[arcticbull]

> Coinbase is not more likely to shut down or screw you over than any normal bank

Coinbase literally just direct listed, had their executive team dump every single vested share on the open market, and then listed Tether. Not a mention of Tether in their regulatory filings under "OMG WTF ARE YOU THINKING". Hmmmm.

Starting to smell a bit like an exit scam.

[3np]

> Coinbase literally just direct listed, had their executive team dump every single vested share on the open market

AFAIUI this is not uncommon practice for IPOs in general

That being said - time will have to tell of the CB executive team is honest or not. I wouldn't be surprised either way TBH.

Jumping on Tether seems very shortsighted in CBs position.

[arcticbull]

> AFAIUI this is not uncommon practice for IPOs in general

IPOs generally have a 180 day lockup, in part so that the market can begin down the path of price discovery. This is a solid anti-pump-n-dump mechanism. This is achievable because new shares are issued for folks to trade with. The rules were changed recently, by the way, so that direct listings could also issue shares instead of requiring insider selling.

I think some selling is fine, I do think selling almost 100% of vested shares by every executive on day 1 isn't a bullish indicator. Usually they sell over months/years with a 10b5-1 plan.

> Jumping on Tether seems very shortsighted in CBs position.

I think they direct listed before launching USDT specifically so they could avoid putting Tether in their disclosures.

[3np]

Thanks for the education.

> I think they direct listed before launching USDT specifically so they could avoid putting Tether in their disclosures.

That definitely explains the timing, but given that they probably prefer users to use their own USDC anyway, why do this when it's such a controversial asset?