What Coinbase's Q3 report says about the market cycle
plus, tokenized treasuries and centralized control
“Neither a man nor a crowd nor a nation can be trusted to act humanely or to think sanely under the influence of a great fear.” – Bertrand Russell ||
Hello everyone, and HAPPY HALLOWEEN!!! No, I’m not going trick-or-treating, I have zero spooky decorations out, and I do not enjoy scary movies. But I do love Halloween-themed music and the gummy eyeballs in my local supermarket, so I have a fun evening ahead. 🎃
Also, a very happy birthday to the Bitcoin whitepaper, first published 16 years ago today.🎂
Also, programming note, tomorrow is a holiday where I live (Todos los Santos, when we honour the deceased), so the newsletter will be taking a break. Back on Saturday, with the free weekly version!
IN THIS NEWSLETTER:
What Coinbase’s Q3 report says about the market cycle
Tokenized treasuries and centralized control
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WHAT I’M WATCHING:
What Coinbase’s Q3 report says about the market cycle
Normally I don’t talk about quarterly earnings, even though you could argue that publicly listed crypto companies are in the intersection of crypto and macro, which this newsletter focuses on. I should have a think about that – perhaps my reluctance has been because I don’t want this to become an investment research note (there are plenty of good ones out there), at least not when it comes to portfolio allocation. I’m more interested in trends, narratives and market plumbing.
But every now and then an earnings release throws up some interesting statements on current market conditions.
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