieve exponential growth in transaction volume and financial aspects in the short term, but due to its compliance operations and regulatory approval, it is gaining access to In the mainstream financial field, it is far ahead of other similar companies, which has laid a solid foundation for its long-term development in the US market. After completing the compliant infrastructure, Coinbase, which has delayed gratification, finally ushered in the spring of harvest in 2021. Coinbase has been "acclaimed but not popular" for a long time. It only achieved its first profit in 2017. In 2019, it had a net loss of 30 million US dollars. It was not until the bull market came in 2020 that it turned losses into profits, with a net profit of 322 million US dollars. In the first quarter of 2021, Coinbase's performance broke out in an all-round way, with revenue of 1.8 billion US dollars, a surge of 844% over the same period last year, and a net profit of nearly 800 million US dollars. All of this is inseparable from the early compliance construction of Coinbase. The slowness and stability of Coinbase also stems from Brian Armstrong's long-term planning. The exchange business is a means, not the ultimate goal and destination of Coinbase. In 2016, Brian Armstrong predicted the development of the blockchain in the next few years based on the historical development of the Internet. He divided the future of the blockchain world into four main stages, and according to what Coinbase can do in each stage, Developed a development blueprint for Coinbase for the next ten years. OKCoin announced its entry into the Korean market and has received investment from South Korea's NHN: OKCoin, a cryptocurrency exchange, will start operating in South Korea. It is reported that South Korea's NHN Group invested in OKCoin Korea through a branch (NHN Investment). According to reports yesterday, Li Lin, CEO of Huobi Group, said that Huobi Korea will be officially launched in the near future. Binance, which was recently warned by the Japanese government, announced that it would leave Malta. The cryptocurrency exchange market landscape is changing rapidly. [2018/3/27] The first stage (protocol stage): Development protocol (serving 1 million people) In this stage, new protocols (Bitcoin, Ethereum, etc.) are created, and people start to improve these protocols. Open source communities develop around each protocol, and in some cases, these protocols are sponsored and helped by corporations. The race for protocols has begun, and it remains to be seen which protocols can be scaled and appeal to application developers. Coinbase will not participate in this stage of development, but will only maintain close cooperation with some excellent players. The second stage (infrastructure): establishment of a digital currency exchange (serving 10 million people). In Brain Armstrong's view, investment or speculation is an indispensable initialization acceleration mechanism for the establishment of a blockchain payment network in the future. Therefore, exchanges Business is essential. Initially, Coinbase was just a wallet, and later established the GDAX exchange for institutional and professional investors, which is now Coinbase Pro, which constitutes the core business of Coinbase. Expand these operations to more countries. The third stage (user entrance): Establishing entrances for digital currency applications (serving 100 million people). When consumers start using blockchain applications (dApps), what they need is a simple user interface and entrance. The entrance is HTML with Web browser, which is built on top of TCP/IP protocol. In the blockchain world, Coinbase believes that it will be an undeveloped WEB browser similar product, and its underlying layer may be a wallet completely controlled by users. This will lower the threshold for ordinary people to use it and reduce the difficulty of developing blockchain applications. Coinbase will participate in this phase by building or investing in relevant teams. The fourth stage (decentralized application): Create an open financial system application (serving 1 billion people) Brian Armstrong believes that the existing traditional financial system will be rebuilt into an open network that can be accessed by global users, and future needs Applications include: Loans (mortgages, small business loans, microloans, etc.) Venture capital (seed investment, traditional VC, venture debt, etc.) Investments (stocks, index funds, savings accounts, etc.) Identity and reputation (ID cards, Identity verification, credit scoring, etc.) Remittance (cross-border remittance) Merchant processing (retail, online orders) Coinbase will participate in this stage by building teams, acquiring and investing in various companies, and Coinbase will also build developer tools, And work with regulators to draft regulatory options for the industry. To sum up, in Brian Armstrong's plan, the exchange is only the first step in building an ecology, and the money earned by the exchange will continue to be used to participate in the next stage of infrastructure construction and investment, so as to eventually open up finance for one billion people. occupy a place in the system. In 2016, Brian Armstrong thought they were at the end of Phase 2, but still in the early days of blockchain. Since then, Coinbase has resolutely implemented this plan, upgraded the Gdax transaction to Coinbase Pro, developed institutional users, and continued to expand its boundaries through acquisitions: developed the wallet application Toshi, which was later renamed Coinbase Wallet; acquired the Ethereum dApp Browse Acquisition of Ethereum P2P trading platform Paradex; Acquisition of Xapo’s custody business; Acquisition of Tagomi, a prime brokerage platform for digital asset transactions; Acquisition of Encryption trading infrastructure provider Routefire; Acquisition of blockchain infrastructure provider Bison Trails; Acquisition of cryptocurrency mission site of three licensed financial services firms, securities dealers Keystone Capital, Venovate Marketlpace and Digital Wealth LLC. Listing is not the end and purpose of Coinbase. Everything that Coinbase has done so far is still preparing for the fourth stage, building an open financial system for the Coinbase ecosystem. Coinbase's success is hard to replicate. Lei Jun often said that pigs can fly when standing on the wind, and there are many pigs flying on the wind of cryptocurrency, but there is only one Coinbase, because it is in the United States, why is there no "Coinbase" in China, Japan, and South Korea? The United States still holds currency hegemony, is the center of the global capital market, and has gradually gained the pricing power of Bitcoin. In terms of regulation, China, the United States, and Japan have different regulatory ideas. After 1994, "heavy chain suppression of currency" became the main theme of China's blockchain world. China defines the blockchain as an information service technology, and the supervisory body is the Central Network Information Office, while the financial risks that may be brought about by the blockchain and cryptocurrencies are regulated by the People's Bank of China. Regulatory agencies in the United States mainly include the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). For token issuance and exchanges, the United States does not adopt a one-size-fits-all approach, but incorporates utility tokens and security tokens into the corresponding regulatory system. The issuance of security tokens needs to be registered in accordance with the Securities Law. A license is required. At the same time, the US SEC frequently takes action to crack down on various types of illegal ICO.


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