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Coinbase Is Making $2.7 Million a Day (bitcoin.com)
An anonymous reader quotes a report from Bitcoin News: In information released to shareholders this week, Coinbase revealed that it recorded turnover of $1 billion last year, which works out at an astonishing $2.74 million a day or $2,000 a minute. As America's largest bitcoin broker, Coinbase claims the lion's share of the money that's pouring into the crypto space at a dizzying rate. 2017 was a bumper year for all crypto exchanges, which reported record numbers across the board: new signups, new staff hired, new trading pairs, and new revenue. Those revenue streams have turned into a torrent that has caused Coinbase' coffers to swell. Recode reports that the company's revenue exceeded $1 billion last year, most of it derived from the trading fees it levies. These vary from between 0.25% and 1%. and quickly add up: in the past 24 hours, 36,000 BTC were traded on Coinbase, accounting for more than 15% of the total market. Coinbase isn't the world's largest exchange (and is technically a broker rather than a conventional exchange -- that duty falls to its GDAX subsidiary) but it's the best known and carries great weight in the cryptocurrency industry.
I gotta fuckin' pay to use my money!
Great minds think alike; fools seldom differ.
Spend $20 in bitcoin, pay about $20 in 'Transaction Fees' to make it happen. What would you say if a brick-and-mortar store charged that kind of fee, just to buy something?
How about they stop having Scrooge McDuck money swims and hire some more support staff?
No their profits were $1B. FTA:
"Recode reports that the company’s revenue exceeded $1 billion last year, most of it derived from the trading fees it levies. These vary from between 0.25% and 1%. and quickly add up: in the past 24 hours, 36,000 BTC were traded on Coinbase, accounting for more than 15% of the total market."
I gotta fuckin' pay to use my money!
You don't buy tulip bulbs to spend them, you acquire them as an investment. Think long term -- tulip bulbs are a rare commodity that will only increase in price.
Revenue is not profit.
Knows his they make so much money. They simply accidentally lose your money wire or freeze your account. Sure they will pay out for little sums around $1-5k but somehow the $20k + accounts/wires magically get lost.
You should've just mentioned it's dead.
...gis sdrawkcab (usually not responding to ACs; don't bother posting as AC)
There are a whole new generation of "altcoins" coming out every day to fleece new investors, though. Why go back to Bitcoin, which already has hundreds of (Google searchable) horror stories of people losing everything, and will likely soon have many more?
They always charge me at least 1 USD whenever I buy or sell some crypto currency and almost all of my transactions are under $80. I've profited about $200 off $600 I put in in December by constantly selling high and buying low. They've made at least $40 off me.
Can anyone recommend someone else? I really hate paying a $1 fee to buy/sell $5 even though it still makes me money.
The broker company's turn over is the money they bring in from the transaction fees not the total value of the transactions the fees are levied on (that money is someone else's). That $1B revenue from transaction fees would represent something like $100-400B in transactions brokered. The day in which 36,000 BTC was traded represents a commission between 90 and 360BTC: about 990,000 to 3,960,000 USD at present values.
Patent litigation: A doctrine of Mutually Assured Destruction... in which everyone seems willing to push the button
2.7 million U.S. dollars equals 409 million Dogecoins.
That's a lot!
#DeleteFacebook
Netcraft confirms it
Revenue is not profit.
You can't beat the rake.
I suspect that's simply because they don't support Australian interbank transfer/payments systems like BSB/account transfers and Bpay etc. Since they aren't Australian there's no reason they'd have this set up, which leaves only outgoing wire transfers which are expensive for them as a business.
What I do is use GDAX to transfer the coins to be sold to an Australian crypto exchange. This is completely free using GDAX (they even eat the BTC transaction fee for you, which is kinda amazing given how high those fees have been recently). Australian exchanges will obviously then allow you to sell the coin(s) and do a normal Australian bank withdrawal. Money appears next business day in my account. Done it several times and it works well.
if they had even an ounce of honesty they would tell Australians that before they made purchases. As it is you only find that out when you try to sell. basically Coinbase is a giant bunch of conartists. I imagine they would have a massive amount of complaints with the financial ombudsman and ACCC by now, surprised really they haven't looked to prosecute them yet.
Yes, but, because the protocol is standardized,
*YOU* get to chose which payment processor company you're paying fees to (you could be using Coinbase, or Bitpay, etc.)
(Unlike if you choose to use PayPal as a system to send-money-over-internet. Then you can only use Pay Pal Inc. as the sole company that provides the service)
Or use an exchange market (Kraken, Bitstamp, etc.)
Or instead of a company you could exchange money-to-bitcoin your self. Either using a platform like localbitcoin or even redit/craiglist/irc to setup the cash/bitcoin hand-over.
Or you could mostly organise around your own tools (run your own wallet software, and be your own BTC bank, but then you're very much exposed to the BTC exchange rate volatility).
etc.
Open standard, distributed trust, means a lot of solution to the problems, instead of a single centralized go-to company.
Which is entirely the purpose of bitcoin protocole to begin with.
(And the same reflections applies to bank-to-bank money transfer standards like SEPA. No central gateway company, you get to choose which ever bank you want to work with as long as it supports SEPA payment).
"Sufficiently advanced satire is indistinguishable from reality." - [Tips: 1DrYakQDKCQ6y52z6QbnkxHXAocMZJE61o ]
This reminds me of a quote from the movie Trading Places. Randolph Duke: "The good part, William, is that, no matter whether our clients make money or lose money, Duke & Duke get the commissions."