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2021-04-14

soaring bit

Coinbase Apocalypse: The American Dream of Cryptocurrency Starting with Eleven-Page PPT

历史一刻即将来临，Coinbase将于周三（14日）在美国纳斯达克上市（代码COIN），成为加密货币世界的里程碑。彭博社消息，Coinbase估值或高达约1000亿美元，这一数值超过纳斯达克交易所加纽

Coinbase Apocalypse: The American Dream of Cryptocurrency Starting with Eleven-Page PPT

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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{"i18n":{"language":"en_US"},"data":{"magic":2,"id":344038291,"tweetId":"344038291","gmtCreate":1618359355413,"gmtModify":1704709572707,"author":{"id":3557305548001793,"idStr":"3557305548001793","authorId":3557305548001793,"authorIdStr":"3557305548001793","name":"Ikhas","avatar":"https://static.tigerbbs.com/a0fd7b69b3c00ecf9cc780ede0cf5943","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":8,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":35,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>soaring bit</body></html>","htmlText":"<html><head></head><body>soaring bit</body></html>","text":"soaring bit","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/344038291","repostId":2127015413,"repostType":4,"repost":{"id":"2127015413","kind":"news","pubTimestamp":1618311061,"share":"https://ttm.financial/m/news/2127015413?lang=en_US&edition=fundamental","pubTime":"2021-04-13 18:51","market":"other","language":"zh","title":"Coinbase Apocalypse: The American Dream of Cryptocurrency Starting with Eleven-Page PPT","url":"https://stock-news.laohu8.com/highlight/detail?id=2127015413","media":"深潮TechFlow","summary":"历史一刻即将来临，Coinbase将于周三（14日）在美国纳斯达克上市（代码COIN），成为加密货币世界的里程碑。彭博社消息，Coinbase估值或高达约1000亿美元，这一数值超过纳斯达克交易所加纽","content":"<img src=\"https://static.tigerbbs.com/d202e56fe292c12f1ec756eff7095093\" tg-width=\"1080\" tg-height=\"565\" referrerpolicy=\"no-referrer\">A moment in history is coming. Coinbase will be listed on Nasdaq (code COIN) on Wednesday (14th), becoming a milestone in the cryptocurrency world.Bloomberg News,Coinbase's valuation may be as high as about $100 billion, which exceeds the combined market capitalization of the Nasdaq exchange and the parent company of the New York Stock Exchange.Coinbase, founded in 2012, does not have much legendary color of barbaric growth. If the global cryptocurrency exchange is compared to a classroom, then Coinbase is a typical \"obedient student\": there are many exchanges with average early results and larger trading volume than Coinbase, and there are countless exchanges that are more innovative than Coinbase, but Coinbase is honest and obedient, and is deeply loved by teachers.Finally, it happened that Coinbase came to the center of the stage.Start with 11 pages of PPTOn Christmas Day 2010, Brian Armstrong accidentally read the Bitcoin white paper, which opened the door to cryptocurrency. He bought more than 1,000 Bitcoin pieces at a price of $9. When the price of Bitcoin once fell to $2, Armstrong did not leave the market, but has been writing code to buy Bitcoin. At the same time, he was aware of the entrepreneurial opportunities. Maybe he could create a Bitcoin company himself?Two years later in the summer, Brian co-founded Coinbase with partner Fred Ehrsam, in the form of a wallet.The two envisioned that Coinbase would become a Bitcoin marketplace where people could buy cryptocurrencies. Subsequently, they registered Coinbase into the Y Combinator entrepreneurial incubator project. On the YC roadshow day, Brian Armstrong used an eleven-page PPT to describe Coinbase's ideals and vision.\"Coinbase is to Bitcoin what iTunes is to MP3.\"<img src=\"https://static.tigerbbs.com/c0e0708ac639513c2410ebd1f0b1f841\" tg-width=\"600\" tg-height=\"464\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/b17b9ebe53adbaca801f770d01bb7ca4\" tg-width=\"600\" tg-height=\"464\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/41bede434eab58fecec80fecdd6b3342\" tg-width=\"600\" tg-height=\"464\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/f7342cc4cdece884e5f61c86d6676cb7\" tg-width=\"600\" tg-height=\"464\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/a9b15b37dce81a9a98c9abebf9f3131c\" tg-width=\"600\" tg-height=\"464\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ae93cc3c61acfa7f72226dcbfb089420\" tg-width=\"600\" tg-height=\"464\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/954b4809a22c5020b4c771f0e55fa799\" tg-width=\"600\" tg-height=\"464\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/531e25c0f2ef847d1a8b6120996897b2\" tg-width=\"600\" tg-height=\"464\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/37fe7fed51c3899aeeb0cf77acd5b5f3\" tg-width=\"600\" tg-height=\"464\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/6e161463a850b34c79a7a3488583edb8\" tg-width=\"600\" tg-height=\"464\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/1c8e3d2c29cceb50fbf98a0680641c21\" tg-width=\"600\" tg-height=\"464\" referrerpolicy=\"no-referrer\">In 2017, when Brian Armstrong reviewed these eleven pages of Pitch Deck, he was quite impressed and wrote this passage:Great things all start from humble beginnings.Most things you see around you start out as just a simple idea and a crude prototype. To turn it into an \"overnight success\", it takes 5 to 10 years, with dozens of setbacks and route corrections along the way.So, choose one thing you're passionate about and get started.Slow and fast complianceDuan Yongping once said, \"Slow is fast\".Coinbase is not a case of rapid rise and barbaric growth. On the contrary, although it was established earlier, its trading volume is far surpassed by its younger generations.If you compare global cryptocurrency exchanges to a classroom, then Coinbase is a typical \"good student\":Although his grades are average, he is honest and obedient, and he is deeply liked by his teachers.At the crossroads of development speed and compliance, Coinbase chose compliance.Coinbase has been investing heavily in obtaining regulatory licenses. It has Money Transmitter Licenses in 50 states in the United States. At the same time, it has become one of the few exchanges with BitLicense issued by New York State specifically for digital currency exchanges. 33 countries have obtained licenses to legally trade legal currencies and opened up payment channels.In addition to exchange business, Coinbase has also applied for and acquired licenses on a large scale in the upstream and downstream of the industrial chain. Currently, Coinbase has a series of financial licenses such as payment, savings, loans, financial derivatives trading, alternative asset trading, brokerage trading and investment consulting.Previously, according to internal employees, the number of Coinbase's compliance team was once close to 1/3 of the company, occupying a large amount of the company's resources. This also led to Coinbase's high handling fees and insufficient investment in technology, operations and user experience.Because of compliance, Coinbase is unable to provide a large number of currency transactions, nor does it provide derivatives transactions such as contracts, resulting in it lagging far behind similar exchanges outside the United States in terms of trading volume.In Coinbase's compliance process, former chief legal officer Brian Brooks played a pivotal role, cooperating with various regulatory agencies to take the lead in building an industry alliance-type Crypto Rating Council (CRC).In 2020, Brian Brooks was hired to supervise<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>Head of the U.S. Office of the Comptroller of the Currency (OCC).Coinbase's business strategy of focusing on compliance has not allowed it to achieve exponential growth in transaction volume and finance in a short period of time. However, due to its compliance operation and regulatory recognition, it is far ahead of other similar companies in accessing mainstream financial fields, laying a solid foundation for its medium and long-term development in the US market.After completing the compliance infrastructure, Coinbase, which has delayed gratification, finally ushered in the spring of harvest in 2021.Coinbase has been \"well-received but not well-received\" for a long time. It only achieved its first profit in 2017, with a net loss of US $30 million in 2019. It was not until the bull market came in 2020 that it turned losses into profits, with a net profit of US $322 million.In the first quarter of 2021, Coinbase's performance exploded in an all-round way, achieving revenue of US $1.8 billion, a surge of 844% over the same period last year, and net profit close to US $800 million.All this is inseparable from Coinbase's early compliance construction.Building the FutureThe slowness and stability of Coinbase also stems from Brian Armstrong's long-term planning.Exchange business is a means, not the ultimate goal and destination of Coinbase.In 2016, Brian Armstrong predicted the development of blockchain in the next few years based on the historical development law of the Internet. He divided the future of his blockchain world into four main stages, and based on what Coinbase can do in each stage, formulated a blueprint for Coinbase's development in the next ten years.<img src=\"https://static.tigerbbs.com/a8b4e8f8597b30239154d9904b4ec5b9\" tg-width=\"600\" tg-height=\"173\" referrerpolicy=\"no-referrer\">Phase I (Agreement Phase): Development Agreement (serving 1 million people)At this stage, new protocols (Bitcoin, Ethereum, etc) are created and people start improving them.The open source community will develop around each protocol, and in some cases, these protocols will be sponsored and helped by enterprises. The race for protocols has begun, and it remains to be seen which protocol can be expanded and attract application developers.Coinbase will not participate in this stage of development, but will only keep close cooperation with some excellent players.Phase 2 (infrastructure): Establish 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 the future blockchain payment network, so the exchange business is indispensable.Initially, Coinbase was just a wallet. Later, the GDAX exchange was established for institutional and professional investors, which is now Coinbase Pro. This constitutes Coinbase's core business. Coinbase will use the revenue from this stage to invest in the next stage of the plan, while continuing to expand these businesses to more countries.The third stage (user portal): Establish a portal for digital currency applications (serving 100 million people)When consumers start using blockchain applications (dApps), what they need is a simple user interface and portal. The portal in the Internet world is HTML and Web browser, which is built on the TCP/IP protocol.In the blockchain world, Coinbase believes that it will be an undeveloped WEB browser similar product, and its bottom 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 related 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 users all over the world. The applications needed in the future include:Loans (mortgage loans, small business loans, micro-loans, etc.) Venture capital (seed investment, traditional VC, venture debt, etc.) Investment (stocks, index funds, savings accounts, etc.) Identity and reputation (ID card, identity authentication, credit score, 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 establish developer tools and cooperate with regulators to draft regulatory schemes suitable for this industry.To sum up, in Brian Armstrong's plan, the exchange is only the first step in building an ecosystem, 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 finally become an open financial system 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 stages of blockchain.Since then, Coinbase has firmly implemented this plan, upgraded the Gdax transaction to Coinbase Pro, focused on institutional users, and continued to broaden its boundaries through acquisitions:Developed the wallet application Toshi, which was later renamed Coinbase Wallet; Acquisition of Ethereum dApp browser and wallet Cipher Browse; Acquisition of Ethereum P2P trading platform Paradex; Acquisition of Xapo's hosting business; Acquisition of Tagomi, a prime broker platform for digital asset trading; Acquisition of crypto trading infrastructure provider Routefire; Acquisition of blockchain infrastructure provider Bison Trails; Acquisition of cryptocurrency mission site Earn.com … Acquisition of three licensed financial services companies, securities dealers Keystone Capital, Venovate Marketlpace and Digital Wealth LLC.... Listing is not the end and purpose of Coinbase. Everything Coinbase has done so far is still preparing for the fourth stage, building an open financial system for the Coinbase ecosystem.The \"American Dream\" of CryptocurrenciesCoinbase's success is hard to replicate.Lei Jun often said that pigs can fly when standing on the wind. There are many pigs flying on the wind of cryptocurrency, but there is only one Coinbase, because it is in the United States. Why don't China, Japan, and South Korea have no \"Coinbase\"?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 supervision, China, the United States, and Japan have different regulatory ideas.After the 1994 Movement, \"heavy chain currency suppression\" became the main theme of China's blockchain world.China defines blockchain as a<a href=\"https://laohu8.com/S/III\">Information services</a>Technology, the main body of supervision is the Central Cyberspace Administration of China, while the financial risks that blockchain and cryptocurrency may bring are supervised by the People's Bank of China.The 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. Instead, it incorporates practical tokens and securities tokens into the corresponding regulatory system respectively. The issuance of securities tokens needs to be registered in accordance with the securities law, and the exchange operation needs to obtain a license.At the same time, the US SEC frequently moves to crack down on all kinds of illegal ICOs.Although Japan is one of the few countries in the world that provides legal protection for digital assets, the establishment and operation of cryptocurrency exchanges can be completely legal and compliant. However, due to strict supervision,Japanese exchanges do not have the right to list currencies, which makes it more difficult to raise funds and trade local projects, and hinders the development of innovative projects to a certain extent.Today's Coinbase has, to a certain extent, become a sample under the balance of cryptocurrency regulation in the United States.Secondly, the United States, as the world's largest economy, provides a broad space for Coinbase. When Wall Street embraces Bitcoin, Coinbase has also become the \"Bitcoin steward\" of institutions because of its compliance advantages. According to Bituniverse data on April 13, The Coinbase platform currently has 870,000 Bitcoin, far exceeding Binance (215,100) and Huobi (252,300).Behind the rise of Coinbase is the decline of Bitcoin's pricing power in the eastern world, and the western world centered on the United States has gained more chips and voice.Whether it is business focus or moat, Coinbase is inseparable from the US regulatory agencies and the US market behind it.Coinbase is not the ideal story of decentralization, but more of the \"American Dream\" of cryptocurrency.","source":"lsy1592805329705","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Coinbase Apocalypse: The American Dream of Cryptocurrency Starting with Eleven-Page PPT</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCoinbase Apocalypse: The American Dream of Cryptocurrency Starting with Eleven-Page PPT\n</h2>\n<h4 class=\"meta\">\n\n深潮TechFlow2021-04-13 18:51\n\n</h4>\n</header>\n<article>\n<img src=\"https://static.tigerbbs.com/d202e56fe292c12f1ec756eff7095093\" tg-width=\"1080\" tg-height=\"565\" referrerpolicy=\"no-referrer\">A moment in history is coming. Coinbase will be listed on Nasdaq (code COIN) on Wednesday (14th), becoming a milestone in the cryptocurrency world.Bloomberg News,Coinbase's valuation may be as high as about $100 billion, which exceeds the combined market capitalization of the Nasdaq exchange and the parent company of the New York Stock Exchange.Coinbase, founded in 2012, does not have much legendary color of barbaric growth. If the global cryptocurrency exchange is compared to a classroom, then Coinbase is a typical \"obedient student\": there are many exchanges with average early results and larger trading volume than Coinbase, and there are countless exchanges that are more innovative than Coinbase, but Coinbase is honest and obedient, and is deeply loved by teachers.Finally, it happened that Coinbase came to the center of the stage.Start with 11 pages of PPTOn Christmas Day 2010, Brian Armstrong accidentally read the Bitcoin white paper, which opened the door to cryptocurrency. He bought more than 1,000 Bitcoin pieces at a price of $9. When the price of Bitcoin once fell to $2, Armstrong did not leave the market, but has been writing code to buy Bitcoin. At the same time, he was aware of the entrepreneurial opportunities. Maybe he could create a Bitcoin company himself?Two years later in the summer, Brian co-founded Coinbase with partner Fred Ehrsam, in the form of a wallet.The two envisioned that Coinbase would become a Bitcoin marketplace where people could buy cryptocurrencies. Subsequently, they registered Coinbase into the Y Combinator entrepreneurial incubator project. On the YC roadshow day, Brian Armstrong used an eleven-page PPT to describe Coinbase's ideals and vision.\"Coinbase is to Bitcoin what iTunes is to MP3.\"<img src=\"https://static.tigerbbs.com/c0e0708ac639513c2410ebd1f0b1f841\" tg-width=\"600\" tg-height=\"464\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/b17b9ebe53adbaca801f770d01bb7ca4\" tg-width=\"600\" tg-height=\"464\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/41bede434eab58fecec80fecdd6b3342\" tg-width=\"600\" tg-height=\"464\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/f7342cc4cdece884e5f61c86d6676cb7\" tg-width=\"600\" tg-height=\"464\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/a9b15b37dce81a9a98c9abebf9f3131c\" tg-width=\"600\" tg-height=\"464\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/ae93cc3c61acfa7f72226dcbfb089420\" tg-width=\"600\" tg-height=\"464\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/954b4809a22c5020b4c771f0e55fa799\" tg-width=\"600\" tg-height=\"464\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/531e25c0f2ef847d1a8b6120996897b2\" tg-width=\"600\" tg-height=\"464\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/37fe7fed51c3899aeeb0cf77acd5b5f3\" tg-width=\"600\" tg-height=\"464\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/6e161463a850b34c79a7a3488583edb8\" tg-width=\"600\" tg-height=\"464\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/1c8e3d2c29cceb50fbf98a0680641c21\" tg-width=\"600\" tg-height=\"464\" referrerpolicy=\"no-referrer\">In 2017, when Brian Armstrong reviewed these eleven pages of Pitch Deck, he was quite impressed and wrote this passage:Great things all start from humble beginnings.Most things you see around you start out as just a simple idea and a crude prototype. To turn it into an \"overnight success\", it takes 5 to 10 years, with dozens of setbacks and route corrections along the way.So, choose one thing you're passionate about and get started.Slow and fast complianceDuan Yongping once said, \"Slow is fast\".Coinbase is not a case of rapid rise and barbaric growth. On the contrary, although it was established earlier, its trading volume is far surpassed by its younger generations.If you compare global cryptocurrency exchanges to a classroom, then Coinbase is a typical \"good student\":Although his grades are average, he is honest and obedient, and he is deeply liked by his teachers.At the crossroads of development speed and compliance, Coinbase chose compliance.Coinbase has been investing heavily in obtaining regulatory licenses. It has Money Transmitter Licenses in 50 states in the United States. At the same time, it has become one of the few exchanges with BitLicense issued by New York State specifically for digital currency exchanges. 33 countries have obtained licenses to legally trade legal currencies and opened up payment channels.In addition to exchange business, Coinbase has also applied for and acquired licenses on a large scale in the upstream and downstream of the industrial chain. Currently, Coinbase has a series of financial licenses such as payment, savings, loans, financial derivatives trading, alternative asset trading, brokerage trading and investment consulting.Previously, according to internal employees, the number of Coinbase's compliance team was once close to 1/3 of the company, occupying a large amount of the company's resources. This also led to Coinbase's high handling fees and insufficient investment in technology, operations and user experience.Because of compliance, Coinbase is unable to provide a large number of currency transactions, nor does it provide derivatives transactions such as contracts, resulting in it lagging far behind similar exchanges outside the United States in terms of trading volume.In Coinbase's compliance process, former chief legal officer Brian Brooks played a pivotal role, cooperating with various regulatory agencies to take the lead in building an industry alliance-type Crypto Rating Council (CRC).In 2020, Brian Brooks was hired to supervise<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>Head of the U.S. Office of the Comptroller of the Currency (OCC).Coinbase's business strategy of focusing on compliance has not allowed it to achieve exponential growth in transaction volume and finance in a short period of time. However, due to its compliance operation and regulatory recognition, it is far ahead of other similar companies in accessing mainstream financial fields, laying a solid foundation for its medium and long-term development in the US market.After completing the compliance infrastructure, Coinbase, which has delayed gratification, finally ushered in the spring of harvest in 2021.Coinbase has been \"well-received but not well-received\" for a long time. It only achieved its first profit in 2017, with a net loss of US $30 million in 2019. It was not until the bull market came in 2020 that it turned losses into profits, with a net profit of US $322 million.In the first quarter of 2021, Coinbase's performance exploded in an all-round way, achieving revenue of US $1.8 billion, a surge of 844% over the same period last year, and net profit close to US $800 million.All this is inseparable from Coinbase's early compliance construction.Building the FutureThe slowness and stability of Coinbase also stems from Brian Armstrong's long-term planning.Exchange business is a means, not the ultimate goal and destination of Coinbase.In 2016, Brian Armstrong predicted the development of blockchain in the next few years based on the historical development law of the Internet. He divided the future of his blockchain world into four main stages, and based on what Coinbase can do in each stage, formulated a blueprint for Coinbase's development in the next ten years.<img src=\"https://static.tigerbbs.com/a8b4e8f8597b30239154d9904b4ec5b9\" tg-width=\"600\" tg-height=\"173\" referrerpolicy=\"no-referrer\">Phase I (Agreement Phase): Development Agreement (serving 1 million people)At this stage, new protocols (Bitcoin, Ethereum, etc) are created and people start improving them.The open source community will develop around each protocol, and in some cases, these protocols will be sponsored and helped by enterprises. The race for protocols has begun, and it remains to be seen which protocol can be expanded and attract application developers.Coinbase will not participate in this stage of development, but will only keep close cooperation with some excellent players.Phase 2 (infrastructure): Establish 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 the future blockchain payment network, so the exchange business is indispensable.Initially, Coinbase was just a wallet. Later, the GDAX exchange was established for institutional and professional investors, which is now Coinbase Pro. This constitutes Coinbase's core business. Coinbase will use the revenue from this stage to invest in the next stage of the plan, while continuing to expand these businesses to more countries.The third stage (user portal): Establish a portal for digital currency applications (serving 100 million people)When consumers start using blockchain applications (dApps), what they need is a simple user interface and portal. The portal in the Internet world is HTML and Web browser, which is built on the TCP/IP protocol.In the blockchain world, Coinbase believes that it will be an undeveloped WEB browser similar product, and its bottom 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 related 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 users all over the world. The applications needed in the future include:Loans (mortgage loans, small business loans, micro-loans, etc.) Venture capital (seed investment, traditional VC, venture debt, etc.) Investment (stocks, index funds, savings accounts, etc.) Identity and reputation (ID card, identity authentication, credit score, 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 establish developer tools and cooperate with regulators to draft regulatory schemes suitable for this industry.To sum up, in Brian Armstrong's plan, the exchange is only the first step in building an ecosystem, 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 finally become an open financial system 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 stages of blockchain.Since then, Coinbase has firmly implemented this plan, upgraded the Gdax transaction to Coinbase Pro, focused on institutional users, and continued to broaden its boundaries through acquisitions:Developed the wallet application Toshi, which was later renamed Coinbase Wallet; Acquisition of Ethereum dApp browser and wallet Cipher Browse; Acquisition of Ethereum P2P trading platform Paradex; Acquisition of Xapo's hosting business; Acquisition of Tagomi, a prime broker platform for digital asset trading; Acquisition of crypto trading infrastructure provider Routefire; Acquisition of blockchain infrastructure provider Bison Trails; Acquisition of cryptocurrency mission site Earn.com … Acquisition of three licensed financial services companies, securities dealers Keystone Capital, Venovate Marketlpace and Digital Wealth LLC.... Listing is not the end and purpose of Coinbase. Everything Coinbase has done so far is still preparing for the fourth stage, building an open financial system for the Coinbase ecosystem.The \"American Dream\" of CryptocurrenciesCoinbase's success is hard to replicate.Lei Jun often said that pigs can fly when standing on the wind. There are many pigs flying on the wind of cryptocurrency, but there is only one Coinbase, because it is in the United States. Why don't China, Japan, and South Korea have no \"Coinbase\"?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 supervision, China, the United States, and Japan have different regulatory ideas.After the 1994 Movement, \"heavy chain currency suppression\" became the main theme of China's blockchain world.China defines blockchain as a<a href=\"https://laohu8.com/S/III\">Information services</a>Technology, the main body of supervision is the Central Cyberspace Administration of China, while the financial risks that blockchain and cryptocurrency may bring are supervised by the People's Bank of China.The 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. Instead, it incorporates practical tokens and securities tokens into the corresponding regulatory system respectively. The issuance of securities tokens needs to be registered in accordance with the securities law, and the exchange operation needs to obtain a license.At the same time, the US SEC frequently moves to crack down on all kinds of illegal ICOs.Although Japan is one of the few countries in the world that provides legal protection for digital assets, the establishment and operation of cryptocurrency exchanges can be completely legal and compliant. However, due to strict supervision,Japanese exchanges do not have the right to list currencies, which makes it more difficult to raise funds and trade local projects, and hinders the development of innovative projects to a certain extent.Today's Coinbase has, to a certain extent, become a sample under the balance of cryptocurrency regulation in the United States.Secondly, the United States, as the world's largest economy, provides a broad space for Coinbase. When Wall Street embraces Bitcoin, Coinbase has also become the \"Bitcoin steward\" of institutions because of its compliance advantages. According to Bituniverse data on April 13, The Coinbase platform currently has 870,000 Bitcoin, far exceeding Binance (215,100) and Huobi (252,300).Behind the rise of Coinbase is the decline of Bitcoin's pricing power in the eastern world, and the western world centered on the United States has gained more chips and voice.Whether it is business focus or moat, Coinbase is inseparable from the US regulatory agencies and the US market behind it.Coinbase is not the ideal story of decentralization, but more of the \"American Dream\" of cryptocurrency.\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://mp.weixin.qq.com/s/vx_QxhcTbgRnlQEfm16yzA\">深潮TechFlow</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d202e56fe292c12f1ec756eff7095093","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://mp.weixin.qq.com/s/vx_QxhcTbgRnlQEfm16yzA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2127015413","content_text":"历史一刻即将来临，Coinbase将于周三（14日）在美国纳斯达克上市（代码COIN），成为加密货币世界的里程碑。彭博社消息，Coinbase估值或高达约1000亿美元，这一数值超过纳斯达克交易所加纽约证券交易所母公司的市值总和。成立于2012年的Coinbase并没有太多野蛮生长的传奇色彩，如果把全球加密货币交易所比作一间教室，那么Coinbase就是典型的“听话学生”：前期成绩一般，比Coinbase交易量大的交易所很多，比Coinbase创新的交易所不胜枚举，但Coinbase老实听话，深受老师的喜欢。最后，偏偏是Coinbase来到了舞台中央。从11页PPT开始2010年圣诞节，Brian Armstrong偶然间阅读了比特币白皮书，从此打开了加密货币的大门，他以9美元的价格购买了1000多枚比特币，在比特币价格一度跌到2美元的时候，Armstrong并没有离场，而是一直靠编写代码来购买比特币，与此同时，他觉察到了其中的创业机会，也许自己可以创建一个比特币公司？2年后的夏天，Brian与与合作伙伴Fred Ehrsam共同创建了Coinbase，以钱包的形式。两人设想，Coinbase将成为一个比特币市场，人们可以在这里购买加密货币。随后，他们将Coinbase登记入了Y Combinator创业孵化器项目，在 YC 路演日上，Brian Armstrong用了十一页PPT描绘 Coinbase 理想与愿景，“Coinbase之于比特币，就好比 iTunes之于MP3 。”2017年，当Brian Armstrong回顾这十一页Pitch Deck时，颇有感想，写下了这段话：伟大的事物都是从卑微的起点开始的。你身边看到的大多数东西，一开始不过是一个简单的想法和一个粗糙的原型，要把它变成 \"一夜成功\"，需要5到10年的时间，一路上要经历几十次挫折和路线修正。所以，选择一件你热衷的事情，开始吧。合规的慢与快段永平曾言，“慢就是快”。Coinbase并不是快速崛起，野蛮生长的案例，相反，尽管它成立较早，但是交易量远被它的后辈们超越。如果把全球加密货币交易所比作一间教室，那么Coinbase就是典型的“好学生”：尽管成绩一般，但是老实听话，深受老师的喜欢。在发展速度与合规的十字路口，Coinbase选择了合规。Coinbase一直在获得监管牌照方面不惜投入重金，拥有美国50个州的转账交易牌照（Money Transmitter License），同时成为为数不多的、拥有纽约州专门为数字货币交易所颁发的BitLicense的交易所，在33个国家取得合法交易法币的许可并打通支付渠道。除了交易所业务，Coinbase在产业链上下游也大规模申请和收购牌照， 目前Coinbase拥有支付、储蓄、贷款、金融衍生品交易、另类资产交易、券商交易和投资顾问等一系列金融牌照。此前据内部员工透露，Coinbase合规团队人数一度接近公司的1/3，占据公司大量资源，这也导致Coinbase手续费高昂，在技术、运营和用户体验上投入不足。因为合规，Coinbase无法提供大量币种交易，也没有提供合约这样的衍生品交易，导致其在交易量方面远远落后于美国境外的同类交易所。在Coinbase的合规进程中，前任首席法务官Brian Brooks发挥了举足轻重的作用，配合各个监管机构，牵头建设了行业联盟性质的加密数字货币评级委员会（Crypto Rating Council，CRC）。2020年，Brian Brooks被聘请担任为监管美国银行业的美国货币监理局（OCC）负责人。Coinbase专注合规的经营战略并没有让它在短期内实现交易量以及财务方面的指数级增长，但是由于它的合规经营，并且受到监管的认可，它在接入主流金融领域方面遥遥领先于其它同类公司，奠定了它在美国市场中长期发展的坚实基础。在完成合规的基础建设之后，延迟满足的Coinbase终于在2021年迎来收获的春天。Coinbase长期“叫好不叫座”，2017年才实现首次盈利，2019年净亏损3000万美元，直到2020年牛市来临，扭亏为盈，净利润3.22亿美元。2021一季度，Coinbase业绩全面爆发，实现营收18亿美元，较去年同期暴增844%，净利润接近8亿美元。这一切都离不开Coinbase早期的合规建设。建设未来Coinbase的慢与稳，也源于Brian Armstrong的长期规划，交易所业务是手段，而不是Coinbase的最终目的与归宿。2016年，Brian Armstrong 根据互联网的历史发展规律，预测了区块链未来几年的发展，他将其区块链世界未来划分为四个主要的阶段，并根据每个阶段 Coinbase能做的事情，制定了 Coinbase未来十年的发展蓝图。第一阶段（协议阶段）：开发协议（服务100万人）在这个阶段，新的协议（比特币、以太坊等）被创造了出来，人们开始改进这些协议。开源社区会围绕着每一个协议进行开发，在某些情况下，这些协议会得到企业的赞助和帮助。协议的竞赛已开始上演，究竟哪个协议可以得到扩展，并吸引应用开发者，仍有待于观察。Coinbase 不会参与这个阶段的开发，只会和一些优秀的玩家保持紧密合作。第二阶段（基础设施）：建立数字货币交易所（服务1000万人）在Brain Armstrong看来，投资或者说投机对于未来区块链的支付网络建立是不可或缺的初始化加速机制，因此交易所业务不可或缺。最初，Coinbase只是钱包，后来为机构和职业投资者建立了GDAX交易所，也就是如今的Coinbase Pro，这构成了Coinbase的核心业务，Coinbase 将用这阶段的收入来投资下一阶段计划，同时继续将这些业务扩展到更多的国家。第三阶段（用户入口）：为数字货币应用建立入口（服务1亿人）消费者在开始使用区块链应用（dApp）时，他们需要的是一个简单的用户界面和入口，互联网世界里的入口是HTML与Web浏览器，这是建立在TCP/IP协议之上。在区块链世界里，Coinbase 认为它会是尚未开发出来的WEB浏览器同类产品，其底层可能是一个完全由用户控制的钱包。这将降低普通人使用它的门槛，并且降低区块链应用的开发难度。Coinbase 将通过建立或投资相关的团队来参与这一阶段。第四阶段（去中心化应用）：打造一个开放式金融系统应用（服务10亿人）Brian Armstrong 认为现有的传统金融系统将被重建为一个开放式的网络，可供全球用户访问，未来需要的应用包括：贷款（抵押贷款、小企业贷款、小额贷款等）风险投资（种子投资、传统VC，风险债务等）投资（股票、指数型基金、储蓄账户等）身份与声誉（身份证、身份认证、信用评分等）汇款（跨境汇款）商户处理（零售、网络订单）Coinbase会通过建立团队、收购和投资各种公司的方式来参与这一阶段，并且Coinbase 也将建立开发者工具，并与监管机构合作来起草适合这一行业的监管方案。总结起来，在Brian Armstrong的规划中，交易所只是构建生态的第一步，并持续利用交易所赚的钱去参与下一个阶段的基础设施建设与投资，从而最终在面向十亿人的开放金融系统中占据一席之地。2016年，Brian Armstrong认为他们处于第二阶段的末尾期，但仍处于区块链的早期阶段。此后，Coinbase 坚定地执行了这个计划，把Gdax交易升级成Coinbase Pro，发力机构用户，并持续通过收购，拓宽自己的边界：开发了钱包应用 Toshi，后来改名为 Coinbase Wallet；收购以太坊dApp浏览器和钱包Cipher Browse；收购以太坊P2P交易平台Paradex；收购Xapo的托管业务；收购数字资产交易主经纪商平台Tagomi；收购加密交易基础设施提供商Routefire；收购区块链基础设施提供商Bison Trails；收购加密货币任务网站Earn.com……收购三家持牌金融服务公司，证券交易商 Keystone Capital，Venovate Marketlpace 和 Digital Wealth LLC 。……上市也不是Coinbase的终点和目的，目前Coinbase所做的一切，仍然在为第四个阶段，构建Coinbase生态的开放金融系统做准备。加密货币的“美国梦”Coinbase的成功难以复制。雷军常说，站在风口上，猪都能飞起来，站在加密货币的风口上飞起来的猪有很多，但Coinbase只有一个，因为它在美国，为什么中国、日本、韩国没有“Coinbase”？美国依然掌握了货币霸权，是全球资本市场的中心，并且逐渐得到了比特币的定价权。监管上，中国、美国、日本的监管思路不同。九四之后，“重链抑币”成为中国区块链世界的主旋律。中国将区块链定义为一种信息服务技术，监管主体是中央网信办，而对于区块链以及加密货币可能带来的金融风险，则由中国人民银行进行监管。美国的监管机构主要包括美国证券交易委员会 (SEC)、商品期货交易委员会（CFTC）。对于代币发行和交易所，美国并没有采用一刀切的方式，而是将实用型通证和证券性通证分别纳入相应监管体系，证券属性代币的发行需要依照证券法登记注册，交易所经营则需要获得牌照。与此同时，美国SEC频繁出手，打击各类非法ICO。尽管日本是全球为数不多为数字资产提供法律保障的国家之一，加密货币交易所的设立运营也完全可以合法合规，然而由于监管严苛，日本交易所没有上币权，从而导致本土项目募资和交易的难度变大，一定程度上阻碍了创新项目的发展。如今的Coinbase，一定程度上成为了美国加密货币监管平衡术下的样本。其次，美国作为全球最大的经济体，为Coinbase提供了广阔的空间，当华尔街拥抱比特币，Coinbase也因为其合规优势成为了机构们的“比特币大管家”，据Bituniverse 4月13日数据，目前Coinbase平台拥有87万枚比特币，远超币安（21.51万）和火币（25.23万）。Coinbase的崛起，背后是东方世界比特币定价权的衰落，以美国为中心的西方世界获得更多筹码以及话语权。无论是业务重心还是护城河，Coinbase都离不开身后的美国监管机构以及美国市场，Coinbase并不是去中心化的理想故事，更多是加密货币的“美国梦”。","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"tweetType":1,"viewCount":2069,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":10,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}