Unless you've not being paying attention, you know that just some days ago Coinbase went public. Yes, the crypto exchange we've all learnt to hate and love. That being said, what happened shortly after the launch was "expected"?
Them insider basterds
I guess I should be fair and point out that most IPO's at launch dump. Why? Well, because some people get in for free (work for the company, thus get shares) or at good gain right after the initial offering is set. It's also important to say that most people are not long term thinkers, thus this is precisely how they handle finances.
All that being said. I believe that if we worry too much about this dump, we are missing the forest for the trees. Yes the insiders might be losing faith in Coinbase. Maybe. But honestly who cares?
The insider basterds might be doing all of us a favor here. They remind us, in their dumpy ways that Coinbase is just a small piece of the puzzle in the long term. In other words, we don't need Coinbase for the space to survive.
Forest? Trees?
I realize I might get some pushback here, but that's entirely fine. I sincerely think that the stock market itself is total garbage. Why? Well, because I understand it, that's why.
The way it works, the stock buybacks, the manipulation, and all the layers of bullshit that add no value to an economy, make it to where I sincerely find them too archaic to survive.
Why would people want to play in a casino, a rigged game, is beyond me. But at any rate, if we, or should I say, if I accept the stock market is a clown show, I should not care much if any crypto company decides to deep their toes in that swamp.
The idea behind crypto, at the expense of being rudimentary, is to circumvent, avoid, and ultimately replace the traditional financial system. So, reverting back to it, seems like fitting a flying car with a carburetor. (I guess it's fine, it works, but... wtf)
Eye on the ball
As far as I'm concerned: Coinbase going public, becoming "legit" is good, but only in the short term. Why? Well, because almost nobody with working neurons (Peter Schiff doesn't count) is calling crypto a scam anymore.
The decentralization is on route to topple the way things have been working for centuries. We may be at the beginning, but soon, just like with the horse and buggy, we will wonder why the hell we put up with the shit for so long.
MenO