You probably never heard of this ycombinator thing on account of it being largely irrelevant. Unless you read Trilema that is, we scrape pretty close to the bottom of the barrel around here.
Coinbasei is another fine example of the sort of pointless nonsense they push. Originally it was supposed to be some sort of “WoW game gold for Bitcoin game gold” deal. It never went anywhere, as far as I know. Then it wanted to be a Bitcoin miner. I quote people who actually mine :
jcpham “I suspect that coinlab has burnt thru most of their funding without having launched any products, and are now desperately trying to get some press for another funding round before they go under.”
jcpham IN 2011, miners raped coinlab for 95%. When the block reward halved, we gamed their PPS until it was unprofitable. It’s 2013 now. It’s no longer even profitable to mine there, even with their bonus PPS. You lose money mining and their pool hashrate is literally nothing.
dub I like how the glbse logo.
jcpham They need to release a client that allows gpu miners to get paid. Otherwise they are dead.
So that didn’t work too well either, it would seem. I have no idea, I don’t mine myself, but it seems to be the consensus. Now they want to be some sort of payment processor. To quote them :
The actual market remains both unconvinced and unimpressed :
Bugpowder Any thoughts on the coinlab story? It’s not clear from the wording that they actually ARE buying / HAVE BOUGHT mtgox’s US book or they are just TRYING to buy the book and have achieved absolutely nothing.
mircea_popescu Bugpowder the later. Not only is mtgox not selling, but who is coinbase again ?
gigavps Bugpowder they are going to be mtgox’s us broker essentially
Bugpowder Are they? Or are they just leaking some hype to a reporter with no actual deal
mircea_popescu Bugpowder my point is more alongthe lines, there’s about five or six of other corps doing what they do. The fact that unlike the competition they have a burn rate is NOT an advantage.
Bugpowder “The goal is to move customers’ money from overseas to Silicon Valley Bank by March 22nd.” Like by starting a new way to deposit and stealing the future international wire action, or actually pulling all the existing deposits from Japan/HK to a US bank. Anyone have an interview transcript?
mircea_popescu Bugpowder you ever heard of something like this released other than as a joint item ?
mircea_popescu MtGox is silent. Nothing happened.
mircea_popescu Other than remarkably incompetent trade mag and remarkably incompetent coinlab pr person.
Bugpowder “Has worked for a year to sign an exclusive long term deal.”
mircea_popescu I’ve been working for twelve years to fuck Tea Leoni.
Bugpowder Heh. You may have enough Bitcoins to make it happen.
mircea_popescu I prefer working at it by now. Anyway, the way I read it a deal is not even close.
Bugpowder I concur.
mircea_popescu If it were you wouldn’t be pissing the OP off with statements of the kind. Prolly what happened is they finally got told to take a hike, and are trying to extract whatever from it.
Bugpowder Looks like VC-style hype trying to create an illusion of success, hopefully leading to actual success.
mircea_popescu But on the negative side, if coinbase tech competence is anything like their pr ability, they’ll be the next large hack. At any rate they’re running out of money this year, so… meh.
Bugpowder Coinbase ~= coinlab. Does not inspire confidence : http://blogs-images.forbes.com/jonmatonis/files/2012/10/coinlab-founders.jpg
mircea_popescu Not young enough ?
Bugpowder They look dumb in the face.
mircea_popescu Not jewish enough ?
ThickAsThieves Too “where’s my mai tai” looking.
To make the story short and simple : Bitcoin is too big and the people that matter in Bitcoin are too heavy by now for half a million and a few dorks to make any sort of dent in the state of affairs. And when I say a few dorks I mean both the two dorks that imagine they’re “founders” or whatever the hell and more generally the however many dorks loosely associated under the ycombinator banner. Boys, if you mattered at all you’d have done something I’d have heard of by now. Something a little more like Google and a little less like AirBnb. You haven’t done it, and it’s pretty much because you don’t matter. No matter what the circlejerk might have been telling you, the fact of the matter is you (collectively and individually) suck.
To conclude : if within a few weeks’ time you find yourself in the position of having to decide whether a few million dollars go to a. free drinks and garter inserts at a number of strip clubs or to b. coinbase “second round of funding”, the correct business decision is certainly a. At least the strippers can actually provide an answer should anyone happen to ask “what the fuck are you doing”.
Also, Bitcoin has been brought to Wall Street already, and a while ago. The agency doing it is called MPEx. I don’t appreciate the unwarranted pretense of idiots like whoever is in charge of both Coinbase and Bitcoin Magazine. Get your bearings straight boys.
pigeons Wtf does coinbase’s platform have anything to do with “wall street”
dub It’s in amurica.
BitHub I smell a wallstreet fail.
assbot [MPEX] [S.DICE] 15199 @ 0.0063799 = 96.9681 BTC [+]
dub “Coinbase brings bitcoin to the Alabama beef jerky co-operative” doesn’t have the same ring.
pigeons “coinbase announces they are switching business models again to improve something that they have no experience in that mtgox with the most experience doesn’t like handling”
I confess I share the sentiment. I have no idea what the thing is to be called or what’s supposed to be what. Coinlab ? Coinbase ? Coinyourmother ? What are all these things ? A casebook study in “how not to do branding”.