They've already survived two crypto winters as well before this one, so they've already had experience and gotten to see what works and what doesn't, and have structured their company accordingly. I think if any crypto company deserves to survive this crypto winter, they're probably the most deserving.

I doubt their past experience applies. This is far more than a winter.

I didn't literally mean that past crypto winters lasted only as long as a physical winter. Past crypto winters have lasted as much as two years. If this lasts longer than that, sure, it can be considered worse than past ones. Currently we're just barely over a year from bitcoin's all-time-high, though.

As the other comment said, we're somewhat in uncharted territory with higher interest rates, but I don't think it will insure a longer winter. It might just keep it from getting quite as high as the ATH for a while, but I think as the rate increases slow down (and especially once they start being cut again) it will start rebounding significantly.

Also if that past experience doesn't apply, then it probably doesn't apply for any other non-crypto company that was founded since 2012 (when Coinbase was founded as well). You expecting all of them to go belly up, just because they only existed in the era of low interest rates?

Are there any rubes left though?

The types of people reaching out to me to explain crypto during the last boom makes me think the wells are running dry.

"Crypto winter" doesn't refer to the fact that half of the world is in the "winter season" climate currently but rather a time-period (traditionally lasting longer than a climate "season") when cryptocurrencies prices are at a downturn.

"winter" implies there's a forthcoming "spring". Parent is suggesting the possibility of a permanent impairment, that crypto may never "recover" to public interest and price levels seen in the last few years.

I agree, this might be a prolonged depression because the interest rates are higher.

Yes. Everything suggests they are prioritizing long-term financial stability and staying power for what could be a really long crypto winter. Many poorly thought-out, poorly executed, and brazenly fraudulent schemes must be fully washed away before the market for this technology can find its footing.

Armstrong and his top execs deserve a lot of credit for staying rational over the past few years, while execs at most other firms in the industry seemingly lost their minds and willingly threw themselves into the flames of all sorts of stupid risky schemes.

We should go fully decentralised for the future, with fiat/crypto done at retail scale. Unfortunately there is a huge lobby of banks and government that want to monitor people spending money to make it happen.

I've always thought this to be the case. Coinbase and Kraken will be the dominant US players (imho).

"Crypto Industry" only has investors. I have not seen an actual cryptocurrency user that says "I'm here to use this thing"

they exists but use cases aren't as popular

Crypto doesn't want legit users. It only wants to pretend to want real users while actually benefiting from the myriad of ways in which the crypto space is not at all tailored to everyday payments.

The kind of things that crypto actually buys (besides NFTs and stablecoins) necessitate a certain level of discretion.

> Coinbase is looking more and more as the lonely survivor positioned to dominate crypto trading in the West.

Because it feels like they're the only ones that stay legit while also seeming to take security quite seriously.

Everyone else is either a scammer or gets hacked, and I'm convinced at least half of the "hacks" are inside jobs.

Kraken has the same legitimacy imo.

Coinbase is so well run that it will probably outlive cryptocurrency trading, at least briefly.

Coinbase reputation got hit when people found out about their insider trading [1], on top of them hiring ex-wall street people

Coinbase also is 10x less volume than Binance [2]

You have all of this, then the press who keep advertise them despite the poor metrics, something doesn't sound right

I think it's fair to say people made their choice and the choice is Binance

The narative can't be forced like with other industries, unless you get help from the press and push some FUD, hmm

Or with the help of the CIA with FTX as a poison aimed at Binance, hmm

[1] - https://www.justice.gov/usao-sdny/pr/three-charged-first-eve...

[2] - https://coinmarketcap.com/rankings/exchanges/

Binance can create its own volume out of thin air. This would be harder for Coinbase, due to their nature as a public company. The truth is, it's hard to know what is happening inside Binance.

That's true, but that's easy to track, as everything in the blockchain is transparent, that's how people found out about the insider trading at Coinbase

Yet, I have an issue with my business account and their support has ghosted me. They kept responding with form letters and I kept telling them they weren't reading my emails, then they stopped. I'm just trying to add a business debit card to a business account. I get an error message that says "business cards are not supported" and their support tells me I have a personal account. What a mess. It's been 3 weeks now.