[rgifford]

> 90%+ of industries are

This is a very simple understanding of economics that's ~100 years outdated. Most of the world's largest companies sell goods and services with relatively inelastic demand and/or significant barriers to market entry. What IP does Coinbase have that makes their service/good inelastic? Tomorrow when all coins are supported on Robinhood, Cash app, and Venmo, why use Coinbase? COIN investors haven't given me a good answer here. It just comes off delusional to me.

> They have 56 million verified user accounts.

This is a deceptive number. Coinbase has ~6M monthly active users at a time when crypto grew in value 10x. Average account duration is, I'm sure, very low. Schwab has ~30M active brokerage accounts. These are actual, comparable numbers. 56M is pretty much anyone that made an account with a linked email, no?