A Long-Term Look At Coinbase

Short background to Coinbase's (COIN) post-IPO stock development.Reasons for analysts' bear case.Another perspective on Coinbase's decision to cancel its affiliate program.Long-term reasons for a bullish case for Coinbase.This article is a thesis for why Coinbase (COIN) is a long-term bet on the growth of crypto, including in its less speculative forms, despite the largely negative sentiment towards the stock in 2022.Few other moments had such a strong flavor of a market peak as Coinbase's IPO, a much-fanfared market listing of the U.S. cryptoexchange valued at $86B at a time when greed and crypto still rhymed amid seemingly never-ending price rises of thousand celebrated ponzi schemes.As on its way up, Coinbase is now closely watched on its way down, and it doesn't look good. Cryptoexchanges are more restricted in terms of what they can do in the U.S., as compared to the rest of world (including the EU) anyway (i.e., broadly speaking no derivatives, no leverage), leaving them more reliant on pure trading fees propelled by asset appreciation and things like NFTs.And Coinbase has treaded carefully. We have talked about their dispute with SEC, from which they ultimately backed off. This week, we saw new legal challenges emerge, some which are of more serious nature. What is and isn't a security is a perennial topic in crypto. It seems that, unlike their jurisdiction shopping competitors, Coinbase has to be very careful about its...