Silicon Valley Daily

Coinbase wins against the SEC but stock trades down.

1. This got priced in in early November.

2. Company is firing on all cylinders product-wise (from my outside perspective), but the new pillars like Base are still early from a revenue story (for a company that makes 6B+ a year) and market doesn't really understand the blockspace business

3. Coinbase is a index on overall crypto utility. The current price is an index on trading — both CEX and DEX — and a future weighting of increased competition (which seems more likely now).

4. The major drivers for the company will be:

a. New breakout consumer use case(s) with crypto emerge
b. Bitcoin moons

Both will likely happen, but option A is the one they have more control over, esp. with Base.

Working on Farcaster and Warpcast. Longer thoughts at https://dwr.email

I know you're not planning on it but pls don't sell fc to them

permissionless, credibly neutral and programmable is the Schelling point

They wouldn’t own Farcaster, they would own its creators

Yes a financial institution owning fc would be bad