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Golden Observation|Opinion: Coinbase’s market value is nearly 1.5 million BTC, which is seriously overvalued



Coinbase (ticker COIN) traded directly on Nasdaq, closing at 554,212 Satoshi ($349). With 261.3 million shares outstanding, Coinbase has a market capitalization of 1,475,878 BTC ($91.19 billion).

Although Coinbase has played an important role in the history of Bitcoin, especially in the United States over the past decade. But from a bitcoin investment perspective, the company isn't attractive, and anyone using the world's soundest currency as their economic unit of account should agree.

Golden Relativity丨Guo Yu: The stateless client protocol proposed by Ethereum may be the most disruptive new architecture: In the Golden Theory of Relativity held today, for "stateless Ethereum, multi-client, and trust Which one impressed you the most, and which one do you think has the most application value?”, Guo Yu, the founder of Abby Labs, pointed out: I am very optimistic about Loopring’s DEX system and zkRollup technology. zkRollup is a general blockchain expansion architecture, which can be completely transplanted to other public chains or blockchain platforms. And the requirements for the underlying platform are not high. As long as the underlying blockchain platform can support relevant cryptographic primitives, mainly zero-knowledge proof primitives, then zkRollup can be supported.

In addition, I personally think that the stateless client protocol proposed by Ethereum may be the most disruptive new architecture in the future. Blockchain verification nodes no longer need to store blocks, and use zero-knowledge proof to verify and package transactions. This will open up a wider space for imagination. At present, the relevant theory of this technology is still in the process of rapid iteration, and it is believed that this technology can be applied in some pilot scenarios soon. [2020/6/18]

Valuing stocks in bitcoin as the primary unit of account can be inconvenient over a short period of time due to the volatility of the exchange rate between bitcoin and the US dollar, but if you want to preserve (and increase) future purchasing power, learn how to use bitcoin as the primary unit of account. The valuation of the unit is absolutely critical.

Jinse Finance mining data broadcast | ETH’s network computing power dropped by 2.53% today: Jinse Finance reported that according to the data of the spider mining pool:

The computing power of the entire ETH network is 173.760TH/s, the mining difficulty is 2169.46T, the current block height is 9782888, and the theoretical income is 0.00802186/100MH/day.

The computing power of the BTC network is 100.916EH/s, the mining difficulty is 13.91T, the current block height is 623845, and the theoretical income is 0.00001807/T/day.

The computing power of BSV network is 2.514EH/s, the mining difficulty is 0.34T, the current block height is 628693, and the theoretical income is 0.00071611/T/day. [2020/4/1]

You can't afford the opportunity cost of ignoring Bitcoin, and the opportunity cost of not accumulating the most powerful and sound monetary asset in the world is very high. No matter how bullish you are on Coinbase, and regardless of Coinbase's moat in the cryptocurrency industry, Bitcoin will dwarf all other assets. It's ludicrous to think that any one company could be worth 7% to 8% of all Bitcoins, let alone that it only owns about 4,487 BTC, or less than 0.2% of the Bitcoin supply.

Analysis | Golden Disk: Correlation between BTC and Emerging Markets: Comprehensive Analysis of Golden Disk: Fundstrat analyst Tom Lee said that cryptocurrency "could explode explosively this year," citing its correlation with emerging markets. At the beginning of the year, he predicted that the price of bitcoin could soar to as high as $25,000 this year, and he still firmly believes that this will become a reality. Lee based this assumption on the relationship between BTC’s price and BlackRock’s iShares MSCI Emerging Markets exchange-traded fund (ETF), which tracks large and mid-cap companies in emerging markets. Lee said the "important correlation" is that the two markets run parallel to each other, both "basically peaked" in early 2018, and "both are on a downward trend" with signs of bottoming out in tandem. [2018/8/28]

If the metrics seem outrageous or incomparable, you may be missing what's really going on. Bitcoin is still a nascent, yet extremely robust and solid technological and monetary asset. Bitcoin emerged as a response to growing global demand for alternative monetary systems, in stark contrast to the fragile and unstable fiat monetary order.

Over the next few decades, Bitcoin will continue to appreciate orders of magnitude in value as it develops into a truly global currency.

From a risk management perspective, it was clear that Coinbase's executives should take advantage of new opportunities in its public markets to dilute current shareholders' equity and thereby buy bitcoin for the company's balance sheet. After all, Coinbase should understand the disadvantages of fiat assets and the advantages of bitcoin assets better than almost anyone.

In the article "The end of the long-term debt cycle", I said that it is especially necessary to use the soundest money for economic calculation, and shareholders should find ways to convert company revenue and profits into sound money to protect assets and liabilities Watches are protected from depreciation. Similar to the calculation of a company issuing bonds to repurchase shares, in a sound monetary economy, there will still be an equity market denominated in a weak currency. A prudent strategy is to dilute shareholders' equity based on outstanding shares to buy Bitcoin.

The contrast between valuing equities with expected future discounted cash flows versus valuing equities as a fraction of 21m when sovereign debt offers negative real interest rates is stark. Those who adopt the Bitcoin standard will increase their purchasing power, while those who do not will lose. This is not an opinion, but an actual economic reality.

Going forward, accumulating bitcoin could be the new stock buyback, an increasingly popular move that not only boosts stock prices but does not completely decapitalize companies at the expense of current earnings and promises to forego future free cash flow.

Coinbase has certainly had a meaningful impact on Bitcoin adoption, but accumulating Bitcoin is absolutely necessary for the company to survive in the long run.

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