Forget Bitcoin - 5 Reasons To Buy Coinbase Instead_老虎社区_美港股上老虎

Forget Bitcoin - 5 Reasons To Buy Coinbase Instead

seekingalpha2021-05-21

Summary While BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential. We believe that COIN offers ...

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免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

13cd0426
·2021-05-26
Based
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- 13cd0426:
  Based on demand and supply
  2021-05-26
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- dtjj16:
  based on what
  2021-05-26
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97fca4a
·2021-05-24
Good read! [Great]
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2
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Gamestonk
·2021-05-23
Good
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CTLT
·2021-05-23
Is it risky to buy coin base although after IPO seehigher results.
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jakejak3jake
·2021-05-23
Please like and comment
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- jakejak3jake:
  Comment
  2021-05-23
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pangspurs
·2021-05-23
Eeerrrrr
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Cryotan
·2021-05-23
Too risky
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- ngchris:
  Agreed
  2021-05-23
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- Shirron:
  thought so too
  2021-05-23
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Kikiooi
·2021-05-23
Diversified profile is better
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68fc893
·2021-05-23
Wow what other businesses tho
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gweiming
·2021-05-23
🤔
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- gweiming:
  ⛄️
  2021-12-13
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- gweiming:
  🥳
  2021-12-07
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- gweiming:
  🐳
  2021-12-03
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查看更多 2 条评论
Cloud7
·2021-05-23
Ok
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- Cloud7:
  Ok
  2021-05-23
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Silverlitz
·2021-05-23
Is COIN cheap enough to go in yet?
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SSVC
·2021-05-23
Really..Appreciate your comments and response Thanks
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3
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- granola:
  Here you go!
  2021-05-23
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- 小小馒头:
  Sure!
  2021-05-23
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- deeplearning:
  done, please like and reply~
  2021-05-23
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Milojj
·2021-05-23
Dogecoin!! 🚀
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JLCH
·2021-05-23
?
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2
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- JLCH:
  ?
  2021-05-23
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JLCH
·2021-05-23
?
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1
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Zsz
·2021-05-22
Pla comment
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- Milesguru:
  Comment and like. Thanks
  2021-05-23
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- Shamaine:
  Done
  2021-05-22
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TYsg
·2021-05-22
Buy at your own risk!
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- TYsg:
  👍
  2021-05-24
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KryZ
·2021-05-22
Hmm...sees itself as a cryptocurrency infrastructure business...
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- Jiaweiyeo:
  Like
  2021-05-22
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nimrod
·2021-05-22
Interesting buy recommendation
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In the following paragraphs, we share 5 reasons why:\n#1. COIN Is A Growing Business\nAs a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.\nIn contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.\nAs Warren Buffett said in his 2011 Letter to Shareholders:\n\nIf you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future.\n\nBitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we buy gold miners instead. We view COIN as serving a similar purpose in our exposure to the crypto world.\n#2. COIN Is Diversified Across 100+ Cryptocurrencies\nBitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:\nData byYCharts\nIn contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.\n#3. COIN Profits Even When Cryptocurrencies Are Crashing\nWhile Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.\nAs a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.\n#4. COIN Is Diversifying Into Ancillary Businesses\nWhile COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.\nWhile this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.\nIn fact, COIN is already aggressively reinvesting its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.\nAs a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects more than 50% of their revenue to come from sources other than transaction fees.\nUltimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.\nThey are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.\nWith just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.\n#5. COIN Is Easier To Value Than Cryptocurrencies\nLast, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.\nInvestor Takeaway\nAs we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.\nThat said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. 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In the following paragraphs, we share 5 reasons why:<blockquote>因此，由于我们相信Coinbase(COIN)为投资者提供了当今加密货币市场中最好的风险回报，因此我们更愿意投资那里，而不是直接投资当今市场上的单个加密货币。在以下段落中，我们分享了5个原因：</blockquote> #1. COIN Is A Growing Business<blockquote>#1.COIN是一项不断增长的业务</blockquote> As a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.<blockquote>作为一项高利润的业务，COIN产生实际现金流，使其内在价值随着时间的推移而增长。因此，它是一个真正的财富复利器，假设企业保持盈利，从长远来看，它将使其所有者变得更加富有。购买和持有COIN股票是一项投资，有可能在现金流增长和业务基本面改善的基础上增加个人财富。</blockquote> In contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.<blockquote>相比之下，比特币既不生育也不产生现金流。它所能做的就是根据人们不断变化的拥有它的欲望，相对于美元或其他资产的价格上涨或下跌。因此，持有它并不是一种投资，而是对未来的一种猜测，即比特币届时的需求将比现在更大。</blockquote> As Warren Buffett said in his&nbsp;2011 Letter to Shareholders:<blockquote>正如沃伦·巴菲特在2011年致股东的信中所说：</blockquote> If you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future. Bitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we&nbsp;buy gold miners&nbsp;instead. We view COIN as serving a similar purpose in our exposure to the crypto world.<blockquote>如果你永远拥有一盎司黄金，你最终仍然会拥有一盎司...所有者的灵感不是来自资产本身能产生什么——它将永远没有生命——而是来自这样一种信念，即其他人在未来会更加渴望它。比特币——被称为数字黄金——可以用非常相似的方式来描述。虽然我们实际上拥有一些黄金(GLD)，但我们也不将其视为一种投资，而是一种资产，作为一种保险机制，作为一种久经考验且抗通胀的交易媒介。对于我们投资组合中的黄金敞口，我们转而购买金矿公司。我们认为COIN在我们接触加密世界时也有类似的目的。</blockquote> #2. COIN Is Diversified Across 100+ Cryptocurrencies<blockquote>#2.COIN多元化跨越100多种加密货币</blockquote> Bitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:<blockquote>比特币是越来越多的加密货币之一，已经有数百种。因此，它面临着激烈的竞争以及创新和颠覆的持续威胁，取代了它作为领先加密货币的地位，并最终导致其价值下跌。此外，它还面临监管甚至禁令风险，特别是因为其大部分处理能力位于通常被视为西方战略对手甚至对手的国家，包括中国、俄罗斯、伊朗和巴基斯坦。最后但并非最不重要的一点是，比特币的价格已被证明极其不稳定，过去两周已经清楚地表明：</blockquote> <img src=\"https://static.tigerbbs.com/0748a1a4f030bb30e23bc37a8352c208\" tg-width=\"635\" tg-height=\"403\">Data byYCharts<blockquote>数据来自YCharts</blockquote> In contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.<blockquote>相比之下，COIN分散在一百多种加密货币中，从而使其免受任何单一加密货币崩溃的影响。例如，如果中国禁止比特币并有效控制其大部分采矿活动，这将对比特币的价格和加工能力造成毁灭性打击。虽然这仍可能对COIN的现金流和股价造成重大损害，但对COIN的影响远不如比特币所面临的影响严重，而且它将能够用其他加密货币取代比特币。</blockquote> #3. COIN Profits Even When Cryptocurrencies Are Crashing<blockquote>#3.即使加密货币崩溃，代币也能获利</blockquote> While Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.<blockquote>虽然比特币的盈亏命题直接随着比特币价格的上涨和下跌，但COIN的利润并没有与加密货币价格的上涨直接挂钩。相反，它的大部分利润来自交易费，这意味着只要加密货币交易量大，他们就会获得高额利润。此外，由于它交易100多种加密货币，它并不依赖于任何单一加密货币的高交易量，而是从加密货币的整体受欢迎程度中获利。</blockquote> As a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.<blockquote>因此，无论人们是蜂拥而至，试图登上加密货币潮流，还是在加密货币抛售中竞相退出，COIN都有望获得巨额利润，使其成为比比特币更具防御性和不相关的资产。这进一步提高了其风险回报状况。</blockquote> #4. COIN Is Diversifying Into Ancillary Businesses<blockquote>#4.COIN正在多元化发展辅助业务</blockquote> While COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.<blockquote>虽然COIN的竞争地位与比特币相似，因为它享有显着的网络优势和先发地位，但它也面临着来自其他类似平台的激烈竞争，这些平台不断创新并试图获得对它的优势。然而，在这一领域，COIN比比特币拥有一个关键优势：它是一家拥有智能管理、执行长期战略的企业，拥有一支由才华横溢的软件工程师和程序员组成的小型军队，而比特币则是一种没有生命的静态资产。</blockquote> While this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.<blockquote>虽然这可能是一件幸事，因为比特币不存在犯任何战略错误或不当分配股东资本的风险，但总体而言，我们认为这对比特币来说是一个重大负面影响，因为在一个以创新为游戏名称的领域，它增加了比特币最终被竞争加密货币取代和绕过的机会，而COIN可以不断发展并以创新步伐或领先于创新步伐，以维持和加强其竞争优势。</blockquote> In fact, COIN is already&nbsp;aggressively reinvesting&nbsp;its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.<blockquote>事实上，COIN已经在积极地将其利润再投资于此。虽然其交易所业务占其利润的大部分，而且管理层坚持认为——尽管竞争日益激烈——对加密货币的需求不断增长意味着该业务的利润率不太可能在短期内压缩，但他们确实预计从长远来看，利润率压缩将会发生，就像任何没有巨大进入壁垒的利润丰厚的业务一样。</blockquote> As a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects&nbsp;more than 50% of their revenue to come from sources other than transaction fees.<blockquote>因此，管理层目前正在进行多项投资，以增加多样化的收入来源，从而带来更稳定、更安全的长期收入。5年内，管理层预计超过50%的收入将来自交易费以外的来源。</blockquote> Ultimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.<blockquote>最终，COIN将自己视为一家加密货币基础设施企业，提供广泛的服务和工具，使人们能够访问、交换、存储和优化他们对加密货币和区块链技术的使用。他们已经在发展和/或探索的业务包括通过与Visa（V）合作推出的加密货币现金返还信用卡，这是一项针对使用专有网络安全技术、加密货币贷款、存款账户和新的创新交易形式的机构的托管/金库业务，这些交易甚至还没有出现在公众的雷达上，使它们成为虚拟基础设施、网络安全、交易所和金融科技业务的集合体。</blockquote> They are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.<blockquote>他们还投资了许多前雇员后来创立的加密货币初创公司。因此，他们将自己定位为从该领域的进一步外部创新中受益，同时也免受前公司内部人员构建的新技术和应用程序的干扰。</blockquote> With just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to&nbsp;exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.<blockquote>COIN目前只有5000万会员，预计潜在用户约为10亿，因此COIN的增长跑道仍然很大，很容易在未来几年实现指数级增长，特别是如果加密货币的接受度和受欢迎程度继续快速增长的话。</blockquote> #5. COIN Is Easier To Value Than Cryptocurrencies<blockquote>#5.硬币比加密货币更容易估值</blockquote> Last, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.<blockquote>最后但并非最不重要的一点是，COIN产生利润的能力赋予了它内在价值。虽然比特币的真正价值最终是任何人的猜测，因为它完全取决于猜测、消费者不断变化的突发奇想以及对创新管道不会出现更好的希望，但COIN带来了实际的盈利能力和新的业务创新。因此，我们可以更好地了解COIN比比特币更有吸引力的价格。作为价值投资者，我们非常喜欢这种方法。</blockquote> Investor Takeaway<blockquote>投资者要点</blockquote> As we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.<blockquote>正如我们之前关于黄金的说法，流行的加密货币在多元化投资组合中占有一席之地肯定是有理由的。事实上，我们也预计，如果比特币能够在全球企业和机构的接受度和利用率方面继续增长，它将比COIN具有更高的上涨潜力。</blockquote> That said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.<blockquote>也就是说，作为价值投资者，我们喜欢投资而不是投机，并努力最大化我们的风险回报状况。鉴于COIN产生实际现金流以实现长期增长，它在广泛的加密货币领域享有显着的多元化，它与加密货币价格上涨没有直接关系，即使在加密货币崩盘期间也可能获利，正在多元化成为加密货币基础设施公司，并且具有实际的内在价值，而不仅仅是投机资产，COIN是我们投资加密货币领域最喜欢的选择。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Forget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nForget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nseekingalpha2021-05-21 21:26\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>While BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.</li> <li>We believe that COIN offers investors the best risk-reward in today's crypto market.</li> <li>We share 5 reasons why.</li> </ul> <img src=\"https://static.tigerbbs.com/b022fdf1e4f4d4a467df29622f4ff73a\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\">Photo by Movus/iStock Editorial via Getty Images<blockquote><ul><li>虽然如果看涨预测实现，BTC具有巨大的上涨潜力，但我们投资的是最佳的风险回报状况，而不仅仅是最佳的回报潜力。</li><li>我们相信COIN为投资者提供了当今加密货币市场中最好的风险回报。</li><li>我们分享5个原因。</li></ul>摄影：Movus/iStock社论来自Getty Images</blockquote> While Bitcoin (BTC-USD) has tremendous upside potential&nbsp;bullish projections&nbsp;of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.<blockquote>虽然比特币(BTC-USD)具有巨大的上涨潜力，Ark Invest(ARKK)的Cathie Wood等人对每枚硬币的看涨预测为50万美元以上，但我们投资是为了获得最佳的风险回报状况，而不仅仅是最佳的回报潜力。</blockquote> As a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:<blockquote>因此，由于我们相信Coinbase(COIN)为投资者提供了当今加密货币市场中最好的风险回报，因此我们更愿意投资那里，而不是直接投资当今市场上的单个加密货币。在以下段落中，我们分享了5个原因：</blockquote> #1. COIN Is A Growing Business<blockquote>#1.COIN是一项不断增长的业务</blockquote> As a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.<blockquote>作为一项高利润的业务，COIN产生实际现金流，使其内在价值随着时间的推移而增长。因此，它是一个真正的财富复利器，假设企业保持盈利，从长远来看，它将使其所有者变得更加富有。购买和持有COIN股票是一项投资，有可能在现金流增长和业务基本面改善的基础上增加个人财富。</blockquote> In contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.<blockquote>相比之下，比特币既不生育也不产生现金流。它所能做的就是根据人们不断变化的拥有它的欲望，相对于美元或其他资产的价格上涨或下跌。因此，持有它并不是一种投资，而是对未来的一种猜测，即比特币届时的需求将比现在更大。</blockquote> As Warren Buffett said in his&nbsp;2011 Letter to Shareholders:<blockquote>正如沃伦·巴菲特在2011年致股东的信中所说：</blockquote> If you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future. Bitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we&nbsp;buy gold miners&nbsp;instead. We view COIN as serving a similar purpose in our exposure to the crypto world.<blockquote>如果你永远拥有一盎司黄金，你最终仍然会拥有一盎司...所有者的灵感不是来自资产本身能产生什么——它将永远没有生命——而是来自这样一种信念，即其他人在未来会更加渴望它。比特币——被称为数字黄金——可以用非常相似的方式来描述。虽然我们实际上拥有一些黄金(GLD)，但我们也不将其视为一种投资，而是一种资产，作为一种保险机制，作为一种久经考验且抗通胀的交易媒介。对于我们投资组合中的黄金敞口，我们转而购买金矿公司。我们认为COIN在我们接触加密世界时也有类似的目的。</blockquote> #2. COIN Is Diversified Across 100+ Cryptocurrencies<blockquote>#2.COIN多元化跨越100多种加密货币</blockquote> Bitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:<blockquote>比特币是越来越多的加密货币之一，已经有数百种。因此，它面临着激烈的竞争以及创新和颠覆的持续威胁，取代了它作为领先加密货币的地位，并最终导致其价值下跌。此外，它还面临监管甚至禁令风险，特别是因为其大部分处理能力位于通常被视为西方战略对手甚至对手的国家，包括中国、俄罗斯、伊朗和巴基斯坦。最后但并非最不重要的一点是，比特币的价格已被证明极其不稳定，过去两周已经清楚地表明：</blockquote> <img src=\"https://static.tigerbbs.com/0748a1a4f030bb30e23bc37a8352c208\" tg-width=\"635\" tg-height=\"403\">Data byYCharts<blockquote>数据来自YCharts</blockquote> In contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.<blockquote>相比之下，COIN分散在一百多种加密货币中，从而使其免受任何单一加密货币崩溃的影响。例如，如果中国禁止比特币并有效控制其大部分采矿活动，这将对比特币的价格和加工能力造成毁灭性打击。虽然这仍可能对COIN的现金流和股价造成重大损害，但对COIN的影响远不如比特币所面临的影响严重，而且它将能够用其他加密货币取代比特币。</blockquote> #3. COIN Profits Even When Cryptocurrencies Are Crashing<blockquote>#3.即使加密货币崩溃，代币也能获利</blockquote> While Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.<blockquote>虽然比特币的盈亏命题直接随着比特币价格的上涨和下跌，但COIN的利润并没有与加密货币价格的上涨直接挂钩。相反，它的大部分利润来自交易费，这意味着只要加密货币交易量大，他们就会获得高额利润。此外，由于它交易100多种加密货币，它并不依赖于任何单一加密货币的高交易量，而是从加密货币的整体受欢迎程度中获利。</blockquote> As a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.<blockquote>因此，无论人们是蜂拥而至，试图登上加密货币潮流，还是在加密货币抛售中竞相退出，COIN都有望获得巨额利润，使其成为比比特币更具防御性和不相关的资产。这进一步提高了其风险回报状况。</blockquote> #4. COIN Is Diversifying Into Ancillary Businesses<blockquote>#4.COIN正在多元化发展辅助业务</blockquote> While COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.<blockquote>虽然COIN的竞争地位与比特币相似，因为它享有显着的网络优势和先发地位，但它也面临着来自其他类似平台的激烈竞争，这些平台不断创新并试图获得对它的优势。然而，在这一领域，COIN比比特币拥有一个关键优势：它是一家拥有智能管理、执行长期战略的企业，拥有一支由才华横溢的软件工程师和程序员组成的小型军队，而比特币则是一种没有生命的静态资产。</blockquote> While this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.<blockquote>虽然这可能是一件幸事，因为比特币不存在犯任何战略错误或不当分配股东资本的风险，但总体而言，我们认为这对比特币来说是一个重大负面影响，因为在一个以创新为游戏名称的领域，它增加了比特币最终被竞争加密货币取代和绕过的机会，而COIN可以不断发展并以创新步伐或领先于创新步伐，以维持和加强其竞争优势。</blockquote> In fact, COIN is already&nbsp;aggressively reinvesting&nbsp;its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.<blockquote>事实上，COIN已经在积极地将其利润再投资于此。虽然其交易所业务占其利润的大部分，而且管理层坚持认为——尽管竞争日益激烈——对加密货币的需求不断增长意味着该业务的利润率不太可能在短期内压缩，但他们确实预计从长远来看，利润率压缩将会发生，就像任何没有巨大进入壁垒的利润丰厚的业务一样。</blockquote> As a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects&nbsp;more than 50% of their revenue to come from sources other than transaction fees.<blockquote>因此，管理层目前正在进行多项投资，以增加多样化的收入来源，从而带来更稳定、更安全的长期收入。5年内，管理层预计超过50%的收入将来自交易费以外的来源。</blockquote> Ultimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.<blockquote>最终，COIN将自己视为一家加密货币基础设施企业，提供广泛的服务和工具，使人们能够访问、交换、存储和优化他们对加密货币和区块链技术的使用。他们已经在发展和/或探索的业务包括通过与Visa（V）合作推出的加密货币现金返还信用卡，这是一项针对使用专有网络安全技术、加密货币贷款、存款账户和新的创新交易形式的机构的托管/金库业务，这些交易甚至还没有出现在公众的雷达上，使它们成为虚拟基础设施、网络安全、交易所和金融科技业务的集合体。</blockquote> They are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.<blockquote>他们还投资了许多前雇员后来创立的加密货币初创公司。因此，他们将自己定位为从该领域的进一步外部创新中受益，同时也免受前公司内部人员构建的新技术和应用程序的干扰。</blockquote> With just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to&nbsp;exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.<blockquote>COIN目前只有5000万会员，预计潜在用户约为10亿，因此COIN的增长跑道仍然很大，很容易在未来几年实现指数级增长，特别是如果加密货币的接受度和受欢迎程度继续快速增长的话。</blockquote> #5. COIN Is Easier To Value Than Cryptocurrencies<blockquote>#5.硬币比加密货币更容易估值</blockquote> Last, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.<blockquote>最后但并非最不重要的一点是，COIN产生利润的能力赋予了它内在价值。虽然比特币的真正价值最终是任何人的猜测，因为它完全取决于猜测、消费者不断变化的突发奇想以及对创新管道不会出现更好的希望，但COIN带来了实际的盈利能力和新的业务创新。因此，我们可以更好地了解COIN比比特币更有吸引力的价格。作为价值投资者，我们非常喜欢这种方法。</blockquote> Investor Takeaway<blockquote>投资者要点</blockquote> As we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.<blockquote>正如我们之前关于黄金的说法，流行的加密货币在多元化投资组合中占有一席之地肯定是有理由的。事实上，我们也预计，如果比特币能够在全球企业和机构的接受度和利用率方面继续增长，它将比COIN具有更高的上涨潜力。</blockquote> That said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.<blockquote>也就是说，作为价值投资者，我们喜欢投资而不是投机，并努力最大化我们的风险回报状况。鉴于COIN产生实际现金流以实现长期增长，它在广泛的加密货币领域享有显着的多元化，它与加密货币价格上涨没有直接关系，即使在加密货币崩盘期间也可能获利，正在多元化成为加密货币基础设施公司，并且具有实际的内在价值，而不仅仅是投机资产，COIN是我们投资加密货币领域最喜欢的选择。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4430338-coinbase-forget-bitcoin-5-reasons-to-buy-coinbase-instead\">seekingalpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://seekingalpha.com/article/4430338-coinbase-forget-bitcoin-5-reasons-to-buy-coinbase-instead","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178134052","content_text":"Summary\n\nWhile BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.\nWe believe that COIN offers investors the best risk-reward in today's crypto market.\nWe share 5 reasons why.\n\nPhoto by Movus/iStock Editorial via Getty Images\nWhile Bitcoin (BTC-USD) has tremendous upside potential bullish projections of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.\nAs a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:\n#1. COIN Is A Growing Business\nAs a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.\nIn contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.\nAs Warren Buffett said in his 2011 Letter to Shareholders:\n\nIf you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future.\n\nBitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we buy gold miners instead. We view COIN as serving a similar purpose in our exposure to the crypto world.\n#2. COIN Is Diversified Across 100+ Cryptocurrencies\nBitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:\nData byYCharts\nIn contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.\n#3. COIN Profits Even When Cryptocurrencies Are Crashing\nWhile Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.\nAs a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.\n#4. COIN Is Diversifying Into Ancillary Businesses\nWhile COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.\nWhile this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.\nIn fact, COIN is already aggressively reinvesting its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.\nAs a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects more than 50% of their revenue to come from sources other than transaction fees.\nUltimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.\nThey are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.\nWith just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.\n#5. COIN Is Easier To Value Than Cryptocurrencies\nLast, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.\nInvestor Takeaway\nAs we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.\nThat said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4458612,"gmtCreate":1622038160795,"gmtModify":1631896405445,"authorId":3578437374431441,"author":{"id":3578437374431441,"idStr":"3578437374431441","authorId":3578437374431441,"name":"13cd0426","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":136637740,"type":1,"supId":4455835,"prevId":0,"content":"Based on demand and supply","text":"Based on demand and supply","html":"Based on demand and supply"},{"id":4455835,"gmtCreate":1622019947969,"gmtModify":1631896405435,"authorId":3573592434925239,"author":{"id":3573592434925239,"idStr":"3573592434925239","authorId":3573592434925239,"name":"dtjj16","avatar":"https://static.tigerbbs.com/31031db86cbe360fe2192b1109400932","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":136637740,"type":1,"supId":0,"prevId":0,"content":"based on what","text":"based on what","html":"based on what"}],"langContent":"EN"},{"id":133731750,"gmtCreate":1621810046270,"gmtModify":1634186541384,"author":{"id":"3576445214043888","authorId":"3576445214043888","name":"97fca4a","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3576445214043888","idStr":"3576445214043888"},"htmlText":"Good read! [Great]&nbsp;","listText":"Good read! [Great]&nbsp;","text":"Good read! [Great]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/133731750","repostId":1178134052,"repostType":4,"repost":{"id":"1178134052","kind":"news","pubTimestamp":1621603581,"share":"https://www.laohu8.com/m/news/1178134052?lang=zh_CN&edition=full","pubTime":"2021-05-21 21:26","market":"us","language":"en","title":"Forget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1178134052","media":"seekingalpha","summary":"Summary\n\nWhile BTC has tremendous upside potential if bullish projections play out, we invest for th","content":"Summary<blockquote>总结</blockquote> <ul> <li>While BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.</li> <li>We believe that COIN offers investors the best risk-reward in today's crypto market.</li> <li>We share 5 reasons why.</li> </ul> <img src=\"https://static.tigerbbs.com/b022fdf1e4f4d4a467df29622f4ff73a\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\">Photo by Movus/iStock Editorial via Getty Images<blockquote><ul><li>虽然如果看涨预测实现，BTC具有巨大的上涨潜力，但我们投资的是最佳的风险回报状况，而不仅仅是最佳的回报潜力。</li><li>我们相信COIN为投资者提供了当今加密货币市场中最好的风险回报。</li><li>我们分享5个原因。</li></ul>摄影：Movus/iStock社论来自Getty Images</blockquote> While Bitcoin (BTC-USD) has tremendous upside potential&nbsp;bullish projections&nbsp;of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.<blockquote>虽然比特币(BTC-USD)具有巨大的上涨潜力，Ark Invest(ARKK)的Cathie Wood等人对每枚硬币的看涨预测为50万美元以上，但我们投资是为了获得最佳的风险回报状况，而不仅仅是最佳的回报潜力。</blockquote> As a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:<blockquote>因此，由于我们相信Coinbase(COIN)为投资者提供了当今加密货币市场中最好的风险回报，因此我们更愿意投资那里，而不是直接投资当今市场上的单个加密货币。在以下段落中，我们分享了5个原因：</blockquote> #1. COIN Is A Growing Business<blockquote>#1.COIN是一项不断增长的业务</blockquote> As a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.<blockquote>作为一项高利润的业务，COIN产生实际现金流，使其内在价值随着时间的推移而增长。因此，它是一个真正的财富复利器，假设企业保持盈利，从长远来看，它将使其所有者变得更加富有。购买和持有COIN股票是一项投资，有可能在现金流增长和业务基本面改善的基础上增加个人财富。</blockquote> In contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.<blockquote>相比之下，比特币既不生育也不产生现金流。它所能做的就是根据人们不断变化的拥有它的欲望，相对于美元或其他资产的价格上涨或下跌。因此，持有它并不是一种投资，而是对未来的一种猜测，即比特币届时的需求将比现在更大。</blockquote> As Warren Buffett said in his&nbsp;2011 Letter to Shareholders:<blockquote>正如沃伦·巴菲特在2011年致股东的信中所说：</blockquote> If you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future. Bitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we&nbsp;buy gold miners&nbsp;instead. We view COIN as serving a similar purpose in our exposure to the crypto world.<blockquote>如果你永远拥有一盎司黄金，你最终仍然会拥有一盎司...所有者的灵感不是来自资产本身能产生什么——它将永远没有生命——而是来自这样一种信念，即其他人在未来会更加渴望它。比特币——被称为数字黄金——可以用非常相似的方式来描述。虽然我们实际上拥有一些黄金(GLD)，但我们也不将其视为一种投资，而是一种资产，作为一种保险机制，作为一种久经考验且抗通胀的交易媒介。对于我们投资组合中的黄金敞口，我们转而购买金矿公司。我们认为COIN在我们接触加密世界时也有类似的目的。</blockquote> #2. COIN Is Diversified Across 100+ Cryptocurrencies<blockquote>#2.COIN多元化跨越100多种加密货币</blockquote> Bitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:<blockquote>比特币是越来越多的加密货币之一，已经有数百种。因此，它面临着激烈的竞争以及创新和颠覆的持续威胁，取代了它作为领先加密货币的地位，并最终导致其价值下跌。此外，它还面临监管甚至禁令风险，特别是因为其大部分处理能力位于通常被视为西方战略对手甚至对手的国家，包括中国、俄罗斯、伊朗和巴基斯坦。最后但并非最不重要的一点是，比特币的价格已被证明极其不稳定，过去两周已经清楚地表明：</blockquote> <img src=\"https://static.tigerbbs.com/0748a1a4f030bb30e23bc37a8352c208\" tg-width=\"635\" tg-height=\"403\">Data byYCharts<blockquote>数据来自YCharts</blockquote> In contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.<blockquote>相比之下，COIN分散在一百多种加密货币中，从而使其免受任何单一加密货币崩溃的影响。例如，如果中国禁止比特币并有效控制其大部分采矿活动，这将对比特币的价格和加工能力造成毁灭性打击。虽然这仍可能对COIN的现金流和股价造成重大损害，但对COIN的影响远不如比特币所面临的影响严重，而且它将能够用其他加密货币取代比特币。</blockquote> #3. COIN Profits Even When Cryptocurrencies Are Crashing<blockquote>#3.即使加密货币崩溃，代币也能获利</blockquote> While Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.<blockquote>虽然比特币的盈亏命题直接随着比特币价格的上涨和下跌，但COIN的利润并没有与加密货币价格的上涨直接挂钩。相反，它的大部分利润来自交易费，这意味着只要加密货币交易量大，他们就会获得高额利润。此外，由于它交易100多种加密货币，它并不依赖于任何单一加密货币的高交易量，而是从加密货币的整体受欢迎程度中获利。</blockquote> As a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.<blockquote>因此，无论人们是蜂拥而至，试图登上加密货币潮流，还是在加密货币抛售中竞相退出，COIN都有望获得巨额利润，使其成为比比特币更具防御性和不相关的资产。这进一步提高了其风险回报状况。</blockquote> #4. COIN Is Diversifying Into Ancillary Businesses<blockquote>#4.COIN正在多元化发展辅助业务</blockquote> While COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.<blockquote>虽然COIN的竞争地位与比特币相似，因为它享有显着的网络优势和先发地位，但它也面临着来自其他类似平台的激烈竞争，这些平台不断创新并试图获得对它的优势。然而，在这一领域，COIN比比特币拥有一个关键优势：它是一家拥有智能管理、执行长期战略的企业，拥有一支由才华横溢的软件工程师和程序员组成的小型军队，而比特币则是一种没有生命的静态资产。</blockquote> While this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.<blockquote>虽然这可能是一件幸事，因为比特币不存在犯任何战略错误或不当分配股东资本的风险，但总体而言，我们认为这对比特币来说是一个重大负面影响，因为在一个以创新为游戏名称的领域，它增加了比特币最终被竞争加密货币取代和绕过的机会，而COIN可以不断发展并以创新步伐或领先于创新步伐，以维持和加强其竞争优势。</blockquote> In fact, COIN is already&nbsp;aggressively reinvesting&nbsp;its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.<blockquote>事实上，COIN已经在积极地将其利润再投资于此。虽然其交易所业务占其利润的大部分，而且管理层坚持认为——尽管竞争日益激烈——对加密货币的需求不断增长意味着该业务的利润率不太可能在短期内压缩，但他们确实预计从长远来看，利润率压缩将会发生，就像任何没有巨大进入壁垒的利润丰厚的业务一样。</blockquote> As a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects&nbsp;more than 50% of their revenue to come from sources other than transaction fees.<blockquote>因此，管理层目前正在进行多项投资，以增加多样化的收入来源，从而带来更稳定、更安全的长期收入。5年内，管理层预计超过50%的收入将来自交易费以外的来源。</blockquote> Ultimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.<blockquote>最终，COIN将自己视为一家加密货币基础设施企业，提供广泛的服务和工具，使人们能够访问、交换、存储和优化他们对加密货币和区块链技术的使用。他们已经在发展和/或探索的业务包括通过与Visa（V）合作推出的加密货币现金返还信用卡，这是一项针对使用专有网络安全技术、加密货币贷款、存款账户和新的创新交易形式的机构的托管/金库业务，这些交易甚至还没有出现在公众的雷达上，使它们成为虚拟基础设施、网络安全、交易所和金融科技业务的集合体。</blockquote> They are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.<blockquote>他们还投资了许多前雇员后来创立的加密货币初创公司。因此，他们将自己定位为从该领域的进一步外部创新中受益，同时也免受前公司内部人员构建的新技术和应用程序的干扰。</blockquote> With just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to&nbsp;exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.<blockquote>COIN目前只有5000万会员，预计潜在用户约为10亿，因此COIN的增长跑道仍然很大，很容易在未来几年实现指数级增长，特别是如果加密货币的接受度和受欢迎程度继续快速增长的话。</blockquote> #5. COIN Is Easier To Value Than Cryptocurrencies<blockquote>#5.硬币比加密货币更容易估值</blockquote> Last, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.<blockquote>最后但并非最不重要的一点是，COIN产生利润的能力赋予了它内在价值。虽然比特币的真正价值最终是任何人的猜测，因为它完全取决于猜测、消费者不断变化的突发奇想以及对创新管道不会出现更好的希望，但COIN带来了实际的盈利能力和新的业务创新。因此，我们可以更好地了解COIN比比特币更有吸引力的价格。作为价值投资者，我们非常喜欢这种方法。</blockquote> Investor Takeaway<blockquote>投资者要点</blockquote> As we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.<blockquote>正如我们之前关于黄金的说法，流行的加密货币在多元化投资组合中占有一席之地肯定是有理由的。事实上，我们也预计，如果比特币能够在全球企业和机构的接受度和利用率方面继续增长，它将比COIN具有更高的上涨潜力。</blockquote> That said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.<blockquote>也就是说，作为价值投资者，我们喜欢投资而不是投机，并努力最大化我们的风险回报状况。鉴于COIN产生实际现金流以实现长期增长，它在广泛的加密货币领域享有显着的多元化，它与加密货币价格上涨没有直接关系，即使在加密货币崩盘期间也可能获利，正在多元化成为加密货币基础设施公司，并且具有实际的内在价值，而不仅仅是投机资产，COIN是我们投资加密货币领域最喜欢的选择。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Forget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nForget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nseekingalpha2021-05-21 21:26\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>While BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.</li> <li>We believe that COIN offers investors the best risk-reward in today's crypto market.</li> <li>We share 5 reasons why.</li> </ul> <img src=\"https://static.tigerbbs.com/b022fdf1e4f4d4a467df29622f4ff73a\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\">Photo by Movus/iStock Editorial via Getty Images<blockquote><ul><li>虽然如果看涨预测实现，BTC具有巨大的上涨潜力，但我们投资的是最佳的风险回报状况，而不仅仅是最佳的回报潜力。</li><li>我们相信COIN为投资者提供了当今加密货币市场中最好的风险回报。</li><li>我们分享5个原因。</li></ul>摄影：Movus/iStock社论来自Getty Images</blockquote> While Bitcoin (BTC-USD) has tremendous upside potential&nbsp;bullish projections&nbsp;of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.<blockquote>虽然比特币(BTC-USD)具有巨大的上涨潜力，Ark Invest(ARKK)的Cathie Wood等人对每枚硬币的看涨预测为50万美元以上，但我们投资是为了获得最佳的风险回报状况，而不仅仅是最佳的回报潜力。</blockquote> As a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:<blockquote>因此，由于我们相信Coinbase(COIN)为投资者提供了当今加密货币市场中最好的风险回报，因此我们更愿意投资那里，而不是直接投资当今市场上的单个加密货币。在以下段落中，我们分享了5个原因：</blockquote> #1. COIN Is A Growing Business<blockquote>#1.COIN是一项不断增长的业务</blockquote> As a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.<blockquote>作为一项高利润的业务，COIN产生实际现金流，使其内在价值随着时间的推移而增长。因此，它是一个真正的财富复利器，假设企业保持盈利，从长远来看，它将使其所有者变得更加富有。购买和持有COIN股票是一项投资，有可能在现金流增长和业务基本面改善的基础上增加个人财富。</blockquote> In contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.<blockquote>相比之下，比特币既不生育也不产生现金流。它所能做的就是根据人们不断变化的拥有它的欲望，相对于美元或其他资产的价格上涨或下跌。因此，持有它并不是一种投资，而是对未来的一种猜测，即比特币届时的需求将比现在更大。</blockquote> As Warren Buffett said in his&nbsp;2011 Letter to Shareholders:<blockquote>正如沃伦·巴菲特在2011年致股东的信中所说：</blockquote> If you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future. Bitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we&nbsp;buy gold miners&nbsp;instead. We view COIN as serving a similar purpose in our exposure to the crypto world.<blockquote>如果你永远拥有一盎司黄金，你最终仍然会拥有一盎司...所有者的灵感不是来自资产本身能产生什么——它将永远没有生命——而是来自这样一种信念，即其他人在未来会更加渴望它。比特币——被称为数字黄金——可以用非常相似的方式来描述。虽然我们实际上拥有一些黄金(GLD)，但我们也不将其视为一种投资，而是一种资产，作为一种保险机制，作为一种久经考验且抗通胀的交易媒介。对于我们投资组合中的黄金敞口，我们转而购买金矿公司。我们认为COIN在我们接触加密世界时也有类似的目的。</blockquote> #2. COIN Is Diversified Across 100+ Cryptocurrencies<blockquote>#2.COIN多元化跨越100多种加密货币</blockquote> Bitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:<blockquote>比特币是越来越多的加密货币之一，已经有数百种。因此，它面临着激烈的竞争以及创新和颠覆的持续威胁，取代了它作为领先加密货币的地位，并最终导致其价值下跌。此外，它还面临监管甚至禁令风险，特别是因为其大部分处理能力位于通常被视为西方战略对手甚至对手的国家，包括中国、俄罗斯、伊朗和巴基斯坦。最后但并非最不重要的一点是，比特币的价格已被证明极其不稳定，过去两周已经清楚地表明：</blockquote> <img src=\"https://static.tigerbbs.com/0748a1a4f030bb30e23bc37a8352c208\" tg-width=\"635\" tg-height=\"403\">Data byYCharts<blockquote>数据来自YCharts</blockquote> In contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.<blockquote>相比之下，COIN分散在一百多种加密货币中，从而使其免受任何单一加密货币崩溃的影响。例如，如果中国禁止比特币并有效控制其大部分采矿活动，这将对比特币的价格和加工能力造成毁灭性打击。虽然这仍可能对COIN的现金流和股价造成重大损害，但对COIN的影响远不如比特币所面临的影响严重，而且它将能够用其他加密货币取代比特币。</blockquote> #3. COIN Profits Even When Cryptocurrencies Are Crashing<blockquote>#3.即使加密货币崩溃，代币也能获利</blockquote> While Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.<blockquote>虽然比特币的盈亏命题直接随着比特币价格的上涨和下跌，但COIN的利润并没有与加密货币价格的上涨直接挂钩。相反，它的大部分利润来自交易费，这意味着只要加密货币交易量大，他们就会获得高额利润。此外，由于它交易100多种加密货币，它并不依赖于任何单一加密货币的高交易量，而是从加密货币的整体受欢迎程度中获利。</blockquote> As a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.<blockquote>因此，无论人们是蜂拥而至，试图登上加密货币潮流，还是在加密货币抛售中竞相退出，COIN都有望获得巨额利润，使其成为比比特币更具防御性和不相关的资产。这进一步提高了其风险回报状况。</blockquote> #4. COIN Is Diversifying Into Ancillary Businesses<blockquote>#4.COIN正在多元化发展辅助业务</blockquote> While COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.<blockquote>虽然COIN的竞争地位与比特币相似，因为它享有显着的网络优势和先发地位，但它也面临着来自其他类似平台的激烈竞争，这些平台不断创新并试图获得对它的优势。然而，在这一领域，COIN比比特币拥有一个关键优势：它是一家拥有智能管理、执行长期战略的企业，拥有一支由才华横溢的软件工程师和程序员组成的小型军队，而比特币则是一种没有生命的静态资产。</blockquote> While this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.<blockquote>虽然这可能是一件幸事，因为比特币不存在犯任何战略错误或不当分配股东资本的风险，但总体而言，我们认为这对比特币来说是一个重大负面影响，因为在一个以创新为游戏名称的领域，它增加了比特币最终被竞争加密货币取代和绕过的机会，而COIN可以不断发展并以创新步伐或领先于创新步伐，以维持和加强其竞争优势。</blockquote> In fact, COIN is already&nbsp;aggressively reinvesting&nbsp;its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.<blockquote>事实上，COIN已经在积极地将其利润再投资于此。虽然其交易所业务占其利润的大部分，而且管理层坚持认为——尽管竞争日益激烈——对加密货币的需求不断增长意味着该业务的利润率不太可能在短期内压缩，但他们确实预计从长远来看，利润率压缩将会发生，就像任何没有巨大进入壁垒的利润丰厚的业务一样。</blockquote> As a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects&nbsp;more than 50% of their revenue to come from sources other than transaction fees.<blockquote>因此，管理层目前正在进行多项投资，以增加多样化的收入来源，从而带来更稳定、更安全的长期收入。5年内，管理层预计超过50%的收入将来自交易费以外的来源。</blockquote> Ultimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.<blockquote>最终，COIN将自己视为一家加密货币基础设施企业，提供广泛的服务和工具，使人们能够访问、交换、存储和优化他们对加密货币和区块链技术的使用。他们已经在发展和/或探索的业务包括通过与Visa（V）合作推出的加密货币现金返还信用卡，这是一项针对使用专有网络安全技术、加密货币贷款、存款账户和新的创新交易形式的机构的托管/金库业务，这些交易甚至还没有出现在公众的雷达上，使它们成为虚拟基础设施、网络安全、交易所和金融科技业务的集合体。</blockquote> They are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.<blockquote>他们还投资了许多前雇员后来创立的加密货币初创公司。因此，他们将自己定位为从该领域的进一步外部创新中受益，同时也免受前公司内部人员构建的新技术和应用程序的干扰。</blockquote> With just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to&nbsp;exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.<blockquote>COIN目前只有5000万会员，预计潜在用户约为10亿，因此COIN的增长跑道仍然很大，很容易在未来几年实现指数级增长，特别是如果加密货币的接受度和受欢迎程度继续快速增长的话。</blockquote> #5. COIN Is Easier To Value Than Cryptocurrencies<blockquote>#5.硬币比加密货币更容易估值</blockquote> Last, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.<blockquote>最后但并非最不重要的一点是，COIN产生利润的能力赋予了它内在价值。虽然比特币的真正价值最终是任何人的猜测，因为它完全取决于猜测、消费者不断变化的突发奇想以及对创新管道不会出现更好的希望，但COIN带来了实际的盈利能力和新的业务创新。因此，我们可以更好地了解COIN比比特币更有吸引力的价格。作为价值投资者，我们非常喜欢这种方法。</blockquote> Investor Takeaway<blockquote>投资者要点</blockquote> As we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.<blockquote>正如我们之前关于黄金的说法，流行的加密货币在多元化投资组合中占有一席之地肯定是有理由的。事实上，我们也预计，如果比特币能够在全球企业和机构的接受度和利用率方面继续增长，它将比COIN具有更高的上涨潜力。</blockquote> That said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.<blockquote>也就是说，作为价值投资者，我们喜欢投资而不是投机，并努力最大化我们的风险回报状况。鉴于COIN产生实际现金流以实现长期增长，它在广泛的加密货币领域享有显着的多元化，它与加密货币价格上涨没有直接关系，即使在加密货币崩盘期间也可能获利，正在多元化成为加密货币基础设施公司，并且具有实际的内在价值，而不仅仅是投机资产，COIN是我们投资加密货币领域最喜欢的选择。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4430338-coinbase-forget-bitcoin-5-reasons-to-buy-coinbase-instead\">seekingalpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://seekingalpha.com/article/4430338-coinbase-forget-bitcoin-5-reasons-to-buy-coinbase-instead","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178134052","content_text":"Summary\n\nWhile BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.\nWe believe that COIN offers investors the best risk-reward in today's crypto market.\nWe share 5 reasons why.\n\nPhoto by Movus/iStock Editorial via Getty Images\nWhile Bitcoin (BTC-USD) has tremendous upside potential bullish projections of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.\nAs a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:\n#1. COIN Is A Growing Business\nAs a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.\nIn contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.\nAs Warren Buffett said in his 2011 Letter to Shareholders:\n\nIf you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future.\n\nBitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we buy gold miners instead. We view COIN as serving a similar purpose in our exposure to the crypto world.\n#2. COIN Is Diversified Across 100+ Cryptocurrencies\nBitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:\nData byYCharts\nIn contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.\n#3. COIN Profits Even When Cryptocurrencies Are Crashing\nWhile Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.\nAs a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.\n#4. COIN Is Diversifying Into Ancillary Businesses\nWhile COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.\nWhile this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.\nIn fact, COIN is already aggressively reinvesting its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.\nAs a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects more than 50% of their revenue to come from sources other than transaction fees.\nUltimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.\nThey are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.\nWith just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.\n#5. COIN Is Easier To Value Than Cryptocurrencies\nLast, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.\nInvestor Takeaway\nAs we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.\nThat said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":133568753,"gmtCreate":1621770799972,"gmtModify":1634186673486,"author":{"id":"3575009081709881","authorId":"3575009081709881","name":"Gamestonk","avatar":"https://static.tigerbbs.com/0fca263e180995788f829a20ba7eb602","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3575009081709881","idStr":"3575009081709881"},"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/133568753","repostId":1178134052,"repostType":4,"repost":{"id":"1178134052","kind":"news","pubTimestamp":1621603581,"share":"https://www.laohu8.com/m/news/1178134052?lang=zh_CN&edition=full","pubTime":"2021-05-21 21:26","market":"us","language":"en","title":"Forget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1178134052","media":"seekingalpha","summary":"Summary\n\nWhile BTC has tremendous upside potential if bullish projections play out, we invest for th","content":"Summary<blockquote>总结</blockquote> <ul> <li>While BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.</li> <li>We believe that COIN offers investors the best risk-reward in today's crypto market.</li> <li>We share 5 reasons why.</li> </ul> <img src=\"https://static.tigerbbs.com/b022fdf1e4f4d4a467df29622f4ff73a\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\">Photo by Movus/iStock Editorial via Getty Images<blockquote><ul><li>虽然如果看涨预测实现，BTC具有巨大的上涨潜力，但我们投资的是最佳的风险回报状况，而不仅仅是最佳的回报潜力。</li><li>我们相信COIN为投资者提供了当今加密货币市场中最好的风险回报。</li><li>我们分享5个原因。</li></ul>摄影：Movus/iStock社论来自Getty Images</blockquote> While Bitcoin (BTC-USD) has tremendous upside potential&nbsp;bullish projections&nbsp;of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.<blockquote>虽然比特币(BTC-USD)具有巨大的上涨潜力，Ark Invest(ARKK)的Cathie Wood等人对每枚硬币的看涨预测为50万美元以上，但我们投资是为了获得最佳的风险回报状况，而不仅仅是最佳的回报潜力。</blockquote> As a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:<blockquote>因此，由于我们相信Coinbase(COIN)为投资者提供了当今加密货币市场中最好的风险回报，因此我们更愿意投资那里，而不是直接投资当今市场上的单个加密货币。在以下段落中，我们分享了5个原因：</blockquote> #1. COIN Is A Growing Business<blockquote>#1.COIN是一项不断增长的业务</blockquote> As a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.<blockquote>作为一项高利润的业务，COIN产生实际现金流，使其内在价值随着时间的推移而增长。因此，它是一个真正的财富复利器，假设企业保持盈利，从长远来看，它将使其所有者变得更加富有。购买和持有COIN股票是一项投资，有可能在现金流增长和业务基本面改善的基础上增加个人财富。</blockquote> In contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.<blockquote>相比之下，比特币既不生育也不产生现金流。它所能做的就是根据人们不断变化的拥有它的欲望，相对于美元或其他资产的价格上涨或下跌。因此，持有它并不是一种投资，而是对未来的一种猜测，即比特币届时的需求将比现在更大。</blockquote> As Warren Buffett said in his&nbsp;2011 Letter to Shareholders:<blockquote>正如沃伦·巴菲特在2011年致股东的信中所说：</blockquote> If you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future. Bitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we&nbsp;buy gold miners&nbsp;instead. We view COIN as serving a similar purpose in our exposure to the crypto world.<blockquote>如果你永远拥有一盎司黄金，你最终仍然会拥有一盎司...所有者的灵感不是来自资产本身能产生什么——它将永远没有生命——而是来自这样一种信念，即其他人在未来会更加渴望它。比特币——被称为数字黄金——可以用非常相似的方式来描述。虽然我们实际上拥有一些黄金(GLD)，但我们也不将其视为一种投资，而是一种资产，作为一种保险机制，作为一种久经考验且抗通胀的交易媒介。对于我们投资组合中的黄金敞口，我们转而购买金矿公司。我们认为COIN在我们接触加密世界时也有类似的目的。</blockquote> #2. COIN Is Diversified Across 100+ Cryptocurrencies<blockquote>#2.COIN多元化跨越100多种加密货币</blockquote> Bitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:<blockquote>比特币是越来越多的加密货币之一，已经有数百种。因此，它面临着激烈的竞争以及创新和颠覆的持续威胁，取代了它作为领先加密货币的地位，并最终导致其价值下跌。此外，它还面临监管甚至禁令风险，特别是因为其大部分处理能力位于通常被视为西方战略对手甚至对手的国家，包括中国、俄罗斯、伊朗和巴基斯坦。最后但并非最不重要的一点是，比特币的价格已被证明极其不稳定，过去两周已经清楚地表明：</blockquote> <img src=\"https://static.tigerbbs.com/0748a1a4f030bb30e23bc37a8352c208\" tg-width=\"635\" tg-height=\"403\">Data byYCharts<blockquote>数据来自YCharts</blockquote> In contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.<blockquote>相比之下，COIN分散在一百多种加密货币中，从而使其免受任何单一加密货币崩溃的影响。例如，如果中国禁止比特币并有效控制其大部分采矿活动，这将对比特币的价格和加工能力造成毁灭性打击。虽然这仍可能对COIN的现金流和股价造成重大损害，但对COIN的影响远不如比特币所面临的影响严重，而且它将能够用其他加密货币取代比特币。</blockquote> #3. COIN Profits Even When Cryptocurrencies Are Crashing<blockquote>#3.即使加密货币崩溃，代币也能获利</blockquote> While Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.<blockquote>虽然比特币的盈亏命题直接随着比特币价格的上涨和下跌，但COIN的利润并没有与加密货币价格的上涨直接挂钩。相反，它的大部分利润来自交易费，这意味着只要加密货币交易量大，他们就会获得高额利润。此外，由于它交易100多种加密货币，它并不依赖于任何单一加密货币的高交易量，而是从加密货币的整体受欢迎程度中获利。</blockquote> As a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.<blockquote>因此，无论人们是蜂拥而至，试图登上加密货币潮流，还是在加密货币抛售中竞相退出，COIN都有望获得巨额利润，使其成为比比特币更具防御性和不相关的资产。这进一步提高了其风险回报状况。</blockquote> #4. COIN Is Diversifying Into Ancillary Businesses<blockquote>#4.COIN正在多元化发展辅助业务</blockquote> While COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.<blockquote>虽然COIN的竞争地位与比特币相似，因为它享有显着的网络优势和先发地位，但它也面临着来自其他类似平台的激烈竞争，这些平台不断创新并试图获得对它的优势。然而，在这一领域，COIN比比特币拥有一个关键优势：它是一家拥有智能管理、执行长期战略的企业，拥有一支由才华横溢的软件工程师和程序员组成的小型军队，而比特币则是一种没有生命的静态资产。</blockquote> While this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.<blockquote>虽然这可能是一件幸事，因为比特币不存在犯任何战略错误或不当分配股东资本的风险，但总体而言，我们认为这对比特币来说是一个重大负面影响，因为在一个以创新为游戏名称的领域，它增加了比特币最终被竞争加密货币取代和绕过的机会，而COIN可以不断发展并以创新步伐或领先于创新步伐，以维持和加强其竞争优势。</blockquote> In fact, COIN is already&nbsp;aggressively reinvesting&nbsp;its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.<blockquote>事实上，COIN已经在积极地将其利润再投资于此。虽然其交易所业务占其利润的大部分，而且管理层坚持认为——尽管竞争日益激烈——对加密货币的需求不断增长意味着该业务的利润率不太可能在短期内压缩，但他们确实预计从长远来看，利润率压缩将会发生，就像任何没有巨大进入壁垒的利润丰厚的业务一样。</blockquote> As a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects&nbsp;more than 50% of their revenue to come from sources other than transaction fees.<blockquote>因此，管理层目前正在进行多项投资，以增加多样化的收入来源，从而带来更稳定、更安全的长期收入。5年内，管理层预计超过50%的收入将来自交易费以外的来源。</blockquote> Ultimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.<blockquote>最终，COIN将自己视为一家加密货币基础设施企业，提供广泛的服务和工具，使人们能够访问、交换、存储和优化他们对加密货币和区块链技术的使用。他们已经在发展和/或探索的业务包括通过与Visa（V）合作推出的加密货币现金返还信用卡，这是一项针对使用专有网络安全技术、加密货币贷款、存款账户和新的创新交易形式的机构的托管/金库业务，这些交易甚至还没有出现在公众的雷达上，使它们成为虚拟基础设施、网络安全、交易所和金融科技业务的集合体。</blockquote> They are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.<blockquote>他们还投资了许多前雇员后来创立的加密货币初创公司。因此，他们将自己定位为从该领域的进一步外部创新中受益，同时也免受前公司内部人员构建的新技术和应用程序的干扰。</blockquote> With just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to&nbsp;exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.<blockquote>COIN目前只有5000万会员，预计潜在用户约为10亿，因此COIN的增长跑道仍然很大，很容易在未来几年实现指数级增长，特别是如果加密货币的接受度和受欢迎程度继续快速增长的话。</blockquote> #5. COIN Is Easier To Value Than Cryptocurrencies<blockquote>#5.硬币比加密货币更容易估值</blockquote> Last, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.<blockquote>最后但并非最不重要的一点是，COIN产生利润的能力赋予了它内在价值。虽然比特币的真正价值最终是任何人的猜测，因为它完全取决于猜测、消费者不断变化的突发奇想以及对创新管道不会出现更好的希望，但COIN带来了实际的盈利能力和新的业务创新。因此，我们可以更好地了解COIN比比特币更有吸引力的价格。作为价值投资者，我们非常喜欢这种方法。</blockquote> Investor Takeaway<blockquote>投资者要点</blockquote> As we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.<blockquote>正如我们之前关于黄金的说法，流行的加密货币在多元化投资组合中占有一席之地肯定是有理由的。事实上，我们也预计，如果比特币能够在全球企业和机构的接受度和利用率方面继续增长，它将比COIN具有更高的上涨潜力。</blockquote> That said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.<blockquote>也就是说，作为价值投资者，我们喜欢投资而不是投机，并努力最大化我们的风险回报状况。鉴于COIN产生实际现金流以实现长期增长，它在广泛的加密货币领域享有显着的多元化，它与加密货币价格上涨没有直接关系，即使在加密货币崩盘期间也可能获利，正在多元化成为加密货币基础设施公司，并且具有实际的内在价值，而不仅仅是投机资产，COIN是我们投资加密货币领域最喜欢的选择。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Forget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nForget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nseekingalpha2021-05-21 21:26\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>While BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.</li> <li>We believe that COIN offers investors the best risk-reward in today's crypto market.</li> <li>We share 5 reasons why.</li> </ul> <img src=\"https://static.tigerbbs.com/b022fdf1e4f4d4a467df29622f4ff73a\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\">Photo by Movus/iStock Editorial via Getty Images<blockquote><ul><li>虽然如果看涨预测实现，BTC具有巨大的上涨潜力，但我们投资的是最佳的风险回报状况，而不仅仅是最佳的回报潜力。</li><li>我们相信COIN为投资者提供了当今加密货币市场中最好的风险回报。</li><li>我们分享5个原因。</li></ul>摄影：Movus/iStock社论来自Getty Images</blockquote> While Bitcoin (BTC-USD) has tremendous upside potential&nbsp;bullish projections&nbsp;of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.<blockquote>虽然比特币(BTC-USD)具有巨大的上涨潜力，Ark Invest(ARKK)的Cathie Wood等人对每枚硬币的看涨预测为50万美元以上，但我们投资是为了获得最佳的风险回报状况，而不仅仅是最佳的回报潜力。</blockquote> As a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:<blockquote>因此，由于我们相信Coinbase(COIN)为投资者提供了当今加密货币市场中最好的风险回报，因此我们更愿意投资那里，而不是直接投资当今市场上的单个加密货币。在以下段落中，我们分享了5个原因：</blockquote> #1. COIN Is A Growing Business<blockquote>#1.COIN是一项不断增长的业务</blockquote> As a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.<blockquote>作为一项高利润的业务，COIN产生实际现金流，使其内在价值随着时间的推移而增长。因此，它是一个真正的财富复利器，假设企业保持盈利，从长远来看，它将使其所有者变得更加富有。购买和持有COIN股票是一项投资，有可能在现金流增长和业务基本面改善的基础上增加个人财富。</blockquote> In contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.<blockquote>相比之下，比特币既不生育也不产生现金流。它所能做的就是根据人们不断变化的拥有它的欲望，相对于美元或其他资产的价格上涨或下跌。因此，持有它并不是一种投资，而是对未来的一种猜测，即比特币届时的需求将比现在更大。</blockquote> As Warren Buffett said in his&nbsp;2011 Letter to Shareholders:<blockquote>正如沃伦·巴菲特在2011年致股东的信中所说：</blockquote> If you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future. Bitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we&nbsp;buy gold miners&nbsp;instead. We view COIN as serving a similar purpose in our exposure to the crypto world.<blockquote>如果你永远拥有一盎司黄金，你最终仍然会拥有一盎司...所有者的灵感不是来自资产本身能产生什么——它将永远没有生命——而是来自这样一种信念，即其他人在未来会更加渴望它。比特币——被称为数字黄金——可以用非常相似的方式来描述。虽然我们实际上拥有一些黄金(GLD)，但我们也不将其视为一种投资，而是一种资产，作为一种保险机制，作为一种久经考验且抗通胀的交易媒介。对于我们投资组合中的黄金敞口，我们转而购买金矿公司。我们认为COIN在我们接触加密世界时也有类似的目的。</blockquote> #2. COIN Is Diversified Across 100+ Cryptocurrencies<blockquote>#2.COIN多元化跨越100多种加密货币</blockquote> Bitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:<blockquote>比特币是越来越多的加密货币之一，已经有数百种。因此，它面临着激烈的竞争以及创新和颠覆的持续威胁，取代了它作为领先加密货币的地位，并最终导致其价值下跌。此外，它还面临监管甚至禁令风险，特别是因为其大部分处理能力位于通常被视为西方战略对手甚至对手的国家，包括中国、俄罗斯、伊朗和巴基斯坦。最后但并非最不重要的一点是，比特币的价格已被证明极其不稳定，过去两周已经清楚地表明：</blockquote> <img src=\"https://static.tigerbbs.com/0748a1a4f030bb30e23bc37a8352c208\" tg-width=\"635\" tg-height=\"403\">Data byYCharts<blockquote>数据来自YCharts</blockquote> In contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.<blockquote>相比之下，COIN分散在一百多种加密货币中，从而使其免受任何单一加密货币崩溃的影响。例如，如果中国禁止比特币并有效控制其大部分采矿活动，这将对比特币的价格和加工能力造成毁灭性打击。虽然这仍可能对COIN的现金流和股价造成重大损害，但对COIN的影响远不如比特币所面临的影响严重，而且它将能够用其他加密货币取代比特币。</blockquote> #3. COIN Profits Even When Cryptocurrencies Are Crashing<blockquote>#3.即使加密货币崩溃，代币也能获利</blockquote> While Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.<blockquote>虽然比特币的盈亏命题直接随着比特币价格的上涨和下跌，但COIN的利润并没有与加密货币价格的上涨直接挂钩。相反，它的大部分利润来自交易费，这意味着只要加密货币交易量大，他们就会获得高额利润。此外，由于它交易100多种加密货币，它并不依赖于任何单一加密货币的高交易量，而是从加密货币的整体受欢迎程度中获利。</blockquote> As a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.<blockquote>因此，无论人们是蜂拥而至，试图登上加密货币潮流，还是在加密货币抛售中竞相退出，COIN都有望获得巨额利润，使其成为比比特币更具防御性和不相关的资产。这进一步提高了其风险回报状况。</blockquote> #4. COIN Is Diversifying Into Ancillary Businesses<blockquote>#4.COIN正在多元化发展辅助业务</blockquote> While COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.<blockquote>虽然COIN的竞争地位与比特币相似，因为它享有显着的网络优势和先发地位，但它也面临着来自其他类似平台的激烈竞争，这些平台不断创新并试图获得对它的优势。然而，在这一领域，COIN比比特币拥有一个关键优势：它是一家拥有智能管理、执行长期战略的企业，拥有一支由才华横溢的软件工程师和程序员组成的小型军队，而比特币则是一种没有生命的静态资产。</blockquote> While this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.<blockquote>虽然这可能是一件幸事，因为比特币不存在犯任何战略错误或不当分配股东资本的风险，但总体而言，我们认为这对比特币来说是一个重大负面影响，因为在一个以创新为游戏名称的领域，它增加了比特币最终被竞争加密货币取代和绕过的机会，而COIN可以不断发展并以创新步伐或领先于创新步伐，以维持和加强其竞争优势。</blockquote> In fact, COIN is already&nbsp;aggressively reinvesting&nbsp;its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.<blockquote>事实上，COIN已经在积极地将其利润再投资于此。虽然其交易所业务占其利润的大部分，而且管理层坚持认为——尽管竞争日益激烈——对加密货币的需求不断增长意味着该业务的利润率不太可能在短期内压缩，但他们确实预计从长远来看，利润率压缩将会发生，就像任何没有巨大进入壁垒的利润丰厚的业务一样。</blockquote> As a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects&nbsp;more than 50% of their revenue to come from sources other than transaction fees.<blockquote>因此，管理层目前正在进行多项投资，以增加多样化的收入来源，从而带来更稳定、更安全的长期收入。5年内，管理层预计超过50%的收入将来自交易费以外的来源。</blockquote> Ultimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.<blockquote>最终，COIN将自己视为一家加密货币基础设施企业，提供广泛的服务和工具，使人们能够访问、交换、存储和优化他们对加密货币和区块链技术的使用。他们已经在发展和/或探索的业务包括通过与Visa（V）合作推出的加密货币现金返还信用卡，这是一项针对使用专有网络安全技术、加密货币贷款、存款账户和新的创新交易形式的机构的托管/金库业务，这些交易甚至还没有出现在公众的雷达上，使它们成为虚拟基础设施、网络安全、交易所和金融科技业务的集合体。</blockquote> They are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.<blockquote>他们还投资了许多前雇员后来创立的加密货币初创公司。因此，他们将自己定位为从该领域的进一步外部创新中受益，同时也免受前公司内部人员构建的新技术和应用程序的干扰。</blockquote> With just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to&nbsp;exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.<blockquote>COIN目前只有5000万会员，预计潜在用户约为10亿，因此COIN的增长跑道仍然很大，很容易在未来几年实现指数级增长，特别是如果加密货币的接受度和受欢迎程度继续快速增长的话。</blockquote> #5. COIN Is Easier To Value Than Cryptocurrencies<blockquote>#5.硬币比加密货币更容易估值</blockquote> Last, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.<blockquote>最后但并非最不重要的一点是，COIN产生利润的能力赋予了它内在价值。虽然比特币的真正价值最终是任何人的猜测，因为它完全取决于猜测、消费者不断变化的突发奇想以及对创新管道不会出现更好的希望，但COIN带来了实际的盈利能力和新的业务创新。因此，我们可以更好地了解COIN比比特币更有吸引力的价格。作为价值投资者，我们非常喜欢这种方法。</blockquote> Investor Takeaway<blockquote>投资者要点</blockquote> As we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.<blockquote>正如我们之前关于黄金的说法，流行的加密货币在多元化投资组合中占有一席之地肯定是有理由的。事实上，我们也预计，如果比特币能够在全球企业和机构的接受度和利用率方面继续增长，它将比COIN具有更高的上涨潜力。</blockquote> That said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.<blockquote>也就是说，作为价值投资者，我们喜欢投资而不是投机，并努力最大化我们的风险回报状况。鉴于COIN产生实际现金流以实现长期增长，它在广泛的加密货币领域享有显着的多元化，它与加密货币价格上涨没有直接关系，即使在加密货币崩盘期间也可能获利，正在多元化成为加密货币基础设施公司，并且具有实际的内在价值，而不仅仅是投机资产，COIN是我们投资加密货币领域最喜欢的选择。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4430338-coinbase-forget-bitcoin-5-reasons-to-buy-coinbase-instead\">seekingalpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://seekingalpha.com/article/4430338-coinbase-forget-bitcoin-5-reasons-to-buy-coinbase-instead","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178134052","content_text":"Summary\n\nWhile BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.\nWe believe that COIN offers investors the best risk-reward in today's crypto market.\nWe share 5 reasons why.\n\nPhoto by Movus/iStock Editorial via Getty Images\nWhile Bitcoin (BTC-USD) has tremendous upside potential bullish projections of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.\nAs a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:\n#1. COIN Is A Growing Business\nAs a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.\nIn contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.\nAs Warren Buffett said in his 2011 Letter to Shareholders:\n\nIf you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future.\n\nBitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we buy gold miners instead. We view COIN as serving a similar purpose in our exposure to the crypto world.\n#2. COIN Is Diversified Across 100+ Cryptocurrencies\nBitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:\nData byYCharts\nIn contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.\n#3. COIN Profits Even When Cryptocurrencies Are Crashing\nWhile Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.\nAs a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.\n#4. COIN Is Diversifying Into Ancillary Businesses\nWhile COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.\nWhile this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.\nIn fact, COIN is already aggressively reinvesting its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.\nAs a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects more than 50% of their revenue to come from sources other than transaction fees.\nUltimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.\nThey are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.\nWith just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.\n#5. COIN Is Easier To Value Than Cryptocurrencies\nLast, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.\nInvestor Takeaway\nAs we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.\nThat said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":133581491,"gmtCreate":1621768882913,"gmtModify":1634186681568,"author":{"id":"3575034880210493","authorId":"3575034880210493","name":"CTLT","avatar":"https://static.tigerbbs.com/7281d38ef945e595e240f73b0b57e538","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3575034880210493","idStr":"3575034880210493"},"htmlText":"Is it risky to buy coin base although after&nbsp;IPO seehigher results.","listText":"Is it risky to buy coin base although after&nbsp;IPO seehigher results.","text":"Is it risky to buy coin base although after IPO seehigher results.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/133581491","repostId":1178134052,"repostType":4,"repost":{"id":"1178134052","kind":"news","pubTimestamp":1621603581,"share":"https://www.laohu8.com/m/news/1178134052?lang=zh_CN&edition=full","pubTime":"2021-05-21 21:26","market":"us","language":"en","title":"Forget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1178134052","media":"seekingalpha","summary":"Summary\n\nWhile BTC has tremendous upside potential if bullish projections play out, we invest for th","content":"Summary<blockquote>总结</blockquote> <ul> <li>While BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.</li> <li>We believe that COIN offers investors the best risk-reward in today's crypto market.</li> <li>We share 5 reasons why.</li> </ul> <img src=\"https://static.tigerbbs.com/b022fdf1e4f4d4a467df29622f4ff73a\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\">Photo by Movus/iStock Editorial via Getty Images<blockquote><ul><li>虽然如果看涨预测实现，BTC具有巨大的上涨潜力，但我们投资的是最佳的风险回报状况，而不仅仅是最佳的回报潜力。</li><li>我们相信COIN为投资者提供了当今加密货币市场中最好的风险回报。</li><li>我们分享5个原因。</li></ul>摄影：Movus/iStock社论来自Getty Images</blockquote> While Bitcoin (BTC-USD) has tremendous upside potential&nbsp;bullish projections&nbsp;of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.<blockquote>虽然比特币(BTC-USD)具有巨大的上涨潜力，Ark Invest(ARKK)的Cathie Wood等人对每枚硬币的看涨预测为50万美元以上，但我们投资是为了获得最佳的风险回报状况，而不仅仅是最佳的回报潜力。</blockquote> As a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:<blockquote>因此，由于我们相信Coinbase(COIN)为投资者提供了当今加密货币市场中最好的风险回报，因此我们更愿意投资那里，而不是直接投资当今市场上的单个加密货币。在以下段落中，我们分享了5个原因：</blockquote> #1. COIN Is A Growing Business<blockquote>#1.COIN是一项不断增长的业务</blockquote> As a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.<blockquote>作为一项高利润的业务，COIN产生实际现金流，使其内在价值随着时间的推移而增长。因此，它是一个真正的财富复利器，假设企业保持盈利，从长远来看，它将使其所有者变得更加富有。购买和持有COIN股票是一项投资，有可能在现金流增长和业务基本面改善的基础上增加个人财富。</blockquote> In contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.<blockquote>相比之下，比特币既不生育也不产生现金流。它所能做的就是根据人们不断变化的拥有它的欲望，相对于美元或其他资产的价格上涨或下跌。因此，持有它并不是一种投资，而是对未来的一种猜测，即比特币届时的需求将比现在更大。</blockquote> As Warren Buffett said in his&nbsp;2011 Letter to Shareholders:<blockquote>正如沃伦·巴菲特在2011年致股东的信中所说：</blockquote> If you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future. Bitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we&nbsp;buy gold miners&nbsp;instead. We view COIN as serving a similar purpose in our exposure to the crypto world.<blockquote>如果你永远拥有一盎司黄金，你最终仍然会拥有一盎司...所有者的灵感不是来自资产本身能产生什么——它将永远没有生命——而是来自这样一种信念，即其他人在未来会更加渴望它。比特币——被称为数字黄金——可以用非常相似的方式来描述。虽然我们实际上拥有一些黄金(GLD)，但我们也不将其视为一种投资，而是一种资产，作为一种保险机制，作为一种久经考验且抗通胀的交易媒介。对于我们投资组合中的黄金敞口，我们转而购买金矿公司。我们认为COIN在我们接触加密世界时也有类似的目的。</blockquote> #2. COIN Is Diversified Across 100+ Cryptocurrencies<blockquote>#2.COIN多元化跨越100多种加密货币</blockquote> Bitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:<blockquote>比特币是越来越多的加密货币之一，已经有数百种。因此，它面临着激烈的竞争以及创新和颠覆的持续威胁，取代了它作为领先加密货币的地位，并最终导致其价值下跌。此外，它还面临监管甚至禁令风险，特别是因为其大部分处理能力位于通常被视为西方战略对手甚至对手的国家，包括中国、俄罗斯、伊朗和巴基斯坦。最后但并非最不重要的一点是，比特币的价格已被证明极其不稳定，过去两周已经清楚地表明：</blockquote> <img src=\"https://static.tigerbbs.com/0748a1a4f030bb30e23bc37a8352c208\" tg-width=\"635\" tg-height=\"403\">Data byYCharts<blockquote>数据来自YCharts</blockquote> In contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.<blockquote>相比之下，COIN分散在一百多种加密货币中，从而使其免受任何单一加密货币崩溃的影响。例如，如果中国禁止比特币并有效控制其大部分采矿活动，这将对比特币的价格和加工能力造成毁灭性打击。虽然这仍可能对COIN的现金流和股价造成重大损害，但对COIN的影响远不如比特币所面临的影响严重，而且它将能够用其他加密货币取代比特币。</blockquote> #3. COIN Profits Even When Cryptocurrencies Are Crashing<blockquote>#3.即使加密货币崩溃，代币也能获利</blockquote> While Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.<blockquote>虽然比特币的盈亏命题直接随着比特币价格的上涨和下跌，但COIN的利润并没有与加密货币价格的上涨直接挂钩。相反，它的大部分利润来自交易费，这意味着只要加密货币交易量大，他们就会获得高额利润。此外，由于它交易100多种加密货币，它并不依赖于任何单一加密货币的高交易量，而是从加密货币的整体受欢迎程度中获利。</blockquote> As a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.<blockquote>因此，无论人们是蜂拥而至，试图登上加密货币潮流，还是在加密货币抛售中竞相退出，COIN都有望获得巨额利润，使其成为比比特币更具防御性和不相关的资产。这进一步提高了其风险回报状况。</blockquote> #4. COIN Is Diversifying Into Ancillary Businesses<blockquote>#4.COIN正在多元化发展辅助业务</blockquote> While COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.<blockquote>虽然COIN的竞争地位与比特币相似，因为它享有显着的网络优势和先发地位，但它也面临着来自其他类似平台的激烈竞争，这些平台不断创新并试图获得对它的优势。然而，在这一领域，COIN比比特币拥有一个关键优势：它是一家拥有智能管理、执行长期战略的企业，拥有一支由才华横溢的软件工程师和程序员组成的小型军队，而比特币则是一种没有生命的静态资产。</blockquote> While this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.<blockquote>虽然这可能是一件幸事，因为比特币不存在犯任何战略错误或不当分配股东资本的风险，但总体而言，我们认为这对比特币来说是一个重大负面影响，因为在一个以创新为游戏名称的领域，它增加了比特币最终被竞争加密货币取代和绕过的机会，而COIN可以不断发展并以创新步伐或领先于创新步伐，以维持和加强其竞争优势。</blockquote> In fact, COIN is already&nbsp;aggressively reinvesting&nbsp;its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.<blockquote>事实上，COIN已经在积极地将其利润再投资于此。虽然其交易所业务占其利润的大部分，而且管理层坚持认为——尽管竞争日益激烈——对加密货币的需求不断增长意味着该业务的利润率不太可能在短期内压缩，但他们确实预计从长远来看，利润率压缩将会发生，就像任何没有巨大进入壁垒的利润丰厚的业务一样。</blockquote> As a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects&nbsp;more than 50% of their revenue to come from sources other than transaction fees.<blockquote>因此，管理层目前正在进行多项投资，以增加多样化的收入来源，从而带来更稳定、更安全的长期收入。5年内，管理层预计超过50%的收入将来自交易费以外的来源。</blockquote> Ultimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.<blockquote>最终，COIN将自己视为一家加密货币基础设施企业，提供广泛的服务和工具，使人们能够访问、交换、存储和优化他们对加密货币和区块链技术的使用。他们已经在发展和/或探索的业务包括通过与Visa（V）合作推出的加密货币现金返还信用卡，这是一项针对使用专有网络安全技术、加密货币贷款、存款账户和新的创新交易形式的机构的托管/金库业务，这些交易甚至还没有出现在公众的雷达上，使它们成为虚拟基础设施、网络安全、交易所和金融科技业务的集合体。</blockquote> They are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.<blockquote>他们还投资了许多前雇员后来创立的加密货币初创公司。因此，他们将自己定位为从该领域的进一步外部创新中受益，同时也免受前公司内部人员构建的新技术和应用程序的干扰。</blockquote> With just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to&nbsp;exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.<blockquote>COIN目前只有5000万会员，预计潜在用户约为10亿，因此COIN的增长跑道仍然很大，很容易在未来几年实现指数级增长，特别是如果加密货币的接受度和受欢迎程度继续快速增长的话。</blockquote> #5. COIN Is Easier To Value Than Cryptocurrencies<blockquote>#5.硬币比加密货币更容易估值</blockquote> Last, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.<blockquote>最后但并非最不重要的一点是，COIN产生利润的能力赋予了它内在价值。虽然比特币的真正价值最终是任何人的猜测，因为它完全取决于猜测、消费者不断变化的突发奇想以及对创新管道不会出现更好的希望，但COIN带来了实际的盈利能力和新的业务创新。因此，我们可以更好地了解COIN比比特币更有吸引力的价格。作为价值投资者，我们非常喜欢这种方法。</blockquote> Investor Takeaway<blockquote>投资者要点</blockquote> As we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.<blockquote>正如我们之前关于黄金的说法，流行的加密货币在多元化投资组合中占有一席之地肯定是有理由的。事实上，我们也预计，如果比特币能够在全球企业和机构的接受度和利用率方面继续增长，它将比COIN具有更高的上涨潜力。</blockquote> That said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.<blockquote>也就是说，作为价值投资者，我们喜欢投资而不是投机，并努力最大化我们的风险回报状况。鉴于COIN产生实际现金流以实现长期增长，它在广泛的加密货币领域享有显着的多元化，它与加密货币价格上涨没有直接关系，即使在加密货币崩盘期间也可能获利，正在多元化成为加密货币基础设施公司，并且具有实际的内在价值，而不仅仅是投机资产，COIN是我们投资加密货币领域最喜欢的选择。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Forget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nForget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nseekingalpha2021-05-21 21:26\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>While BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.</li> <li>We believe that COIN offers investors the best risk-reward in today's crypto market.</li> <li>We share 5 reasons why.</li> </ul> <img src=\"https://static.tigerbbs.com/b022fdf1e4f4d4a467df29622f4ff73a\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\">Photo by Movus/iStock Editorial via Getty Images<blockquote><ul><li>虽然如果看涨预测实现，BTC具有巨大的上涨潜力，但我们投资的是最佳的风险回报状况，而不仅仅是最佳的回报潜力。</li><li>我们相信COIN为投资者提供了当今加密货币市场中最好的风险回报。</li><li>我们分享5个原因。</li></ul>摄影：Movus/iStock社论来自Getty Images</blockquote> While Bitcoin (BTC-USD) has tremendous upside potential&nbsp;bullish projections&nbsp;of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.<blockquote>虽然比特币(BTC-USD)具有巨大的上涨潜力，Ark Invest(ARKK)的Cathie Wood等人对每枚硬币的看涨预测为50万美元以上，但我们投资是为了获得最佳的风险回报状况，而不仅仅是最佳的回报潜力。</blockquote> As a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:<blockquote>因此，由于我们相信Coinbase(COIN)为投资者提供了当今加密货币市场中最好的风险回报，因此我们更愿意投资那里，而不是直接投资当今市场上的单个加密货币。在以下段落中，我们分享了5个原因：</blockquote> #1. COIN Is A Growing Business<blockquote>#1.COIN是一项不断增长的业务</blockquote> As a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.<blockquote>作为一项高利润的业务，COIN产生实际现金流，使其内在价值随着时间的推移而增长。因此，它是一个真正的财富复利器，假设企业保持盈利，从长远来看，它将使其所有者变得更加富有。购买和持有COIN股票是一项投资，有可能在现金流增长和业务基本面改善的基础上增加个人财富。</blockquote> In contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.<blockquote>相比之下，比特币既不生育也不产生现金流。它所能做的就是根据人们不断变化的拥有它的欲望，相对于美元或其他资产的价格上涨或下跌。因此，持有它并不是一种投资，而是对未来的一种猜测，即比特币届时的需求将比现在更大。</blockquote> As Warren Buffett said in his&nbsp;2011 Letter to Shareholders:<blockquote>正如沃伦·巴菲特在2011年致股东的信中所说：</blockquote> If you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future. Bitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we&nbsp;buy gold miners&nbsp;instead. We view COIN as serving a similar purpose in our exposure to the crypto world.<blockquote>如果你永远拥有一盎司黄金，你最终仍然会拥有一盎司...所有者的灵感不是来自资产本身能产生什么——它将永远没有生命——而是来自这样一种信念，即其他人在未来会更加渴望它。比特币——被称为数字黄金——可以用非常相似的方式来描述。虽然我们实际上拥有一些黄金(GLD)，但我们也不将其视为一种投资，而是一种资产，作为一种保险机制，作为一种久经考验且抗通胀的交易媒介。对于我们投资组合中的黄金敞口，我们转而购买金矿公司。我们认为COIN在我们接触加密世界时也有类似的目的。</blockquote> #2. COIN Is Diversified Across 100+ Cryptocurrencies<blockquote>#2.COIN多元化跨越100多种加密货币</blockquote> Bitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:<blockquote>比特币是越来越多的加密货币之一，已经有数百种。因此，它面临着激烈的竞争以及创新和颠覆的持续威胁，取代了它作为领先加密货币的地位，并最终导致其价值下跌。此外，它还面临监管甚至禁令风险，特别是因为其大部分处理能力位于通常被视为西方战略对手甚至对手的国家，包括中国、俄罗斯、伊朗和巴基斯坦。最后但并非最不重要的一点是，比特币的价格已被证明极其不稳定，过去两周已经清楚地表明：</blockquote> <img src=\"https://static.tigerbbs.com/0748a1a4f030bb30e23bc37a8352c208\" tg-width=\"635\" tg-height=\"403\">Data byYCharts<blockquote>数据来自YCharts</blockquote> In contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.<blockquote>相比之下，COIN分散在一百多种加密货币中，从而使其免受任何单一加密货币崩溃的影响。例如，如果中国禁止比特币并有效控制其大部分采矿活动，这将对比特币的价格和加工能力造成毁灭性打击。虽然这仍可能对COIN的现金流和股价造成重大损害，但对COIN的影响远不如比特币所面临的影响严重，而且它将能够用其他加密货币取代比特币。</blockquote> #3. COIN Profits Even When Cryptocurrencies Are Crashing<blockquote>#3.即使加密货币崩溃，代币也能获利</blockquote> While Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.<blockquote>虽然比特币的盈亏命题直接随着比特币价格的上涨和下跌，但COIN的利润并没有与加密货币价格的上涨直接挂钩。相反，它的大部分利润来自交易费，这意味着只要加密货币交易量大，他们就会获得高额利润。此外，由于它交易100多种加密货币，它并不依赖于任何单一加密货币的高交易量，而是从加密货币的整体受欢迎程度中获利。</blockquote> As a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.<blockquote>因此，无论人们是蜂拥而至，试图登上加密货币潮流，还是在加密货币抛售中竞相退出，COIN都有望获得巨额利润，使其成为比比特币更具防御性和不相关的资产。这进一步提高了其风险回报状况。</blockquote> #4. COIN Is Diversifying Into Ancillary Businesses<blockquote>#4.COIN正在多元化发展辅助业务</blockquote> While COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.<blockquote>虽然COIN的竞争地位与比特币相似，因为它享有显着的网络优势和先发地位，但它也面临着来自其他类似平台的激烈竞争，这些平台不断创新并试图获得对它的优势。然而，在这一领域，COIN比比特币拥有一个关键优势：它是一家拥有智能管理、执行长期战略的企业，拥有一支由才华横溢的软件工程师和程序员组成的小型军队，而比特币则是一种没有生命的静态资产。</blockquote> While this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.<blockquote>虽然这可能是一件幸事，因为比特币不存在犯任何战略错误或不当分配股东资本的风险，但总体而言，我们认为这对比特币来说是一个重大负面影响，因为在一个以创新为游戏名称的领域，它增加了比特币最终被竞争加密货币取代和绕过的机会，而COIN可以不断发展并以创新步伐或领先于创新步伐，以维持和加强其竞争优势。</blockquote> In fact, COIN is already&nbsp;aggressively reinvesting&nbsp;its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.<blockquote>事实上，COIN已经在积极地将其利润再投资于此。虽然其交易所业务占其利润的大部分，而且管理层坚持认为——尽管竞争日益激烈——对加密货币的需求不断增长意味着该业务的利润率不太可能在短期内压缩，但他们确实预计从长远来看，利润率压缩将会发生，就像任何没有巨大进入壁垒的利润丰厚的业务一样。</blockquote> As a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects&nbsp;more than 50% of their revenue to come from sources other than transaction fees.<blockquote>因此，管理层目前正在进行多项投资，以增加多样化的收入来源，从而带来更稳定、更安全的长期收入。5年内，管理层预计超过50%的收入将来自交易费以外的来源。</blockquote> Ultimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.<blockquote>最终，COIN将自己视为一家加密货币基础设施企业，提供广泛的服务和工具，使人们能够访问、交换、存储和优化他们对加密货币和区块链技术的使用。他们已经在发展和/或探索的业务包括通过与Visa（V）合作推出的加密货币现金返还信用卡，这是一项针对使用专有网络安全技术、加密货币贷款、存款账户和新的创新交易形式的机构的托管/金库业务，这些交易甚至还没有出现在公众的雷达上，使它们成为虚拟基础设施、网络安全、交易所和金融科技业务的集合体。</blockquote> They are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.<blockquote>他们还投资了许多前雇员后来创立的加密货币初创公司。因此，他们将自己定位为从该领域的进一步外部创新中受益，同时也免受前公司内部人员构建的新技术和应用程序的干扰。</blockquote> With just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to&nbsp;exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.<blockquote>COIN目前只有5000万会员，预计潜在用户约为10亿，因此COIN的增长跑道仍然很大，很容易在未来几年实现指数级增长，特别是如果加密货币的接受度和受欢迎程度继续快速增长的话。</blockquote> #5. COIN Is Easier To Value Than Cryptocurrencies<blockquote>#5.硬币比加密货币更容易估值</blockquote> Last, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.<blockquote>最后但并非最不重要的一点是，COIN产生利润的能力赋予了它内在价值。虽然比特币的真正价值最终是任何人的猜测，因为它完全取决于猜测、消费者不断变化的突发奇想以及对创新管道不会出现更好的希望，但COIN带来了实际的盈利能力和新的业务创新。因此，我们可以更好地了解COIN比比特币更有吸引力的价格。作为价值投资者，我们非常喜欢这种方法。</blockquote> Investor Takeaway<blockquote>投资者要点</blockquote> As we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.<blockquote>正如我们之前关于黄金的说法，流行的加密货币在多元化投资组合中占有一席之地肯定是有理由的。事实上，我们也预计，如果比特币能够在全球企业和机构的接受度和利用率方面继续增长，它将比COIN具有更高的上涨潜力。</blockquote> That said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.<blockquote>也就是说，作为价值投资者，我们喜欢投资而不是投机，并努力最大化我们的风险回报状况。鉴于COIN产生实际现金流以实现长期增长，它在广泛的加密货币领域享有显着的多元化，它与加密货币价格上涨没有直接关系，即使在加密货币崩盘期间也可能获利，正在多元化成为加密货币基础设施公司，并且具有实际的内在价值，而不仅仅是投机资产，COIN是我们投资加密货币领域最喜欢的选择。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4430338-coinbase-forget-bitcoin-5-reasons-to-buy-coinbase-instead\">seekingalpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://seekingalpha.com/article/4430338-coinbase-forget-bitcoin-5-reasons-to-buy-coinbase-instead","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178134052","content_text":"Summary\n\nWhile BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.\nWe believe that COIN offers investors the best risk-reward in today's crypto market.\nWe share 5 reasons why.\n\nPhoto by Movus/iStock Editorial via Getty Images\nWhile Bitcoin (BTC-USD) has tremendous upside potential bullish projections of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.\nAs a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:\n#1. COIN Is A Growing Business\nAs a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.\nIn contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.\nAs Warren Buffett said in his 2011 Letter to Shareholders:\n\nIf you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future.\n\nBitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we buy gold miners instead. We view COIN as serving a similar purpose in our exposure to the crypto world.\n#2. COIN Is Diversified Across 100+ Cryptocurrencies\nBitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:\nData byYCharts\nIn contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.\n#3. COIN Profits Even When Cryptocurrencies Are Crashing\nWhile Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.\nAs a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.\n#4. COIN Is Diversifying Into Ancillary Businesses\nWhile COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.\nWhile this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.\nIn fact, COIN is already aggressively reinvesting its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.\nAs a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects more than 50% of their revenue to come from sources other than transaction fees.\nUltimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.\nThey are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.\nWith just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.\n#5. COIN Is Easier To Value Than Cryptocurrencies\nLast, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.\nInvestor Takeaway\nAs we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.\nThat said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":133263894,"gmtCreate":1621754761018,"gmtModify":1634186752129,"author":{"id":"3581491815672686","authorId":"3581491815672686","name":"jakejak3jake","avatar":"https://static.tigerbbs.com/1881c4ef0863e5796041081ddadee92e","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3581491815672686","idStr":"3581491815672686"},"htmlText":"Please like and comment","listText":"Please like and comment","text":"Please like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/133263894","repostId":1178134052,"repostType":4,"repost":{"id":"1178134052","kind":"news","pubTimestamp":1621603581,"share":"https://www.laohu8.com/m/news/1178134052?lang=zh_CN&edition=full","pubTime":"2021-05-21 21:26","market":"us","language":"en","title":"Forget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1178134052","media":"seekingalpha","summary":"Summary\n\nWhile BTC has tremendous upside potential if bullish projections play out, we invest for th","content":"Summary<blockquote>总结</blockquote> <ul> <li>While BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.</li> <li>We believe that COIN offers investors the best risk-reward in today's crypto market.</li> <li>We share 5 reasons why.</li> </ul> <img src=\"https://static.tigerbbs.com/b022fdf1e4f4d4a467df29622f4ff73a\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\">Photo by Movus/iStock Editorial via Getty Images<blockquote><ul><li>虽然如果看涨预测实现，BTC具有巨大的上涨潜力，但我们投资的是最佳的风险回报状况，而不仅仅是最佳的回报潜力。</li><li>我们相信COIN为投资者提供了当今加密货币市场中最好的风险回报。</li><li>我们分享5个原因。</li></ul>摄影：Movus/iStock社论来自Getty Images</blockquote> While Bitcoin (BTC-USD) has tremendous upside potential&nbsp;bullish projections&nbsp;of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.<blockquote>虽然比特币(BTC-USD)具有巨大的上涨潜力，Ark Invest(ARKK)的Cathie Wood等人对每枚硬币的看涨预测为50万美元以上，但我们投资是为了获得最佳的风险回报状况，而不仅仅是最佳的回报潜力。</blockquote> As a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:<blockquote>因此，由于我们相信Coinbase(COIN)为投资者提供了当今加密货币市场中最好的风险回报，因此我们更愿意投资那里，而不是直接投资当今市场上的单个加密货币。在以下段落中，我们分享了5个原因：</blockquote> #1. COIN Is A Growing Business<blockquote>#1.COIN是一项不断增长的业务</blockquote> As a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.<blockquote>作为一项高利润的业务，COIN产生实际现金流，使其内在价值随着时间的推移而增长。因此，它是一个真正的财富复利器，假设企业保持盈利，从长远来看，它将使其所有者变得更加富有。购买和持有COIN股票是一项投资，有可能在现金流增长和业务基本面改善的基础上增加个人财富。</blockquote> In contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.<blockquote>相比之下，比特币既不生育也不产生现金流。它所能做的就是根据人们不断变化的拥有它的欲望，相对于美元或其他资产的价格上涨或下跌。因此，持有它并不是一种投资，而是对未来的一种猜测，即比特币届时的需求将比现在更大。</blockquote> As Warren Buffett said in his&nbsp;2011 Letter to Shareholders:<blockquote>正如沃伦·巴菲特在2011年致股东的信中所说：</blockquote> If you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future. Bitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we&nbsp;buy gold miners&nbsp;instead. We view COIN as serving a similar purpose in our exposure to the crypto world.<blockquote>如果你永远拥有一盎司黄金，你最终仍然会拥有一盎司...所有者的灵感不是来自资产本身能产生什么——它将永远没有生命——而是来自这样一种信念，即其他人在未来会更加渴望它。比特币——被称为数字黄金——可以用非常相似的方式来描述。虽然我们实际上拥有一些黄金(GLD)，但我们也不将其视为一种投资，而是一种资产，作为一种保险机制，作为一种久经考验且抗通胀的交易媒介。对于我们投资组合中的黄金敞口，我们转而购买金矿公司。我们认为COIN在我们接触加密世界时也有类似的目的。</blockquote> #2. COIN Is Diversified Across 100+ Cryptocurrencies<blockquote>#2.COIN多元化跨越100多种加密货币</blockquote> Bitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:<blockquote>比特币是越来越多的加密货币之一，已经有数百种。因此，它面临着激烈的竞争以及创新和颠覆的持续威胁，取代了它作为领先加密货币的地位，并最终导致其价值下跌。此外，它还面临监管甚至禁令风险，特别是因为其大部分处理能力位于通常被视为西方战略对手甚至对手的国家，包括中国、俄罗斯、伊朗和巴基斯坦。最后但并非最不重要的一点是，比特币的价格已被证明极其不稳定，过去两周已经清楚地表明：</blockquote> <img src=\"https://static.tigerbbs.com/0748a1a4f030bb30e23bc37a8352c208\" tg-width=\"635\" tg-height=\"403\">Data byYCharts<blockquote>数据来自YCharts</blockquote> In contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.<blockquote>相比之下，COIN分散在一百多种加密货币中，从而使其免受任何单一加密货币崩溃的影响。例如，如果中国禁止比特币并有效控制其大部分采矿活动，这将对比特币的价格和加工能力造成毁灭性打击。虽然这仍可能对COIN的现金流和股价造成重大损害，但对COIN的影响远不如比特币所面临的影响严重，而且它将能够用其他加密货币取代比特币。</blockquote> #3. COIN Profits Even When Cryptocurrencies Are Crashing<blockquote>#3.即使加密货币崩溃，代币也能获利</blockquote> While Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.<blockquote>虽然比特币的盈亏命题直接随着比特币价格的上涨和下跌，但COIN的利润并没有与加密货币价格的上涨直接挂钩。相反，它的大部分利润来自交易费，这意味着只要加密货币交易量大，他们就会获得高额利润。此外，由于它交易100多种加密货币，它并不依赖于任何单一加密货币的高交易量，而是从加密货币的整体受欢迎程度中获利。</blockquote> As a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.<blockquote>因此，无论人们是蜂拥而至，试图登上加密货币潮流，还是在加密货币抛售中竞相退出，COIN都有望获得巨额利润，使其成为比比特币更具防御性和不相关的资产。这进一步提高了其风险回报状况。</blockquote> #4. COIN Is Diversifying Into Ancillary Businesses<blockquote>#4.COIN正在多元化发展辅助业务</blockquote> While COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.<blockquote>虽然COIN的竞争地位与比特币相似，因为它享有显着的网络优势和先发地位，但它也面临着来自其他类似平台的激烈竞争，这些平台不断创新并试图获得对它的优势。然而，在这一领域，COIN比比特币拥有一个关键优势：它是一家拥有智能管理、执行长期战略的企业，拥有一支由才华横溢的软件工程师和程序员组成的小型军队，而比特币则是一种没有生命的静态资产。</blockquote> While this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.<blockquote>虽然这可能是一件幸事，因为比特币不存在犯任何战略错误或不当分配股东资本的风险，但总体而言，我们认为这对比特币来说是一个重大负面影响，因为在一个以创新为游戏名称的领域，它增加了比特币最终被竞争加密货币取代和绕过的机会，而COIN可以不断发展并以创新步伐或领先于创新步伐，以维持和加强其竞争优势。</blockquote> In fact, COIN is already&nbsp;aggressively reinvesting&nbsp;its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.<blockquote>事实上，COIN已经在积极地将其利润再投资于此。虽然其交易所业务占其利润的大部分，而且管理层坚持认为——尽管竞争日益激烈——对加密货币的需求不断增长意味着该业务的利润率不太可能在短期内压缩，但他们确实预计从长远来看，利润率压缩将会发生，就像任何没有巨大进入壁垒的利润丰厚的业务一样。</blockquote> As a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects&nbsp;more than 50% of their revenue to come from sources other than transaction fees.<blockquote>因此，管理层目前正在进行多项投资，以增加多样化的收入来源，从而带来更稳定、更安全的长期收入。5年内，管理层预计超过50%的收入将来自交易费以外的来源。</blockquote> Ultimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.<blockquote>最终，COIN将自己视为一家加密货币基础设施企业，提供广泛的服务和工具，使人们能够访问、交换、存储和优化他们对加密货币和区块链技术的使用。他们已经在发展和/或探索的业务包括通过与Visa（V）合作推出的加密货币现金返还信用卡，这是一项针对使用专有网络安全技术、加密货币贷款、存款账户和新的创新交易形式的机构的托管/金库业务，这些交易甚至还没有出现在公众的雷达上，使它们成为虚拟基础设施、网络安全、交易所和金融科技业务的集合体。</blockquote> They are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.<blockquote>他们还投资了许多前雇员后来创立的加密货币初创公司。因此，他们将自己定位为从该领域的进一步外部创新中受益，同时也免受前公司内部人员构建的新技术和应用程序的干扰。</blockquote> With just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to&nbsp;exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.<blockquote>COIN目前只有5000万会员，预计潜在用户约为10亿，因此COIN的增长跑道仍然很大，很容易在未来几年实现指数级增长，特别是如果加密货币的接受度和受欢迎程度继续快速增长的话。</blockquote> #5. COIN Is Easier To Value Than Cryptocurrencies<blockquote>#5.硬币比加密货币更容易估值</blockquote> Last, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.<blockquote>最后但并非最不重要的一点是，COIN产生利润的能力赋予了它内在价值。虽然比特币的真正价值最终是任何人的猜测，因为它完全取决于猜测、消费者不断变化的突发奇想以及对创新管道不会出现更好的希望，但COIN带来了实际的盈利能力和新的业务创新。因此，我们可以更好地了解COIN比比特币更有吸引力的价格。作为价值投资者，我们非常喜欢这种方法。</blockquote> Investor Takeaway<blockquote>投资者要点</blockquote> As we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.<blockquote>正如我们之前关于黄金的说法，流行的加密货币在多元化投资组合中占有一席之地肯定是有理由的。事实上，我们也预计，如果比特币能够在全球企业和机构的接受度和利用率方面继续增长，它将比COIN具有更高的上涨潜力。</blockquote> That said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.<blockquote>也就是说，作为价值投资者，我们喜欢投资而不是投机，并努力最大化我们的风险回报状况。鉴于COIN产生实际现金流以实现长期增长，它在广泛的加密货币领域享有显着的多元化，它与加密货币价格上涨没有直接关系，即使在加密货币崩盘期间也可能获利，正在多元化成为加密货币基础设施公司，并且具有实际的内在价值，而不仅仅是投机资产，COIN是我们投资加密货币领域最喜欢的选择。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Forget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nForget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nseekingalpha2021-05-21 21:26\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>While BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.</li> <li>We believe that COIN offers investors the best risk-reward in today's crypto market.</li> <li>We share 5 reasons why.</li> </ul> <img src=\"https://static.tigerbbs.com/b022fdf1e4f4d4a467df29622f4ff73a\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\">Photo by Movus/iStock Editorial via Getty Images<blockquote><ul><li>虽然如果看涨预测实现，BTC具有巨大的上涨潜力，但我们投资的是最佳的风险回报状况，而不仅仅是最佳的回报潜力。</li><li>我们相信COIN为投资者提供了当今加密货币市场中最好的风险回报。</li><li>我们分享5个原因。</li></ul>摄影：Movus/iStock社论来自Getty Images</blockquote> While Bitcoin (BTC-USD) has tremendous upside potential&nbsp;bullish projections&nbsp;of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.<blockquote>虽然比特币(BTC-USD)具有巨大的上涨潜力，Ark Invest(ARKK)的Cathie Wood等人对每枚硬币的看涨预测为50万美元以上，但我们投资是为了获得最佳的风险回报状况，而不仅仅是最佳的回报潜力。</blockquote> As a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:<blockquote>因此，由于我们相信Coinbase(COIN)为投资者提供了当今加密货币市场中最好的风险回报，因此我们更愿意投资那里，而不是直接投资当今市场上的单个加密货币。在以下段落中，我们分享了5个原因：</blockquote> #1. COIN Is A Growing Business<blockquote>#1.COIN是一项不断增长的业务</blockquote> As a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.<blockquote>作为一项高利润的业务，COIN产生实际现金流，使其内在价值随着时间的推移而增长。因此，它是一个真正的财富复利器，假设企业保持盈利，从长远来看，它将使其所有者变得更加富有。购买和持有COIN股票是一项投资，有可能在现金流增长和业务基本面改善的基础上增加个人财富。</blockquote> In contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.<blockquote>相比之下，比特币既不生育也不产生现金流。它所能做的就是根据人们不断变化的拥有它的欲望，相对于美元或其他资产的价格上涨或下跌。因此，持有它并不是一种投资，而是对未来的一种猜测，即比特币届时的需求将比现在更大。</blockquote> As Warren Buffett said in his&nbsp;2011 Letter to Shareholders:<blockquote>正如沃伦·巴菲特在2011年致股东的信中所说：</blockquote> If you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future. Bitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we&nbsp;buy gold miners&nbsp;instead. We view COIN as serving a similar purpose in our exposure to the crypto world.<blockquote>如果你永远拥有一盎司黄金，你最终仍然会拥有一盎司...所有者的灵感不是来自资产本身能产生什么——它将永远没有生命——而是来自这样一种信念，即其他人在未来会更加渴望它。比特币——被称为数字黄金——可以用非常相似的方式来描述。虽然我们实际上拥有一些黄金(GLD)，但我们也不将其视为一种投资，而是一种资产，作为一种保险机制，作为一种久经考验且抗通胀的交易媒介。对于我们投资组合中的黄金敞口，我们转而购买金矿公司。我们认为COIN在我们接触加密世界时也有类似的目的。</blockquote> #2. COIN Is Diversified Across 100+ Cryptocurrencies<blockquote>#2.COIN多元化跨越100多种加密货币</blockquote> Bitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:<blockquote>比特币是越来越多的加密货币之一，已经有数百种。因此，它面临着激烈的竞争以及创新和颠覆的持续威胁，取代了它作为领先加密货币的地位，并最终导致其价值下跌。此外，它还面临监管甚至禁令风险，特别是因为其大部分处理能力位于通常被视为西方战略对手甚至对手的国家，包括中国、俄罗斯、伊朗和巴基斯坦。最后但并非最不重要的一点是，比特币的价格已被证明极其不稳定，过去两周已经清楚地表明：</blockquote> <img src=\"https://static.tigerbbs.com/0748a1a4f030bb30e23bc37a8352c208\" tg-width=\"635\" tg-height=\"403\">Data byYCharts<blockquote>数据来自YCharts</blockquote> In contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.<blockquote>相比之下，COIN分散在一百多种加密货币中，从而使其免受任何单一加密货币崩溃的影响。例如，如果中国禁止比特币并有效控制其大部分采矿活动，这将对比特币的价格和加工能力造成毁灭性打击。虽然这仍可能对COIN的现金流和股价造成重大损害，但对COIN的影响远不如比特币所面临的影响严重，而且它将能够用其他加密货币取代比特币。</blockquote> #3. COIN Profits Even When Cryptocurrencies Are Crashing<blockquote>#3.即使加密货币崩溃，代币也能获利</blockquote> While Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.<blockquote>虽然比特币的盈亏命题直接随着比特币价格的上涨和下跌，但COIN的利润并没有与加密货币价格的上涨直接挂钩。相反，它的大部分利润来自交易费，这意味着只要加密货币交易量大，他们就会获得高额利润。此外，由于它交易100多种加密货币，它并不依赖于任何单一加密货币的高交易量，而是从加密货币的整体受欢迎程度中获利。</blockquote> As a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.<blockquote>因此，无论人们是蜂拥而至，试图登上加密货币潮流，还是在加密货币抛售中竞相退出，COIN都有望获得巨额利润，使其成为比比特币更具防御性和不相关的资产。这进一步提高了其风险回报状况。</blockquote> #4. COIN Is Diversifying Into Ancillary Businesses<blockquote>#4.COIN正在多元化发展辅助业务</blockquote> While COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.<blockquote>虽然COIN的竞争地位与比特币相似，因为它享有显着的网络优势和先发地位，但它也面临着来自其他类似平台的激烈竞争，这些平台不断创新并试图获得对它的优势。然而，在这一领域，COIN比比特币拥有一个关键优势：它是一家拥有智能管理、执行长期战略的企业，拥有一支由才华横溢的软件工程师和程序员组成的小型军队，而比特币则是一种没有生命的静态资产。</blockquote> While this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.<blockquote>虽然这可能是一件幸事，因为比特币不存在犯任何战略错误或不当分配股东资本的风险，但总体而言，我们认为这对比特币来说是一个重大负面影响，因为在一个以创新为游戏名称的领域，它增加了比特币最终被竞争加密货币取代和绕过的机会，而COIN可以不断发展并以创新步伐或领先于创新步伐，以维持和加强其竞争优势。</blockquote> In fact, COIN is already&nbsp;aggressively reinvesting&nbsp;its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.<blockquote>事实上，COIN已经在积极地将其利润再投资于此。虽然其交易所业务占其利润的大部分，而且管理层坚持认为——尽管竞争日益激烈——对加密货币的需求不断增长意味着该业务的利润率不太可能在短期内压缩，但他们确实预计从长远来看，利润率压缩将会发生，就像任何没有巨大进入壁垒的利润丰厚的业务一样。</blockquote> As a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects&nbsp;more than 50% of their revenue to come from sources other than transaction fees.<blockquote>因此，管理层目前正在进行多项投资，以增加多样化的收入来源，从而带来更稳定、更安全的长期收入。5年内，管理层预计超过50%的收入将来自交易费以外的来源。</blockquote> Ultimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.<blockquote>最终，COIN将自己视为一家加密货币基础设施企业，提供广泛的服务和工具，使人们能够访问、交换、存储和优化他们对加密货币和区块链技术的使用。他们已经在发展和/或探索的业务包括通过与Visa（V）合作推出的加密货币现金返还信用卡，这是一项针对使用专有网络安全技术、加密货币贷款、存款账户和新的创新交易形式的机构的托管/金库业务，这些交易甚至还没有出现在公众的雷达上，使它们成为虚拟基础设施、网络安全、交易所和金融科技业务的集合体。</blockquote> They are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.<blockquote>他们还投资了许多前雇员后来创立的加密货币初创公司。因此，他们将自己定位为从该领域的进一步外部创新中受益，同时也免受前公司内部人员构建的新技术和应用程序的干扰。</blockquote> With just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to&nbsp;exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.<blockquote>COIN目前只有5000万会员，预计潜在用户约为10亿，因此COIN的增长跑道仍然很大，很容易在未来几年实现指数级增长，特别是如果加密货币的接受度和受欢迎程度继续快速增长的话。</blockquote> #5. COIN Is Easier To Value Than Cryptocurrencies<blockquote>#5.硬币比加密货币更容易估值</blockquote> Last, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.<blockquote>最后但并非最不重要的一点是，COIN产生利润的能力赋予了它内在价值。虽然比特币的真正价值最终是任何人的猜测，因为它完全取决于猜测、消费者不断变化的突发奇想以及对创新管道不会出现更好的希望，但COIN带来了实际的盈利能力和新的业务创新。因此，我们可以更好地了解COIN比比特币更有吸引力的价格。作为价值投资者，我们非常喜欢这种方法。</blockquote> Investor Takeaway<blockquote>投资者要点</blockquote> As we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.<blockquote>正如我们之前关于黄金的说法，流行的加密货币在多元化投资组合中占有一席之地肯定是有理由的。事实上，我们也预计，如果比特币能够在全球企业和机构的接受度和利用率方面继续增长，它将比COIN具有更高的上涨潜力。</blockquote> That said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.<blockquote>也就是说，作为价值投资者，我们喜欢投资而不是投机，并努力最大化我们的风险回报状况。鉴于COIN产生实际现金流以实现长期增长，它在广泛的加密货币领域享有显着的多元化，它与加密货币价格上涨没有直接关系，即使在加密货币崩盘期间也可能获利，正在多元化成为加密货币基础设施公司，并且具有实际的内在价值，而不仅仅是投机资产，COIN是我们投资加密货币领域最喜欢的选择。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4430338-coinbase-forget-bitcoin-5-reasons-to-buy-coinbase-instead\">seekingalpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://seekingalpha.com/article/4430338-coinbase-forget-bitcoin-5-reasons-to-buy-coinbase-instead","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178134052","content_text":"Summary\n\nWhile BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.\nWe believe that COIN offers investors the best risk-reward in today's crypto market.\nWe share 5 reasons why.\n\nPhoto by Movus/iStock Editorial via Getty Images\nWhile Bitcoin (BTC-USD) has tremendous upside potential bullish projections of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.\nAs a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:\n#1. COIN Is A Growing Business\nAs a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.\nIn contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.\nAs Warren Buffett said in his 2011 Letter to Shareholders:\n\nIf you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future.\n\nBitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we buy gold miners instead. We view COIN as serving a similar purpose in our exposure to the crypto world.\n#2. COIN Is Diversified Across 100+ Cryptocurrencies\nBitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:\nData byYCharts\nIn contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.\n#3. COIN Profits Even When Cryptocurrencies Are Crashing\nWhile Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.\nAs a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.\n#4. COIN Is Diversifying Into Ancillary Businesses\nWhile COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.\nWhile this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.\nIn fact, COIN is already aggressively reinvesting its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.\nAs a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects more than 50% of their revenue to come from sources other than transaction fees.\nUltimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.\nThey are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.\nWith just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.\n#5. COIN Is Easier To Value Than Cryptocurrencies\nLast, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.\nInvestor Takeaway\nAs we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.\nThat said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4420156,"gmtCreate":1621754769029,"gmtModify":1635402069544,"authorId":3581491815672686,"author":{"id":3581491815672686,"idStr":"3581491815672686","authorId":3581491815672686,"name":"jakejak3jake","avatar":"https://static.tigerbbs.com/1881c4ef0863e5796041081ddadee92e","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":133263894,"type":1,"supId":0,"prevId":0,"content":"Comment","text":"Comment","html":"Comment"}],"langContent":"EN"},{"id":133620496,"gmtCreate":1621743904715,"gmtModify":1634186823986,"author":{"id":"3573639121856550","authorId":"3573639121856550","name":"pangspurs","avatar":"https://static.tigerbbs.com/aee2873ae7d8332fa137abf68b7a472f","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3573639121856550","idStr":"3573639121856550"},"htmlText":"Eeerrrrr","listText":"Eeerrrrr","text":"Eeerrrrr","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/133620496","repostId":1178134052,"repostType":4,"repost":{"id":"1178134052","kind":"news","pubTimestamp":1621603581,"share":"https://www.laohu8.com/m/news/1178134052?lang=zh_CN&edition=full","pubTime":"2021-05-21 21:26","market":"us","language":"en","title":"Forget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1178134052","media":"seekingalpha","summary":"Summary\n\nWhile BTC has tremendous upside potential if bullish projections play out, we invest for th","content":"Summary<blockquote>总结</blockquote> <ul> <li>While BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.</li> <li>We believe that COIN offers investors the best risk-reward in today's crypto market.</li> <li>We share 5 reasons why.</li> </ul> <img src=\"https://static.tigerbbs.com/b022fdf1e4f4d4a467df29622f4ff73a\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\">Photo by Movus/iStock Editorial via Getty Images<blockquote><ul><li>虽然如果看涨预测实现，BTC具有巨大的上涨潜力，但我们投资的是最佳的风险回报状况，而不仅仅是最佳的回报潜力。</li><li>我们相信COIN为投资者提供了当今加密货币市场中最好的风险回报。</li><li>我们分享5个原因。</li></ul>摄影：Movus/iStock社论来自Getty Images</blockquote> While Bitcoin (BTC-USD) has tremendous upside potential&nbsp;bullish projections&nbsp;of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.<blockquote>虽然比特币(BTC-USD)具有巨大的上涨潜力，Ark Invest(ARKK)的Cathie Wood等人对每枚硬币的看涨预测为50万美元以上，但我们投资是为了获得最佳的风险回报状况，而不仅仅是最佳的回报潜力。</blockquote> As a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:<blockquote>因此，由于我们相信Coinbase(COIN)为投资者提供了当今加密货币市场中最好的风险回报，因此我们更愿意投资那里，而不是直接投资当今市场上的单个加密货币。在以下段落中，我们分享了5个原因：</blockquote> #1. COIN Is A Growing Business<blockquote>#1.COIN是一项不断增长的业务</blockquote> As a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.<blockquote>作为一项高利润的业务，COIN产生实际现金流，使其内在价值随着时间的推移而增长。因此，它是一个真正的财富复利器，假设企业保持盈利，从长远来看，它将使其所有者变得更加富有。购买和持有COIN股票是一项投资，有可能在现金流增长和业务基本面改善的基础上增加个人财富。</blockquote> In contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.<blockquote>相比之下，比特币既不生育也不产生现金流。它所能做的就是根据人们不断变化的拥有它的欲望，相对于美元或其他资产的价格上涨或下跌。因此，持有它并不是一种投资，而是对未来的一种猜测，即比特币届时的需求将比现在更大。</blockquote> As Warren Buffett said in his&nbsp;2011 Letter to Shareholders:<blockquote>正如沃伦·巴菲特在2011年致股东的信中所说：</blockquote> If you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future. Bitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we&nbsp;buy gold miners&nbsp;instead. We view COIN as serving a similar purpose in our exposure to the crypto world.<blockquote>如果你永远拥有一盎司黄金，你最终仍然会拥有一盎司...所有者的灵感不是来自资产本身能产生什么——它将永远没有生命——而是来自这样一种信念，即其他人在未来会更加渴望它。比特币——被称为数字黄金——可以用非常相似的方式来描述。虽然我们实际上拥有一些黄金(GLD)，但我们也不将其视为一种投资，而是一种资产，作为一种保险机制，作为一种久经考验且抗通胀的交易媒介。对于我们投资组合中的黄金敞口，我们转而购买金矿公司。我们认为COIN在我们接触加密世界时也有类似的目的。</blockquote> #2. COIN Is Diversified Across 100+ Cryptocurrencies<blockquote>#2.COIN多元化跨越100多种加密货币</blockquote> Bitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:<blockquote>比特币是越来越多的加密货币之一，已经有数百种。因此，它面临着激烈的竞争以及创新和颠覆的持续威胁，取代了它作为领先加密货币的地位，并最终导致其价值下跌。此外，它还面临监管甚至禁令风险，特别是因为其大部分处理能力位于通常被视为西方战略对手甚至对手的国家，包括中国、俄罗斯、伊朗和巴基斯坦。最后但并非最不重要的一点是，比特币的价格已被证明极其不稳定，过去两周已经清楚地表明：</blockquote> <img src=\"https://static.tigerbbs.com/0748a1a4f030bb30e23bc37a8352c208\" tg-width=\"635\" tg-height=\"403\">Data byYCharts<blockquote>数据来自YCharts</blockquote> In contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.<blockquote>相比之下，COIN分散在一百多种加密货币中，从而使其免受任何单一加密货币崩溃的影响。例如，如果中国禁止比特币并有效控制其大部分采矿活动，这将对比特币的价格和加工能力造成毁灭性打击。虽然这仍可能对COIN的现金流和股价造成重大损害，但对COIN的影响远不如比特币所面临的影响严重，而且它将能够用其他加密货币取代比特币。</blockquote> #3. COIN Profits Even When Cryptocurrencies Are Crashing<blockquote>#3.即使加密货币崩溃，代币也能获利</blockquote> While Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.<blockquote>虽然比特币的盈亏命题直接随着比特币价格的上涨和下跌，但COIN的利润并没有与加密货币价格的上涨直接挂钩。相反，它的大部分利润来自交易费，这意味着只要加密货币交易量大，他们就会获得高额利润。此外，由于它交易100多种加密货币，它并不依赖于任何单一加密货币的高交易量，而是从加密货币的整体受欢迎程度中获利。</blockquote> As a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.<blockquote>因此，无论人们是蜂拥而至，试图登上加密货币潮流，还是在加密货币抛售中竞相退出，COIN都有望获得巨额利润，使其成为比比特币更具防御性和不相关的资产。这进一步提高了其风险回报状况。</blockquote> #4. COIN Is Diversifying Into Ancillary Businesses<blockquote>#4.COIN正在多元化发展辅助业务</blockquote> While COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.<blockquote>虽然COIN的竞争地位与比特币相似，因为它享有显着的网络优势和先发地位，但它也面临着来自其他类似平台的激烈竞争，这些平台不断创新并试图获得对它的优势。然而，在这一领域，COIN比比特币拥有一个关键优势：它是一家拥有智能管理、执行长期战略的企业，拥有一支由才华横溢的软件工程师和程序员组成的小型军队，而比特币则是一种没有生命的静态资产。</blockquote> While this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.<blockquote>虽然这可能是一件幸事，因为比特币不存在犯任何战略错误或不当分配股东资本的风险，但总体而言，我们认为这对比特币来说是一个重大负面影响，因为在一个以创新为游戏名称的领域，它增加了比特币最终被竞争加密货币取代和绕过的机会，而COIN可以不断发展并以创新步伐或领先于创新步伐，以维持和加强其竞争优势。</blockquote> In fact, COIN is already&nbsp;aggressively reinvesting&nbsp;its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.<blockquote>事实上，COIN已经在积极地将其利润再投资于此。虽然其交易所业务占其利润的大部分，而且管理层坚持认为——尽管竞争日益激烈——对加密货币的需求不断增长意味着该业务的利润率不太可能在短期内压缩，但他们确实预计从长远来看，利润率压缩将会发生，就像任何没有巨大进入壁垒的利润丰厚的业务一样。</blockquote> As a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects&nbsp;more than 50% of their revenue to come from sources other than transaction fees.<blockquote>因此，管理层目前正在进行多项投资，以增加多样化的收入来源，从而带来更稳定、更安全的长期收入。5年内，管理层预计超过50%的收入将来自交易费以外的来源。</blockquote> Ultimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.<blockquote>最终，COIN将自己视为一家加密货币基础设施企业，提供广泛的服务和工具，使人们能够访问、交换、存储和优化他们对加密货币和区块链技术的使用。他们已经在发展和/或探索的业务包括通过与Visa（V）合作推出的加密货币现金返还信用卡，这是一项针对使用专有网络安全技术、加密货币贷款、存款账户和新的创新交易形式的机构的托管/金库业务，这些交易甚至还没有出现在公众的雷达上，使它们成为虚拟基础设施、网络安全、交易所和金融科技业务的集合体。</blockquote> They are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.<blockquote>他们还投资了许多前雇员后来创立的加密货币初创公司。因此，他们将自己定位为从该领域的进一步外部创新中受益，同时也免受前公司内部人员构建的新技术和应用程序的干扰。</blockquote> With just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to&nbsp;exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.<blockquote>COIN目前只有5000万会员，预计潜在用户约为10亿，因此COIN的增长跑道仍然很大，很容易在未来几年实现指数级增长，特别是如果加密货币的接受度和受欢迎程度继续快速增长的话。</blockquote> #5. COIN Is Easier To Value Than Cryptocurrencies<blockquote>#5.硬币比加密货币更容易估值</blockquote> Last, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.<blockquote>最后但并非最不重要的一点是，COIN产生利润的能力赋予了它内在价值。虽然比特币的真正价值最终是任何人的猜测，因为它完全取决于猜测、消费者不断变化的突发奇想以及对创新管道不会出现更好的希望，但COIN带来了实际的盈利能力和新的业务创新。因此，我们可以更好地了解COIN比比特币更有吸引力的价格。作为价值投资者，我们非常喜欢这种方法。</blockquote> Investor Takeaway<blockquote>投资者要点</blockquote> As we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.<blockquote>正如我们之前关于黄金的说法，流行的加密货币在多元化投资组合中占有一席之地肯定是有理由的。事实上，我们也预计，如果比特币能够在全球企业和机构的接受度和利用率方面继续增长，它将比COIN具有更高的上涨潜力。</blockquote> That said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.<blockquote>也就是说，作为价值投资者，我们喜欢投资而不是投机，并努力最大化我们的风险回报状况。鉴于COIN产生实际现金流以实现长期增长，它在广泛的加密货币领域享有显着的多元化，它与加密货币价格上涨没有直接关系，即使在加密货币崩盘期间也可能获利，正在多元化成为加密货币基础设施公司，并且具有实际的内在价值，而不仅仅是投机资产，COIN是我们投资加密货币领域最喜欢的选择。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Forget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nForget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nseekingalpha2021-05-21 21:26\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>While BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.</li> <li>We believe that COIN offers investors the best risk-reward in today's crypto market.</li> <li>We share 5 reasons why.</li> </ul> <img src=\"https://static.tigerbbs.com/b022fdf1e4f4d4a467df29622f4ff73a\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\">Photo by Movus/iStock Editorial via Getty Images<blockquote><ul><li>虽然如果看涨预测实现，BTC具有巨大的上涨潜力，但我们投资的是最佳的风险回报状况，而不仅仅是最佳的回报潜力。</li><li>我们相信COIN为投资者提供了当今加密货币市场中最好的风险回报。</li><li>我们分享5个原因。</li></ul>摄影：Movus/iStock社论来自Getty Images</blockquote> While Bitcoin (BTC-USD) has tremendous upside potential&nbsp;bullish projections&nbsp;of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.<blockquote>虽然比特币(BTC-USD)具有巨大的上涨潜力，Ark Invest(ARKK)的Cathie Wood等人对每枚硬币的看涨预测为50万美元以上，但我们投资是为了获得最佳的风险回报状况，而不仅仅是最佳的回报潜力。</blockquote> As a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:<blockquote>因此，由于我们相信Coinbase(COIN)为投资者提供了当今加密货币市场中最好的风险回报，因此我们更愿意投资那里，而不是直接投资当今市场上的单个加密货币。在以下段落中，我们分享了5个原因：</blockquote> #1. COIN Is A Growing Business<blockquote>#1.COIN是一项不断增长的业务</blockquote> As a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.<blockquote>作为一项高利润的业务，COIN产生实际现金流，使其内在价值随着时间的推移而增长。因此，它是一个真正的财富复利器，假设企业保持盈利，从长远来看，它将使其所有者变得更加富有。购买和持有COIN股票是一项投资，有可能在现金流增长和业务基本面改善的基础上增加个人财富。</blockquote> In contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.<blockquote>相比之下，比特币既不生育也不产生现金流。它所能做的就是根据人们不断变化的拥有它的欲望，相对于美元或其他资产的价格上涨或下跌。因此，持有它并不是一种投资，而是对未来的一种猜测，即比特币届时的需求将比现在更大。</blockquote> As Warren Buffett said in his&nbsp;2011 Letter to Shareholders:<blockquote>正如沃伦·巴菲特在2011年致股东的信中所说：</blockquote> If you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future. Bitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we&nbsp;buy gold miners&nbsp;instead. We view COIN as serving a similar purpose in our exposure to the crypto world.<blockquote>如果你永远拥有一盎司黄金，你最终仍然会拥有一盎司...所有者的灵感不是来自资产本身能产生什么——它将永远没有生命——而是来自这样一种信念，即其他人在未来会更加渴望它。比特币——被称为数字黄金——可以用非常相似的方式来描述。虽然我们实际上拥有一些黄金(GLD)，但我们也不将其视为一种投资，而是一种资产，作为一种保险机制，作为一种久经考验且抗通胀的交易媒介。对于我们投资组合中的黄金敞口，我们转而购买金矿公司。我们认为COIN在我们接触加密世界时也有类似的目的。</blockquote> #2. COIN Is Diversified Across 100+ Cryptocurrencies<blockquote>#2.COIN多元化跨越100多种加密货币</blockquote> Bitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:<blockquote>比特币是越来越多的加密货币之一，已经有数百种。因此，它面临着激烈的竞争以及创新和颠覆的持续威胁，取代了它作为领先加密货币的地位，并最终导致其价值下跌。此外，它还面临监管甚至禁令风险，特别是因为其大部分处理能力位于通常被视为西方战略对手甚至对手的国家，包括中国、俄罗斯、伊朗和巴基斯坦。最后但并非最不重要的一点是，比特币的价格已被证明极其不稳定，过去两周已经清楚地表明：</blockquote> <img src=\"https://static.tigerbbs.com/0748a1a4f030bb30e23bc37a8352c208\" tg-width=\"635\" tg-height=\"403\">Data byYCharts<blockquote>数据来自YCharts</blockquote> In contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.<blockquote>相比之下，COIN分散在一百多种加密货币中，从而使其免受任何单一加密货币崩溃的影响。例如，如果中国禁止比特币并有效控制其大部分采矿活动，这将对比特币的价格和加工能力造成毁灭性打击。虽然这仍可能对COIN的现金流和股价造成重大损害，但对COIN的影响远不如比特币所面临的影响严重，而且它将能够用其他加密货币取代比特币。</blockquote> #3. COIN Profits Even When Cryptocurrencies Are Crashing<blockquote>#3.即使加密货币崩溃，代币也能获利</blockquote> While Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.<blockquote>虽然比特币的盈亏命题直接随着比特币价格的上涨和下跌，但COIN的利润并没有与加密货币价格的上涨直接挂钩。相反，它的大部分利润来自交易费，这意味着只要加密货币交易量大，他们就会获得高额利润。此外，由于它交易100多种加密货币，它并不依赖于任何单一加密货币的高交易量，而是从加密货币的整体受欢迎程度中获利。</blockquote> As a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.<blockquote>因此，无论人们是蜂拥而至，试图登上加密货币潮流，还是在加密货币抛售中竞相退出，COIN都有望获得巨额利润，使其成为比比特币更具防御性和不相关的资产。这进一步提高了其风险回报状况。</blockquote> #4. COIN Is Diversifying Into Ancillary Businesses<blockquote>#4.COIN正在多元化发展辅助业务</blockquote> While COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.<blockquote>虽然COIN的竞争地位与比特币相似，因为它享有显着的网络优势和先发地位，但它也面临着来自其他类似平台的激烈竞争，这些平台不断创新并试图获得对它的优势。然而，在这一领域，COIN比比特币拥有一个关键优势：它是一家拥有智能管理、执行长期战略的企业，拥有一支由才华横溢的软件工程师和程序员组成的小型军队，而比特币则是一种没有生命的静态资产。</blockquote> While this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.<blockquote>虽然这可能是一件幸事，因为比特币不存在犯任何战略错误或不当分配股东资本的风险，但总体而言，我们认为这对比特币来说是一个重大负面影响，因为在一个以创新为游戏名称的领域，它增加了比特币最终被竞争加密货币取代和绕过的机会，而COIN可以不断发展并以创新步伐或领先于创新步伐，以维持和加强其竞争优势。</blockquote> In fact, COIN is already&nbsp;aggressively reinvesting&nbsp;its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.<blockquote>事实上，COIN已经在积极地将其利润再投资于此。虽然其交易所业务占其利润的大部分，而且管理层坚持认为——尽管竞争日益激烈——对加密货币的需求不断增长意味着该业务的利润率不太可能在短期内压缩，但他们确实预计从长远来看，利润率压缩将会发生，就像任何没有巨大进入壁垒的利润丰厚的业务一样。</blockquote> As a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects&nbsp;more than 50% of their revenue to come from sources other than transaction fees.<blockquote>因此，管理层目前正在进行多项投资，以增加多样化的收入来源，从而带来更稳定、更安全的长期收入。5年内，管理层预计超过50%的收入将来自交易费以外的来源。</blockquote> Ultimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.<blockquote>最终，COIN将自己视为一家加密货币基础设施企业，提供广泛的服务和工具，使人们能够访问、交换、存储和优化他们对加密货币和区块链技术的使用。他们已经在发展和/或探索的业务包括通过与Visa（V）合作推出的加密货币现金返还信用卡，这是一项针对使用专有网络安全技术、加密货币贷款、存款账户和新的创新交易形式的机构的托管/金库业务，这些交易甚至还没有出现在公众的雷达上，使它们成为虚拟基础设施、网络安全、交易所和金融科技业务的集合体。</blockquote> They are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.<blockquote>他们还投资了许多前雇员后来创立的加密货币初创公司。因此，他们将自己定位为从该领域的进一步外部创新中受益，同时也免受前公司内部人员构建的新技术和应用程序的干扰。</blockquote> With just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to&nbsp;exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.<blockquote>COIN目前只有5000万会员，预计潜在用户约为10亿，因此COIN的增长跑道仍然很大，很容易在未来几年实现指数级增长，特别是如果加密货币的接受度和受欢迎程度继续快速增长的话。</blockquote> #5. COIN Is Easier To Value Than Cryptocurrencies<blockquote>#5.硬币比加密货币更容易估值</blockquote> Last, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.<blockquote>最后但并非最不重要的一点是，COIN产生利润的能力赋予了它内在价值。虽然比特币的真正价值最终是任何人的猜测，因为它完全取决于猜测、消费者不断变化的突发奇想以及对创新管道不会出现更好的希望，但COIN带来了实际的盈利能力和新的业务创新。因此，我们可以更好地了解COIN比比特币更有吸引力的价格。作为价值投资者，我们非常喜欢这种方法。</blockquote> Investor Takeaway<blockquote>投资者要点</blockquote> As we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.<blockquote>正如我们之前关于黄金的说法，流行的加密货币在多元化投资组合中占有一席之地肯定是有理由的。事实上，我们也预计，如果比特币能够在全球企业和机构的接受度和利用率方面继续增长，它将比COIN具有更高的上涨潜力。</blockquote> That said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.<blockquote>也就是说，作为价值投资者，我们喜欢投资而不是投机，并努力最大化我们的风险回报状况。鉴于COIN产生实际现金流以实现长期增长，它在广泛的加密货币领域享有显着的多元化，它与加密货币价格上涨没有直接关系，即使在加密货币崩盘期间也可能获利，正在多元化成为加密货币基础设施公司，并且具有实际的内在价值，而不仅仅是投机资产，COIN是我们投资加密货币领域最喜欢的选择。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4430338-coinbase-forget-bitcoin-5-reasons-to-buy-coinbase-instead\">seekingalpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://seekingalpha.com/article/4430338-coinbase-forget-bitcoin-5-reasons-to-buy-coinbase-instead","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178134052","content_text":"Summary\n\nWhile BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.\nWe believe that COIN offers investors the best risk-reward in today's crypto market.\nWe share 5 reasons why.\n\nPhoto by Movus/iStock Editorial via Getty Images\nWhile Bitcoin (BTC-USD) has tremendous upside potential bullish projections of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.\nAs a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:\n#1. COIN Is A Growing Business\nAs a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.\nIn contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.\nAs Warren Buffett said in his 2011 Letter to Shareholders:\n\nIf you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future.\n\nBitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we buy gold miners instead. We view COIN as serving a similar purpose in our exposure to the crypto world.\n#2. COIN Is Diversified Across 100+ Cryptocurrencies\nBitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:\nData byYCharts\nIn contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.\n#3. COIN Profits Even When Cryptocurrencies Are Crashing\nWhile Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.\nAs a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.\n#4. COIN Is Diversifying Into Ancillary Businesses\nWhile COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.\nWhile this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.\nIn fact, COIN is already aggressively reinvesting its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.\nAs a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects more than 50% of their revenue to come from sources other than transaction fees.\nUltimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.\nThey are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.\nWith just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.\n#5. COIN Is Easier To Value Than Cryptocurrencies\nLast, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.\nInvestor Takeaway\nAs we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.\nThat said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":133612586,"gmtCreate":1621741816145,"gmtModify":1634186842504,"author":{"id":"3554972708514401","authorId":"3554972708514401","name":"Cryotan","avatar":"https://static.tigerbbs.com/5ab7d3628b8e23ea65343104b97a132c","vip":1,"crmLevel":5,"crmLevelSwitch":0,"authorIdStr":"3554972708514401","idStr":"3554972708514401"},"htmlText":"Too risky","listText":"Too risky","text":"Too risky","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/133612586","repostId":1178134052,"repostType":4,"repost":{"id":"1178134052","kind":"news","pubTimestamp":1621603581,"share":"https://www.laohu8.com/m/news/1178134052?lang=zh_CN&edition=full","pubTime":"2021-05-21 21:26","market":"us","language":"en","title":"Forget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1178134052","media":"seekingalpha","summary":"Summary\n\nWhile BTC has tremendous upside potential if bullish projections play out, we invest for th","content":"Summary<blockquote>总结</blockquote> <ul> <li>While BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.</li> <li>We believe that COIN offers investors the best risk-reward in today's crypto market.</li> <li>We share 5 reasons why.</li> </ul> <img src=\"https://static.tigerbbs.com/b022fdf1e4f4d4a467df29622f4ff73a\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\">Photo by Movus/iStock Editorial via Getty Images<blockquote><ul><li>虽然如果看涨预测实现，BTC具有巨大的上涨潜力，但我们投资的是最佳的风险回报状况，而不仅仅是最佳的回报潜力。</li><li>我们相信COIN为投资者提供了当今加密货币市场中最好的风险回报。</li><li>我们分享5个原因。</li></ul>摄影：Movus/iStock社论来自Getty Images</blockquote> While Bitcoin (BTC-USD) has tremendous upside potential&nbsp;bullish projections&nbsp;of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.<blockquote>虽然比特币(BTC-USD)具有巨大的上涨潜力，Ark Invest(ARKK)的Cathie Wood等人对每枚硬币的看涨预测为50万美元以上，但我们投资是为了获得最佳的风险回报状况，而不仅仅是最佳的回报潜力。</blockquote> As a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:<blockquote>因此，由于我们相信Coinbase(COIN)为投资者提供了当今加密货币市场中最好的风险回报，因此我们更愿意投资那里，而不是直接投资当今市场上的单个加密货币。在以下段落中，我们分享了5个原因：</blockquote> #1. COIN Is A Growing Business<blockquote>#1.COIN是一项不断增长的业务</blockquote> As a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.<blockquote>作为一项高利润的业务，COIN产生实际现金流，使其内在价值随着时间的推移而增长。因此，它是一个真正的财富复利器，假设企业保持盈利，从长远来看，它将使其所有者变得更加富有。购买和持有COIN股票是一项投资，有可能在现金流增长和业务基本面改善的基础上增加个人财富。</blockquote> In contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.<blockquote>相比之下，比特币既不生育也不产生现金流。它所能做的就是根据人们不断变化的拥有它的欲望，相对于美元或其他资产的价格上涨或下跌。因此，持有它并不是一种投资，而是对未来的一种猜测，即比特币届时的需求将比现在更大。</blockquote> As Warren Buffett said in his&nbsp;2011 Letter to Shareholders:<blockquote>正如沃伦·巴菲特在2011年致股东的信中所说：</blockquote> If you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future. Bitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we&nbsp;buy gold miners&nbsp;instead. We view COIN as serving a similar purpose in our exposure to the crypto world.<blockquote>如果你永远拥有一盎司黄金，你最终仍然会拥有一盎司...所有者的灵感不是来自资产本身能产生什么——它将永远没有生命——而是来自这样一种信念，即其他人在未来会更加渴望它。比特币——被称为数字黄金——可以用非常相似的方式来描述。虽然我们实际上拥有一些黄金(GLD)，但我们也不将其视为一种投资，而是一种资产，作为一种保险机制，作为一种久经考验且抗通胀的交易媒介。对于我们投资组合中的黄金敞口，我们转而购买金矿公司。我们认为COIN在我们接触加密世界时也有类似的目的。</blockquote> #2. COIN Is Diversified Across 100+ Cryptocurrencies<blockquote>#2.COIN多元化跨越100多种加密货币</blockquote> Bitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:<blockquote>比特币是越来越多的加密货币之一，已经有数百种。因此，它面临着激烈的竞争以及创新和颠覆的持续威胁，取代了它作为领先加密货币的地位，并最终导致其价值下跌。此外，它还面临监管甚至禁令风险，特别是因为其大部分处理能力位于通常被视为西方战略对手甚至对手的国家，包括中国、俄罗斯、伊朗和巴基斯坦。最后但并非最不重要的一点是，比特币的价格已被证明极其不稳定，过去两周已经清楚地表明：</blockquote> <img src=\"https://static.tigerbbs.com/0748a1a4f030bb30e23bc37a8352c208\" tg-width=\"635\" tg-height=\"403\">Data byYCharts<blockquote>数据来自YCharts</blockquote> In contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.<blockquote>相比之下，COIN分散在一百多种加密货币中，从而使其免受任何单一加密货币崩溃的影响。例如，如果中国禁止比特币并有效控制其大部分采矿活动，这将对比特币的价格和加工能力造成毁灭性打击。虽然这仍可能对COIN的现金流和股价造成重大损害，但对COIN的影响远不如比特币所面临的影响严重，而且它将能够用其他加密货币取代比特币。</blockquote> #3. COIN Profits Even When Cryptocurrencies Are Crashing<blockquote>#3.即使加密货币崩溃，代币也能获利</blockquote> While Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.<blockquote>虽然比特币的盈亏命题直接随着比特币价格的上涨和下跌，但COIN的利润并没有与加密货币价格的上涨直接挂钩。相反，它的大部分利润来自交易费，这意味着只要加密货币交易量大，他们就会获得高额利润。此外，由于它交易100多种加密货币，它并不依赖于任何单一加密货币的高交易量，而是从加密货币的整体受欢迎程度中获利。</blockquote> As a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.<blockquote>因此，无论人们是蜂拥而至，试图登上加密货币潮流，还是在加密货币抛售中竞相退出，COIN都有望获得巨额利润，使其成为比比特币更具防御性和不相关的资产。这进一步提高了其风险回报状况。</blockquote> #4. COIN Is Diversifying Into Ancillary Businesses<blockquote>#4.COIN正在多元化发展辅助业务</blockquote> While COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.<blockquote>虽然COIN的竞争地位与比特币相似，因为它享有显着的网络优势和先发地位，但它也面临着来自其他类似平台的激烈竞争，这些平台不断创新并试图获得对它的优势。然而，在这一领域，COIN比比特币拥有一个关键优势：它是一家拥有智能管理、执行长期战略的企业，拥有一支由才华横溢的软件工程师和程序员组成的小型军队，而比特币则是一种没有生命的静态资产。</blockquote> While this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.<blockquote>虽然这可能是一件幸事，因为比特币不存在犯任何战略错误或不当分配股东资本的风险，但总体而言，我们认为这对比特币来说是一个重大负面影响，因为在一个以创新为游戏名称的领域，它增加了比特币最终被竞争加密货币取代和绕过的机会，而COIN可以不断发展并以创新步伐或领先于创新步伐，以维持和加强其竞争优势。</blockquote> In fact, COIN is already&nbsp;aggressively reinvesting&nbsp;its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.<blockquote>事实上，COIN已经在积极地将其利润再投资于此。虽然其交易所业务占其利润的大部分，而且管理层坚持认为——尽管竞争日益激烈——对加密货币的需求不断增长意味着该业务的利润率不太可能在短期内压缩，但他们确实预计从长远来看，利润率压缩将会发生，就像任何没有巨大进入壁垒的利润丰厚的业务一样。</blockquote> As a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects&nbsp;more than 50% of their revenue to come from sources other than transaction fees.<blockquote>因此，管理层目前正在进行多项投资，以增加多样化的收入来源，从而带来更稳定、更安全的长期收入。5年内，管理层预计超过50%的收入将来自交易费以外的来源。</blockquote> Ultimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.<blockquote>最终，COIN将自己视为一家加密货币基础设施企业，提供广泛的服务和工具，使人们能够访问、交换、存储和优化他们对加密货币和区块链技术的使用。他们已经在发展和/或探索的业务包括通过与Visa（V）合作推出的加密货币现金返还信用卡，这是一项针对使用专有网络安全技术、加密货币贷款、存款账户和新的创新交易形式的机构的托管/金库业务，这些交易甚至还没有出现在公众的雷达上，使它们成为虚拟基础设施、网络安全、交易所和金融科技业务的集合体。</blockquote> They are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.<blockquote>他们还投资了许多前雇员后来创立的加密货币初创公司。因此，他们将自己定位为从该领域的进一步外部创新中受益，同时也免受前公司内部人员构建的新技术和应用程序的干扰。</blockquote> With just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to&nbsp;exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.<blockquote>COIN目前只有5000万会员，预计潜在用户约为10亿，因此COIN的增长跑道仍然很大，很容易在未来几年实现指数级增长，特别是如果加密货币的接受度和受欢迎程度继续快速增长的话。</blockquote> #5. COIN Is Easier To Value Than Cryptocurrencies<blockquote>#5.硬币比加密货币更容易估值</blockquote> Last, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.<blockquote>最后但并非最不重要的一点是，COIN产生利润的能力赋予了它内在价值。虽然比特币的真正价值最终是任何人的猜测，因为它完全取决于猜测、消费者不断变化的突发奇想以及对创新管道不会出现更好的希望，但COIN带来了实际的盈利能力和新的业务创新。因此，我们可以更好地了解COIN比比特币更有吸引力的价格。作为价值投资者，我们非常喜欢这种方法。</blockquote> Investor Takeaway<blockquote>投资者要点</blockquote> As we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.<blockquote>正如我们之前关于黄金的说法，流行的加密货币在多元化投资组合中占有一席之地肯定是有理由的。事实上，我们也预计，如果比特币能够在全球企业和机构的接受度和利用率方面继续增长，它将比COIN具有更高的上涨潜力。</blockquote> That said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.<blockquote>也就是说，作为价值投资者，我们喜欢投资而不是投机，并努力最大化我们的风险回报状况。鉴于COIN产生实际现金流以实现长期增长，它在广泛的加密货币领域享有显着的多元化，它与加密货币价格上涨没有直接关系，即使在加密货币崩盘期间也可能获利，正在多元化成为加密货币基础设施公司，并且具有实际的内在价值，而不仅仅是投机资产，COIN是我们投资加密货币领域最喜欢的选择。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Forget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nForget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nseekingalpha2021-05-21 21:26\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>While BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.</li> <li>We believe that COIN offers investors the best risk-reward in today's crypto market.</li> <li>We share 5 reasons why.</li> </ul> <img src=\"https://static.tigerbbs.com/b022fdf1e4f4d4a467df29622f4ff73a\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\">Photo by Movus/iStock Editorial via Getty Images<blockquote><ul><li>虽然如果看涨预测实现，BTC具有巨大的上涨潜力，但我们投资的是最佳的风险回报状况，而不仅仅是最佳的回报潜力。</li><li>我们相信COIN为投资者提供了当今加密货币市场中最好的风险回报。</li><li>我们分享5个原因。</li></ul>摄影：Movus/iStock社论来自Getty Images</blockquote> While Bitcoin (BTC-USD) has tremendous upside potential&nbsp;bullish projections&nbsp;of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.<blockquote>虽然比特币(BTC-USD)具有巨大的上涨潜力，Ark Invest(ARKK)的Cathie Wood等人对每枚硬币的看涨预测为50万美元以上，但我们投资是为了获得最佳的风险回报状况，而不仅仅是最佳的回报潜力。</blockquote> As a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:<blockquote>因此，由于我们相信Coinbase(COIN)为投资者提供了当今加密货币市场中最好的风险回报，因此我们更愿意投资那里，而不是直接投资当今市场上的单个加密货币。在以下段落中，我们分享了5个原因：</blockquote> #1. COIN Is A Growing Business<blockquote>#1.COIN是一项不断增长的业务</blockquote> As a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.<blockquote>作为一项高利润的业务，COIN产生实际现金流，使其内在价值随着时间的推移而增长。因此，它是一个真正的财富复利器，假设企业保持盈利，从长远来看，它将使其所有者变得更加富有。购买和持有COIN股票是一项投资，有可能在现金流增长和业务基本面改善的基础上增加个人财富。</blockquote> In contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.<blockquote>相比之下，比特币既不生育也不产生现金流。它所能做的就是根据人们不断变化的拥有它的欲望，相对于美元或其他资产的价格上涨或下跌。因此，持有它并不是一种投资，而是对未来的一种猜测，即比特币届时的需求将比现在更大。</blockquote> As Warren Buffett said in his&nbsp;2011 Letter to Shareholders:<blockquote>正如沃伦·巴菲特在2011年致股东的信中所说：</blockquote> If you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future. Bitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we&nbsp;buy gold miners&nbsp;instead. We view COIN as serving a similar purpose in our exposure to the crypto world.<blockquote>如果你永远拥有一盎司黄金，你最终仍然会拥有一盎司...所有者的灵感不是来自资产本身能产生什么——它将永远没有生命——而是来自这样一种信念，即其他人在未来会更加渴望它。比特币——被称为数字黄金——可以用非常相似的方式来描述。虽然我们实际上拥有一些黄金(GLD)，但我们也不将其视为一种投资，而是一种资产，作为一种保险机制，作为一种久经考验且抗通胀的交易媒介。对于我们投资组合中的黄金敞口，我们转而购买金矿公司。我们认为COIN在我们接触加密世界时也有类似的目的。</blockquote> #2. COIN Is Diversified Across 100+ Cryptocurrencies<blockquote>#2.COIN多元化跨越100多种加密货币</blockquote> Bitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:<blockquote>比特币是越来越多的加密货币之一，已经有数百种。因此，它面临着激烈的竞争以及创新和颠覆的持续威胁，取代了它作为领先加密货币的地位，并最终导致其价值下跌。此外，它还面临监管甚至禁令风险，特别是因为其大部分处理能力位于通常被视为西方战略对手甚至对手的国家，包括中国、俄罗斯、伊朗和巴基斯坦。最后但并非最不重要的一点是，比特币的价格已被证明极其不稳定，过去两周已经清楚地表明：</blockquote> <img src=\"https://static.tigerbbs.com/0748a1a4f030bb30e23bc37a8352c208\" tg-width=\"635\" tg-height=\"403\">Data byYCharts<blockquote>数据来自YCharts</blockquote> In contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.<blockquote>相比之下，COIN分散在一百多种加密货币中，从而使其免受任何单一加密货币崩溃的影响。例如，如果中国禁止比特币并有效控制其大部分采矿活动，这将对比特币的价格和加工能力造成毁灭性打击。虽然这仍可能对COIN的现金流和股价造成重大损害，但对COIN的影响远不如比特币所面临的影响严重，而且它将能够用其他加密货币取代比特币。</blockquote> #3. COIN Profits Even When Cryptocurrencies Are Crashing<blockquote>#3.即使加密货币崩溃，代币也能获利</blockquote> While Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.<blockquote>虽然比特币的盈亏命题直接随着比特币价格的上涨和下跌，但COIN的利润并没有与加密货币价格的上涨直接挂钩。相反，它的大部分利润来自交易费，这意味着只要加密货币交易量大，他们就会获得高额利润。此外，由于它交易100多种加密货币，它并不依赖于任何单一加密货币的高交易量，而是从加密货币的整体受欢迎程度中获利。</blockquote> As a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.<blockquote>因此，无论人们是蜂拥而至，试图登上加密货币潮流，还是在加密货币抛售中竞相退出，COIN都有望获得巨额利润，使其成为比比特币更具防御性和不相关的资产。这进一步提高了其风险回报状况。</blockquote> #4. COIN Is Diversifying Into Ancillary Businesses<blockquote>#4.COIN正在多元化发展辅助业务</blockquote> While COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.<blockquote>虽然COIN的竞争地位与比特币相似，因为它享有显着的网络优势和先发地位，但它也面临着来自其他类似平台的激烈竞争，这些平台不断创新并试图获得对它的优势。然而，在这一领域，COIN比比特币拥有一个关键优势：它是一家拥有智能管理、执行长期战略的企业，拥有一支由才华横溢的软件工程师和程序员组成的小型军队，而比特币则是一种没有生命的静态资产。</blockquote> While this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.<blockquote>虽然这可能是一件幸事，因为比特币不存在犯任何战略错误或不当分配股东资本的风险，但总体而言，我们认为这对比特币来说是一个重大负面影响，因为在一个以创新为游戏名称的领域，它增加了比特币最终被竞争加密货币取代和绕过的机会，而COIN可以不断发展并以创新步伐或领先于创新步伐，以维持和加强其竞争优势。</blockquote> In fact, COIN is already&nbsp;aggressively reinvesting&nbsp;its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.<blockquote>事实上，COIN已经在积极地将其利润再投资于此。虽然其交易所业务占其利润的大部分，而且管理层坚持认为——尽管竞争日益激烈——对加密货币的需求不断增长意味着该业务的利润率不太可能在短期内压缩，但他们确实预计从长远来看，利润率压缩将会发生，就像任何没有巨大进入壁垒的利润丰厚的业务一样。</blockquote> As a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects&nbsp;more than 50% of their revenue to come from sources other than transaction fees.<blockquote>因此，管理层目前正在进行多项投资，以增加多样化的收入来源，从而带来更稳定、更安全的长期收入。5年内，管理层预计超过50%的收入将来自交易费以外的来源。</blockquote> Ultimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.<blockquote>最终，COIN将自己视为一家加密货币基础设施企业，提供广泛的服务和工具，使人们能够访问、交换、存储和优化他们对加密货币和区块链技术的使用。他们已经在发展和/或探索的业务包括通过与Visa（V）合作推出的加密货币现金返还信用卡，这是一项针对使用专有网络安全技术、加密货币贷款、存款账户和新的创新交易形式的机构的托管/金库业务，这些交易甚至还没有出现在公众的雷达上，使它们成为虚拟基础设施、网络安全、交易所和金融科技业务的集合体。</blockquote> They are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.<blockquote>他们还投资了许多前雇员后来创立的加密货币初创公司。因此，他们将自己定位为从该领域的进一步外部创新中受益，同时也免受前公司内部人员构建的新技术和应用程序的干扰。</blockquote> With just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to&nbsp;exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.<blockquote>COIN目前只有5000万会员，预计潜在用户约为10亿，因此COIN的增长跑道仍然很大，很容易在未来几年实现指数级增长，特别是如果加密货币的接受度和受欢迎程度继续快速增长的话。</blockquote> #5. COIN Is Easier To Value Than Cryptocurrencies<blockquote>#5.硬币比加密货币更容易估值</blockquote> Last, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.<blockquote>最后但并非最不重要的一点是，COIN产生利润的能力赋予了它内在价值。虽然比特币的真正价值最终是任何人的猜测，因为它完全取决于猜测、消费者不断变化的突发奇想以及对创新管道不会出现更好的希望，但COIN带来了实际的盈利能力和新的业务创新。因此，我们可以更好地了解COIN比比特币更有吸引力的价格。作为价值投资者，我们非常喜欢这种方法。</blockquote> Investor Takeaway<blockquote>投资者要点</blockquote> As we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.<blockquote>正如我们之前关于黄金的说法，流行的加密货币在多元化投资组合中占有一席之地肯定是有理由的。事实上，我们也预计，如果比特币能够在全球企业和机构的接受度和利用率方面继续增长，它将比COIN具有更高的上涨潜力。</blockquote> That said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.<blockquote>也就是说，作为价值投资者，我们喜欢投资而不是投机，并努力最大化我们的风险回报状况。鉴于COIN产生实际现金流以实现长期增长，它在广泛的加密货币领域享有显着的多元化，它与加密货币价格上涨没有直接关系，即使在加密货币崩盘期间也可能获利，正在多元化成为加密货币基础设施公司，并且具有实际的内在价值，而不仅仅是投机资产，COIN是我们投资加密货币领域最喜欢的选择。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4430338-coinbase-forget-bitcoin-5-reasons-to-buy-coinbase-instead\">seekingalpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://seekingalpha.com/article/4430338-coinbase-forget-bitcoin-5-reasons-to-buy-coinbase-instead","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178134052","content_text":"Summary\n\nWhile BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.\nWe believe that COIN offers investors the best risk-reward in today's crypto market.\nWe share 5 reasons why.\n\nPhoto by Movus/iStock Editorial via Getty Images\nWhile Bitcoin (BTC-USD) has tremendous upside potential bullish projections of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.\nAs a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:\n#1. COIN Is A Growing Business\nAs a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.\nIn contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.\nAs Warren Buffett said in his 2011 Letter to Shareholders:\n\nIf you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future.\n\nBitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we buy gold miners instead. We view COIN as serving a similar purpose in our exposure to the crypto world.\n#2. COIN Is Diversified Across 100+ Cryptocurrencies\nBitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:\nData byYCharts\nIn contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.\n#3. COIN Profits Even When Cryptocurrencies Are Crashing\nWhile Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.\nAs a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.\n#4. COIN Is Diversifying Into Ancillary Businesses\nWhile COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.\nWhile this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.\nIn fact, COIN is already aggressively reinvesting its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.\nAs a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects more than 50% of their revenue to come from sources other than transaction fees.\nUltimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.\nThey are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.\nWith just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.\n#5. COIN Is Easier To Value Than Cryptocurrencies\nLast, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.\nInvestor Takeaway\nAs we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.\nThat said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4419545,"gmtCreate":1621749027609,"gmtModify":1635402127064,"authorId":3572005609122539,"author":{"id":3572005609122539,"idStr":"3572005609122539","authorId":3572005609122539,"name":"ngchris","avatar":"https://static.tigerbbs.com/76fa13deb76ef9b61305ed927b5c3290","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":133612586,"type":1,"supId":0,"prevId":0,"content":"Agreed","text":"Agreed","html":"Agreed"},{"id":4421902,"gmtCreate":1621771152353,"gmtModify":1635401903070,"authorId":3580341549267327,"author":{"id":3580341549267327,"idStr":"3580341549267327","authorId":3580341549267327,"name":"Shirron","avatar":"https://static.tigerbbs.com/df7d4c61495981213747b5b050907306","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":133612586,"type":1,"supId":0,"prevId":0,"content":"thought so too","text":"thought so too","html":"thought so too"}],"langContent":"EN"},{"id":133602105,"gmtCreate":1621739207307,"gmtModify":1634186868722,"author":{"id":"3574639507377836","authorId":"3574639507377836","name":"Kikiooi","avatar":"https://static.tigerbbs.com/81135f833a61d8d0899dff1c77b07e72","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3574639507377836","idStr":"3574639507377836"},"htmlText":"Diversified profile is better&nbsp;","listText":"Diversified profile is better&nbsp;","text":"Diversified profile is better","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/133602105","repostId":1178134052,"repostType":4,"repost":{"id":"1178134052","kind":"news","pubTimestamp":1621603581,"share":"https://www.laohu8.com/m/news/1178134052?lang=zh_CN&edition=full","pubTime":"2021-05-21 21:26","market":"us","language":"en","title":"Forget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1178134052","media":"seekingalpha","summary":"Summary\n\nWhile BTC has tremendous upside potential if bullish projections play out, we invest for th","content":"Summary<blockquote>总结</blockquote> <ul> <li>While BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.</li> <li>We believe that COIN offers investors the best risk-reward in today's crypto market.</li> <li>We share 5 reasons why.</li> </ul> <img src=\"https://static.tigerbbs.com/b022fdf1e4f4d4a467df29622f4ff73a\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\">Photo by Movus/iStock Editorial via Getty Images<blockquote><ul><li>虽然如果看涨预测实现，BTC具有巨大的上涨潜力，但我们投资的是最佳的风险回报状况，而不仅仅是最佳的回报潜力。</li><li>我们相信COIN为投资者提供了当今加密货币市场中最好的风险回报。</li><li>我们分享5个原因。</li></ul>摄影：Movus/iStock社论来自Getty Images</blockquote> While Bitcoin (BTC-USD) has tremendous upside potential&nbsp;bullish projections&nbsp;of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.<blockquote>虽然比特币(BTC-USD)具有巨大的上涨潜力，Ark Invest(ARKK)的Cathie Wood等人对每枚硬币的看涨预测为50万美元以上，但我们投资是为了获得最佳的风险回报状况，而不仅仅是最佳的回报潜力。</blockquote> As a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:<blockquote>因此，由于我们相信Coinbase(COIN)为投资者提供了当今加密货币市场中最好的风险回报，因此我们更愿意投资那里，而不是直接投资当今市场上的单个加密货币。在以下段落中，我们分享了5个原因：</blockquote> #1. COIN Is A Growing Business<blockquote>#1.COIN是一项不断增长的业务</blockquote> As a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.<blockquote>作为一项高利润的业务，COIN产生实际现金流，使其内在价值随着时间的推移而增长。因此，它是一个真正的财富复利器，假设企业保持盈利，从长远来看，它将使其所有者变得更加富有。购买和持有COIN股票是一项投资，有可能在现金流增长和业务基本面改善的基础上增加个人财富。</blockquote> In contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.<blockquote>相比之下，比特币既不生育也不产生现金流。它所能做的就是根据人们不断变化的拥有它的欲望，相对于美元或其他资产的价格上涨或下跌。因此，持有它并不是一种投资，而是对未来的一种猜测，即比特币届时的需求将比现在更大。</blockquote> As Warren Buffett said in his&nbsp;2011 Letter to Shareholders:<blockquote>正如沃伦·巴菲特在2011年致股东的信中所说：</blockquote> If you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future. Bitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we&nbsp;buy gold miners&nbsp;instead. We view COIN as serving a similar purpose in our exposure to the crypto world.<blockquote>如果你永远拥有一盎司黄金，你最终仍然会拥有一盎司...所有者的灵感不是来自资产本身能产生什么——它将永远没有生命——而是来自这样一种信念，即其他人在未来会更加渴望它。比特币——被称为数字黄金——可以用非常相似的方式来描述。虽然我们实际上拥有一些黄金(GLD)，但我们也不将其视为一种投资，而是一种资产，作为一种保险机制，作为一种久经考验且抗通胀的交易媒介。对于我们投资组合中的黄金敞口，我们转而购买金矿公司。我们认为COIN在我们接触加密世界时也有类似的目的。</blockquote> #2. COIN Is Diversified Across 100+ Cryptocurrencies<blockquote>#2.COIN多元化跨越100多种加密货币</blockquote> Bitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:<blockquote>比特币是越来越多的加密货币之一，已经有数百种。因此，它面临着激烈的竞争以及创新和颠覆的持续威胁，取代了它作为领先加密货币的地位，并最终导致其价值下跌。此外，它还面临监管甚至禁令风险，特别是因为其大部分处理能力位于通常被视为西方战略对手甚至对手的国家，包括中国、俄罗斯、伊朗和巴基斯坦。最后但并非最不重要的一点是，比特币的价格已被证明极其不稳定，过去两周已经清楚地表明：</blockquote> <img src=\"https://static.tigerbbs.com/0748a1a4f030bb30e23bc37a8352c208\" tg-width=\"635\" tg-height=\"403\">Data byYCharts<blockquote>数据来自YCharts</blockquote> In contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.<blockquote>相比之下，COIN分散在一百多种加密货币中，从而使其免受任何单一加密货币崩溃的影响。例如，如果中国禁止比特币并有效控制其大部分采矿活动，这将对比特币的价格和加工能力造成毁灭性打击。虽然这仍可能对COIN的现金流和股价造成重大损害，但对COIN的影响远不如比特币所面临的影响严重，而且它将能够用其他加密货币取代比特币。</blockquote> #3. COIN Profits Even When Cryptocurrencies Are Crashing<blockquote>#3.即使加密货币崩溃，代币也能获利</blockquote> While Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.<blockquote>虽然比特币的盈亏命题直接随着比特币价格的上涨和下跌，但COIN的利润并没有与加密货币价格的上涨直接挂钩。相反，它的大部分利润来自交易费，这意味着只要加密货币交易量大，他们就会获得高额利润。此外，由于它交易100多种加密货币，它并不依赖于任何单一加密货币的高交易量，而是从加密货币的整体受欢迎程度中获利。</blockquote> As a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.<blockquote>因此，无论人们是蜂拥而至，试图登上加密货币潮流，还是在加密货币抛售中竞相退出，COIN都有望获得巨额利润，使其成为比比特币更具防御性和不相关的资产。这进一步提高了其风险回报状况。</blockquote> #4. COIN Is Diversifying Into Ancillary Businesses<blockquote>#4.COIN正在多元化发展辅助业务</blockquote> While COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.<blockquote>虽然COIN的竞争地位与比特币相似，因为它享有显着的网络优势和先发地位，但它也面临着来自其他类似平台的激烈竞争，这些平台不断创新并试图获得对它的优势。然而，在这一领域，COIN比比特币拥有一个关键优势：它是一家拥有智能管理、执行长期战略的企业，拥有一支由才华横溢的软件工程师和程序员组成的小型军队，而比特币则是一种没有生命的静态资产。</blockquote> While this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.<blockquote>虽然这可能是一件幸事，因为比特币不存在犯任何战略错误或不当分配股东资本的风险，但总体而言，我们认为这对比特币来说是一个重大负面影响，因为在一个以创新为游戏名称的领域，它增加了比特币最终被竞争加密货币取代和绕过的机会，而COIN可以不断发展并以创新步伐或领先于创新步伐，以维持和加强其竞争优势。</blockquote> In fact, COIN is already&nbsp;aggressively reinvesting&nbsp;its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.<blockquote>事实上，COIN已经在积极地将其利润再投资于此。虽然其交易所业务占其利润的大部分，而且管理层坚持认为——尽管竞争日益激烈——对加密货币的需求不断增长意味着该业务的利润率不太可能在短期内压缩，但他们确实预计从长远来看，利润率压缩将会发生，就像任何没有巨大进入壁垒的利润丰厚的业务一样。</blockquote> As a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects&nbsp;more than 50% of their revenue to come from sources other than transaction fees.<blockquote>因此，管理层目前正在进行多项投资，以增加多样化的收入来源，从而带来更稳定、更安全的长期收入。5年内，管理层预计超过50%的收入将来自交易费以外的来源。</blockquote> Ultimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.<blockquote>最终，COIN将自己视为一家加密货币基础设施企业，提供广泛的服务和工具，使人们能够访问、交换、存储和优化他们对加密货币和区块链技术的使用。他们已经在发展和/或探索的业务包括通过与Visa（V）合作推出的加密货币现金返还信用卡，这是一项针对使用专有网络安全技术、加密货币贷款、存款账户和新的创新交易形式的机构的托管/金库业务，这些交易甚至还没有出现在公众的雷达上，使它们成为虚拟基础设施、网络安全、交易所和金融科技业务的集合体。</blockquote> They are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.<blockquote>他们还投资了许多前雇员后来创立的加密货币初创公司。因此，他们将自己定位为从该领域的进一步外部创新中受益，同时也免受前公司内部人员构建的新技术和应用程序的干扰。</blockquote> With just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to&nbsp;exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.<blockquote>COIN目前只有5000万会员，预计潜在用户约为10亿，因此COIN的增长跑道仍然很大，很容易在未来几年实现指数级增长，特别是如果加密货币的接受度和受欢迎程度继续快速增长的话。</blockquote> #5. COIN Is Easier To Value Than Cryptocurrencies<blockquote>#5.硬币比加密货币更容易估值</blockquote> Last, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.<blockquote>最后但并非最不重要的一点是，COIN产生利润的能力赋予了它内在价值。虽然比特币的真正价值最终是任何人的猜测，因为它完全取决于猜测、消费者不断变化的突发奇想以及对创新管道不会出现更好的希望，但COIN带来了实际的盈利能力和新的业务创新。因此，我们可以更好地了解COIN比比特币更有吸引力的价格。作为价值投资者，我们非常喜欢这种方法。</blockquote> Investor Takeaway<blockquote>投资者要点</blockquote> As we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.<blockquote>正如我们之前关于黄金的说法，流行的加密货币在多元化投资组合中占有一席之地肯定是有理由的。事实上，我们也预计，如果比特币能够在全球企业和机构的接受度和利用率方面继续增长，它将比COIN具有更高的上涨潜力。</blockquote> That said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.<blockquote>也就是说，作为价值投资者，我们喜欢投资而不是投机，并努力最大化我们的风险回报状况。鉴于COIN产生实际现金流以实现长期增长，它在广泛的加密货币领域享有显着的多元化，它与加密货币价格上涨没有直接关系，即使在加密货币崩盘期间也可能获利，正在多元化成为加密货币基础设施公司，并且具有实际的内在价值，而不仅仅是投机资产，COIN是我们投资加密货币领域最喜欢的选择。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Forget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nForget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nseekingalpha2021-05-21 21:26\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>While BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.</li> <li>We believe that COIN offers investors the best risk-reward in today's crypto market.</li> <li>We share 5 reasons why.</li> </ul> <img src=\"https://static.tigerbbs.com/b022fdf1e4f4d4a467df29622f4ff73a\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\">Photo by Movus/iStock Editorial via Getty Images<blockquote><ul><li>虽然如果看涨预测实现，BTC具有巨大的上涨潜力，但我们投资的是最佳的风险回报状况，而不仅仅是最佳的回报潜力。</li><li>我们相信COIN为投资者提供了当今加密货币市场中最好的风险回报。</li><li>我们分享5个原因。</li></ul>摄影：Movus/iStock社论来自Getty Images</blockquote> While Bitcoin (BTC-USD) has tremendous upside potential&nbsp;bullish projections&nbsp;of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.<blockquote>虽然比特币(BTC-USD)具有巨大的上涨潜力，Ark Invest(ARKK)的Cathie Wood等人对每枚硬币的看涨预测为50万美元以上，但我们投资是为了获得最佳的风险回报状况，而不仅仅是最佳的回报潜力。</blockquote> As a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:<blockquote>因此，由于我们相信Coinbase(COIN)为投资者提供了当今加密货币市场中最好的风险回报，因此我们更愿意投资那里，而不是直接投资当今市场上的单个加密货币。在以下段落中，我们分享了5个原因：</blockquote> #1. COIN Is A Growing Business<blockquote>#1.COIN是一项不断增长的业务</blockquote> As a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.<blockquote>作为一项高利润的业务，COIN产生实际现金流，使其内在价值随着时间的推移而增长。因此，它是一个真正的财富复利器，假设企业保持盈利，从长远来看，它将使其所有者变得更加富有。购买和持有COIN股票是一项投资，有可能在现金流增长和业务基本面改善的基础上增加个人财富。</blockquote> In contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.<blockquote>相比之下，比特币既不生育也不产生现金流。它所能做的就是根据人们不断变化的拥有它的欲望，相对于美元或其他资产的价格上涨或下跌。因此，持有它并不是一种投资，而是对未来的一种猜测，即比特币届时的需求将比现在更大。</blockquote> As Warren Buffett said in his&nbsp;2011 Letter to Shareholders:<blockquote>正如沃伦·巴菲特在2011年致股东的信中所说：</blockquote> If you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future. Bitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we&nbsp;buy gold miners&nbsp;instead. We view COIN as serving a similar purpose in our exposure to the crypto world.<blockquote>如果你永远拥有一盎司黄金，你最终仍然会拥有一盎司...所有者的灵感不是来自资产本身能产生什么——它将永远没有生命——而是来自这样一种信念，即其他人在未来会更加渴望它。比特币——被称为数字黄金——可以用非常相似的方式来描述。虽然我们实际上拥有一些黄金(GLD)，但我们也不将其视为一种投资，而是一种资产，作为一种保险机制，作为一种久经考验且抗通胀的交易媒介。对于我们投资组合中的黄金敞口，我们转而购买金矿公司。我们认为COIN在我们接触加密世界时也有类似的目的。</blockquote> #2. COIN Is Diversified Across 100+ Cryptocurrencies<blockquote>#2.COIN多元化跨越100多种加密货币</blockquote> Bitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:<blockquote>比特币是越来越多的加密货币之一，已经有数百种。因此，它面临着激烈的竞争以及创新和颠覆的持续威胁，取代了它作为领先加密货币的地位，并最终导致其价值下跌。此外，它还面临监管甚至禁令风险，特别是因为其大部分处理能力位于通常被视为西方战略对手甚至对手的国家，包括中国、俄罗斯、伊朗和巴基斯坦。最后但并非最不重要的一点是，比特币的价格已被证明极其不稳定，过去两周已经清楚地表明：</blockquote> <img src=\"https://static.tigerbbs.com/0748a1a4f030bb30e23bc37a8352c208\" tg-width=\"635\" tg-height=\"403\">Data byYCharts<blockquote>数据来自YCharts</blockquote> In contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.<blockquote>相比之下，COIN分散在一百多种加密货币中，从而使其免受任何单一加密货币崩溃的影响。例如，如果中国禁止比特币并有效控制其大部分采矿活动，这将对比特币的价格和加工能力造成毁灭性打击。虽然这仍可能对COIN的现金流和股价造成重大损害，但对COIN的影响远不如比特币所面临的影响严重，而且它将能够用其他加密货币取代比特币。</blockquote> #3. COIN Profits Even When Cryptocurrencies Are Crashing<blockquote>#3.即使加密货币崩溃，代币也能获利</blockquote> While Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.<blockquote>虽然比特币的盈亏命题直接随着比特币价格的上涨和下跌，但COIN的利润并没有与加密货币价格的上涨直接挂钩。相反，它的大部分利润来自交易费，这意味着只要加密货币交易量大，他们就会获得高额利润。此外，由于它交易100多种加密货币，它并不依赖于任何单一加密货币的高交易量，而是从加密货币的整体受欢迎程度中获利。</blockquote> As a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.<blockquote>因此，无论人们是蜂拥而至，试图登上加密货币潮流，还是在加密货币抛售中竞相退出，COIN都有望获得巨额利润，使其成为比比特币更具防御性和不相关的资产。这进一步提高了其风险回报状况。</blockquote> #4. COIN Is Diversifying Into Ancillary Businesses<blockquote>#4.COIN正在多元化发展辅助业务</blockquote> While COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.<blockquote>虽然COIN的竞争地位与比特币相似，因为它享有显着的网络优势和先发地位，但它也面临着来自其他类似平台的激烈竞争，这些平台不断创新并试图获得对它的优势。然而，在这一领域，COIN比比特币拥有一个关键优势：它是一家拥有智能管理、执行长期战略的企业，拥有一支由才华横溢的软件工程师和程序员组成的小型军队，而比特币则是一种没有生命的静态资产。</blockquote> While this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.<blockquote>虽然这可能是一件幸事，因为比特币不存在犯任何战略错误或不当分配股东资本的风险，但总体而言，我们认为这对比特币来说是一个重大负面影响，因为在一个以创新为游戏名称的领域，它增加了比特币最终被竞争加密货币取代和绕过的机会，而COIN可以不断发展并以创新步伐或领先于创新步伐，以维持和加强其竞争优势。</blockquote> In fact, COIN is already&nbsp;aggressively reinvesting&nbsp;its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.<blockquote>事实上，COIN已经在积极地将其利润再投资于此。虽然其交易所业务占其利润的大部分，而且管理层坚持认为——尽管竞争日益激烈——对加密货币的需求不断增长意味着该业务的利润率不太可能在短期内压缩，但他们确实预计从长远来看，利润率压缩将会发生，就像任何没有巨大进入壁垒的利润丰厚的业务一样。</blockquote> As a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects&nbsp;more than 50% of their revenue to come from sources other than transaction fees.<blockquote>因此，管理层目前正在进行多项投资，以增加多样化的收入来源，从而带来更稳定、更安全的长期收入。5年内，管理层预计超过50%的收入将来自交易费以外的来源。</blockquote> Ultimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.<blockquote>最终，COIN将自己视为一家加密货币基础设施企业，提供广泛的服务和工具，使人们能够访问、交换、存储和优化他们对加密货币和区块链技术的使用。他们已经在发展和/或探索的业务包括通过与Visa（V）合作推出的加密货币现金返还信用卡，这是一项针对使用专有网络安全技术、加密货币贷款、存款账户和新的创新交易形式的机构的托管/金库业务，这些交易甚至还没有出现在公众的雷达上，使它们成为虚拟基础设施、网络安全、交易所和金融科技业务的集合体。</blockquote> They are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.<blockquote>他们还投资了许多前雇员后来创立的加密货币初创公司。因此，他们将自己定位为从该领域的进一步外部创新中受益，同时也免受前公司内部人员构建的新技术和应用程序的干扰。</blockquote> With just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to&nbsp;exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.<blockquote>COIN目前只有5000万会员，预计潜在用户约为10亿，因此COIN的增长跑道仍然很大，很容易在未来几年实现指数级增长，特别是如果加密货币的接受度和受欢迎程度继续快速增长的话。</blockquote> #5. COIN Is Easier To Value Than Cryptocurrencies<blockquote>#5.硬币比加密货币更容易估值</blockquote> Last, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.<blockquote>最后但并非最不重要的一点是，COIN产生利润的能力赋予了它内在价值。虽然比特币的真正价值最终是任何人的猜测，因为它完全取决于猜测、消费者不断变化的突发奇想以及对创新管道不会出现更好的希望，但COIN带来了实际的盈利能力和新的业务创新。因此，我们可以更好地了解COIN比比特币更有吸引力的价格。作为价值投资者，我们非常喜欢这种方法。</blockquote> Investor Takeaway<blockquote>投资者要点</blockquote> As we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.<blockquote>正如我们之前关于黄金的说法，流行的加密货币在多元化投资组合中占有一席之地肯定是有理由的。事实上，我们也预计，如果比特币能够在全球企业和机构的接受度和利用率方面继续增长，它将比COIN具有更高的上涨潜力。</blockquote> That said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.<blockquote>也就是说，作为价值投资者，我们喜欢投资而不是投机，并努力最大化我们的风险回报状况。鉴于COIN产生实际现金流以实现长期增长，它在广泛的加密货币领域享有显着的多元化，它与加密货币价格上涨没有直接关系，即使在加密货币崩盘期间也可能获利，正在多元化成为加密货币基础设施公司，并且具有实际的内在价值，而不仅仅是投机资产，COIN是我们投资加密货币领域最喜欢的选择。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4430338-coinbase-forget-bitcoin-5-reasons-to-buy-coinbase-instead\">seekingalpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://seekingalpha.com/article/4430338-coinbase-forget-bitcoin-5-reasons-to-buy-coinbase-instead","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178134052","content_text":"Summary\n\nWhile BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.\nWe believe that COIN offers investors the best risk-reward in today's crypto market.\nWe share 5 reasons why.\n\nPhoto by Movus/iStock Editorial via Getty Images\nWhile Bitcoin (BTC-USD) has tremendous upside potential bullish projections of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.\nAs a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:\n#1. COIN Is A Growing Business\nAs a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.\nIn contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.\nAs Warren Buffett said in his 2011 Letter to Shareholders:\n\nIf you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future.\n\nBitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we buy gold miners instead. We view COIN as serving a similar purpose in our exposure to the crypto world.\n#2. COIN Is Diversified Across 100+ Cryptocurrencies\nBitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:\nData byYCharts\nIn contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.\n#3. COIN Profits Even When Cryptocurrencies Are Crashing\nWhile Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.\nAs a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.\n#4. COIN Is Diversifying Into Ancillary Businesses\nWhile COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.\nWhile this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.\nIn fact, COIN is already aggressively reinvesting its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.\nAs a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects more than 50% of their revenue to come from sources other than transaction fees.\nUltimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.\nThey are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.\nWith just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.\n#5. COIN Is Easier To Value Than Cryptocurrencies\nLast, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.\nInvestor Takeaway\nAs we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.\nThat said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":133845238,"gmtCreate":1621737987724,"gmtModify":1634186884048,"author":{"id":"3581720614399200","authorId":"3581720614399200","name":"68fc893","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3581720614399200","idStr":"3581720614399200"},"htmlText":"Wow what other businesses tho","listText":"Wow what other businesses tho","text":"Wow what other businesses tho","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/133845238","repostId":1178134052,"repostType":4,"repost":{"id":"1178134052","kind":"news","pubTimestamp":1621603581,"share":"https://www.laohu8.com/m/news/1178134052?lang=zh_CN&edition=full","pubTime":"2021-05-21 21:26","market":"us","language":"en","title":"Forget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1178134052","media":"seekingalpha","summary":"Summary\n\nWhile BTC has tremendous upside potential if bullish projections play out, we invest for th","content":"Summary<blockquote>总结</blockquote> <ul> <li>While BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.</li> <li>We believe that COIN offers investors the best risk-reward in today's crypto market.</li> <li>We share 5 reasons why.</li> </ul> <img src=\"https://static.tigerbbs.com/b022fdf1e4f4d4a467df29622f4ff73a\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\">Photo by Movus/iStock Editorial via Getty Images<blockquote><ul><li>虽然如果看涨预测实现，BTC具有巨大的上涨潜力，但我们投资的是最佳的风险回报状况，而不仅仅是最佳的回报潜力。</li><li>我们相信COIN为投资者提供了当今加密货币市场中最好的风险回报。</li><li>我们分享5个原因。</li></ul>摄影：Movus/iStock社论来自Getty Images</blockquote> While Bitcoin (BTC-USD) has tremendous upside potential&nbsp;bullish projections&nbsp;of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.<blockquote>虽然比特币(BTC-USD)具有巨大的上涨潜力，Ark Invest(ARKK)的Cathie Wood等人对每枚硬币的看涨预测为50万美元以上，但我们投资是为了获得最佳的风险回报状况，而不仅仅是最佳的回报潜力。</blockquote> As a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:<blockquote>因此，由于我们相信Coinbase(COIN)为投资者提供了当今加密货币市场中最好的风险回报，因此我们更愿意投资那里，而不是直接投资当今市场上的单个加密货币。在以下段落中，我们分享了5个原因：</blockquote> #1. COIN Is A Growing Business<blockquote>#1.COIN是一项不断增长的业务</blockquote> As a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.<blockquote>作为一项高利润的业务，COIN产生实际现金流，使其内在价值随着时间的推移而增长。因此，它是一个真正的财富复利器，假设企业保持盈利，从长远来看，它将使其所有者变得更加富有。购买和持有COIN股票是一项投资，有可能在现金流增长和业务基本面改善的基础上增加个人财富。</blockquote> In contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.<blockquote>相比之下，比特币既不生育也不产生现金流。它所能做的就是根据人们不断变化的拥有它的欲望，相对于美元或其他资产的价格上涨或下跌。因此，持有它并不是一种投资，而是对未来的一种猜测，即比特币届时的需求将比现在更大。</blockquote> As Warren Buffett said in his&nbsp;2011 Letter to Shareholders:<blockquote>正如沃伦·巴菲特在2011年致股东的信中所说：</blockquote> If you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future. Bitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we&nbsp;buy gold miners&nbsp;instead. We view COIN as serving a similar purpose in our exposure to the crypto world.<blockquote>如果你永远拥有一盎司黄金，你最终仍然会拥有一盎司...所有者的灵感不是来自资产本身能产生什么——它将永远没有生命——而是来自这样一种信念，即其他人在未来会更加渴望它。比特币——被称为数字黄金——可以用非常相似的方式来描述。虽然我们实际上拥有一些黄金(GLD)，但我们也不将其视为一种投资，而是一种资产，作为一种保险机制，作为一种久经考验且抗通胀的交易媒介。对于我们投资组合中的黄金敞口，我们转而购买金矿公司。我们认为COIN在我们接触加密世界时也有类似的目的。</blockquote> #2. COIN Is Diversified Across 100+ Cryptocurrencies<blockquote>#2.COIN多元化跨越100多种加密货币</blockquote> Bitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:<blockquote>比特币是越来越多的加密货币之一，已经有数百种。因此，它面临着激烈的竞争以及创新和颠覆的持续威胁，取代了它作为领先加密货币的地位，并最终导致其价值下跌。此外，它还面临监管甚至禁令风险，特别是因为其大部分处理能力位于通常被视为西方战略对手甚至对手的国家，包括中国、俄罗斯、伊朗和巴基斯坦。最后但并非最不重要的一点是，比特币的价格已被证明极其不稳定，过去两周已经清楚地表明：</blockquote> <img src=\"https://static.tigerbbs.com/0748a1a4f030bb30e23bc37a8352c208\" tg-width=\"635\" tg-height=\"403\">Data byYCharts<blockquote>数据来自YCharts</blockquote> In contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.<blockquote>相比之下，COIN分散在一百多种加密货币中，从而使其免受任何单一加密货币崩溃的影响。例如，如果中国禁止比特币并有效控制其大部分采矿活动，这将对比特币的价格和加工能力造成毁灭性打击。虽然这仍可能对COIN的现金流和股价造成重大损害，但对COIN的影响远不如比特币所面临的影响严重，而且它将能够用其他加密货币取代比特币。</blockquote> #3. COIN Profits Even When Cryptocurrencies Are Crashing<blockquote>#3.即使加密货币崩溃，代币也能获利</blockquote> While Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.<blockquote>虽然比特币的盈亏命题直接随着比特币价格的上涨和下跌，但COIN的利润并没有与加密货币价格的上涨直接挂钩。相反，它的大部分利润来自交易费，这意味着只要加密货币交易量大，他们就会获得高额利润。此外，由于它交易100多种加密货币，它并不依赖于任何单一加密货币的高交易量，而是从加密货币的整体受欢迎程度中获利。</blockquote> As a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.<blockquote>因此，无论人们是蜂拥而至，试图登上加密货币潮流，还是在加密货币抛售中竞相退出，COIN都有望获得巨额利润，使其成为比比特币更具防御性和不相关的资产。这进一步提高了其风险回报状况。</blockquote> #4. COIN Is Diversifying Into Ancillary Businesses<blockquote>#4.COIN正在多元化发展辅助业务</blockquote> While COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.<blockquote>虽然COIN的竞争地位与比特币相似，因为它享有显着的网络优势和先发地位，但它也面临着来自其他类似平台的激烈竞争，这些平台不断创新并试图获得对它的优势。然而，在这一领域，COIN比比特币拥有一个关键优势：它是一家拥有智能管理、执行长期战略的企业，拥有一支由才华横溢的软件工程师和程序员组成的小型军队，而比特币则是一种没有生命的静态资产。</blockquote> While this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.<blockquote>虽然这可能是一件幸事，因为比特币不存在犯任何战略错误或不当分配股东资本的风险，但总体而言，我们认为这对比特币来说是一个重大负面影响，因为在一个以创新为游戏名称的领域，它增加了比特币最终被竞争加密货币取代和绕过的机会，而COIN可以不断发展并以创新步伐或领先于创新步伐，以维持和加强其竞争优势。</blockquote> In fact, COIN is already&nbsp;aggressively reinvesting&nbsp;its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.<blockquote>事实上，COIN已经在积极地将其利润再投资于此。虽然其交易所业务占其利润的大部分，而且管理层坚持认为——尽管竞争日益激烈——对加密货币的需求不断增长意味着该业务的利润率不太可能在短期内压缩，但他们确实预计从长远来看，利润率压缩将会发生，就像任何没有巨大进入壁垒的利润丰厚的业务一样。</blockquote> As a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects&nbsp;more than 50% of their revenue to come from sources other than transaction fees.<blockquote>因此，管理层目前正在进行多项投资，以增加多样化的收入来源，从而带来更稳定、更安全的长期收入。5年内，管理层预计超过50%的收入将来自交易费以外的来源。</blockquote> Ultimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.<blockquote>最终，COIN将自己视为一家加密货币基础设施企业，提供广泛的服务和工具，使人们能够访问、交换、存储和优化他们对加密货币和区块链技术的使用。他们已经在发展和/或探索的业务包括通过与Visa（V）合作推出的加密货币现金返还信用卡，这是一项针对使用专有网络安全技术、加密货币贷款、存款账户和新的创新交易形式的机构的托管/金库业务，这些交易甚至还没有出现在公众的雷达上，使它们成为虚拟基础设施、网络安全、交易所和金融科技业务的集合体。</blockquote> They are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.<blockquote>他们还投资了许多前雇员后来创立的加密货币初创公司。因此，他们将自己定位为从该领域的进一步外部创新中受益，同时也免受前公司内部人员构建的新技术和应用程序的干扰。</blockquote> With just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to&nbsp;exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.<blockquote>COIN目前只有5000万会员，预计潜在用户约为10亿，因此COIN的增长跑道仍然很大，很容易在未来几年实现指数级增长，特别是如果加密货币的接受度和受欢迎程度继续快速增长的话。</blockquote> #5. COIN Is Easier To Value Than Cryptocurrencies<blockquote>#5.硬币比加密货币更容易估值</blockquote> Last, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.<blockquote>最后但并非最不重要的一点是，COIN产生利润的能力赋予了它内在价值。虽然比特币的真正价值最终是任何人的猜测，因为它完全取决于猜测、消费者不断变化的突发奇想以及对创新管道不会出现更好的希望，但COIN带来了实际的盈利能力和新的业务创新。因此，我们可以更好地了解COIN比比特币更有吸引力的价格。作为价值投资者，我们非常喜欢这种方法。</blockquote> Investor Takeaway<blockquote>投资者要点</blockquote> As we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.<blockquote>正如我们之前关于黄金的说法，流行的加密货币在多元化投资组合中占有一席之地肯定是有理由的。事实上，我们也预计，如果比特币能够在全球企业和机构的接受度和利用率方面继续增长，它将比COIN具有更高的上涨潜力。</blockquote> That said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.<blockquote>也就是说，作为价值投资者，我们喜欢投资而不是投机，并努力最大化我们的风险回报状况。鉴于COIN产生实际现金流以实现长期增长，它在广泛的加密货币领域享有显着的多元化，它与加密货币价格上涨没有直接关系，即使在加密货币崩盘期间也可能获利，正在多元化成为加密货币基础设施公司，并且具有实际的内在价值，而不仅仅是投机资产，COIN是我们投资加密货币领域最喜欢的选择。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Forget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nForget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nseekingalpha2021-05-21 21:26\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>While BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.</li> <li>We believe that COIN offers investors the best risk-reward in today's crypto market.</li> <li>We share 5 reasons why.</li> </ul> <img src=\"https://static.tigerbbs.com/b022fdf1e4f4d4a467df29622f4ff73a\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\">Photo by Movus/iStock Editorial via Getty Images<blockquote><ul><li>虽然如果看涨预测实现，BTC具有巨大的上涨潜力，但我们投资的是最佳的风险回报状况，而不仅仅是最佳的回报潜力。</li><li>我们相信COIN为投资者提供了当今加密货币市场中最好的风险回报。</li><li>我们分享5个原因。</li></ul>摄影：Movus/iStock社论来自Getty Images</blockquote> While Bitcoin (BTC-USD) has tremendous upside potential&nbsp;bullish projections&nbsp;of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.<blockquote>虽然比特币(BTC-USD)具有巨大的上涨潜力，Ark Invest(ARKK)的Cathie Wood等人对每枚硬币的看涨预测为50万美元以上，但我们投资是为了获得最佳的风险回报状况，而不仅仅是最佳的回报潜力。</blockquote> As a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:<blockquote>因此，由于我们相信Coinbase(COIN)为投资者提供了当今加密货币市场中最好的风险回报，因此我们更愿意投资那里，而不是直接投资当今市场上的单个加密货币。在以下段落中，我们分享了5个原因：</blockquote> #1. COIN Is A Growing Business<blockquote>#1.COIN是一项不断增长的业务</blockquote> As a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.<blockquote>作为一项高利润的业务，COIN产生实际现金流，使其内在价值随着时间的推移而增长。因此，它是一个真正的财富复利器，假设企业保持盈利，从长远来看，它将使其所有者变得更加富有。购买和持有COIN股票是一项投资，有可能在现金流增长和业务基本面改善的基础上增加个人财富。</blockquote> In contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.<blockquote>相比之下，比特币既不生育也不产生现金流。它所能做的就是根据人们不断变化的拥有它的欲望，相对于美元或其他资产的价格上涨或下跌。因此，持有它并不是一种投资，而是对未来的一种猜测，即比特币届时的需求将比现在更大。</blockquote> As Warren Buffett said in his&nbsp;2011 Letter to Shareholders:<blockquote>正如沃伦·巴菲特在2011年致股东的信中所说：</blockquote> If you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future. Bitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we&nbsp;buy gold miners&nbsp;instead. We view COIN as serving a similar purpose in our exposure to the crypto world.<blockquote>如果你永远拥有一盎司黄金，你最终仍然会拥有一盎司...所有者的灵感不是来自资产本身能产生什么——它将永远没有生命——而是来自这样一种信念，即其他人在未来会更加渴望它。比特币——被称为数字黄金——可以用非常相似的方式来描述。虽然我们实际上拥有一些黄金(GLD)，但我们也不将其视为一种投资，而是一种资产，作为一种保险机制，作为一种久经考验且抗通胀的交易媒介。对于我们投资组合中的黄金敞口，我们转而购买金矿公司。我们认为COIN在我们接触加密世界时也有类似的目的。</blockquote> #2. COIN Is Diversified Across 100+ Cryptocurrencies<blockquote>#2.COIN多元化跨越100多种加密货币</blockquote> Bitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:<blockquote>比特币是越来越多的加密货币之一，已经有数百种。因此，它面临着激烈的竞争以及创新和颠覆的持续威胁，取代了它作为领先加密货币的地位，并最终导致其价值下跌。此外，它还面临监管甚至禁令风险，特别是因为其大部分处理能力位于通常被视为西方战略对手甚至对手的国家，包括中国、俄罗斯、伊朗和巴基斯坦。最后但并非最不重要的一点是，比特币的价格已被证明极其不稳定，过去两周已经清楚地表明：</blockquote> <img src=\"https://static.tigerbbs.com/0748a1a4f030bb30e23bc37a8352c208\" tg-width=\"635\" tg-height=\"403\">Data byYCharts<blockquote>数据来自YCharts</blockquote> In contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.<blockquote>相比之下，COIN分散在一百多种加密货币中，从而使其免受任何单一加密货币崩溃的影响。例如，如果中国禁止比特币并有效控制其大部分采矿活动，这将对比特币的价格和加工能力造成毁灭性打击。虽然这仍可能对COIN的现金流和股价造成重大损害，但对COIN的影响远不如比特币所面临的影响严重，而且它将能够用其他加密货币取代比特币。</blockquote> #3. COIN Profits Even When Cryptocurrencies Are Crashing<blockquote>#3.即使加密货币崩溃，代币也能获利</blockquote> While Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.<blockquote>虽然比特币的盈亏命题直接随着比特币价格的上涨和下跌，但COIN的利润并没有与加密货币价格的上涨直接挂钩。相反，它的大部分利润来自交易费，这意味着只要加密货币交易量大，他们就会获得高额利润。此外，由于它交易100多种加密货币，它并不依赖于任何单一加密货币的高交易量，而是从加密货币的整体受欢迎程度中获利。</blockquote> As a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.<blockquote>因此，无论人们是蜂拥而至，试图登上加密货币潮流，还是在加密货币抛售中竞相退出，COIN都有望获得巨额利润，使其成为比比特币更具防御性和不相关的资产。这进一步提高了其风险回报状况。</blockquote> #4. COIN Is Diversifying Into Ancillary Businesses<blockquote>#4.COIN正在多元化发展辅助业务</blockquote> While COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.<blockquote>虽然COIN的竞争地位与比特币相似，因为它享有显着的网络优势和先发地位，但它也面临着来自其他类似平台的激烈竞争，这些平台不断创新并试图获得对它的优势。然而，在这一领域，COIN比比特币拥有一个关键优势：它是一家拥有智能管理、执行长期战略的企业，拥有一支由才华横溢的软件工程师和程序员组成的小型军队，而比特币则是一种没有生命的静态资产。</blockquote> While this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.<blockquote>虽然这可能是一件幸事，因为比特币不存在犯任何战略错误或不当分配股东资本的风险，但总体而言，我们认为这对比特币来说是一个重大负面影响，因为在一个以创新为游戏名称的领域，它增加了比特币最终被竞争加密货币取代和绕过的机会，而COIN可以不断发展并以创新步伐或领先于创新步伐，以维持和加强其竞争优势。</blockquote> In fact, COIN is already&nbsp;aggressively reinvesting&nbsp;its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.<blockquote>事实上，COIN已经在积极地将其利润再投资于此。虽然其交易所业务占其利润的大部分，而且管理层坚持认为——尽管竞争日益激烈——对加密货币的需求不断增长意味着该业务的利润率不太可能在短期内压缩，但他们确实预计从长远来看，利润率压缩将会发生，就像任何没有巨大进入壁垒的利润丰厚的业务一样。</blockquote> As a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects&nbsp;more than 50% of their revenue to come from sources other than transaction fees.<blockquote>因此，管理层目前正在进行多项投资，以增加多样化的收入来源，从而带来更稳定、更安全的长期收入。5年内，管理层预计超过50%的收入将来自交易费以外的来源。</blockquote> Ultimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.<blockquote>最终，COIN将自己视为一家加密货币基础设施企业，提供广泛的服务和工具，使人们能够访问、交换、存储和优化他们对加密货币和区块链技术的使用。他们已经在发展和/或探索的业务包括通过与Visa（V）合作推出的加密货币现金返还信用卡，这是一项针对使用专有网络安全技术、加密货币贷款、存款账户和新的创新交易形式的机构的托管/金库业务，这些交易甚至还没有出现在公众的雷达上，使它们成为虚拟基础设施、网络安全、交易所和金融科技业务的集合体。</blockquote> They are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.<blockquote>他们还投资了许多前雇员后来创立的加密货币初创公司。因此，他们将自己定位为从该领域的进一步外部创新中受益，同时也免受前公司内部人员构建的新技术和应用程序的干扰。</blockquote> With just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to&nbsp;exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.<blockquote>COIN目前只有5000万会员，预计潜在用户约为10亿，因此COIN的增长跑道仍然很大，很容易在未来几年实现指数级增长，特别是如果加密货币的接受度和受欢迎程度继续快速增长的话。</blockquote> #5. COIN Is Easier To Value Than Cryptocurrencies<blockquote>#5.硬币比加密货币更容易估值</blockquote> Last, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.<blockquote>最后但并非最不重要的一点是，COIN产生利润的能力赋予了它内在价值。虽然比特币的真正价值最终是任何人的猜测，因为它完全取决于猜测、消费者不断变化的突发奇想以及对创新管道不会出现更好的希望，但COIN带来了实际的盈利能力和新的业务创新。因此，我们可以更好地了解COIN比比特币更有吸引力的价格。作为价值投资者，我们非常喜欢这种方法。</blockquote> Investor Takeaway<blockquote>投资者要点</blockquote> As we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.<blockquote>正如我们之前关于黄金的说法，流行的加密货币在多元化投资组合中占有一席之地肯定是有理由的。事实上，我们也预计，如果比特币能够在全球企业和机构的接受度和利用率方面继续增长，它将比COIN具有更高的上涨潜力。</blockquote> That said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.<blockquote>也就是说，作为价值投资者，我们喜欢投资而不是投机，并努力最大化我们的风险回报状况。鉴于COIN产生实际现金流以实现长期增长，它在广泛的加密货币领域享有显着的多元化，它与加密货币价格上涨没有直接关系，即使在加密货币崩盘期间也可能获利，正在多元化成为加密货币基础设施公司，并且具有实际的内在价值，而不仅仅是投机资产，COIN是我们投资加密货币领域最喜欢的选择。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4430338-coinbase-forget-bitcoin-5-reasons-to-buy-coinbase-instead\">seekingalpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://seekingalpha.com/article/4430338-coinbase-forget-bitcoin-5-reasons-to-buy-coinbase-instead","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178134052","content_text":"Summary\n\nWhile BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.\nWe believe that COIN offers investors the best risk-reward in today's crypto market.\nWe share 5 reasons why.\n\nPhoto by Movus/iStock Editorial via Getty Images\nWhile Bitcoin (BTC-USD) has tremendous upside potential bullish projections of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.\nAs a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:\n#1. COIN Is A Growing Business\nAs a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.\nIn contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.\nAs Warren Buffett said in his 2011 Letter to Shareholders:\n\nIf you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future.\n\nBitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we buy gold miners instead. We view COIN as serving a similar purpose in our exposure to the crypto world.\n#2. COIN Is Diversified Across 100+ Cryptocurrencies\nBitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:\nData byYCharts\nIn contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.\n#3. COIN Profits Even When Cryptocurrencies Are Crashing\nWhile Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.\nAs a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.\n#4. COIN Is Diversifying Into Ancillary Businesses\nWhile COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.\nWhile this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.\nIn fact, COIN is already aggressively reinvesting its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.\nAs a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects more than 50% of their revenue to come from sources other than transaction fees.\nUltimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.\nThey are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.\nWith just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.\n#5. COIN Is Easier To Value Than Cryptocurrencies\nLast, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.\nInvestor Takeaway\nAs we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.\nThat said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":133882036,"gmtCreate":1621735355625,"gmtModify":1634186921001,"author":{"id":"3555826125940153","authorId":"3555826125940153","name":"gweiming","avatar":"https://static.tigerbbs.com/3fb1b62a0a149175bb6fba468cb07689","vip":1,"crmLevel":12,"crmLevelSwitch":0,"authorIdStr":"3555826125940153","idStr":"3555826125940153"},"htmlText":"🤔","listText":"🤔","text":"🤔","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":27,"repostSize":0,"link":"https://laohu8.com/post/133882036","repostId":1178134052,"repostType":4,"repost":{"id":"1178134052","kind":"news","pubTimestamp":1621603581,"share":"https://www.laohu8.com/m/news/1178134052?lang=zh_CN&edition=full","pubTime":"2021-05-21 21:26","market":"us","language":"en","title":"Forget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1178134052","media":"seekingalpha","summary":"Summary\n\nWhile BTC has tremendous upside potential if bullish projections play out, we invest for th","content":"Summary<blockquote>总结</blockquote> <ul> <li>While BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.</li> <li>We believe that COIN offers investors the best risk-reward in today's crypto market.</li> <li>We share 5 reasons why.</li> </ul> <img src=\"https://static.tigerbbs.com/b022fdf1e4f4d4a467df29622f4ff73a\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\">Photo by Movus/iStock Editorial via Getty Images<blockquote><ul><li>虽然如果看涨预测实现，BTC具有巨大的上涨潜力，但我们投资的是最佳的风险回报状况，而不仅仅是最佳的回报潜力。</li><li>我们相信COIN为投资者提供了当今加密货币市场中最好的风险回报。</li><li>我们分享5个原因。</li></ul>摄影：Movus/iStock社论来自Getty Images</blockquote> While Bitcoin (BTC-USD) has tremendous upside potential&nbsp;bullish projections&nbsp;of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.<blockquote>虽然比特币(BTC-USD)具有巨大的上涨潜力，Ark Invest(ARKK)的Cathie Wood等人对每枚硬币的看涨预测为50万美元以上，但我们投资是为了获得最佳的风险回报状况，而不仅仅是最佳的回报潜力。</blockquote> As a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:<blockquote>因此，由于我们相信Coinbase(COIN)为投资者提供了当今加密货币市场中最好的风险回报，因此我们更愿意投资那里，而不是直接投资当今市场上的单个加密货币。在以下段落中，我们分享了5个原因：</blockquote> #1. COIN Is A Growing Business<blockquote>#1.COIN是一项不断增长的业务</blockquote> As a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.<blockquote>作为一项高利润的业务，COIN产生实际现金流，使其内在价值随着时间的推移而增长。因此，它是一个真正的财富复利器，假设企业保持盈利，从长远来看，它将使其所有者变得更加富有。购买和持有COIN股票是一项投资，有可能在现金流增长和业务基本面改善的基础上增加个人财富。</blockquote> In contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.<blockquote>相比之下，比特币既不生育也不产生现金流。它所能做的就是根据人们不断变化的拥有它的欲望，相对于美元或其他资产的价格上涨或下跌。因此，持有它并不是一种投资，而是对未来的一种猜测，即比特币届时的需求将比现在更大。</blockquote> As Warren Buffett said in his&nbsp;2011 Letter to Shareholders:<blockquote>正如沃伦·巴菲特在2011年致股东的信中所说：</blockquote> If you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future. Bitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we&nbsp;buy gold miners&nbsp;instead. We view COIN as serving a similar purpose in our exposure to the crypto world.<blockquote>如果你永远拥有一盎司黄金，你最终仍然会拥有一盎司...所有者的灵感不是来自资产本身能产生什么——它将永远没有生命——而是来自这样一种信念，即其他人在未来会更加渴望它。比特币——被称为数字黄金——可以用非常相似的方式来描述。虽然我们实际上拥有一些黄金(GLD)，但我们也不将其视为一种投资，而是一种资产，作为一种保险机制，作为一种久经考验且抗通胀的交易媒介。对于我们投资组合中的黄金敞口，我们转而购买金矿公司。我们认为COIN在我们接触加密世界时也有类似的目的。</blockquote> #2. COIN Is Diversified Across 100+ Cryptocurrencies<blockquote>#2.COIN多元化跨越100多种加密货币</blockquote> Bitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:<blockquote>比特币是越来越多的加密货币之一，已经有数百种。因此，它面临着激烈的竞争以及创新和颠覆的持续威胁，取代了它作为领先加密货币的地位，并最终导致其价值下跌。此外，它还面临监管甚至禁令风险，特别是因为其大部分处理能力位于通常被视为西方战略对手甚至对手的国家，包括中国、俄罗斯、伊朗和巴基斯坦。最后但并非最不重要的一点是，比特币的价格已被证明极其不稳定，过去两周已经清楚地表明：</blockquote> <img src=\"https://static.tigerbbs.com/0748a1a4f030bb30e23bc37a8352c208\" tg-width=\"635\" tg-height=\"403\">Data byYCharts<blockquote>数据来自YCharts</blockquote> In contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.<blockquote>相比之下，COIN分散在一百多种加密货币中，从而使其免受任何单一加密货币崩溃的影响。例如，如果中国禁止比特币并有效控制其大部分采矿活动，这将对比特币的价格和加工能力造成毁灭性打击。虽然这仍可能对COIN的现金流和股价造成重大损害，但对COIN的影响远不如比特币所面临的影响严重，而且它将能够用其他加密货币取代比特币。</blockquote> #3. COIN Profits Even When Cryptocurrencies Are Crashing<blockquote>#3.即使加密货币崩溃，代币也能获利</blockquote> While Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.<blockquote>虽然比特币的盈亏命题直接随着比特币价格的上涨和下跌，但COIN的利润并没有与加密货币价格的上涨直接挂钩。相反，它的大部分利润来自交易费，这意味着只要加密货币交易量大，他们就会获得高额利润。此外，由于它交易100多种加密货币，它并不依赖于任何单一加密货币的高交易量，而是从加密货币的整体受欢迎程度中获利。</blockquote> As a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.<blockquote>因此，无论人们是蜂拥而至，试图登上加密货币潮流，还是在加密货币抛售中竞相退出，COIN都有望获得巨额利润，使其成为比比特币更具防御性和不相关的资产。这进一步提高了其风险回报状况。</blockquote> #4. COIN Is Diversifying Into Ancillary Businesses<blockquote>#4.COIN正在多元化发展辅助业务</blockquote> While COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.<blockquote>虽然COIN的竞争地位与比特币相似，因为它享有显着的网络优势和先发地位，但它也面临着来自其他类似平台的激烈竞争，这些平台不断创新并试图获得对它的优势。然而，在这一领域，COIN比比特币拥有一个关键优势：它是一家拥有智能管理、执行长期战略的企业，拥有一支由才华横溢的软件工程师和程序员组成的小型军队，而比特币则是一种没有生命的静态资产。</blockquote> While this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.<blockquote>虽然这可能是一件幸事，因为比特币不存在犯任何战略错误或不当分配股东资本的风险，但总体而言，我们认为这对比特币来说是一个重大负面影响，因为在一个以创新为游戏名称的领域，它增加了比特币最终被竞争加密货币取代和绕过的机会，而COIN可以不断发展并以创新步伐或领先于创新步伐，以维持和加强其竞争优势。</blockquote> In fact, COIN is already&nbsp;aggressively reinvesting&nbsp;its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.<blockquote>事实上，COIN已经在积极地将其利润再投资于此。虽然其交易所业务占其利润的大部分，而且管理层坚持认为——尽管竞争日益激烈——对加密货币的需求不断增长意味着该业务的利润率不太可能在短期内压缩，但他们确实预计从长远来看，利润率压缩将会发生，就像任何没有巨大进入壁垒的利润丰厚的业务一样。</blockquote> As a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects&nbsp;more than 50% of their revenue to come from sources other than transaction fees.<blockquote>因此，管理层目前正在进行多项投资，以增加多样化的收入来源，从而带来更稳定、更安全的长期收入。5年内，管理层预计超过50%的收入将来自交易费以外的来源。</blockquote> Ultimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.<blockquote>最终，COIN将自己视为一家加密货币基础设施企业，提供广泛的服务和工具，使人们能够访问、交换、存储和优化他们对加密货币和区块链技术的使用。他们已经在发展和/或探索的业务包括通过与Visa（V）合作推出的加密货币现金返还信用卡，这是一项针对使用专有网络安全技术、加密货币贷款、存款账户和新的创新交易形式的机构的托管/金库业务，这些交易甚至还没有出现在公众的雷达上，使它们成为虚拟基础设施、网络安全、交易所和金融科技业务的集合体。</blockquote> They are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.<blockquote>他们还投资了许多前雇员后来创立的加密货币初创公司。因此，他们将自己定位为从该领域的进一步外部创新中受益，同时也免受前公司内部人员构建的新技术和应用程序的干扰。</blockquote> With just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to&nbsp;exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.<blockquote>COIN目前只有5000万会员，预计潜在用户约为10亿，因此COIN的增长跑道仍然很大，很容易在未来几年实现指数级增长，特别是如果加密货币的接受度和受欢迎程度继续快速增长的话。</blockquote> #5. COIN Is Easier To Value Than Cryptocurrencies<blockquote>#5.硬币比加密货币更容易估值</blockquote> Last, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.<blockquote>最后但并非最不重要的一点是，COIN产生利润的能力赋予了它内在价值。虽然比特币的真正价值最终是任何人的猜测，因为它完全取决于猜测、消费者不断变化的突发奇想以及对创新管道不会出现更好的希望，但COIN带来了实际的盈利能力和新的业务创新。因此，我们可以更好地了解COIN比比特币更有吸引力的价格。作为价值投资者，我们非常喜欢这种方法。</blockquote> Investor Takeaway<blockquote>投资者要点</blockquote> As we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.<blockquote>正如我们之前关于黄金的说法，流行的加密货币在多元化投资组合中占有一席之地肯定是有理由的。事实上，我们也预计，如果比特币能够在全球企业和机构的接受度和利用率方面继续增长，它将比COIN具有更高的上涨潜力。</blockquote> That said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.<blockquote>也就是说，作为价值投资者，我们喜欢投资而不是投机，并努力最大化我们的风险回报状况。鉴于COIN产生实际现金流以实现长期增长，它在广泛的加密货币领域享有显着的多元化，它与加密货币价格上涨没有直接关系，即使在加密货币崩盘期间也可能获利，正在多元化成为加密货币基础设施公司，并且具有实际的内在价值，而不仅仅是投机资产，COIN是我们投资加密货币领域最喜欢的选择。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Forget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nForget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nseekingalpha2021-05-21 21:26\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>While BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.</li> <li>We believe that COIN offers investors the best risk-reward in today's crypto market.</li> <li>We share 5 reasons why.</li> </ul> <img src=\"https://static.tigerbbs.com/b022fdf1e4f4d4a467df29622f4ff73a\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\">Photo by Movus/iStock Editorial via Getty Images<blockquote><ul><li>虽然如果看涨预测实现，BTC具有巨大的上涨潜力，但我们投资的是最佳的风险回报状况，而不仅仅是最佳的回报潜力。</li><li>我们相信COIN为投资者提供了当今加密货币市场中最好的风险回报。</li><li>我们分享5个原因。</li></ul>摄影：Movus/iStock社论来自Getty Images</blockquote> While Bitcoin (BTC-USD) has tremendous upside potential&nbsp;bullish projections&nbsp;of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.<blockquote>虽然比特币(BTC-USD)具有巨大的上涨潜力，Ark Invest(ARKK)的Cathie Wood等人对每枚硬币的看涨预测为50万美元以上，但我们投资是为了获得最佳的风险回报状况，而不仅仅是最佳的回报潜力。</blockquote> As a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:<blockquote>因此，由于我们相信Coinbase(COIN)为投资者提供了当今加密货币市场中最好的风险回报，因此我们更愿意投资那里，而不是直接投资当今市场上的单个加密货币。在以下段落中，我们分享了5个原因：</blockquote> #1. COIN Is A Growing Business<blockquote>#1.COIN是一项不断增长的业务</blockquote> As a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.<blockquote>作为一项高利润的业务，COIN产生实际现金流，使其内在价值随着时间的推移而增长。因此，它是一个真正的财富复利器，假设企业保持盈利，从长远来看，它将使其所有者变得更加富有。购买和持有COIN股票是一项投资，有可能在现金流增长和业务基本面改善的基础上增加个人财富。</blockquote> In contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.<blockquote>相比之下，比特币既不生育也不产生现金流。它所能做的就是根据人们不断变化的拥有它的欲望，相对于美元或其他资产的价格上涨或下跌。因此，持有它并不是一种投资，而是对未来的一种猜测，即比特币届时的需求将比现在更大。</blockquote> As Warren Buffett said in his&nbsp;2011 Letter to Shareholders:<blockquote>正如沃伦·巴菲特在2011年致股东的信中所说：</blockquote> If you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future. Bitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we&nbsp;buy gold miners&nbsp;instead. We view COIN as serving a similar purpose in our exposure to the crypto world.<blockquote>如果你永远拥有一盎司黄金，你最终仍然会拥有一盎司...所有者的灵感不是来自资产本身能产生什么——它将永远没有生命——而是来自这样一种信念，即其他人在未来会更加渴望它。比特币——被称为数字黄金——可以用非常相似的方式来描述。虽然我们实际上拥有一些黄金(GLD)，但我们也不将其视为一种投资，而是一种资产，作为一种保险机制，作为一种久经考验且抗通胀的交易媒介。对于我们投资组合中的黄金敞口，我们转而购买金矿公司。我们认为COIN在我们接触加密世界时也有类似的目的。</blockquote> #2. COIN Is Diversified Across 100+ Cryptocurrencies<blockquote>#2.COIN多元化跨越100多种加密货币</blockquote> Bitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:<blockquote>比特币是越来越多的加密货币之一，已经有数百种。因此，它面临着激烈的竞争以及创新和颠覆的持续威胁，取代了它作为领先加密货币的地位，并最终导致其价值下跌。此外，它还面临监管甚至禁令风险，特别是因为其大部分处理能力位于通常被视为西方战略对手甚至对手的国家，包括中国、俄罗斯、伊朗和巴基斯坦。最后但并非最不重要的一点是，比特币的价格已被证明极其不稳定，过去两周已经清楚地表明：</blockquote> <img src=\"https://static.tigerbbs.com/0748a1a4f030bb30e23bc37a8352c208\" tg-width=\"635\" tg-height=\"403\">Data byYCharts<blockquote>数据来自YCharts</blockquote> In contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.<blockquote>相比之下，COIN分散在一百多种加密货币中，从而使其免受任何单一加密货币崩溃的影响。例如，如果中国禁止比特币并有效控制其大部分采矿活动，这将对比特币的价格和加工能力造成毁灭性打击。虽然这仍可能对COIN的现金流和股价造成重大损害，但对COIN的影响远不如比特币所面临的影响严重，而且它将能够用其他加密货币取代比特币。</blockquote> #3. COIN Profits Even When Cryptocurrencies Are Crashing<blockquote>#3.即使加密货币崩溃，代币也能获利</blockquote> While Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.<blockquote>虽然比特币的盈亏命题直接随着比特币价格的上涨和下跌，但COIN的利润并没有与加密货币价格的上涨直接挂钩。相反，它的大部分利润来自交易费，这意味着只要加密货币交易量大，他们就会获得高额利润。此外，由于它交易100多种加密货币，它并不依赖于任何单一加密货币的高交易量，而是从加密货币的整体受欢迎程度中获利。</blockquote> As a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.<blockquote>因此，无论人们是蜂拥而至，试图登上加密货币潮流，还是在加密货币抛售中竞相退出，COIN都有望获得巨额利润，使其成为比比特币更具防御性和不相关的资产。这进一步提高了其风险回报状况。</blockquote> #4. COIN Is Diversifying Into Ancillary Businesses<blockquote>#4.COIN正在多元化发展辅助业务</blockquote> While COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.<blockquote>虽然COIN的竞争地位与比特币相似，因为它享有显着的网络优势和先发地位，但它也面临着来自其他类似平台的激烈竞争，这些平台不断创新并试图获得对它的优势。然而，在这一领域，COIN比比特币拥有一个关键优势：它是一家拥有智能管理、执行长期战略的企业，拥有一支由才华横溢的软件工程师和程序员组成的小型军队，而比特币则是一种没有生命的静态资产。</blockquote> While this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.<blockquote>虽然这可能是一件幸事，因为比特币不存在犯任何战略错误或不当分配股东资本的风险，但总体而言，我们认为这对比特币来说是一个重大负面影响，因为在一个以创新为游戏名称的领域，它增加了比特币最终被竞争加密货币取代和绕过的机会，而COIN可以不断发展并以创新步伐或领先于创新步伐，以维持和加强其竞争优势。</blockquote> In fact, COIN is already&nbsp;aggressively reinvesting&nbsp;its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.<blockquote>事实上，COIN已经在积极地将其利润再投资于此。虽然其交易所业务占其利润的大部分，而且管理层坚持认为——尽管竞争日益激烈——对加密货币的需求不断增长意味着该业务的利润率不太可能在短期内压缩，但他们确实预计从长远来看，利润率压缩将会发生，就像任何没有巨大进入壁垒的利润丰厚的业务一样。</blockquote> As a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects&nbsp;more than 50% of their revenue to come from sources other than transaction fees.<blockquote>因此，管理层目前正在进行多项投资，以增加多样化的收入来源，从而带来更稳定、更安全的长期收入。5年内，管理层预计超过50%的收入将来自交易费以外的来源。</blockquote> Ultimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.<blockquote>最终，COIN将自己视为一家加密货币基础设施企业，提供广泛的服务和工具，使人们能够访问、交换、存储和优化他们对加密货币和区块链技术的使用。他们已经在发展和/或探索的业务包括通过与Visa（V）合作推出的加密货币现金返还信用卡，这是一项针对使用专有网络安全技术、加密货币贷款、存款账户和新的创新交易形式的机构的托管/金库业务，这些交易甚至还没有出现在公众的雷达上，使它们成为虚拟基础设施、网络安全、交易所和金融科技业务的集合体。</blockquote> They are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.<blockquote>他们还投资了许多前雇员后来创立的加密货币初创公司。因此，他们将自己定位为从该领域的进一步外部创新中受益，同时也免受前公司内部人员构建的新技术和应用程序的干扰。</blockquote> With just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to&nbsp;exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.<blockquote>COIN目前只有5000万会员，预计潜在用户约为10亿，因此COIN的增长跑道仍然很大，很容易在未来几年实现指数级增长，特别是如果加密货币的接受度和受欢迎程度继续快速增长的话。</blockquote> #5. COIN Is Easier To Value Than Cryptocurrencies<blockquote>#5.硬币比加密货币更容易估值</blockquote> Last, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.<blockquote>最后但并非最不重要的一点是，COIN产生利润的能力赋予了它内在价值。虽然比特币的真正价值最终是任何人的猜测，因为它完全取决于猜测、消费者不断变化的突发奇想以及对创新管道不会出现更好的希望，但COIN带来了实际的盈利能力和新的业务创新。因此，我们可以更好地了解COIN比比特币更有吸引力的价格。作为价值投资者，我们非常喜欢这种方法。</blockquote> Investor Takeaway<blockquote>投资者要点</blockquote> As we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.<blockquote>正如我们之前关于黄金的说法，流行的加密货币在多元化投资组合中占有一席之地肯定是有理由的。事实上，我们也预计，如果比特币能够在全球企业和机构的接受度和利用率方面继续增长，它将比COIN具有更高的上涨潜力。</blockquote> That said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.<blockquote>也就是说，作为价值投资者，我们喜欢投资而不是投机，并努力最大化我们的风险回报状况。鉴于COIN产生实际现金流以实现长期增长，它在广泛的加密货币领域享有显着的多元化，它与加密货币价格上涨没有直接关系，即使在加密货币崩盘期间也可能获利，正在多元化成为加密货币基础设施公司，并且具有实际的内在价值，而不仅仅是投机资产，COIN是我们投资加密货币领域最喜欢的选择。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4430338-coinbase-forget-bitcoin-5-reasons-to-buy-coinbase-instead\">seekingalpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://seekingalpha.com/article/4430338-coinbase-forget-bitcoin-5-reasons-to-buy-coinbase-instead","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178134052","content_text":"Summary\n\nWhile BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.\nWe believe that COIN offers investors the best risk-reward in today's crypto market.\nWe share 5 reasons why.\n\nPhoto by Movus/iStock Editorial via Getty Images\nWhile Bitcoin (BTC-USD) has tremendous upside potential bullish projections of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.\nAs a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:\n#1. COIN Is A Growing Business\nAs a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.\nIn contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.\nAs Warren Buffett said in his 2011 Letter to Shareholders:\n\nIf you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future.\n\nBitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we buy gold miners instead. We view COIN as serving a similar purpose in our exposure to the crypto world.\n#2. COIN Is Diversified Across 100+ Cryptocurrencies\nBitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:\nData byYCharts\nIn contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.\n#3. COIN Profits Even When Cryptocurrencies Are Crashing\nWhile Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.\nAs a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.\n#4. COIN Is Diversifying Into Ancillary Businesses\nWhile COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.\nWhile this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.\nIn fact, COIN is already aggressively reinvesting its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.\nAs a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects more than 50% of their revenue to come from sources other than transaction fees.\nUltimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.\nThey are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.\nWith just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.\n#5. COIN Is Easier To Value Than Cryptocurrencies\nLast, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.\nInvestor Takeaway\nAs we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.\nThat said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6957358,"gmtCreate":1639356634758,"gmtModify":1639356634787,"authorId":3555826125940153,"author":{"id":3555826125940153,"idStr":"3555826125940153","authorId":3555826125940153,"name":"gweiming","avatar":"https://static.tigerbbs.com/3fb1b62a0a149175bb6fba468cb07689","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":133882036,"type":1,"supId":0,"prevId":0,"content":"⛄️","text":"⛄️","html":"⛄️"},{"id":6876563,"gmtCreate":1638837168397,"gmtModify":1638837168476,"authorId":3555826125940153,"author":{"id":3555826125940153,"idStr":"3555826125940153","authorId":3555826125940153,"name":"gweiming","avatar":"https://static.tigerbbs.com/3fb1b62a0a149175bb6fba468cb07689","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":133882036,"type":1,"supId":0,"prevId":0,"content":"🥳","text":"🥳","html":"🥳"},{"id":6824152,"gmtCreate":1638494443668,"gmtModify":1638494443756,"authorId":3555826125940153,"author":{"id":3555826125940153,"idStr":"3555826125940153","authorId":3555826125940153,"name":"gweiming","avatar":"https://static.tigerbbs.com/3fb1b62a0a149175bb6fba468cb07689","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":133882036,"type":1,"supId":0,"prevId":0,"content":"🐳","text":"🐳","html":"🐳"},{"id":6714177,"gmtCreate":1637800102002,"gmtModify":1637800102032,"authorId":3555826125940153,"author":{"id":3555826125940153,"idStr":"3555826125940153","authorId":3555826125940153,"name":"gweiming","avatar":"https://static.tigerbbs.com/3fb1b62a0a149175bb6fba468cb07689","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":133882036,"type":1,"supId":0,"prevId":0,"content":"🥶","text":"🥶","html":"🥶"},{"id":6700454,"gmtCreate":1637715957165,"gmtModify":1637715957252,"authorId":3555826125940153,"author":{"id":3555826125940153,"idStr":"3555826125940153","authorId":3555826125940153,"name":"gweiming","avatar":"https://static.tigerbbs.com/3fb1b62a0a149175bb6fba468cb07689","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":133882036,"type":1,"supId":0,"prevId":0,"content":"🙇🏻‍♂️","text":"🙇🏻‍♂️","html":"🙇🏻‍♂️"}],"langContent":"EN"},{"id":133148650,"gmtCreate":1621731052070,"gmtModify":1634186972368,"author":{"id":"3583146312398260","authorId":"3583146312398260","name":"Cloud7","avatar":"https://static.tigerbbs.com/785e6efc4ea126710da4e5f109943a39","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3583146312398260","idStr":"3583146312398260"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/133148650","repostId":1178134052,"repostType":4,"repost":{"id":"1178134052","kind":"news","pubTimestamp":1621603581,"share":"https://www.laohu8.com/m/news/1178134052?lang=zh_CN&edition=full","pubTime":"2021-05-21 21:26","market":"us","language":"en","title":"Forget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1178134052","media":"seekingalpha","summary":"Summary\n\nWhile BTC has tremendous upside potential if bullish projections play out, we invest for th","content":"Summary<blockquote>总结</blockquote> <ul> <li>While BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.</li> <li>We believe that COIN offers investors the best risk-reward in today's crypto market.</li> <li>We share 5 reasons why.</li> </ul> <img src=\"https://static.tigerbbs.com/b022fdf1e4f4d4a467df29622f4ff73a\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\">Photo by Movus/iStock Editorial via Getty Images<blockquote><ul><li>虽然如果看涨预测实现，BTC具有巨大的上涨潜力，但我们投资的是最佳的风险回报状况，而不仅仅是最佳的回报潜力。</li><li>我们相信COIN为投资者提供了当今加密货币市场中最好的风险回报。</li><li>我们分享5个原因。</li></ul>摄影：Movus/iStock社论来自Getty Images</blockquote> While Bitcoin (BTC-USD) has tremendous upside potential&nbsp;bullish projections&nbsp;of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.<blockquote>虽然比特币(BTC-USD)具有巨大的上涨潜力，Ark Invest(ARKK)的Cathie Wood等人对每枚硬币的看涨预测为50万美元以上，但我们投资是为了获得最佳的风险回报状况，而不仅仅是最佳的回报潜力。</blockquote> As a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:<blockquote>因此，由于我们相信Coinbase(COIN)为投资者提供了当今加密货币市场中最好的风险回报，因此我们更愿意投资那里，而不是直接投资当今市场上的单个加密货币。在以下段落中，我们分享了5个原因：</blockquote> #1. COIN Is A Growing Business<blockquote>#1.COIN是一项不断增长的业务</blockquote> As a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.<blockquote>作为一项高利润的业务，COIN产生实际现金流，使其内在价值随着时间的推移而增长。因此，它是一个真正的财富复利器，假设企业保持盈利，从长远来看，它将使其所有者变得更加富有。购买和持有COIN股票是一项投资，有可能在现金流增长和业务基本面改善的基础上增加个人财富。</blockquote> In contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.<blockquote>相比之下，比特币既不生育也不产生现金流。它所能做的就是根据人们不断变化的拥有它的欲望，相对于美元或其他资产的价格上涨或下跌。因此，持有它并不是一种投资，而是对未来的一种猜测，即比特币届时的需求将比现在更大。</blockquote> As Warren Buffett said in his&nbsp;2011 Letter to Shareholders:<blockquote>正如沃伦·巴菲特在2011年致股东的信中所说：</blockquote> If you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future. Bitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we&nbsp;buy gold miners&nbsp;instead. We view COIN as serving a similar purpose in our exposure to the crypto world.<blockquote>如果你永远拥有一盎司黄金，你最终仍然会拥有一盎司...所有者的灵感不是来自资产本身能产生什么——它将永远没有生命——而是来自这样一种信念，即其他人在未来会更加渴望它。比特币——被称为数字黄金——可以用非常相似的方式来描述。虽然我们实际上拥有一些黄金(GLD)，但我们也不将其视为一种投资，而是一种资产，作为一种保险机制，作为一种久经考验且抗通胀的交易媒介。对于我们投资组合中的黄金敞口，我们转而购买金矿公司。我们认为COIN在我们接触加密世界时也有类似的目的。</blockquote> #2. COIN Is Diversified Across 100+ Cryptocurrencies<blockquote>#2.COIN多元化跨越100多种加密货币</blockquote> Bitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:<blockquote>比特币是越来越多的加密货币之一，已经有数百种。因此，它面临着激烈的竞争以及创新和颠覆的持续威胁，取代了它作为领先加密货币的地位，并最终导致其价值下跌。此外，它还面临监管甚至禁令风险，特别是因为其大部分处理能力位于通常被视为西方战略对手甚至对手的国家，包括中国、俄罗斯、伊朗和巴基斯坦。最后但并非最不重要的一点是，比特币的价格已被证明极其不稳定，过去两周已经清楚地表明：</blockquote> <img src=\"https://static.tigerbbs.com/0748a1a4f030bb30e23bc37a8352c208\" tg-width=\"635\" tg-height=\"403\">Data byYCharts<blockquote>数据来自YCharts</blockquote> In contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.<blockquote>相比之下，COIN分散在一百多种加密货币中，从而使其免受任何单一加密货币崩溃的影响。例如，如果中国禁止比特币并有效控制其大部分采矿活动，这将对比特币的价格和加工能力造成毁灭性打击。虽然这仍可能对COIN的现金流和股价造成重大损害，但对COIN的影响远不如比特币所面临的影响严重，而且它将能够用其他加密货币取代比特币。</blockquote> #3. COIN Profits Even When Cryptocurrencies Are Crashing<blockquote>#3.即使加密货币崩溃，代币也能获利</blockquote> While Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.<blockquote>虽然比特币的盈亏命题直接随着比特币价格的上涨和下跌，但COIN的利润并没有与加密货币价格的上涨直接挂钩。相反，它的大部分利润来自交易费，这意味着只要加密货币交易量大，他们就会获得高额利润。此外，由于它交易100多种加密货币，它并不依赖于任何单一加密货币的高交易量，而是从加密货币的整体受欢迎程度中获利。</blockquote> As a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.<blockquote>因此，无论人们是蜂拥而至，试图登上加密货币潮流，还是在加密货币抛售中竞相退出，COIN都有望获得巨额利润，使其成为比比特币更具防御性和不相关的资产。这进一步提高了其风险回报状况。</blockquote> #4. COIN Is Diversifying Into Ancillary Businesses<blockquote>#4.COIN正在多元化发展辅助业务</blockquote> While COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.<blockquote>虽然COIN的竞争地位与比特币相似，因为它享有显着的网络优势和先发地位，但它也面临着来自其他类似平台的激烈竞争，这些平台不断创新并试图获得对它的优势。然而，在这一领域，COIN比比特币拥有一个关键优势：它是一家拥有智能管理、执行长期战略的企业，拥有一支由才华横溢的软件工程师和程序员组成的小型军队，而比特币则是一种没有生命的静态资产。</blockquote> While this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.<blockquote>虽然这可能是一件幸事，因为比特币不存在犯任何战略错误或不当分配股东资本的风险，但总体而言，我们认为这对比特币来说是一个重大负面影响，因为在一个以创新为游戏名称的领域，它增加了比特币最终被竞争加密货币取代和绕过的机会，而COIN可以不断发展并以创新步伐或领先于创新步伐，以维持和加强其竞争优势。</blockquote> In fact, COIN is already&nbsp;aggressively reinvesting&nbsp;its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.<blockquote>事实上，COIN已经在积极地将其利润再投资于此。虽然其交易所业务占其利润的大部分，而且管理层坚持认为——尽管竞争日益激烈——对加密货币的需求不断增长意味着该业务的利润率不太可能在短期内压缩，但他们确实预计从长远来看，利润率压缩将会发生，就像任何没有巨大进入壁垒的利润丰厚的业务一样。</blockquote> As a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects&nbsp;more than 50% of their revenue to come from sources other than transaction fees.<blockquote>因此，管理层目前正在进行多项投资，以增加多样化的收入来源，从而带来更稳定、更安全的长期收入。5年内，管理层预计超过50%的收入将来自交易费以外的来源。</blockquote> Ultimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.<blockquote>最终，COIN将自己视为一家加密货币基础设施企业，提供广泛的服务和工具，使人们能够访问、交换、存储和优化他们对加密货币和区块链技术的使用。他们已经在发展和/或探索的业务包括通过与Visa（V）合作推出的加密货币现金返还信用卡，这是一项针对使用专有网络安全技术、加密货币贷款、存款账户和新的创新交易形式的机构的托管/金库业务，这些交易甚至还没有出现在公众的雷达上，使它们成为虚拟基础设施、网络安全、交易所和金融科技业务的集合体。</blockquote> They are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.<blockquote>他们还投资了许多前雇员后来创立的加密货币初创公司。因此，他们将自己定位为从该领域的进一步外部创新中受益，同时也免受前公司内部人员构建的新技术和应用程序的干扰。</blockquote> With just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to&nbsp;exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.<blockquote>COIN目前只有5000万会员，预计潜在用户约为10亿，因此COIN的增长跑道仍然很大，很容易在未来几年实现指数级增长，特别是如果加密货币的接受度和受欢迎程度继续快速增长的话。</blockquote> #5. COIN Is Easier To Value Than Cryptocurrencies<blockquote>#5.硬币比加密货币更容易估值</blockquote> Last, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.<blockquote>最后但并非最不重要的一点是，COIN产生利润的能力赋予了它内在价值。虽然比特币的真正价值最终是任何人的猜测，因为它完全取决于猜测、消费者不断变化的突发奇想以及对创新管道不会出现更好的希望，但COIN带来了实际的盈利能力和新的业务创新。因此，我们可以更好地了解COIN比比特币更有吸引力的价格。作为价值投资者，我们非常喜欢这种方法。</blockquote> Investor Takeaway<blockquote>投资者要点</blockquote> As we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.<blockquote>正如我们之前关于黄金的说法，流行的加密货币在多元化投资组合中占有一席之地肯定是有理由的。事实上，我们也预计，如果比特币能够在全球企业和机构的接受度和利用率方面继续增长，它将比COIN具有更高的上涨潜力。</blockquote> That said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.<blockquote>也就是说，作为价值投资者，我们喜欢投资而不是投机，并努力最大化我们的风险回报状况。鉴于COIN产生实际现金流以实现长期增长，它在广泛的加密货币领域享有显着的多元化，它与加密货币价格上涨没有直接关系，即使在加密货币崩盘期间也可能获利，正在多元化成为加密货币基础设施公司，并且具有实际的内在价值，而不仅仅是投机资产，COIN是我们投资加密货币领域最喜欢的选择。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Forget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nForget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nseekingalpha2021-05-21 21:26\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>While BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.</li> <li>We believe that COIN offers investors the best risk-reward in today's crypto market.</li> <li>We share 5 reasons why.</li> </ul> <img src=\"https://static.tigerbbs.com/b022fdf1e4f4d4a467df29622f4ff73a\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\">Photo by Movus/iStock Editorial via Getty Images<blockquote><ul><li>虽然如果看涨预测实现，BTC具有巨大的上涨潜力，但我们投资的是最佳的风险回报状况，而不仅仅是最佳的回报潜力。</li><li>我们相信COIN为投资者提供了当今加密货币市场中最好的风险回报。</li><li>我们分享5个原因。</li></ul>摄影：Movus/iStock社论来自Getty Images</blockquote> While Bitcoin (BTC-USD) has tremendous upside potential&nbsp;bullish projections&nbsp;of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.<blockquote>虽然比特币(BTC-USD)具有巨大的上涨潜力，Ark Invest(ARKK)的Cathie Wood等人对每枚硬币的看涨预测为50万美元以上，但我们投资是为了获得最佳的风险回报状况，而不仅仅是最佳的回报潜力。</blockquote> As a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:<blockquote>因此，由于我们相信Coinbase(COIN)为投资者提供了当今加密货币市场中最好的风险回报，因此我们更愿意投资那里，而不是直接投资当今市场上的单个加密货币。在以下段落中，我们分享了5个原因：</blockquote> #1. COIN Is A Growing Business<blockquote>#1.COIN是一项不断增长的业务</blockquote> As a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.<blockquote>作为一项高利润的业务，COIN产生实际现金流，使其内在价值随着时间的推移而增长。因此，它是一个真正的财富复利器，假设企业保持盈利，从长远来看，它将使其所有者变得更加富有。购买和持有COIN股票是一项投资，有可能在现金流增长和业务基本面改善的基础上增加个人财富。</blockquote> In contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.<blockquote>相比之下，比特币既不生育也不产生现金流。它所能做的就是根据人们不断变化的拥有它的欲望，相对于美元或其他资产的价格上涨或下跌。因此，持有它并不是一种投资，而是对未来的一种猜测，即比特币届时的需求将比现在更大。</blockquote> As Warren Buffett said in his&nbsp;2011 Letter to Shareholders:<blockquote>正如沃伦·巴菲特在2011年致股东的信中所说：</blockquote> If you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future. Bitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we&nbsp;buy gold miners&nbsp;instead. We view COIN as serving a similar purpose in our exposure to the crypto world.<blockquote>如果你永远拥有一盎司黄金，你最终仍然会拥有一盎司...所有者的灵感不是来自资产本身能产生什么——它将永远没有生命——而是来自这样一种信念，即其他人在未来会更加渴望它。比特币——被称为数字黄金——可以用非常相似的方式来描述。虽然我们实际上拥有一些黄金(GLD)，但我们也不将其视为一种投资，而是一种资产，作为一种保险机制，作为一种久经考验且抗通胀的交易媒介。对于我们投资组合中的黄金敞口，我们转而购买金矿公司。我们认为COIN在我们接触加密世界时也有类似的目的。</blockquote> #2. COIN Is Diversified Across 100+ Cryptocurrencies<blockquote>#2.COIN多元化跨越100多种加密货币</blockquote> Bitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:<blockquote>比特币是越来越多的加密货币之一，已经有数百种。因此，它面临着激烈的竞争以及创新和颠覆的持续威胁，取代了它作为领先加密货币的地位，并最终导致其价值下跌。此外，它还面临监管甚至禁令风险，特别是因为其大部分处理能力位于通常被视为西方战略对手甚至对手的国家，包括中国、俄罗斯、伊朗和巴基斯坦。最后但并非最不重要的一点是，比特币的价格已被证明极其不稳定，过去两周已经清楚地表明：</blockquote> <img src=\"https://static.tigerbbs.com/0748a1a4f030bb30e23bc37a8352c208\" tg-width=\"635\" tg-height=\"403\">Data byYCharts<blockquote>数据来自YCharts</blockquote> In contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.<blockquote>相比之下，COIN分散在一百多种加密货币中，从而使其免受任何单一加密货币崩溃的影响。例如，如果中国禁止比特币并有效控制其大部分采矿活动，这将对比特币的价格和加工能力造成毁灭性打击。虽然这仍可能对COIN的现金流和股价造成重大损害，但对COIN的影响远不如比特币所面临的影响严重，而且它将能够用其他加密货币取代比特币。</blockquote> #3. COIN Profits Even When Cryptocurrencies Are Crashing<blockquote>#3.即使加密货币崩溃，代币也能获利</blockquote> While Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.<blockquote>虽然比特币的盈亏命题直接随着比特币价格的上涨和下跌，但COIN的利润并没有与加密货币价格的上涨直接挂钩。相反，它的大部分利润来自交易费，这意味着只要加密货币交易量大，他们就会获得高额利润。此外，由于它交易100多种加密货币，它并不依赖于任何单一加密货币的高交易量，而是从加密货币的整体受欢迎程度中获利。</blockquote> As a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.<blockquote>因此，无论人们是蜂拥而至，试图登上加密货币潮流，还是在加密货币抛售中竞相退出，COIN都有望获得巨额利润，使其成为比比特币更具防御性和不相关的资产。这进一步提高了其风险回报状况。</blockquote> #4. COIN Is Diversifying Into Ancillary Businesses<blockquote>#4.COIN正在多元化发展辅助业务</blockquote> While COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.<blockquote>虽然COIN的竞争地位与比特币相似，因为它享有显着的网络优势和先发地位，但它也面临着来自其他类似平台的激烈竞争，这些平台不断创新并试图获得对它的优势。然而，在这一领域，COIN比比特币拥有一个关键优势：它是一家拥有智能管理、执行长期战略的企业，拥有一支由才华横溢的软件工程师和程序员组成的小型军队，而比特币则是一种没有生命的静态资产。</blockquote> While this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.<blockquote>虽然这可能是一件幸事，因为比特币不存在犯任何战略错误或不当分配股东资本的风险，但总体而言，我们认为这对比特币来说是一个重大负面影响，因为在一个以创新为游戏名称的领域，它增加了比特币最终被竞争加密货币取代和绕过的机会，而COIN可以不断发展并以创新步伐或领先于创新步伐，以维持和加强其竞争优势。</blockquote> In fact, COIN is already&nbsp;aggressively reinvesting&nbsp;its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.<blockquote>事实上，COIN已经在积极地将其利润再投资于此。虽然其交易所业务占其利润的大部分，而且管理层坚持认为——尽管竞争日益激烈——对加密货币的需求不断增长意味着该业务的利润率不太可能在短期内压缩，但他们确实预计从长远来看，利润率压缩将会发生，就像任何没有巨大进入壁垒的利润丰厚的业务一样。</blockquote> As a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects&nbsp;more than 50% of their revenue to come from sources other than transaction fees.<blockquote>因此，管理层目前正在进行多项投资，以增加多样化的收入来源，从而带来更稳定、更安全的长期收入。5年内，管理层预计超过50%的收入将来自交易费以外的来源。</blockquote> Ultimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.<blockquote>最终，COIN将自己视为一家加密货币基础设施企业，提供广泛的服务和工具，使人们能够访问、交换、存储和优化他们对加密货币和区块链技术的使用。他们已经在发展和/或探索的业务包括通过与Visa（V）合作推出的加密货币现金返还信用卡，这是一项针对使用专有网络安全技术、加密货币贷款、存款账户和新的创新交易形式的机构的托管/金库业务，这些交易甚至还没有出现在公众的雷达上，使它们成为虚拟基础设施、网络安全、交易所和金融科技业务的集合体。</blockquote> They are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.<blockquote>他们还投资了许多前雇员后来创立的加密货币初创公司。因此，他们将自己定位为从该领域的进一步外部创新中受益，同时也免受前公司内部人员构建的新技术和应用程序的干扰。</blockquote> With just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to&nbsp;exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.<blockquote>COIN目前只有5000万会员，预计潜在用户约为10亿，因此COIN的增长跑道仍然很大，很容易在未来几年实现指数级增长，特别是如果加密货币的接受度和受欢迎程度继续快速增长的话。</blockquote> #5. COIN Is Easier To Value Than Cryptocurrencies<blockquote>#5.硬币比加密货币更容易估值</blockquote> Last, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.<blockquote>最后但并非最不重要的一点是，COIN产生利润的能力赋予了它内在价值。虽然比特币的真正价值最终是任何人的猜测，因为它完全取决于猜测、消费者不断变化的突发奇想以及对创新管道不会出现更好的希望，但COIN带来了实际的盈利能力和新的业务创新。因此，我们可以更好地了解COIN比比特币更有吸引力的价格。作为价值投资者，我们非常喜欢这种方法。</blockquote> Investor Takeaway<blockquote>投资者要点</blockquote> As we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.<blockquote>正如我们之前关于黄金的说法，流行的加密货币在多元化投资组合中占有一席之地肯定是有理由的。事实上，我们也预计，如果比特币能够在全球企业和机构的接受度和利用率方面继续增长，它将比COIN具有更高的上涨潜力。</blockquote> That said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.<blockquote>也就是说，作为价值投资者，我们喜欢投资而不是投机，并努力最大化我们的风险回报状况。鉴于COIN产生实际现金流以实现长期增长，它在广泛的加密货币领域享有显着的多元化，它与加密货币价格上涨没有直接关系，即使在加密货币崩盘期间也可能获利，正在多元化成为加密货币基础设施公司，并且具有实际的内在价值，而不仅仅是投机资产，COIN是我们投资加密货币领域最喜欢的选择。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4430338-coinbase-forget-bitcoin-5-reasons-to-buy-coinbase-instead\">seekingalpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://seekingalpha.com/article/4430338-coinbase-forget-bitcoin-5-reasons-to-buy-coinbase-instead","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178134052","content_text":"Summary\n\nWhile BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.\nWe believe that COIN offers investors the best risk-reward in today's crypto market.\nWe share 5 reasons why.\n\nPhoto by Movus/iStock Editorial via Getty Images\nWhile Bitcoin (BTC-USD) has tremendous upside potential bullish projections of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.\nAs a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:\n#1. COIN Is A Growing Business\nAs a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.\nIn contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.\nAs Warren Buffett said in his 2011 Letter to Shareholders:\n\nIf you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future.\n\nBitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we buy gold miners instead. We view COIN as serving a similar purpose in our exposure to the crypto world.\n#2. COIN Is Diversified Across 100+ Cryptocurrencies\nBitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:\nData byYCharts\nIn contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.\n#3. COIN Profits Even When Cryptocurrencies Are Crashing\nWhile Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.\nAs a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.\n#4. COIN Is Diversifying Into Ancillary Businesses\nWhile COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.\nWhile this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.\nIn fact, COIN is already aggressively reinvesting its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.\nAs a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects more than 50% of their revenue to come from sources other than transaction fees.\nUltimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.\nThey are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.\nWith just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.\n#5. COIN Is Easier To Value Than Cryptocurrencies\nLast, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.\nInvestor Takeaway\nAs we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.\nThat said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4416298,"gmtCreate":1621731058566,"gmtModify":1635402426710,"authorId":3583146312398260,"author":{"id":3583146312398260,"idStr":"3583146312398260","authorId":3583146312398260,"name":"Cloud7","avatar":"https://static.tigerbbs.com/785e6efc4ea126710da4e5f109943a39","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":133148650,"type":1,"supId":0,"prevId":0,"content":"Ok","text":"Ok","html":"Ok"}],"langContent":"EN"},{"id":133143211,"gmtCreate":1621730926333,"gmtModify":1634186974040,"author":{"id":"3570362135363824","authorId":"3570362135363824","name":"Silverlitz","avatar":"https://static.tigerbbs.com/abc7af211be1f2d501fd1885af02f33e","vip":1,"crmLevel":12,"crmLevelSwitch":0,"authorIdStr":"3570362135363824","idStr":"3570362135363824"},"htmlText":"Is COIN cheap enough to go in yet?","listText":"Is COIN cheap enough to go in yet?","text":"Is COIN cheap enough to go in yet?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/133143211","repostId":1178134052,"repostType":4,"repost":{"id":"1178134052","kind":"news","pubTimestamp":1621603581,"share":"https://www.laohu8.com/m/news/1178134052?lang=zh_CN&edition=full","pubTime":"2021-05-21 21:26","market":"us","language":"en","title":"Forget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1178134052","media":"seekingalpha","summary":"Summary\n\nWhile BTC has tremendous upside potential if bullish projections play out, we invest for th","content":"Summary<blockquote>总结</blockquote> <ul> <li>While BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.</li> <li>We believe that COIN offers investors the best risk-reward in today's crypto market.</li> <li>We share 5 reasons why.</li> </ul> <img src=\"https://static.tigerbbs.com/b022fdf1e4f4d4a467df29622f4ff73a\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\">Photo by Movus/iStock Editorial via Getty Images<blockquote><ul><li>虽然如果看涨预测实现，BTC具有巨大的上涨潜力，但我们投资的是最佳的风险回报状况，而不仅仅是最佳的回报潜力。</li><li>我们相信COIN为投资者提供了当今加密货币市场中最好的风险回报。</li><li>我们分享5个原因。</li></ul>摄影：Movus/iStock社论来自Getty Images</blockquote> While Bitcoin (BTC-USD) has tremendous upside potential&nbsp;bullish projections&nbsp;of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.<blockquote>虽然比特币(BTC-USD)具有巨大的上涨潜力，Ark Invest(ARKK)的Cathie Wood等人对每枚硬币的看涨预测为50万美元以上，但我们投资是为了获得最佳的风险回报状况，而不仅仅是最佳的回报潜力。</blockquote> As a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:<blockquote>因此，由于我们相信Coinbase(COIN)为投资者提供了当今加密货币市场中最好的风险回报，因此我们更愿意投资那里，而不是直接投资当今市场上的单个加密货币。在以下段落中，我们分享了5个原因：</blockquote> #1. COIN Is A Growing Business<blockquote>#1.COIN是一项不断增长的业务</blockquote> As a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.<blockquote>作为一项高利润的业务，COIN产生实际现金流，使其内在价值随着时间的推移而增长。因此，它是一个真正的财富复利器，假设企业保持盈利，从长远来看，它将使其所有者变得更加富有。购买和持有COIN股票是一项投资，有可能在现金流增长和业务基本面改善的基础上增加个人财富。</blockquote> In contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.<blockquote>相比之下，比特币既不生育也不产生现金流。它所能做的就是根据人们不断变化的拥有它的欲望，相对于美元或其他资产的价格上涨或下跌。因此，持有它并不是一种投资，而是对未来的一种猜测，即比特币届时的需求将比现在更大。</blockquote> As Warren Buffett said in his&nbsp;2011 Letter to Shareholders:<blockquote>正如沃伦·巴菲特在2011年致股东的信中所说：</blockquote> If you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future. Bitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we&nbsp;buy gold miners&nbsp;instead. We view COIN as serving a similar purpose in our exposure to the crypto world.<blockquote>如果你永远拥有一盎司黄金，你最终仍然会拥有一盎司...所有者的灵感不是来自资产本身能产生什么——它将永远没有生命——而是来自这样一种信念，即其他人在未来会更加渴望它。比特币——被称为数字黄金——可以用非常相似的方式来描述。虽然我们实际上拥有一些黄金(GLD)，但我们也不将其视为一种投资，而是一种资产，作为一种保险机制，作为一种久经考验且抗通胀的交易媒介。对于我们投资组合中的黄金敞口，我们转而购买金矿公司。我们认为COIN在我们接触加密世界时也有类似的目的。</blockquote> #2. COIN Is Diversified Across 100+ Cryptocurrencies<blockquote>#2.COIN多元化跨越100多种加密货币</blockquote> Bitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:<blockquote>比特币是越来越多的加密货币之一，已经有数百种。因此，它面临着激烈的竞争以及创新和颠覆的持续威胁，取代了它作为领先加密货币的地位，并最终导致其价值下跌。此外，它还面临监管甚至禁令风险，特别是因为其大部分处理能力位于通常被视为西方战略对手甚至对手的国家，包括中国、俄罗斯、伊朗和巴基斯坦。最后但并非最不重要的一点是，比特币的价格已被证明极其不稳定，过去两周已经清楚地表明：</blockquote> <img src=\"https://static.tigerbbs.com/0748a1a4f030bb30e23bc37a8352c208\" tg-width=\"635\" tg-height=\"403\">Data byYCharts<blockquote>数据来自YCharts</blockquote> In contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.<blockquote>相比之下，COIN分散在一百多种加密货币中，从而使其免受任何单一加密货币崩溃的影响。例如，如果中国禁止比特币并有效控制其大部分采矿活动，这将对比特币的价格和加工能力造成毁灭性打击。虽然这仍可能对COIN的现金流和股价造成重大损害，但对COIN的影响远不如比特币所面临的影响严重，而且它将能够用其他加密货币取代比特币。</blockquote> #3. COIN Profits Even When Cryptocurrencies Are Crashing<blockquote>#3.即使加密货币崩溃，代币也能获利</blockquote> While Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.<blockquote>虽然比特币的盈亏命题直接随着比特币价格的上涨和下跌，但COIN的利润并没有与加密货币价格的上涨直接挂钩。相反，它的大部分利润来自交易费，这意味着只要加密货币交易量大，他们就会获得高额利润。此外，由于它交易100多种加密货币，它并不依赖于任何单一加密货币的高交易量，而是从加密货币的整体受欢迎程度中获利。</blockquote> As a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.<blockquote>因此，无论人们是蜂拥而至，试图登上加密货币潮流，还是在加密货币抛售中竞相退出，COIN都有望获得巨额利润，使其成为比比特币更具防御性和不相关的资产。这进一步提高了其风险回报状况。</blockquote> #4. COIN Is Diversifying Into Ancillary Businesses<blockquote>#4.COIN正在多元化发展辅助业务</blockquote> While COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.<blockquote>虽然COIN的竞争地位与比特币相似，因为它享有显着的网络优势和先发地位，但它也面临着来自其他类似平台的激烈竞争，这些平台不断创新并试图获得对它的优势。然而，在这一领域，COIN比比特币拥有一个关键优势：它是一家拥有智能管理、执行长期战略的企业，拥有一支由才华横溢的软件工程师和程序员组成的小型军队，而比特币则是一种没有生命的静态资产。</blockquote> While this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.<blockquote>虽然这可能是一件幸事，因为比特币不存在犯任何战略错误或不当分配股东资本的风险，但总体而言，我们认为这对比特币来说是一个重大负面影响，因为在一个以创新为游戏名称的领域，它增加了比特币最终被竞争加密货币取代和绕过的机会，而COIN可以不断发展并以创新步伐或领先于创新步伐，以维持和加强其竞争优势。</blockquote> In fact, COIN is already&nbsp;aggressively reinvesting&nbsp;its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.<blockquote>事实上，COIN已经在积极地将其利润再投资于此。虽然其交易所业务占其利润的大部分，而且管理层坚持认为——尽管竞争日益激烈——对加密货币的需求不断增长意味着该业务的利润率不太可能在短期内压缩，但他们确实预计从长远来看，利润率压缩将会发生，就像任何没有巨大进入壁垒的利润丰厚的业务一样。</blockquote> As a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects&nbsp;more than 50% of their revenue to come from sources other than transaction fees.<blockquote>因此，管理层目前正在进行多项投资，以增加多样化的收入来源，从而带来更稳定、更安全的长期收入。5年内，管理层预计超过50%的收入将来自交易费以外的来源。</blockquote> Ultimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.<blockquote>最终，COIN将自己视为一家加密货币基础设施企业，提供广泛的服务和工具，使人们能够访问、交换、存储和优化他们对加密货币和区块链技术的使用。他们已经在发展和/或探索的业务包括通过与Visa（V）合作推出的加密货币现金返还信用卡，这是一项针对使用专有网络安全技术、加密货币贷款、存款账户和新的创新交易形式的机构的托管/金库业务，这些交易甚至还没有出现在公众的雷达上，使它们成为虚拟基础设施、网络安全、交易所和金融科技业务的集合体。</blockquote> They are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.<blockquote>他们还投资了许多前雇员后来创立的加密货币初创公司。因此，他们将自己定位为从该领域的进一步外部创新中受益，同时也免受前公司内部人员构建的新技术和应用程序的干扰。</blockquote> With just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to&nbsp;exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.<blockquote>COIN目前只有5000万会员，预计潜在用户约为10亿，因此COIN的增长跑道仍然很大，很容易在未来几年实现指数级增长，特别是如果加密货币的接受度和受欢迎程度继续快速增长的话。</blockquote> #5. COIN Is Easier To Value Than Cryptocurrencies<blockquote>#5.硬币比加密货币更容易估值</blockquote> Last, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.<blockquote>最后但并非最不重要的一点是，COIN产生利润的能力赋予了它内在价值。虽然比特币的真正价值最终是任何人的猜测，因为它完全取决于猜测、消费者不断变化的突发奇想以及对创新管道不会出现更好的希望，但COIN带来了实际的盈利能力和新的业务创新。因此，我们可以更好地了解COIN比比特币更有吸引力的价格。作为价值投资者，我们非常喜欢这种方法。</blockquote> Investor Takeaway<blockquote>投资者要点</blockquote> As we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.<blockquote>正如我们之前关于黄金的说法，流行的加密货币在多元化投资组合中占有一席之地肯定是有理由的。事实上，我们也预计，如果比特币能够在全球企业和机构的接受度和利用率方面继续增长，它将比COIN具有更高的上涨潜力。</blockquote> That said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.<blockquote>也就是说，作为价值投资者，我们喜欢投资而不是投机，并努力最大化我们的风险回报状况。鉴于COIN产生实际现金流以实现长期增长，它在广泛的加密货币领域享有显着的多元化，它与加密货币价格上涨没有直接关系，即使在加密货币崩盘期间也可能获利，正在多元化成为加密货币基础设施公司，并且具有实际的内在价值，而不仅仅是投机资产，COIN是我们投资加密货币领域最喜欢的选择。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Forget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nForget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nseekingalpha2021-05-21 21:26\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>While BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.</li> <li>We believe that COIN offers investors the best risk-reward in today's crypto market.</li> <li>We share 5 reasons why.</li> </ul> <img src=\"https://static.tigerbbs.com/b022fdf1e4f4d4a467df29622f4ff73a\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\">Photo by Movus/iStock Editorial via Getty Images<blockquote><ul><li>虽然如果看涨预测实现，BTC具有巨大的上涨潜力，但我们投资的是最佳的风险回报状况，而不仅仅是最佳的回报潜力。</li><li>我们相信COIN为投资者提供了当今加密货币市场中最好的风险回报。</li><li>我们分享5个原因。</li></ul>摄影：Movus/iStock社论来自Getty Images</blockquote> While Bitcoin (BTC-USD) has tremendous upside potential&nbsp;bullish projections&nbsp;of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.<blockquote>虽然比特币(BTC-USD)具有巨大的上涨潜力，Ark Invest(ARKK)的Cathie Wood等人对每枚硬币的看涨预测为50万美元以上，但我们投资是为了获得最佳的风险回报状况，而不仅仅是最佳的回报潜力。</blockquote> As a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:<blockquote>因此，由于我们相信Coinbase(COIN)为投资者提供了当今加密货币市场中最好的风险回报，因此我们更愿意投资那里，而不是直接投资当今市场上的单个加密货币。在以下段落中，我们分享了5个原因：</blockquote> #1. COIN Is A Growing Business<blockquote>#1.COIN是一项不断增长的业务</blockquote> As a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.<blockquote>作为一项高利润的业务，COIN产生实际现金流，使其内在价值随着时间的推移而增长。因此，它是一个真正的财富复利器，假设企业保持盈利，从长远来看，它将使其所有者变得更加富有。购买和持有COIN股票是一项投资，有可能在现金流增长和业务基本面改善的基础上增加个人财富。</blockquote> In contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.<blockquote>相比之下，比特币既不生育也不产生现金流。它所能做的就是根据人们不断变化的拥有它的欲望，相对于美元或其他资产的价格上涨或下跌。因此，持有它并不是一种投资，而是对未来的一种猜测，即比特币届时的需求将比现在更大。</blockquote> As Warren Buffett said in his&nbsp;2011 Letter to Shareholders:<blockquote>正如沃伦·巴菲特在2011年致股东的信中所说：</blockquote> If you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future. Bitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we&nbsp;buy gold miners&nbsp;instead. We view COIN as serving a similar purpose in our exposure to the crypto world.<blockquote>如果你永远拥有一盎司黄金，你最终仍然会拥有一盎司...所有者的灵感不是来自资产本身能产生什么——它将永远没有生命——而是来自这样一种信念，即其他人在未来会更加渴望它。比特币——被称为数字黄金——可以用非常相似的方式来描述。虽然我们实际上拥有一些黄金(GLD)，但我们也不将其视为一种投资，而是一种资产，作为一种保险机制，作为一种久经考验且抗通胀的交易媒介。对于我们投资组合中的黄金敞口，我们转而购买金矿公司。我们认为COIN在我们接触加密世界时也有类似的目的。</blockquote> #2. COIN Is Diversified Across 100+ Cryptocurrencies<blockquote>#2.COIN多元化跨越100多种加密货币</blockquote> Bitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:<blockquote>比特币是越来越多的加密货币之一，已经有数百种。因此，它面临着激烈的竞争以及创新和颠覆的持续威胁，取代了它作为领先加密货币的地位，并最终导致其价值下跌。此外，它还面临监管甚至禁令风险，特别是因为其大部分处理能力位于通常被视为西方战略对手甚至对手的国家，包括中国、俄罗斯、伊朗和巴基斯坦。最后但并非最不重要的一点是，比特币的价格已被证明极其不稳定，过去两周已经清楚地表明：</blockquote> <img src=\"https://static.tigerbbs.com/0748a1a4f030bb30e23bc37a8352c208\" tg-width=\"635\" tg-height=\"403\">Data byYCharts<blockquote>数据来自YCharts</blockquote> In contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.<blockquote>相比之下，COIN分散在一百多种加密货币中，从而使其免受任何单一加密货币崩溃的影响。例如，如果中国禁止比特币并有效控制其大部分采矿活动，这将对比特币的价格和加工能力造成毁灭性打击。虽然这仍可能对COIN的现金流和股价造成重大损害，但对COIN的影响远不如比特币所面临的影响严重，而且它将能够用其他加密货币取代比特币。</blockquote> #3. COIN Profits Even When Cryptocurrencies Are Crashing<blockquote>#3.即使加密货币崩溃，代币也能获利</blockquote> While Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.<blockquote>虽然比特币的盈亏命题直接随着比特币价格的上涨和下跌，但COIN的利润并没有与加密货币价格的上涨直接挂钩。相反，它的大部分利润来自交易费，这意味着只要加密货币交易量大，他们就会获得高额利润。此外，由于它交易100多种加密货币，它并不依赖于任何单一加密货币的高交易量，而是从加密货币的整体受欢迎程度中获利。</blockquote> As a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.<blockquote>因此，无论人们是蜂拥而至，试图登上加密货币潮流，还是在加密货币抛售中竞相退出，COIN都有望获得巨额利润，使其成为比比特币更具防御性和不相关的资产。这进一步提高了其风险回报状况。</blockquote> #4. COIN Is Diversifying Into Ancillary Businesses<blockquote>#4.COIN正在多元化发展辅助业务</blockquote> While COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.<blockquote>虽然COIN的竞争地位与比特币相似，因为它享有显着的网络优势和先发地位，但它也面临着来自其他类似平台的激烈竞争，这些平台不断创新并试图获得对它的优势。然而，在这一领域，COIN比比特币拥有一个关键优势：它是一家拥有智能管理、执行长期战略的企业，拥有一支由才华横溢的软件工程师和程序员组成的小型军队，而比特币则是一种没有生命的静态资产。</blockquote> While this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.<blockquote>虽然这可能是一件幸事，因为比特币不存在犯任何战略错误或不当分配股东资本的风险，但总体而言，我们认为这对比特币来说是一个重大负面影响，因为在一个以创新为游戏名称的领域，它增加了比特币最终被竞争加密货币取代和绕过的机会，而COIN可以不断发展并以创新步伐或领先于创新步伐，以维持和加强其竞争优势。</blockquote> In fact, COIN is already&nbsp;aggressively reinvesting&nbsp;its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.<blockquote>事实上，COIN已经在积极地将其利润再投资于此。虽然其交易所业务占其利润的大部分，而且管理层坚持认为——尽管竞争日益激烈——对加密货币的需求不断增长意味着该业务的利润率不太可能在短期内压缩，但他们确实预计从长远来看，利润率压缩将会发生，就像任何没有巨大进入壁垒的利润丰厚的业务一样。</blockquote> As a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects&nbsp;more than 50% of their revenue to come from sources other than transaction fees.<blockquote>因此，管理层目前正在进行多项投资，以增加多样化的收入来源，从而带来更稳定、更安全的长期收入。5年内，管理层预计超过50%的收入将来自交易费以外的来源。</blockquote> Ultimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.<blockquote>最终，COIN将自己视为一家加密货币基础设施企业，提供广泛的服务和工具，使人们能够访问、交换、存储和优化他们对加密货币和区块链技术的使用。他们已经在发展和/或探索的业务包括通过与Visa（V）合作推出的加密货币现金返还信用卡，这是一项针对使用专有网络安全技术、加密货币贷款、存款账户和新的创新交易形式的机构的托管/金库业务，这些交易甚至还没有出现在公众的雷达上，使它们成为虚拟基础设施、网络安全、交易所和金融科技业务的集合体。</blockquote> They are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.<blockquote>他们还投资了许多前雇员后来创立的加密货币初创公司。因此，他们将自己定位为从该领域的进一步外部创新中受益，同时也免受前公司内部人员构建的新技术和应用程序的干扰。</blockquote> With just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to&nbsp;exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.<blockquote>COIN目前只有5000万会员，预计潜在用户约为10亿，因此COIN的增长跑道仍然很大，很容易在未来几年实现指数级增长，特别是如果加密货币的接受度和受欢迎程度继续快速增长的话。</blockquote> #5. COIN Is Easier To Value Than Cryptocurrencies<blockquote>#5.硬币比加密货币更容易估值</blockquote> Last, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.<blockquote>最后但并非最不重要的一点是，COIN产生利润的能力赋予了它内在价值。虽然比特币的真正价值最终是任何人的猜测，因为它完全取决于猜测、消费者不断变化的突发奇想以及对创新管道不会出现更好的希望，但COIN带来了实际的盈利能力和新的业务创新。因此，我们可以更好地了解COIN比比特币更有吸引力的价格。作为价值投资者，我们非常喜欢这种方法。</blockquote> Investor Takeaway<blockquote>投资者要点</blockquote> As we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.<blockquote>正如我们之前关于黄金的说法，流行的加密货币在多元化投资组合中占有一席之地肯定是有理由的。事实上，我们也预计，如果比特币能够在全球企业和机构的接受度和利用率方面继续增长，它将比COIN具有更高的上涨潜力。</blockquote> That said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.<blockquote>也就是说，作为价值投资者，我们喜欢投资而不是投机，并努力最大化我们的风险回报状况。鉴于COIN产生实际现金流以实现长期增长，它在广泛的加密货币领域享有显着的多元化，它与加密货币价格上涨没有直接关系，即使在加密货币崩盘期间也可能获利，正在多元化成为加密货币基础设施公司，并且具有实际的内在价值，而不仅仅是投机资产，COIN是我们投资加密货币领域最喜欢的选择。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4430338-coinbase-forget-bitcoin-5-reasons-to-buy-coinbase-instead\">seekingalpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://seekingalpha.com/article/4430338-coinbase-forget-bitcoin-5-reasons-to-buy-coinbase-instead","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178134052","content_text":"Summary\n\nWhile BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.\nWe believe that COIN offers investors the best risk-reward in today's crypto market.\nWe share 5 reasons why.\n\nPhoto by Movus/iStock Editorial via Getty Images\nWhile Bitcoin (BTC-USD) has tremendous upside potential bullish projections of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.\nAs a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:\n#1. COIN Is A Growing Business\nAs a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.\nIn contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.\nAs Warren Buffett said in his 2011 Letter to Shareholders:\n\nIf you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future.\n\nBitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we buy gold miners instead. We view COIN as serving a similar purpose in our exposure to the crypto world.\n#2. COIN Is Diversified Across 100+ Cryptocurrencies\nBitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:\nData byYCharts\nIn contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.\n#3. COIN Profits Even When Cryptocurrencies Are Crashing\nWhile Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.\nAs a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.\n#4. COIN Is Diversifying Into Ancillary Businesses\nWhile COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.\nWhile this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.\nIn fact, COIN is already aggressively reinvesting its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.\nAs a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects more than 50% of their revenue to come from sources other than transaction fees.\nUltimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.\nThey are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.\nWith just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.\n#5. COIN Is Easier To Value Than Cryptocurrencies\nLast, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.\nInvestor Takeaway\nAs we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.\nThat said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":133156623,"gmtCreate":1621730404062,"gmtModify":1634186979314,"author":{"id":"3574906731000207","authorId":"3574906731000207","name":"SSVC","avatar":"https://static.tigerbbs.com/545a5ea462ff4ac7cc100bd3d8d97f72","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3574906731000207","idStr":"3574906731000207"},"htmlText":"Really..Appreciate your comments and response Thanks&nbsp;","listText":"Really..Appreciate your comments and response Thanks&nbsp;","text":"Really..Appreciate your comments and response Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/133156623","repostId":1178134052,"repostType":4,"repost":{"id":"1178134052","kind":"news","pubTimestamp":1621603581,"share":"https://www.laohu8.com/m/news/1178134052?lang=zh_CN&edition=full","pubTime":"2021-05-21 21:26","market":"us","language":"en","title":"Forget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1178134052","media":"seekingalpha","summary":"Summary\n\nWhile BTC has tremendous upside potential if bullish projections play out, we invest for th","content":"Summary<blockquote>总结</blockquote> <ul> <li>While BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.</li> <li>We believe that COIN offers investors the best risk-reward in today's crypto market.</li> <li>We share 5 reasons why.</li> </ul> <img src=\"https://static.tigerbbs.com/b022fdf1e4f4d4a467df29622f4ff73a\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\">Photo by Movus/iStock Editorial via Getty Images<blockquote><ul><li>虽然如果看涨预测实现，BTC具有巨大的上涨潜力，但我们投资的是最佳的风险回报状况，而不仅仅是最佳的回报潜力。</li><li>我们相信COIN为投资者提供了当今加密货币市场中最好的风险回报。</li><li>我们分享5个原因。</li></ul>摄影：Movus/iStock社论来自Getty Images</blockquote> While Bitcoin (BTC-USD) has tremendous upside potential&nbsp;bullish projections&nbsp;of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.<blockquote>虽然比特币(BTC-USD)具有巨大的上涨潜力，Ark Invest(ARKK)的Cathie Wood等人对每枚硬币的看涨预测为50万美元以上，但我们投资是为了获得最佳的风险回报状况，而不仅仅是最佳的回报潜力。</blockquote> As a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:<blockquote>因此，由于我们相信Coinbase(COIN)为投资者提供了当今加密货币市场中最好的风险回报，因此我们更愿意投资那里，而不是直接投资当今市场上的单个加密货币。在以下段落中，我们分享了5个原因：</blockquote> #1. COIN Is A Growing Business<blockquote>#1.COIN是一项不断增长的业务</blockquote> As a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.<blockquote>作为一项高利润的业务，COIN产生实际现金流，使其内在价值随着时间的推移而增长。因此，它是一个真正的财富复利器，假设企业保持盈利，从长远来看，它将使其所有者变得更加富有。购买和持有COIN股票是一项投资，有可能在现金流增长和业务基本面改善的基础上增加个人财富。</blockquote> In contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.<blockquote>相比之下，比特币既不生育也不产生现金流。它所能做的就是根据人们不断变化的拥有它的欲望，相对于美元或其他资产的价格上涨或下跌。因此，持有它并不是一种投资，而是对未来的一种猜测，即比特币届时的需求将比现在更大。</blockquote> As Warren Buffett said in his&nbsp;2011 Letter to Shareholders:<blockquote>正如沃伦·巴菲特在2011年致股东的信中所说：</blockquote> If you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future. Bitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we&nbsp;buy gold miners&nbsp;instead. We view COIN as serving a similar purpose in our exposure to the crypto world.<blockquote>如果你永远拥有一盎司黄金，你最终仍然会拥有一盎司...所有者的灵感不是来自资产本身能产生什么——它将永远没有生命——而是来自这样一种信念，即其他人在未来会更加渴望它。比特币——被称为数字黄金——可以用非常相似的方式来描述。虽然我们实际上拥有一些黄金(GLD)，但我们也不将其视为一种投资，而是一种资产，作为一种保险机制，作为一种久经考验且抗通胀的交易媒介。对于我们投资组合中的黄金敞口，我们转而购买金矿公司。我们认为COIN在我们接触加密世界时也有类似的目的。</blockquote> #2. COIN Is Diversified Across 100+ Cryptocurrencies<blockquote>#2.COIN多元化跨越100多种加密货币</blockquote> Bitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:<blockquote>比特币是越来越多的加密货币之一，已经有数百种。因此，它面临着激烈的竞争以及创新和颠覆的持续威胁，取代了它作为领先加密货币的地位，并最终导致其价值下跌。此外，它还面临监管甚至禁令风险，特别是因为其大部分处理能力位于通常被视为西方战略对手甚至对手的国家，包括中国、俄罗斯、伊朗和巴基斯坦。最后但并非最不重要的一点是，比特币的价格已被证明极其不稳定，过去两周已经清楚地表明：</blockquote> <img src=\"https://static.tigerbbs.com/0748a1a4f030bb30e23bc37a8352c208\" tg-width=\"635\" tg-height=\"403\">Data byYCharts<blockquote>数据来自YCharts</blockquote> In contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.<blockquote>相比之下，COIN分散在一百多种加密货币中，从而使其免受任何单一加密货币崩溃的影响。例如，如果中国禁止比特币并有效控制其大部分采矿活动，这将对比特币的价格和加工能力造成毁灭性打击。虽然这仍可能对COIN的现金流和股价造成重大损害，但对COIN的影响远不如比特币所面临的影响严重，而且它将能够用其他加密货币取代比特币。</blockquote> #3. COIN Profits Even When Cryptocurrencies Are Crashing<blockquote>#3.即使加密货币崩溃，代币也能获利</blockquote> While Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.<blockquote>虽然比特币的盈亏命题直接随着比特币价格的上涨和下跌，但COIN的利润并没有与加密货币价格的上涨直接挂钩。相反，它的大部分利润来自交易费，这意味着只要加密货币交易量大，他们就会获得高额利润。此外，由于它交易100多种加密货币，它并不依赖于任何单一加密货币的高交易量，而是从加密货币的整体受欢迎程度中获利。</blockquote> As a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.<blockquote>因此，无论人们是蜂拥而至，试图登上加密货币潮流，还是在加密货币抛售中竞相退出，COIN都有望获得巨额利润，使其成为比比特币更具防御性和不相关的资产。这进一步提高了其风险回报状况。</blockquote> #4. COIN Is Diversifying Into Ancillary Businesses<blockquote>#4.COIN正在多元化发展辅助业务</blockquote> While COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.<blockquote>虽然COIN的竞争地位与比特币相似，因为它享有显着的网络优势和先发地位，但它也面临着来自其他类似平台的激烈竞争，这些平台不断创新并试图获得对它的优势。然而，在这一领域，COIN比比特币拥有一个关键优势：它是一家拥有智能管理、执行长期战略的企业，拥有一支由才华横溢的软件工程师和程序员组成的小型军队，而比特币则是一种没有生命的静态资产。</blockquote> While this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.<blockquote>虽然这可能是一件幸事，因为比特币不存在犯任何战略错误或不当分配股东资本的风险，但总体而言，我们认为这对比特币来说是一个重大负面影响，因为在一个以创新为游戏名称的领域，它增加了比特币最终被竞争加密货币取代和绕过的机会，而COIN可以不断发展并以创新步伐或领先于创新步伐，以维持和加强其竞争优势。</blockquote> In fact, COIN is already&nbsp;aggressively reinvesting&nbsp;its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.<blockquote>事实上，COIN已经在积极地将其利润再投资于此。虽然其交易所业务占其利润的大部分，而且管理层坚持认为——尽管竞争日益激烈——对加密货币的需求不断增长意味着该业务的利润率不太可能在短期内压缩，但他们确实预计从长远来看，利润率压缩将会发生，就像任何没有巨大进入壁垒的利润丰厚的业务一样。</blockquote> As a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects&nbsp;more than 50% of their revenue to come from sources other than transaction fees.<blockquote>因此，管理层目前正在进行多项投资，以增加多样化的收入来源，从而带来更稳定、更安全的长期收入。5年内，管理层预计超过50%的收入将来自交易费以外的来源。</blockquote> Ultimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.<blockquote>最终，COIN将自己视为一家加密货币基础设施企业，提供广泛的服务和工具，使人们能够访问、交换、存储和优化他们对加密货币和区块链技术的使用。他们已经在发展和/或探索的业务包括通过与Visa（V）合作推出的加密货币现金返还信用卡，这是一项针对使用专有网络安全技术、加密货币贷款、存款账户和新的创新交易形式的机构的托管/金库业务，这些交易甚至还没有出现在公众的雷达上，使它们成为虚拟基础设施、网络安全、交易所和金融科技业务的集合体。</blockquote> They are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.<blockquote>他们还投资了许多前雇员后来创立的加密货币初创公司。因此，他们将自己定位为从该领域的进一步外部创新中受益，同时也免受前公司内部人员构建的新技术和应用程序的干扰。</blockquote> With just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to&nbsp;exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.<blockquote>COIN目前只有5000万会员，预计潜在用户约为10亿，因此COIN的增长跑道仍然很大，很容易在未来几年实现指数级增长，特别是如果加密货币的接受度和受欢迎程度继续快速增长的话。</blockquote> #5. COIN Is Easier To Value Than Cryptocurrencies<blockquote>#5.硬币比加密货币更容易估值</blockquote> Last, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.<blockquote>最后但并非最不重要的一点是，COIN产生利润的能力赋予了它内在价值。虽然比特币的真正价值最终是任何人的猜测，因为它完全取决于猜测、消费者不断变化的突发奇想以及对创新管道不会出现更好的希望，但COIN带来了实际的盈利能力和新的业务创新。因此，我们可以更好地了解COIN比比特币更有吸引力的价格。作为价值投资者，我们非常喜欢这种方法。</blockquote> Investor Takeaway<blockquote>投资者要点</blockquote> As we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.<blockquote>正如我们之前关于黄金的说法，流行的加密货币在多元化投资组合中占有一席之地肯定是有理由的。事实上，我们也预计，如果比特币能够在全球企业和机构的接受度和利用率方面继续增长，它将比COIN具有更高的上涨潜力。</blockquote> That said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.<blockquote>也就是说，作为价值投资者，我们喜欢投资而不是投机，并努力最大化我们的风险回报状况。鉴于COIN产生实际现金流以实现长期增长，它在广泛的加密货币领域享有显着的多元化，它与加密货币价格上涨没有直接关系，即使在加密货币崩盘期间也可能获利，正在多元化成为加密货币基础设施公司，并且具有实际的内在价值，而不仅仅是投机资产，COIN是我们投资加密货币领域最喜欢的选择。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Forget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nForget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nseekingalpha2021-05-21 21:26\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>While BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.</li> <li>We believe that COIN offers investors the best risk-reward in today's crypto market.</li> <li>We share 5 reasons why.</li> </ul> <img src=\"https://static.tigerbbs.com/b022fdf1e4f4d4a467df29622f4ff73a\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\">Photo by Movus/iStock Editorial via Getty Images<blockquote><ul><li>虽然如果看涨预测实现，BTC具有巨大的上涨潜力，但我们投资的是最佳的风险回报状况，而不仅仅是最佳的回报潜力。</li><li>我们相信COIN为投资者提供了当今加密货币市场中最好的风险回报。</li><li>我们分享5个原因。</li></ul>摄影：Movus/iStock社论来自Getty Images</blockquote> While Bitcoin (BTC-USD) has tremendous upside potential&nbsp;bullish projections&nbsp;of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.<blockquote>虽然比特币(BTC-USD)具有巨大的上涨潜力，Ark Invest(ARKK)的Cathie Wood等人对每枚硬币的看涨预测为50万美元以上，但我们投资是为了获得最佳的风险回报状况，而不仅仅是最佳的回报潜力。</blockquote> As a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:<blockquote>因此，由于我们相信Coinbase(COIN)为投资者提供了当今加密货币市场中最好的风险回报，因此我们更愿意投资那里，而不是直接投资当今市场上的单个加密货币。在以下段落中，我们分享了5个原因：</blockquote> #1. COIN Is A Growing Business<blockquote>#1.COIN是一项不断增长的业务</blockquote> As a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.<blockquote>作为一项高利润的业务，COIN产生实际现金流，使其内在价值随着时间的推移而增长。因此，它是一个真正的财富复利器，假设企业保持盈利，从长远来看，它将使其所有者变得更加富有。购买和持有COIN股票是一项投资，有可能在现金流增长和业务基本面改善的基础上增加个人财富。</blockquote> In contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.<blockquote>相比之下，比特币既不生育也不产生现金流。它所能做的就是根据人们不断变化的拥有它的欲望，相对于美元或其他资产的价格上涨或下跌。因此，持有它并不是一种投资，而是对未来的一种猜测，即比特币届时的需求将比现在更大。</blockquote> As Warren Buffett said in his&nbsp;2011 Letter to Shareholders:<blockquote>正如沃伦·巴菲特在2011年致股东的信中所说：</blockquote> If you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future. Bitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we&nbsp;buy gold miners&nbsp;instead. We view COIN as serving a similar purpose in our exposure to the crypto world.<blockquote>如果你永远拥有一盎司黄金，你最终仍然会拥有一盎司...所有者的灵感不是来自资产本身能产生什么——它将永远没有生命——而是来自这样一种信念，即其他人在未来会更加渴望它。比特币——被称为数字黄金——可以用非常相似的方式来描述。虽然我们实际上拥有一些黄金(GLD)，但我们也不将其视为一种投资，而是一种资产，作为一种保险机制，作为一种久经考验且抗通胀的交易媒介。对于我们投资组合中的黄金敞口，我们转而购买金矿公司。我们认为COIN在我们接触加密世界时也有类似的目的。</blockquote> #2. COIN Is Diversified Across 100+ Cryptocurrencies<blockquote>#2.COIN多元化跨越100多种加密货币</blockquote> Bitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:<blockquote>比特币是越来越多的加密货币之一，已经有数百种。因此，它面临着激烈的竞争以及创新和颠覆的持续威胁，取代了它作为领先加密货币的地位，并最终导致其价值下跌。此外，它还面临监管甚至禁令风险，特别是因为其大部分处理能力位于通常被视为西方战略对手甚至对手的国家，包括中国、俄罗斯、伊朗和巴基斯坦。最后但并非最不重要的一点是，比特币的价格已被证明极其不稳定，过去两周已经清楚地表明：</blockquote> <img src=\"https://static.tigerbbs.com/0748a1a4f030bb30e23bc37a8352c208\" tg-width=\"635\" tg-height=\"403\">Data byYCharts<blockquote>数据来自YCharts</blockquote> In contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.<blockquote>相比之下，COIN分散在一百多种加密货币中，从而使其免受任何单一加密货币崩溃的影响。例如，如果中国禁止比特币并有效控制其大部分采矿活动，这将对比特币的价格和加工能力造成毁灭性打击。虽然这仍可能对COIN的现金流和股价造成重大损害，但对COIN的影响远不如比特币所面临的影响严重，而且它将能够用其他加密货币取代比特币。</blockquote> #3. COIN Profits Even When Cryptocurrencies Are Crashing<blockquote>#3.即使加密货币崩溃，代币也能获利</blockquote> While Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.<blockquote>虽然比特币的盈亏命题直接随着比特币价格的上涨和下跌，但COIN的利润并没有与加密货币价格的上涨直接挂钩。相反，它的大部分利润来自交易费，这意味着只要加密货币交易量大，他们就会获得高额利润。此外，由于它交易100多种加密货币，它并不依赖于任何单一加密货币的高交易量，而是从加密货币的整体受欢迎程度中获利。</blockquote> As a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.<blockquote>因此，无论人们是蜂拥而至，试图登上加密货币潮流，还是在加密货币抛售中竞相退出，COIN都有望获得巨额利润，使其成为比比特币更具防御性和不相关的资产。这进一步提高了其风险回报状况。</blockquote> #4. COIN Is Diversifying Into Ancillary Businesses<blockquote>#4.COIN正在多元化发展辅助业务</blockquote> While COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.<blockquote>虽然COIN的竞争地位与比特币相似，因为它享有显着的网络优势和先发地位，但它也面临着来自其他类似平台的激烈竞争，这些平台不断创新并试图获得对它的优势。然而，在这一领域，COIN比比特币拥有一个关键优势：它是一家拥有智能管理、执行长期战略的企业，拥有一支由才华横溢的软件工程师和程序员组成的小型军队，而比特币则是一种没有生命的静态资产。</blockquote> While this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.<blockquote>虽然这可能是一件幸事，因为比特币不存在犯任何战略错误或不当分配股东资本的风险，但总体而言，我们认为这对比特币来说是一个重大负面影响，因为在一个以创新为游戏名称的领域，它增加了比特币最终被竞争加密货币取代和绕过的机会，而COIN可以不断发展并以创新步伐或领先于创新步伐，以维持和加强其竞争优势。</blockquote> In fact, COIN is already&nbsp;aggressively reinvesting&nbsp;its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.<blockquote>事实上，COIN已经在积极地将其利润再投资于此。虽然其交易所业务占其利润的大部分，而且管理层坚持认为——尽管竞争日益激烈——对加密货币的需求不断增长意味着该业务的利润率不太可能在短期内压缩，但他们确实预计从长远来看，利润率压缩将会发生，就像任何没有巨大进入壁垒的利润丰厚的业务一样。</blockquote> As a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects&nbsp;more than 50% of their revenue to come from sources other than transaction fees.<blockquote>因此，管理层目前正在进行多项投资，以增加多样化的收入来源，从而带来更稳定、更安全的长期收入。5年内，管理层预计超过50%的收入将来自交易费以外的来源。</blockquote> Ultimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.<blockquote>最终，COIN将自己视为一家加密货币基础设施企业，提供广泛的服务和工具，使人们能够访问、交换、存储和优化他们对加密货币和区块链技术的使用。他们已经在发展和/或探索的业务包括通过与Visa（V）合作推出的加密货币现金返还信用卡，这是一项针对使用专有网络安全技术、加密货币贷款、存款账户和新的创新交易形式的机构的托管/金库业务，这些交易甚至还没有出现在公众的雷达上，使它们成为虚拟基础设施、网络安全、交易所和金融科技业务的集合体。</blockquote> They are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.<blockquote>他们还投资了许多前雇员后来创立的加密货币初创公司。因此，他们将自己定位为从该领域的进一步外部创新中受益，同时也免受前公司内部人员构建的新技术和应用程序的干扰。</blockquote> With just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to&nbsp;exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.<blockquote>COIN目前只有5000万会员，预计潜在用户约为10亿，因此COIN的增长跑道仍然很大，很容易在未来几年实现指数级增长，特别是如果加密货币的接受度和受欢迎程度继续快速增长的话。</blockquote> #5. COIN Is Easier To Value Than Cryptocurrencies<blockquote>#5.硬币比加密货币更容易估值</blockquote> Last, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.<blockquote>最后但并非最不重要的一点是，COIN产生利润的能力赋予了它内在价值。虽然比特币的真正价值最终是任何人的猜测，因为它完全取决于猜测、消费者不断变化的突发奇想以及对创新管道不会出现更好的希望，但COIN带来了实际的盈利能力和新的业务创新。因此，我们可以更好地了解COIN比比特币更有吸引力的价格。作为价值投资者，我们非常喜欢这种方法。</blockquote> Investor Takeaway<blockquote>投资者要点</blockquote> As we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.<blockquote>正如我们之前关于黄金的说法，流行的加密货币在多元化投资组合中占有一席之地肯定是有理由的。事实上，我们也预计，如果比特币能够在全球企业和机构的接受度和利用率方面继续增长，它将比COIN具有更高的上涨潜力。</blockquote> That said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.<blockquote>也就是说，作为价值投资者，我们喜欢投资而不是投机，并努力最大化我们的风险回报状况。鉴于COIN产生实际现金流以实现长期增长，它在广泛的加密货币领域享有显着的多元化，它与加密货币价格上涨没有直接关系，即使在加密货币崩盘期间也可能获利，正在多元化成为加密货币基础设施公司，并且具有实际的内在价值，而不仅仅是投机资产，COIN是我们投资加密货币领域最喜欢的选择。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4430338-coinbase-forget-bitcoin-5-reasons-to-buy-coinbase-instead\">seekingalpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://seekingalpha.com/article/4430338-coinbase-forget-bitcoin-5-reasons-to-buy-coinbase-instead","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178134052","content_text":"Summary\n\nWhile BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.\nWe believe that COIN offers investors the best risk-reward in today's crypto market.\nWe share 5 reasons why.\n\nPhoto by Movus/iStock Editorial via Getty Images\nWhile Bitcoin (BTC-USD) has tremendous upside potential bullish projections of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.\nAs a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:\n#1. COIN Is A Growing Business\nAs a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.\nIn contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.\nAs Warren Buffett said in his 2011 Letter to Shareholders:\n\nIf you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future.\n\nBitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we buy gold miners instead. We view COIN as serving a similar purpose in our exposure to the crypto world.\n#2. COIN Is Diversified Across 100+ Cryptocurrencies\nBitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:\nData byYCharts\nIn contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.\n#3. COIN Profits Even When Cryptocurrencies Are Crashing\nWhile Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.\nAs a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.\n#4. COIN Is Diversifying Into Ancillary Businesses\nWhile COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.\nWhile this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.\nIn fact, COIN is already aggressively reinvesting its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.\nAs a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects more than 50% of their revenue to come from sources other than transaction fees.\nUltimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.\nThey are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.\nWith just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.\n#5. COIN Is Easier To Value Than Cryptocurrencies\nLast, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.\nInvestor Takeaway\nAs we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.\nThat said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4416321,"gmtCreate":1621731193776,"gmtModify":1635402425175,"authorId":3581678282566598,"author":{"id":3581678282566598,"idStr":"3581678282566598","authorId":3581678282566598,"name":"granola","avatar":"https://static.tigerbbs.com/794ef04b19a3c79578c403c50a016ac3","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":133156623,"type":1,"supId":0,"prevId":0,"content":"Here you go! ","text":"Here you go! ","html":"Here you go! "},{"id":4418631,"gmtCreate":1621742783360,"gmtModify":1635402209457,"authorId":3580629550243320,"author":{"id":3580629550243320,"idStr":"3580629550243320","authorId":3580629550243320,"name":"小小馒头","avatar":"https://static.tigerbbs.com/8662af09a6a7d2e9548f6a2e76832bc6","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":133156623,"type":1,"supId":0,"prevId":0,"content":"Sure!","text":"Sure!","html":"Sure!"},{"id":4419087,"gmtCreate":1621745771361,"gmtModify":1635402166989,"authorId":3574295750075516,"author":{"id":3574295750075516,"idStr":"3574295750075516","authorId":3574295750075516,"name":"deeplearning","avatar":"https://static.tigerbbs.com/d2aba15d86bd565c323909be00778983","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":133156623,"type":1,"supId":0,"prevId":0,"content":"done, please like and reply~","text":"done, please like and reply~","html":"done, please like and reply~"}],"langContent":"EN"},{"id":133368484,"gmtCreate":1621700410548,"gmtModify":1634187074985,"author":{"id":"3568708894820822","authorId":"3568708894820822","name":"Milojj","avatar":"https://static.tigerbbs.com/45f2d5d00c940c4a2c6259aad37e437e","vip":1,"crmLevel":12,"crmLevelSwitch":0,"authorIdStr":"3568708894820822","idStr":"3568708894820822"},"htmlText":"Dogecoin!! 🚀","listText":"Dogecoin!! 🚀","text":"Dogecoin!! 🚀","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/133368484","repostId":1178134052,"repostType":4,"repost":{"id":"1178134052","kind":"news","pubTimestamp":1621603581,"share":"https://www.laohu8.com/m/news/1178134052?lang=zh_CN&edition=full","pubTime":"2021-05-21 21:26","market":"us","language":"en","title":"Forget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1178134052","media":"seekingalpha","summary":"Summary\n\nWhile BTC has tremendous upside potential if bullish projections play out, we invest for th","content":"Summary<blockquote>总结</blockquote> <ul> <li>While BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.</li> <li>We believe that COIN offers investors the best risk-reward in today's crypto market.</li> <li>We share 5 reasons why.</li> </ul> <img src=\"https://static.tigerbbs.com/b022fdf1e4f4d4a467df29622f4ff73a\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\">Photo by Movus/iStock Editorial via Getty Images<blockquote><ul><li>虽然如果看涨预测实现，BTC具有巨大的上涨潜力，但我们投资的是最佳的风险回报状况，而不仅仅是最佳的回报潜力。</li><li>我们相信COIN为投资者提供了当今加密货币市场中最好的风险回报。</li><li>我们分享5个原因。</li></ul>摄影：Movus/iStock社论来自Getty Images</blockquote> While Bitcoin (BTC-USD) has tremendous upside potential&nbsp;bullish projections&nbsp;of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.<blockquote>虽然比特币(BTC-USD)具有巨大的上涨潜力，Ark Invest(ARKK)的Cathie Wood等人对每枚硬币的看涨预测为50万美元以上，但我们投资是为了获得最佳的风险回报状况，而不仅仅是最佳的回报潜力。</blockquote> As a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:<blockquote>因此，由于我们相信Coinbase(COIN)为投资者提供了当今加密货币市场中最好的风险回报，因此我们更愿意投资那里，而不是直接投资当今市场上的单个加密货币。在以下段落中，我们分享了5个原因：</blockquote> #1. COIN Is A Growing Business<blockquote>#1.COIN是一项不断增长的业务</blockquote> As a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.<blockquote>作为一项高利润的业务，COIN产生实际现金流，使其内在价值随着时间的推移而增长。因此，它是一个真正的财富复利器，假设企业保持盈利，从长远来看，它将使其所有者变得更加富有。购买和持有COIN股票是一项投资，有可能在现金流增长和业务基本面改善的基础上增加个人财富。</blockquote> In contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.<blockquote>相比之下，比特币既不生育也不产生现金流。它所能做的就是根据人们不断变化的拥有它的欲望，相对于美元或其他资产的价格上涨或下跌。因此，持有它并不是一种投资，而是对未来的一种猜测，即比特币届时的需求将比现在更大。</blockquote> As Warren Buffett said in his&nbsp;2011 Letter to Shareholders:<blockquote>正如沃伦·巴菲特在2011年致股东的信中所说：</blockquote> If you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future. Bitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we&nbsp;buy gold miners&nbsp;instead. We view COIN as serving a similar purpose in our exposure to the crypto world.<blockquote>如果你永远拥有一盎司黄金，你最终仍然会拥有一盎司...所有者的灵感不是来自资产本身能产生什么——它将永远没有生命——而是来自这样一种信念，即其他人在未来会更加渴望它。比特币——被称为数字黄金——可以用非常相似的方式来描述。虽然我们实际上拥有一些黄金(GLD)，但我们也不将其视为一种投资，而是一种资产，作为一种保险机制，作为一种久经考验且抗通胀的交易媒介。对于我们投资组合中的黄金敞口，我们转而购买金矿公司。我们认为COIN在我们接触加密世界时也有类似的目的。</blockquote> #2. COIN Is Diversified Across 100+ Cryptocurrencies<blockquote>#2.COIN多元化跨越100多种加密货币</blockquote> Bitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:<blockquote>比特币是越来越多的加密货币之一，已经有数百种。因此，它面临着激烈的竞争以及创新和颠覆的持续威胁，取代了它作为领先加密货币的地位，并最终导致其价值下跌。此外，它还面临监管甚至禁令风险，特别是因为其大部分处理能力位于通常被视为西方战略对手甚至对手的国家，包括中国、俄罗斯、伊朗和巴基斯坦。最后但并非最不重要的一点是，比特币的价格已被证明极其不稳定，过去两周已经清楚地表明：</blockquote> <img src=\"https://static.tigerbbs.com/0748a1a4f030bb30e23bc37a8352c208\" tg-width=\"635\" tg-height=\"403\">Data byYCharts<blockquote>数据来自YCharts</blockquote> In contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.<blockquote>相比之下，COIN分散在一百多种加密货币中，从而使其免受任何单一加密货币崩溃的影响。例如，如果中国禁止比特币并有效控制其大部分采矿活动，这将对比特币的价格和加工能力造成毁灭性打击。虽然这仍可能对COIN的现金流和股价造成重大损害，但对COIN的影响远不如比特币所面临的影响严重，而且它将能够用其他加密货币取代比特币。</blockquote> #3. COIN Profits Even When Cryptocurrencies Are Crashing<blockquote>#3.即使加密货币崩溃，代币也能获利</blockquote> While Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.<blockquote>虽然比特币的盈亏命题直接随着比特币价格的上涨和下跌，但COIN的利润并没有与加密货币价格的上涨直接挂钩。相反，它的大部分利润来自交易费，这意味着只要加密货币交易量大，他们就会获得高额利润。此外，由于它交易100多种加密货币，它并不依赖于任何单一加密货币的高交易量，而是从加密货币的整体受欢迎程度中获利。</blockquote> As a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.<blockquote>因此，无论人们是蜂拥而至，试图登上加密货币潮流，还是在加密货币抛售中竞相退出，COIN都有望获得巨额利润，使其成为比比特币更具防御性和不相关的资产。这进一步提高了其风险回报状况。</blockquote> #4. COIN Is Diversifying Into Ancillary Businesses<blockquote>#4.COIN正在多元化发展辅助业务</blockquote> While COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.<blockquote>虽然COIN的竞争地位与比特币相似，因为它享有显着的网络优势和先发地位，但它也面临着来自其他类似平台的激烈竞争，这些平台不断创新并试图获得对它的优势。然而，在这一领域，COIN比比特币拥有一个关键优势：它是一家拥有智能管理、执行长期战略的企业，拥有一支由才华横溢的软件工程师和程序员组成的小型军队，而比特币则是一种没有生命的静态资产。</blockquote> While this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.<blockquote>虽然这可能是一件幸事，因为比特币不存在犯任何战略错误或不当分配股东资本的风险，但总体而言，我们认为这对比特币来说是一个重大负面影响，因为在一个以创新为游戏名称的领域，它增加了比特币最终被竞争加密货币取代和绕过的机会，而COIN可以不断发展并以创新步伐或领先于创新步伐，以维持和加强其竞争优势。</blockquote> In fact, COIN is already&nbsp;aggressively reinvesting&nbsp;its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.<blockquote>事实上，COIN已经在积极地将其利润再投资于此。虽然其交易所业务占其利润的大部分，而且管理层坚持认为——尽管竞争日益激烈——对加密货币的需求不断增长意味着该业务的利润率不太可能在短期内压缩，但他们确实预计从长远来看，利润率压缩将会发生，就像任何没有巨大进入壁垒的利润丰厚的业务一样。</blockquote> As a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects&nbsp;more than 50% of their revenue to come from sources other than transaction fees.<blockquote>因此，管理层目前正在进行多项投资，以增加多样化的收入来源，从而带来更稳定、更安全的长期收入。5年内，管理层预计超过50%的收入将来自交易费以外的来源。</blockquote> Ultimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.<blockquote>最终，COIN将自己视为一家加密货币基础设施企业，提供广泛的服务和工具，使人们能够访问、交换、存储和优化他们对加密货币和区块链技术的使用。他们已经在发展和/或探索的业务包括通过与Visa（V）合作推出的加密货币现金返还信用卡，这是一项针对使用专有网络安全技术、加密货币贷款、存款账户和新的创新交易形式的机构的托管/金库业务，这些交易甚至还没有出现在公众的雷达上，使它们成为虚拟基础设施、网络安全、交易所和金融科技业务的集合体。</blockquote> They are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.<blockquote>他们还投资了许多前雇员后来创立的加密货币初创公司。因此，他们将自己定位为从该领域的进一步外部创新中受益，同时也免受前公司内部人员构建的新技术和应用程序的干扰。</blockquote> With just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to&nbsp;exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.<blockquote>COIN目前只有5000万会员，预计潜在用户约为10亿，因此COIN的增长跑道仍然很大，很容易在未来几年实现指数级增长，特别是如果加密货币的接受度和受欢迎程度继续快速增长的话。</blockquote> #5. COIN Is Easier To Value Than Cryptocurrencies<blockquote>#5.硬币比加密货币更容易估值</blockquote> Last, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.<blockquote>最后但并非最不重要的一点是，COIN产生利润的能力赋予了它内在价值。虽然比特币的真正价值最终是任何人的猜测，因为它完全取决于猜测、消费者不断变化的突发奇想以及对创新管道不会出现更好的希望，但COIN带来了实际的盈利能力和新的业务创新。因此，我们可以更好地了解COIN比比特币更有吸引力的价格。作为价值投资者，我们非常喜欢这种方法。</blockquote> Investor Takeaway<blockquote>投资者要点</blockquote> As we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.<blockquote>正如我们之前关于黄金的说法，流行的加密货币在多元化投资组合中占有一席之地肯定是有理由的。事实上，我们也预计，如果比特币能够在全球企业和机构的接受度和利用率方面继续增长，它将比COIN具有更高的上涨潜力。</blockquote> That said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.<blockquote>也就是说，作为价值投资者，我们喜欢投资而不是投机，并努力最大化我们的风险回报状况。鉴于COIN产生实际现金流以实现长期增长，它在广泛的加密货币领域享有显着的多元化，它与加密货币价格上涨没有直接关系，即使在加密货币崩盘期间也可能获利，正在多元化成为加密货币基础设施公司，并且具有实际的内在价值，而不仅仅是投机资产，COIN是我们投资加密货币领域最喜欢的选择。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Forget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nForget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nseekingalpha2021-05-21 21:26\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>While BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.</li> <li>We believe that COIN offers investors the best risk-reward in today's crypto market.</li> <li>We share 5 reasons why.</li> </ul> <img src=\"https://static.tigerbbs.com/b022fdf1e4f4d4a467df29622f4ff73a\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\">Photo by Movus/iStock Editorial via Getty Images<blockquote><ul><li>虽然如果看涨预测实现，BTC具有巨大的上涨潜力，但我们投资的是最佳的风险回报状况，而不仅仅是最佳的回报潜力。</li><li>我们相信COIN为投资者提供了当今加密货币市场中最好的风险回报。</li><li>我们分享5个原因。</li></ul>摄影：Movus/iStock社论来自Getty Images</blockquote> While Bitcoin (BTC-USD) has tremendous upside potential&nbsp;bullish projections&nbsp;of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.<blockquote>虽然比特币(BTC-USD)具有巨大的上涨潜力，Ark Invest(ARKK)的Cathie Wood等人对每枚硬币的看涨预测为50万美元以上，但我们投资是为了获得最佳的风险回报状况，而不仅仅是最佳的回报潜力。</blockquote> As a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:<blockquote>因此，由于我们相信Coinbase(COIN)为投资者提供了当今加密货币市场中最好的风险回报，因此我们更愿意投资那里，而不是直接投资当今市场上的单个加密货币。在以下段落中，我们分享了5个原因：</blockquote> #1. COIN Is A Growing Business<blockquote>#1.COIN是一项不断增长的业务</blockquote> As a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.<blockquote>作为一项高利润的业务，COIN产生实际现金流，使其内在价值随着时间的推移而增长。因此，它是一个真正的财富复利器，假设企业保持盈利，从长远来看，它将使其所有者变得更加富有。购买和持有COIN股票是一项投资，有可能在现金流增长和业务基本面改善的基础上增加个人财富。</blockquote> In contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.<blockquote>相比之下，比特币既不生育也不产生现金流。它所能做的就是根据人们不断变化的拥有它的欲望，相对于美元或其他资产的价格上涨或下跌。因此，持有它并不是一种投资，而是对未来的一种猜测，即比特币届时的需求将比现在更大。</blockquote> As Warren Buffett said in his&nbsp;2011 Letter to Shareholders:<blockquote>正如沃伦·巴菲特在2011年致股东的信中所说：</blockquote> If you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future. Bitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we&nbsp;buy gold miners&nbsp;instead. We view COIN as serving a similar purpose in our exposure to the crypto world.<blockquote>如果你永远拥有一盎司黄金，你最终仍然会拥有一盎司...所有者的灵感不是来自资产本身能产生什么——它将永远没有生命——而是来自这样一种信念，即其他人在未来会更加渴望它。比特币——被称为数字黄金——可以用非常相似的方式来描述。虽然我们实际上拥有一些黄金(GLD)，但我们也不将其视为一种投资，而是一种资产，作为一种保险机制，作为一种久经考验且抗通胀的交易媒介。对于我们投资组合中的黄金敞口，我们转而购买金矿公司。我们认为COIN在我们接触加密世界时也有类似的目的。</blockquote> #2. COIN Is Diversified Across 100+ Cryptocurrencies<blockquote>#2.COIN多元化跨越100多种加密货币</blockquote> Bitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:<blockquote>比特币是越来越多的加密货币之一，已经有数百种。因此，它面临着激烈的竞争以及创新和颠覆的持续威胁，取代了它作为领先加密货币的地位，并最终导致其价值下跌。此外，它还面临监管甚至禁令风险，特别是因为其大部分处理能力位于通常被视为西方战略对手甚至对手的国家，包括中国、俄罗斯、伊朗和巴基斯坦。最后但并非最不重要的一点是，比特币的价格已被证明极其不稳定，过去两周已经清楚地表明：</blockquote> <img src=\"https://static.tigerbbs.com/0748a1a4f030bb30e23bc37a8352c208\" tg-width=\"635\" tg-height=\"403\">Data byYCharts<blockquote>数据来自YCharts</blockquote> In contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.<blockquote>相比之下，COIN分散在一百多种加密货币中，从而使其免受任何单一加密货币崩溃的影响。例如，如果中国禁止比特币并有效控制其大部分采矿活动，这将对比特币的价格和加工能力造成毁灭性打击。虽然这仍可能对COIN的现金流和股价造成重大损害，但对COIN的影响远不如比特币所面临的影响严重，而且它将能够用其他加密货币取代比特币。</blockquote> #3. COIN Profits Even When Cryptocurrencies Are Crashing<blockquote>#3.即使加密货币崩溃，代币也能获利</blockquote> While Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.<blockquote>虽然比特币的盈亏命题直接随着比特币价格的上涨和下跌，但COIN的利润并没有与加密货币价格的上涨直接挂钩。相反，它的大部分利润来自交易费，这意味着只要加密货币交易量大，他们就会获得高额利润。此外，由于它交易100多种加密货币，它并不依赖于任何单一加密货币的高交易量，而是从加密货币的整体受欢迎程度中获利。</blockquote> As a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.<blockquote>因此，无论人们是蜂拥而至，试图登上加密货币潮流，还是在加密货币抛售中竞相退出，COIN都有望获得巨额利润，使其成为比比特币更具防御性和不相关的资产。这进一步提高了其风险回报状况。</blockquote> #4. COIN Is Diversifying Into Ancillary Businesses<blockquote>#4.COIN正在多元化发展辅助业务</blockquote> While COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.<blockquote>虽然COIN的竞争地位与比特币相似，因为它享有显着的网络优势和先发地位，但它也面临着来自其他类似平台的激烈竞争，这些平台不断创新并试图获得对它的优势。然而，在这一领域，COIN比比特币拥有一个关键优势：它是一家拥有智能管理、执行长期战略的企业，拥有一支由才华横溢的软件工程师和程序员组成的小型军队，而比特币则是一种没有生命的静态资产。</blockquote> While this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.<blockquote>虽然这可能是一件幸事，因为比特币不存在犯任何战略错误或不当分配股东资本的风险，但总体而言，我们认为这对比特币来说是一个重大负面影响，因为在一个以创新为游戏名称的领域，它增加了比特币最终被竞争加密货币取代和绕过的机会，而COIN可以不断发展并以创新步伐或领先于创新步伐，以维持和加强其竞争优势。</blockquote> In fact, COIN is already&nbsp;aggressively reinvesting&nbsp;its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.<blockquote>事实上，COIN已经在积极地将其利润再投资于此。虽然其交易所业务占其利润的大部分，而且管理层坚持认为——尽管竞争日益激烈——对加密货币的需求不断增长意味着该业务的利润率不太可能在短期内压缩，但他们确实预计从长远来看，利润率压缩将会发生，就像任何没有巨大进入壁垒的利润丰厚的业务一样。</blockquote> As a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects&nbsp;more than 50% of their revenue to come from sources other than transaction fees.<blockquote>因此，管理层目前正在进行多项投资，以增加多样化的收入来源，从而带来更稳定、更安全的长期收入。5年内，管理层预计超过50%的收入将来自交易费以外的来源。</blockquote> Ultimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.<blockquote>最终，COIN将自己视为一家加密货币基础设施企业，提供广泛的服务和工具，使人们能够访问、交换、存储和优化他们对加密货币和区块链技术的使用。他们已经在发展和/或探索的业务包括通过与Visa（V）合作推出的加密货币现金返还信用卡，这是一项针对使用专有网络安全技术、加密货币贷款、存款账户和新的创新交易形式的机构的托管/金库业务，这些交易甚至还没有出现在公众的雷达上，使它们成为虚拟基础设施、网络安全、交易所和金融科技业务的集合体。</blockquote> They are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.<blockquote>他们还投资了许多前雇员后来创立的加密货币初创公司。因此，他们将自己定位为从该领域的进一步外部创新中受益，同时也免受前公司内部人员构建的新技术和应用程序的干扰。</blockquote> With just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to&nbsp;exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.<blockquote>COIN目前只有5000万会员，预计潜在用户约为10亿，因此COIN的增长跑道仍然很大，很容易在未来几年实现指数级增长，特别是如果加密货币的接受度和受欢迎程度继续快速增长的话。</blockquote> #5. COIN Is Easier To Value Than Cryptocurrencies<blockquote>#5.硬币比加密货币更容易估值</blockquote> Last, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.<blockquote>最后但并非最不重要的一点是，COIN产生利润的能力赋予了它内在价值。虽然比特币的真正价值最终是任何人的猜测，因为它完全取决于猜测、消费者不断变化的突发奇想以及对创新管道不会出现更好的希望，但COIN带来了实际的盈利能力和新的业务创新。因此，我们可以更好地了解COIN比比特币更有吸引力的价格。作为价值投资者，我们非常喜欢这种方法。</blockquote> Investor Takeaway<blockquote>投资者要点</blockquote> As we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.<blockquote>正如我们之前关于黄金的说法，流行的加密货币在多元化投资组合中占有一席之地肯定是有理由的。事实上，我们也预计，如果比特币能够在全球企业和机构的接受度和利用率方面继续增长，它将比COIN具有更高的上涨潜力。</blockquote> That said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.<blockquote>也就是说，作为价值投资者，我们喜欢投资而不是投机，并努力最大化我们的风险回报状况。鉴于COIN产生实际现金流以实现长期增长，它在广泛的加密货币领域享有显着的多元化，它与加密货币价格上涨没有直接关系，即使在加密货币崩盘期间也可能获利，正在多元化成为加密货币基础设施公司，并且具有实际的内在价值，而不仅仅是投机资产，COIN是我们投资加密货币领域最喜欢的选择。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4430338-coinbase-forget-bitcoin-5-reasons-to-buy-coinbase-instead\">seekingalpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://seekingalpha.com/article/4430338-coinbase-forget-bitcoin-5-reasons-to-buy-coinbase-instead","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178134052","content_text":"Summary\n\nWhile BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.\nWe believe that COIN offers investors the best risk-reward in today's crypto market.\nWe share 5 reasons why.\n\nPhoto by Movus/iStock Editorial via Getty Images\nWhile Bitcoin (BTC-USD) has tremendous upside potential bullish projections of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.\nAs a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:\n#1. COIN Is A Growing Business\nAs a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.\nIn contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.\nAs Warren Buffett said in his 2011 Letter to Shareholders:\n\nIf you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future.\n\nBitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we buy gold miners instead. We view COIN as serving a similar purpose in our exposure to the crypto world.\n#2. COIN Is Diversified Across 100+ Cryptocurrencies\nBitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:\nData byYCharts\nIn contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.\n#3. COIN Profits Even When Cryptocurrencies Are Crashing\nWhile Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.\nAs a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.\n#4. COIN Is Diversifying Into Ancillary Businesses\nWhile COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.\nWhile this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.\nIn fact, COIN is already aggressively reinvesting its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.\nAs a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects more than 50% of their revenue to come from sources other than transaction fees.\nUltimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.\nThey are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.\nWith just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.\n#5. COIN Is Easier To Value Than Cryptocurrencies\nLast, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.\nInvestor Takeaway\nAs we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.\nThat said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":133363965,"gmtCreate":1621699992457,"gmtModify":1634187077517,"author":{"id":"3572670964273182","authorId":"3572670964273182","name":"JLCH","avatar":"https://static.tigerbbs.com/37f9208a53c3a3c582fb50de5cde53d4","vip":1,"crmLevel":12,"crmLevelSwitch":0,"authorIdStr":"3572670964273182","idStr":"3572670964273182"},"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/133363965","repostId":1178134052,"repostType":4,"repost":{"id":"1178134052","kind":"news","pubTimestamp":1621603581,"share":"https://www.laohu8.com/m/news/1178134052?lang=zh_CN&edition=full","pubTime":"2021-05-21 21:26","market":"us","language":"en","title":"Forget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1178134052","media":"seekingalpha","summary":"Summary\n\nWhile BTC has tremendous upside potential if bullish projections play out, we invest for th","content":"Summary<blockquote>总结</blockquote> <ul> <li>While BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.</li> <li>We believe that COIN offers investors the best risk-reward in today's crypto market.</li> <li>We share 5 reasons why.</li> </ul> <img src=\"https://static.tigerbbs.com/b022fdf1e4f4d4a467df29622f4ff73a\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\">Photo by Movus/iStock Editorial via Getty Images<blockquote><ul><li>虽然如果看涨预测实现，BTC具有巨大的上涨潜力，但我们投资的是最佳的风险回报状况，而不仅仅是最佳的回报潜力。</li><li>我们相信COIN为投资者提供了当今加密货币市场中最好的风险回报。</li><li>我们分享5个原因。</li></ul>摄影：Movus/iStock社论来自Getty Images</blockquote> While Bitcoin (BTC-USD) has tremendous upside potential&nbsp;bullish projections&nbsp;of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.<blockquote>虽然比特币(BTC-USD)具有巨大的上涨潜力，Ark Invest(ARKK)的Cathie Wood等人对每枚硬币的看涨预测为50万美元以上，但我们投资是为了获得最佳的风险回报状况，而不仅仅是最佳的回报潜力。</blockquote> As a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:<blockquote>因此，由于我们相信Coinbase(COIN)为投资者提供了当今加密货币市场中最好的风险回报，因此我们更愿意投资那里，而不是直接投资当今市场上的单个加密货币。在以下段落中，我们分享了5个原因：</blockquote> #1. COIN Is A Growing Business<blockquote>#1.COIN是一项不断增长的业务</blockquote> As a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.<blockquote>作为一项高利润的业务，COIN产生实际现金流，使其内在价值随着时间的推移而增长。因此，它是一个真正的财富复利器，假设企业保持盈利，从长远来看，它将使其所有者变得更加富有。购买和持有COIN股票是一项投资，有可能在现金流增长和业务基本面改善的基础上增加个人财富。</blockquote> In contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.<blockquote>相比之下，比特币既不生育也不产生现金流。它所能做的就是根据人们不断变化的拥有它的欲望，相对于美元或其他资产的价格上涨或下跌。因此，持有它并不是一种投资，而是对未来的一种猜测，即比特币届时的需求将比现在更大。</blockquote> As Warren Buffett said in his&nbsp;2011 Letter to Shareholders:<blockquote>正如沃伦·巴菲特在2011年致股东的信中所说：</blockquote> If you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future. Bitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we&nbsp;buy gold miners&nbsp;instead. We view COIN as serving a similar purpose in our exposure to the crypto world.<blockquote>如果你永远拥有一盎司黄金，你最终仍然会拥有一盎司...所有者的灵感不是来自资产本身能产生什么——它将永远没有生命——而是来自这样一种信念，即其他人在未来会更加渴望它。比特币——被称为数字黄金——可以用非常相似的方式来描述。虽然我们实际上拥有一些黄金(GLD)，但我们也不将其视为一种投资，而是一种资产，作为一种保险机制，作为一种久经考验且抗通胀的交易媒介。对于我们投资组合中的黄金敞口，我们转而购买金矿公司。我们认为COIN在我们接触加密世界时也有类似的目的。</blockquote> #2. COIN Is Diversified Across 100+ Cryptocurrencies<blockquote>#2.COIN多元化跨越100多种加密货币</blockquote> Bitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:<blockquote>比特币是越来越多的加密货币之一，已经有数百种。因此，它面临着激烈的竞争以及创新和颠覆的持续威胁，取代了它作为领先加密货币的地位，并最终导致其价值下跌。此外，它还面临监管甚至禁令风险，特别是因为其大部分处理能力位于通常被视为西方战略对手甚至对手的国家，包括中国、俄罗斯、伊朗和巴基斯坦。最后但并非最不重要的一点是，比特币的价格已被证明极其不稳定，过去两周已经清楚地表明：</blockquote> <img src=\"https://static.tigerbbs.com/0748a1a4f030bb30e23bc37a8352c208\" tg-width=\"635\" tg-height=\"403\">Data byYCharts<blockquote>数据来自YCharts</blockquote> In contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.<blockquote>相比之下，COIN分散在一百多种加密货币中，从而使其免受任何单一加密货币崩溃的影响。例如，如果中国禁止比特币并有效控制其大部分采矿活动，这将对比特币的价格和加工能力造成毁灭性打击。虽然这仍可能对COIN的现金流和股价造成重大损害，但对COIN的影响远不如比特币所面临的影响严重，而且它将能够用其他加密货币取代比特币。</blockquote> #3. COIN Profits Even When Cryptocurrencies Are Crashing<blockquote>#3.即使加密货币崩溃，代币也能获利</blockquote> While Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.<blockquote>虽然比特币的盈亏命题直接随着比特币价格的上涨和下跌，但COIN的利润并没有与加密货币价格的上涨直接挂钩。相反，它的大部分利润来自交易费，这意味着只要加密货币交易量大，他们就会获得高额利润。此外，由于它交易100多种加密货币，它并不依赖于任何单一加密货币的高交易量，而是从加密货币的整体受欢迎程度中获利。</blockquote> As a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.<blockquote>因此，无论人们是蜂拥而至，试图登上加密货币潮流，还是在加密货币抛售中竞相退出，COIN都有望获得巨额利润，使其成为比比特币更具防御性和不相关的资产。这进一步提高了其风险回报状况。</blockquote> #4. COIN Is Diversifying Into Ancillary Businesses<blockquote>#4.COIN正在多元化发展辅助业务</blockquote> While COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.<blockquote>虽然COIN的竞争地位与比特币相似，因为它享有显着的网络优势和先发地位，但它也面临着来自其他类似平台的激烈竞争，这些平台不断创新并试图获得对它的优势。然而，在这一领域，COIN比比特币拥有一个关键优势：它是一家拥有智能管理、执行长期战略的企业，拥有一支由才华横溢的软件工程师和程序员组成的小型军队，而比特币则是一种没有生命的静态资产。</blockquote> While this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.<blockquote>虽然这可能是一件幸事，因为比特币不存在犯任何战略错误或不当分配股东资本的风险，但总体而言，我们认为这对比特币来说是一个重大负面影响，因为在一个以创新为游戏名称的领域，它增加了比特币最终被竞争加密货币取代和绕过的机会，而COIN可以不断发展并以创新步伐或领先于创新步伐，以维持和加强其竞争优势。</blockquote> In fact, COIN is already&nbsp;aggressively reinvesting&nbsp;its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.<blockquote>事实上，COIN已经在积极地将其利润再投资于此。虽然其交易所业务占其利润的大部分，而且管理层坚持认为——尽管竞争日益激烈——对加密货币的需求不断增长意味着该业务的利润率不太可能在短期内压缩，但他们确实预计从长远来看，利润率压缩将会发生，就像任何没有巨大进入壁垒的利润丰厚的业务一样。</blockquote> As a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects&nbsp;more than 50% of their revenue to come from sources other than transaction fees.<blockquote>因此，管理层目前正在进行多项投资，以增加多样化的收入来源，从而带来更稳定、更安全的长期收入。5年内，管理层预计超过50%的收入将来自交易费以外的来源。</blockquote> Ultimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.<blockquote>最终，COIN将自己视为一家加密货币基础设施企业，提供广泛的服务和工具，使人们能够访问、交换、存储和优化他们对加密货币和区块链技术的使用。他们已经在发展和/或探索的业务包括通过与Visa（V）合作推出的加密货币现金返还信用卡，这是一项针对使用专有网络安全技术、加密货币贷款、存款账户和新的创新交易形式的机构的托管/金库业务，这些交易甚至还没有出现在公众的雷达上，使它们成为虚拟基础设施、网络安全、交易所和金融科技业务的集合体。</blockquote> They are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.<blockquote>他们还投资了许多前雇员后来创立的加密货币初创公司。因此，他们将自己定位为从该领域的进一步外部创新中受益，同时也免受前公司内部人员构建的新技术和应用程序的干扰。</blockquote> With just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to&nbsp;exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.<blockquote>COIN目前只有5000万会员，预计潜在用户约为10亿，因此COIN的增长跑道仍然很大，很容易在未来几年实现指数级增长，特别是如果加密货币的接受度和受欢迎程度继续快速增长的话。</blockquote> #5. COIN Is Easier To Value Than Cryptocurrencies<blockquote>#5.硬币比加密货币更容易估值</blockquote> Last, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.<blockquote>最后但并非最不重要的一点是，COIN产生利润的能力赋予了它内在价值。虽然比特币的真正价值最终是任何人的猜测，因为它完全取决于猜测、消费者不断变化的突发奇想以及对创新管道不会出现更好的希望，但COIN带来了实际的盈利能力和新的业务创新。因此，我们可以更好地了解COIN比比特币更有吸引力的价格。作为价值投资者，我们非常喜欢这种方法。</blockquote> Investor Takeaway<blockquote>投资者要点</blockquote> As we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.<blockquote>正如我们之前关于黄金的说法，流行的加密货币在多元化投资组合中占有一席之地肯定是有理由的。事实上，我们也预计，如果比特币能够在全球企业和机构的接受度和利用率方面继续增长，它将比COIN具有更高的上涨潜力。</blockquote> That said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.<blockquote>也就是说，作为价值投资者，我们喜欢投资而不是投机，并努力最大化我们的风险回报状况。鉴于COIN产生实际现金流以实现长期增长，它在广泛的加密货币领域享有显着的多元化，它与加密货币价格上涨没有直接关系，即使在加密货币崩盘期间也可能获利，正在多元化成为加密货币基础设施公司，并且具有实际的内在价值，而不仅仅是投机资产，COIN是我们投资加密货币领域最喜欢的选择。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Forget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nForget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nseekingalpha2021-05-21 21:26\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>While BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.</li> <li>We believe that COIN offers investors the best risk-reward in today's crypto market.</li> <li>We share 5 reasons why.</li> </ul> <img src=\"https://static.tigerbbs.com/b022fdf1e4f4d4a467df29622f4ff73a\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\">Photo by Movus/iStock Editorial via Getty Images<blockquote><ul><li>虽然如果看涨预测实现，BTC具有巨大的上涨潜力，但我们投资的是最佳的风险回报状况，而不仅仅是最佳的回报潜力。</li><li>我们相信COIN为投资者提供了当今加密货币市场中最好的风险回报。</li><li>我们分享5个原因。</li></ul>摄影：Movus/iStock社论来自Getty Images</blockquote> While Bitcoin (BTC-USD) has tremendous upside potential&nbsp;bullish projections&nbsp;of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.<blockquote>虽然比特币(BTC-USD)具有巨大的上涨潜力，Ark Invest(ARKK)的Cathie Wood等人对每枚硬币的看涨预测为50万美元以上，但我们投资是为了获得最佳的风险回报状况，而不仅仅是最佳的回报潜力。</blockquote> As a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:<blockquote>因此，由于我们相信Coinbase(COIN)为投资者提供了当今加密货币市场中最好的风险回报，因此我们更愿意投资那里，而不是直接投资当今市场上的单个加密货币。在以下段落中，我们分享了5个原因：</blockquote> #1. COIN Is A Growing Business<blockquote>#1.COIN是一项不断增长的业务</blockquote> As a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.<blockquote>作为一项高利润的业务，COIN产生实际现金流，使其内在价值随着时间的推移而增长。因此，它是一个真正的财富复利器，假设企业保持盈利，从长远来看，它将使其所有者变得更加富有。购买和持有COIN股票是一项投资，有可能在现金流增长和业务基本面改善的基础上增加个人财富。</blockquote> In contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.<blockquote>相比之下，比特币既不生育也不产生现金流。它所能做的就是根据人们不断变化的拥有它的欲望，相对于美元或其他资产的价格上涨或下跌。因此，持有它并不是一种投资，而是对未来的一种猜测，即比特币届时的需求将比现在更大。</blockquote> As Warren Buffett said in his&nbsp;2011 Letter to Shareholders:<blockquote>正如沃伦·巴菲特在2011年致股东的信中所说：</blockquote> If you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future. Bitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we&nbsp;buy gold miners&nbsp;instead. We view COIN as serving a similar purpose in our exposure to the crypto world.<blockquote>如果你永远拥有一盎司黄金，你最终仍然会拥有一盎司...所有者的灵感不是来自资产本身能产生什么——它将永远没有生命——而是来自这样一种信念，即其他人在未来会更加渴望它。比特币——被称为数字黄金——可以用非常相似的方式来描述。虽然我们实际上拥有一些黄金(GLD)，但我们也不将其视为一种投资，而是一种资产，作为一种保险机制，作为一种久经考验且抗通胀的交易媒介。对于我们投资组合中的黄金敞口，我们转而购买金矿公司。我们认为COIN在我们接触加密世界时也有类似的目的。</blockquote> #2. COIN Is Diversified Across 100+ Cryptocurrencies<blockquote>#2.COIN多元化跨越100多种加密货币</blockquote> Bitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:<blockquote>比特币是越来越多的加密货币之一，已经有数百种。因此，它面临着激烈的竞争以及创新和颠覆的持续威胁，取代了它作为领先加密货币的地位，并最终导致其价值下跌。此外，它还面临监管甚至禁令风险，特别是因为其大部分处理能力位于通常被视为西方战略对手甚至对手的国家，包括中国、俄罗斯、伊朗和巴基斯坦。最后但并非最不重要的一点是，比特币的价格已被证明极其不稳定，过去两周已经清楚地表明：</blockquote> <img src=\"https://static.tigerbbs.com/0748a1a4f030bb30e23bc37a8352c208\" tg-width=\"635\" tg-height=\"403\">Data byYCharts<blockquote>数据来自YCharts</blockquote> In contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.<blockquote>相比之下，COIN分散在一百多种加密货币中，从而使其免受任何单一加密货币崩溃的影响。例如，如果中国禁止比特币并有效控制其大部分采矿活动，这将对比特币的价格和加工能力造成毁灭性打击。虽然这仍可能对COIN的现金流和股价造成重大损害，但对COIN的影响远不如比特币所面临的影响严重，而且它将能够用其他加密货币取代比特币。</blockquote> #3. COIN Profits Even When Cryptocurrencies Are Crashing<blockquote>#3.即使加密货币崩溃，代币也能获利</blockquote> While Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.<blockquote>虽然比特币的盈亏命题直接随着比特币价格的上涨和下跌，但COIN的利润并没有与加密货币价格的上涨直接挂钩。相反，它的大部分利润来自交易费，这意味着只要加密货币交易量大，他们就会获得高额利润。此外，由于它交易100多种加密货币，它并不依赖于任何单一加密货币的高交易量，而是从加密货币的整体受欢迎程度中获利。</blockquote> As a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.<blockquote>因此，无论人们是蜂拥而至，试图登上加密货币潮流，还是在加密货币抛售中竞相退出，COIN都有望获得巨额利润，使其成为比比特币更具防御性和不相关的资产。这进一步提高了其风险回报状况。</blockquote> #4. COIN Is Diversifying Into Ancillary Businesses<blockquote>#4.COIN正在多元化发展辅助业务</blockquote> While COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.<blockquote>虽然COIN的竞争地位与比特币相似，因为它享有显着的网络优势和先发地位，但它也面临着来自其他类似平台的激烈竞争，这些平台不断创新并试图获得对它的优势。然而，在这一领域，COIN比比特币拥有一个关键优势：它是一家拥有智能管理、执行长期战略的企业，拥有一支由才华横溢的软件工程师和程序员组成的小型军队，而比特币则是一种没有生命的静态资产。</blockquote> While this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.<blockquote>虽然这可能是一件幸事，因为比特币不存在犯任何战略错误或不当分配股东资本的风险，但总体而言，我们认为这对比特币来说是一个重大负面影响，因为在一个以创新为游戏名称的领域，它增加了比特币最终被竞争加密货币取代和绕过的机会，而COIN可以不断发展并以创新步伐或领先于创新步伐，以维持和加强其竞争优势。</blockquote> In fact, COIN is already&nbsp;aggressively reinvesting&nbsp;its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.<blockquote>事实上，COIN已经在积极地将其利润再投资于此。虽然其交易所业务占其利润的大部分，而且管理层坚持认为——尽管竞争日益激烈——对加密货币的需求不断增长意味着该业务的利润率不太可能在短期内压缩，但他们确实预计从长远来看，利润率压缩将会发生，就像任何没有巨大进入壁垒的利润丰厚的业务一样。</blockquote> As a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects&nbsp;more than 50% of their revenue to come from sources other than transaction fees.<blockquote>因此，管理层目前正在进行多项投资，以增加多样化的收入来源，从而带来更稳定、更安全的长期收入。5年内，管理层预计超过50%的收入将来自交易费以外的来源。</blockquote> Ultimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.<blockquote>最终，COIN将自己视为一家加密货币基础设施企业，提供广泛的服务和工具，使人们能够访问、交换、存储和优化他们对加密货币和区块链技术的使用。他们已经在发展和/或探索的业务包括通过与Visa（V）合作推出的加密货币现金返还信用卡，这是一项针对使用专有网络安全技术、加密货币贷款、存款账户和新的创新交易形式的机构的托管/金库业务，这些交易甚至还没有出现在公众的雷达上，使它们成为虚拟基础设施、网络安全、交易所和金融科技业务的集合体。</blockquote> They are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.<blockquote>他们还投资了许多前雇员后来创立的加密货币初创公司。因此，他们将自己定位为从该领域的进一步外部创新中受益，同时也免受前公司内部人员构建的新技术和应用程序的干扰。</blockquote> With just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to&nbsp;exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.<blockquote>COIN目前只有5000万会员，预计潜在用户约为10亿，因此COIN的增长跑道仍然很大，很容易在未来几年实现指数级增长，特别是如果加密货币的接受度和受欢迎程度继续快速增长的话。</blockquote> #5. COIN Is Easier To Value Than Cryptocurrencies<blockquote>#5.硬币比加密货币更容易估值</blockquote> Last, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.<blockquote>最后但并非最不重要的一点是，COIN产生利润的能力赋予了它内在价值。虽然比特币的真正价值最终是任何人的猜测，因为它完全取决于猜测、消费者不断变化的突发奇想以及对创新管道不会出现更好的希望，但COIN带来了实际的盈利能力和新的业务创新。因此，我们可以更好地了解COIN比比特币更有吸引力的价格。作为价值投资者，我们非常喜欢这种方法。</blockquote> Investor Takeaway<blockquote>投资者要点</blockquote> As we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.<blockquote>正如我们之前关于黄金的说法，流行的加密货币在多元化投资组合中占有一席之地肯定是有理由的。事实上，我们也预计，如果比特币能够在全球企业和机构的接受度和利用率方面继续增长，它将比COIN具有更高的上涨潜力。</blockquote> That said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.<blockquote>也就是说，作为价值投资者，我们喜欢投资而不是投机，并努力最大化我们的风险回报状况。鉴于COIN产生实际现金流以实现长期增长，它在广泛的加密货币领域享有显着的多元化，它与加密货币价格上涨没有直接关系，即使在加密货币崩盘期间也可能获利，正在多元化成为加密货币基础设施公司，并且具有实际的内在价值，而不仅仅是投机资产，COIN是我们投资加密货币领域最喜欢的选择。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4430338-coinbase-forget-bitcoin-5-reasons-to-buy-coinbase-instead\">seekingalpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://seekingalpha.com/article/4430338-coinbase-forget-bitcoin-5-reasons-to-buy-coinbase-instead","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178134052","content_text":"Summary\n\nWhile BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.\nWe believe that COIN offers investors the best risk-reward in today's crypto market.\nWe share 5 reasons why.\n\nPhoto by Movus/iStock Editorial via Getty Images\nWhile Bitcoin (BTC-USD) has tremendous upside potential bullish projections of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.\nAs a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:\n#1. COIN Is A Growing Business\nAs a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.\nIn contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.\nAs Warren Buffett said in his 2011 Letter to Shareholders:\n\nIf you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future.\n\nBitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we buy gold miners instead. We view COIN as serving a similar purpose in our exposure to the crypto world.\n#2. COIN Is Diversified Across 100+ Cryptocurrencies\nBitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:\nData byYCharts\nIn contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.\n#3. COIN Profits Even When Cryptocurrencies Are Crashing\nWhile Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.\nAs a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.\n#4. COIN Is Diversifying Into Ancillary Businesses\nWhile COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.\nWhile this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.\nIn fact, COIN is already aggressively reinvesting its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.\nAs a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects more than 50% of their revenue to come from sources other than transaction fees.\nUltimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.\nThey are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.\nWith just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.\n#5. COIN Is Easier To Value Than Cryptocurrencies\nLast, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.\nInvestor Takeaway\nAs we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.\nThat said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4414371,"gmtCreate":1621700003221,"gmtModify":1635402591857,"authorId":3572670964273182,"author":{"id":3572670964273182,"idStr":"3572670964273182","authorId":3572670964273182,"name":"JLCH","avatar":"https://static.tigerbbs.com/37f9208a53c3a3c582fb50de5cde53d4","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":133363965,"type":1,"supId":0,"prevId":0,"content":"?","text":"?","html":"?"}],"langContent":"EN"},{"id":133363090,"gmtCreate":1621699978810,"gmtModify":1634187077637,"author":{"id":"3572670964273182","authorId":"3572670964273182","name":"JLCH","avatar":"https://static.tigerbbs.com/37f9208a53c3a3c582fb50de5cde53d4","vip":1,"crmLevel":12,"crmLevelSwitch":0,"authorIdStr":"3572670964273182","idStr":"3572670964273182"},"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/133363090","repostId":1178134052,"repostType":4,"repost":{"id":"1178134052","kind":"news","pubTimestamp":1621603581,"share":"https://www.laohu8.com/m/news/1178134052?lang=zh_CN&edition=full","pubTime":"2021-05-21 21:26","market":"us","language":"en","title":"Forget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1178134052","media":"seekingalpha","summary":"Summary\n\nWhile BTC has tremendous upside potential if bullish projections play out, we invest for th","content":"Summary<blockquote>总结</blockquote> <ul> <li>While BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.</li> <li>We believe that COIN offers investors the best risk-reward in today's crypto market.</li> <li>We share 5 reasons why.</li> </ul> <img src=\"https://static.tigerbbs.com/b022fdf1e4f4d4a467df29622f4ff73a\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\">Photo by Movus/iStock Editorial via Getty Images<blockquote><ul><li>虽然如果看涨预测实现，BTC具有巨大的上涨潜力，但我们投资的是最佳的风险回报状况，而不仅仅是最佳的回报潜力。</li><li>我们相信COIN为投资者提供了当今加密货币市场中最好的风险回报。</li><li>我们分享5个原因。</li></ul>摄影：Movus/iStock社论来自Getty Images</blockquote> While Bitcoin (BTC-USD) has tremendous upside potential&nbsp;bullish projections&nbsp;of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.<blockquote>虽然比特币(BTC-USD)具有巨大的上涨潜力，Ark Invest(ARKK)的Cathie Wood等人对每枚硬币的看涨预测为50万美元以上，但我们投资是为了获得最佳的风险回报状况，而不仅仅是最佳的回报潜力。</blockquote> As a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:<blockquote>因此，由于我们相信Coinbase(COIN)为投资者提供了当今加密货币市场中最好的风险回报，因此我们更愿意投资那里，而不是直接投资当今市场上的单个加密货币。在以下段落中，我们分享了5个原因：</blockquote> #1. COIN Is A Growing Business<blockquote>#1.COIN是一项不断增长的业务</blockquote> As a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.<blockquote>作为一项高利润的业务，COIN产生实际现金流，使其内在价值随着时间的推移而增长。因此，它是一个真正的财富复利器，假设企业保持盈利，从长远来看，它将使其所有者变得更加富有。购买和持有COIN股票是一项投资，有可能在现金流增长和业务基本面改善的基础上增加个人财富。</blockquote> In contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.<blockquote>相比之下，比特币既不生育也不产生现金流。它所能做的就是根据人们不断变化的拥有它的欲望，相对于美元或其他资产的价格上涨或下跌。因此，持有它并不是一种投资，而是对未来的一种猜测，即比特币届时的需求将比现在更大。</blockquote> As Warren Buffett said in his&nbsp;2011 Letter to Shareholders:<blockquote>正如沃伦·巴菲特在2011年致股东的信中所说：</blockquote> If you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future. Bitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we&nbsp;buy gold miners&nbsp;instead. We view COIN as serving a similar purpose in our exposure to the crypto world.<blockquote>如果你永远拥有一盎司黄金，你最终仍然会拥有一盎司...所有者的灵感不是来自资产本身能产生什么——它将永远没有生命——而是来自这样一种信念，即其他人在未来会更加渴望它。比特币——被称为数字黄金——可以用非常相似的方式来描述。虽然我们实际上拥有一些黄金(GLD)，但我们也不将其视为一种投资，而是一种资产，作为一种保险机制，作为一种久经考验且抗通胀的交易媒介。对于我们投资组合中的黄金敞口，我们转而购买金矿公司。我们认为COIN在我们接触加密世界时也有类似的目的。</blockquote> #2. COIN Is Diversified Across 100+ Cryptocurrencies<blockquote>#2.COIN多元化跨越100多种加密货币</blockquote> Bitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:<blockquote>比特币是越来越多的加密货币之一，已经有数百种。因此，它面临着激烈的竞争以及创新和颠覆的持续威胁，取代了它作为领先加密货币的地位，并最终导致其价值下跌。此外，它还面临监管甚至禁令风险，特别是因为其大部分处理能力位于通常被视为西方战略对手甚至对手的国家，包括中国、俄罗斯、伊朗和巴基斯坦。最后但并非最不重要的一点是，比特币的价格已被证明极其不稳定，过去两周已经清楚地表明：</blockquote> <img src=\"https://static.tigerbbs.com/0748a1a4f030bb30e23bc37a8352c208\" tg-width=\"635\" tg-height=\"403\">Data byYCharts<blockquote>数据来自YCharts</blockquote> In contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.<blockquote>相比之下，COIN分散在一百多种加密货币中，从而使其免受任何单一加密货币崩溃的影响。例如，如果中国禁止比特币并有效控制其大部分采矿活动，这将对比特币的价格和加工能力造成毁灭性打击。虽然这仍可能对COIN的现金流和股价造成重大损害，但对COIN的影响远不如比特币所面临的影响严重，而且它将能够用其他加密货币取代比特币。</blockquote> #3. COIN Profits Even When Cryptocurrencies Are Crashing<blockquote>#3.即使加密货币崩溃，代币也能获利</blockquote> While Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.<blockquote>虽然比特币的盈亏命题直接随着比特币价格的上涨和下跌，但COIN的利润并没有与加密货币价格的上涨直接挂钩。相反，它的大部分利润来自交易费，这意味着只要加密货币交易量大，他们就会获得高额利润。此外，由于它交易100多种加密货币，它并不依赖于任何单一加密货币的高交易量，而是从加密货币的整体受欢迎程度中获利。</blockquote> As a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.<blockquote>因此，无论人们是蜂拥而至，试图登上加密货币潮流，还是在加密货币抛售中竞相退出，COIN都有望获得巨额利润，使其成为比比特币更具防御性和不相关的资产。这进一步提高了其风险回报状况。</blockquote> #4. COIN Is Diversifying Into Ancillary Businesses<blockquote>#4.COIN正在多元化发展辅助业务</blockquote> While COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.<blockquote>虽然COIN的竞争地位与比特币相似，因为它享有显着的网络优势和先发地位，但它也面临着来自其他类似平台的激烈竞争，这些平台不断创新并试图获得对它的优势。然而，在这一领域，COIN比比特币拥有一个关键优势：它是一家拥有智能管理、执行长期战略的企业，拥有一支由才华横溢的软件工程师和程序员组成的小型军队，而比特币则是一种没有生命的静态资产。</blockquote> While this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.<blockquote>虽然这可能是一件幸事，因为比特币不存在犯任何战略错误或不当分配股东资本的风险，但总体而言，我们认为这对比特币来说是一个重大负面影响，因为在一个以创新为游戏名称的领域，它增加了比特币最终被竞争加密货币取代和绕过的机会，而COIN可以不断发展并以创新步伐或领先于创新步伐，以维持和加强其竞争优势。</blockquote> In fact, COIN is already&nbsp;aggressively reinvesting&nbsp;its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.<blockquote>事实上，COIN已经在积极地将其利润再投资于此。虽然其交易所业务占其利润的大部分，而且管理层坚持认为——尽管竞争日益激烈——对加密货币的需求不断增长意味着该业务的利润率不太可能在短期内压缩，但他们确实预计从长远来看，利润率压缩将会发生，就像任何没有巨大进入壁垒的利润丰厚的业务一样。</blockquote> As a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects&nbsp;more than 50% of their revenue to come from sources other than transaction fees.<blockquote>因此，管理层目前正在进行多项投资，以增加多样化的收入来源，从而带来更稳定、更安全的长期收入。5年内，管理层预计超过50%的收入将来自交易费以外的来源。</blockquote> Ultimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.<blockquote>最终，COIN将自己视为一家加密货币基础设施企业，提供广泛的服务和工具，使人们能够访问、交换、存储和优化他们对加密货币和区块链技术的使用。他们已经在发展和/或探索的业务包括通过与Visa（V）合作推出的加密货币现金返还信用卡，这是一项针对使用专有网络安全技术、加密货币贷款、存款账户和新的创新交易形式的机构的托管/金库业务，这些交易甚至还没有出现在公众的雷达上，使它们成为虚拟基础设施、网络安全、交易所和金融科技业务的集合体。</blockquote> They are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.<blockquote>他们还投资了许多前雇员后来创立的加密货币初创公司。因此，他们将自己定位为从该领域的进一步外部创新中受益，同时也免受前公司内部人员构建的新技术和应用程序的干扰。</blockquote> With just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to&nbsp;exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.<blockquote>COIN目前只有5000万会员，预计潜在用户约为10亿，因此COIN的增长跑道仍然很大，很容易在未来几年实现指数级增长，特别是如果加密货币的接受度和受欢迎程度继续快速增长的话。</blockquote> #5. COIN Is Easier To Value Than Cryptocurrencies<blockquote>#5.硬币比加密货币更容易估值</blockquote> Last, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.<blockquote>最后但并非最不重要的一点是，COIN产生利润的能力赋予了它内在价值。虽然比特币的真正价值最终是任何人的猜测，因为它完全取决于猜测、消费者不断变化的突发奇想以及对创新管道不会出现更好的希望，但COIN带来了实际的盈利能力和新的业务创新。因此，我们可以更好地了解COIN比比特币更有吸引力的价格。作为价值投资者，我们非常喜欢这种方法。</blockquote> Investor Takeaway<blockquote>投资者要点</blockquote> As we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.<blockquote>正如我们之前关于黄金的说法，流行的加密货币在多元化投资组合中占有一席之地肯定是有理由的。事实上，我们也预计，如果比特币能够在全球企业和机构的接受度和利用率方面继续增长，它将比COIN具有更高的上涨潜力。</blockquote> That said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.<blockquote>也就是说，作为价值投资者，我们喜欢投资而不是投机，并努力最大化我们的风险回报状况。鉴于COIN产生实际现金流以实现长期增长，它在广泛的加密货币领域享有显着的多元化，它与加密货币价格上涨没有直接关系，即使在加密货币崩盘期间也可能获利，正在多元化成为加密货币基础设施公司，并且具有实际的内在价值，而不仅仅是投机资产，COIN是我们投资加密货币领域最喜欢的选择。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Forget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nForget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nseekingalpha2021-05-21 21:26\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>While BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.</li> <li>We believe that COIN offers investors the best risk-reward in today's crypto market.</li> <li>We share 5 reasons why.</li> </ul> <img src=\"https://static.tigerbbs.com/b022fdf1e4f4d4a467df29622f4ff73a\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\">Photo by Movus/iStock Editorial via Getty Images<blockquote><ul><li>虽然如果看涨预测实现，BTC具有巨大的上涨潜力，但我们投资的是最佳的风险回报状况，而不仅仅是最佳的回报潜力。</li><li>我们相信COIN为投资者提供了当今加密货币市场中最好的风险回报。</li><li>我们分享5个原因。</li></ul>摄影：Movus/iStock社论来自Getty Images</blockquote> While Bitcoin (BTC-USD) has tremendous upside potential&nbsp;bullish projections&nbsp;of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.<blockquote>虽然比特币(BTC-USD)具有巨大的上涨潜力，Ark Invest(ARKK)的Cathie Wood等人对每枚硬币的看涨预测为50万美元以上，但我们投资是为了获得最佳的风险回报状况，而不仅仅是最佳的回报潜力。</blockquote> As a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:<blockquote>因此，由于我们相信Coinbase(COIN)为投资者提供了当今加密货币市场中最好的风险回报，因此我们更愿意投资那里，而不是直接投资当今市场上的单个加密货币。在以下段落中，我们分享了5个原因：</blockquote> #1. COIN Is A Growing Business<blockquote>#1.COIN是一项不断增长的业务</blockquote> As a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.<blockquote>作为一项高利润的业务，COIN产生实际现金流，使其内在价值随着时间的推移而增长。因此，它是一个真正的财富复利器，假设企业保持盈利，从长远来看，它将使其所有者变得更加富有。购买和持有COIN股票是一项投资，有可能在现金流增长和业务基本面改善的基础上增加个人财富。</blockquote> In contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.<blockquote>相比之下，比特币既不生育也不产生现金流。它所能做的就是根据人们不断变化的拥有它的欲望，相对于美元或其他资产的价格上涨或下跌。因此，持有它并不是一种投资，而是对未来的一种猜测，即比特币届时的需求将比现在更大。</blockquote> As Warren Buffett said in his&nbsp;2011 Letter to Shareholders:<blockquote>正如沃伦·巴菲特在2011年致股东的信中所说：</blockquote> If you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future. Bitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we&nbsp;buy gold miners&nbsp;instead. We view COIN as serving a similar purpose in our exposure to the crypto world.<blockquote>如果你永远拥有一盎司黄金，你最终仍然会拥有一盎司...所有者的灵感不是来自资产本身能产生什么——它将永远没有生命——而是来自这样一种信念，即其他人在未来会更加渴望它。比特币——被称为数字黄金——可以用非常相似的方式来描述。虽然我们实际上拥有一些黄金(GLD)，但我们也不将其视为一种投资，而是一种资产，作为一种保险机制，作为一种久经考验且抗通胀的交易媒介。对于我们投资组合中的黄金敞口，我们转而购买金矿公司。我们认为COIN在我们接触加密世界时也有类似的目的。</blockquote> #2. COIN Is Diversified Across 100+ Cryptocurrencies<blockquote>#2.COIN多元化跨越100多种加密货币</blockquote> Bitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:<blockquote>比特币是越来越多的加密货币之一，已经有数百种。因此，它面临着激烈的竞争以及创新和颠覆的持续威胁，取代了它作为领先加密货币的地位，并最终导致其价值下跌。此外，它还面临监管甚至禁令风险，特别是因为其大部分处理能力位于通常被视为西方战略对手甚至对手的国家，包括中国、俄罗斯、伊朗和巴基斯坦。最后但并非最不重要的一点是，比特币的价格已被证明极其不稳定，过去两周已经清楚地表明：</blockquote> <img src=\"https://static.tigerbbs.com/0748a1a4f030bb30e23bc37a8352c208\" tg-width=\"635\" tg-height=\"403\">Data byYCharts<blockquote>数据来自YCharts</blockquote> In contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.<blockquote>相比之下，COIN分散在一百多种加密货币中，从而使其免受任何单一加密货币崩溃的影响。例如，如果中国禁止比特币并有效控制其大部分采矿活动，这将对比特币的价格和加工能力造成毁灭性打击。虽然这仍可能对COIN的现金流和股价造成重大损害，但对COIN的影响远不如比特币所面临的影响严重，而且它将能够用其他加密货币取代比特币。</blockquote> #3. COIN Profits Even When Cryptocurrencies Are Crashing<blockquote>#3.即使加密货币崩溃，代币也能获利</blockquote> While Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.<blockquote>虽然比特币的盈亏命题直接随着比特币价格的上涨和下跌，但COIN的利润并没有与加密货币价格的上涨直接挂钩。相反，它的大部分利润来自交易费，这意味着只要加密货币交易量大，他们就会获得高额利润。此外，由于它交易100多种加密货币，它并不依赖于任何单一加密货币的高交易量，而是从加密货币的整体受欢迎程度中获利。</blockquote> As a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.<blockquote>因此，无论人们是蜂拥而至，试图登上加密货币潮流，还是在加密货币抛售中竞相退出，COIN都有望获得巨额利润，使其成为比比特币更具防御性和不相关的资产。这进一步提高了其风险回报状况。</blockquote> #4. COIN Is Diversifying Into Ancillary Businesses<blockquote>#4.COIN正在多元化发展辅助业务</blockquote> While COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.<blockquote>虽然COIN的竞争地位与比特币相似，因为它享有显着的网络优势和先发地位，但它也面临着来自其他类似平台的激烈竞争，这些平台不断创新并试图获得对它的优势。然而，在这一领域，COIN比比特币拥有一个关键优势：它是一家拥有智能管理、执行长期战略的企业，拥有一支由才华横溢的软件工程师和程序员组成的小型军队，而比特币则是一种没有生命的静态资产。</blockquote> While this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.<blockquote>虽然这可能是一件幸事，因为比特币不存在犯任何战略错误或不当分配股东资本的风险，但总体而言，我们认为这对比特币来说是一个重大负面影响，因为在一个以创新为游戏名称的领域，它增加了比特币最终被竞争加密货币取代和绕过的机会，而COIN可以不断发展并以创新步伐或领先于创新步伐，以维持和加强其竞争优势。</blockquote> In fact, COIN is already&nbsp;aggressively reinvesting&nbsp;its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.<blockquote>事实上，COIN已经在积极地将其利润再投资于此。虽然其交易所业务占其利润的大部分，而且管理层坚持认为——尽管竞争日益激烈——对加密货币的需求不断增长意味着该业务的利润率不太可能在短期内压缩，但他们确实预计从长远来看，利润率压缩将会发生，就像任何没有巨大进入壁垒的利润丰厚的业务一样。</blockquote> As a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects&nbsp;more than 50% of their revenue to come from sources other than transaction fees.<blockquote>因此，管理层目前正在进行多项投资，以增加多样化的收入来源，从而带来更稳定、更安全的长期收入。5年内，管理层预计超过50%的收入将来自交易费以外的来源。</blockquote> Ultimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.<blockquote>最终，COIN将自己视为一家加密货币基础设施企业，提供广泛的服务和工具，使人们能够访问、交换、存储和优化他们对加密货币和区块链技术的使用。他们已经在发展和/或探索的业务包括通过与Visa（V）合作推出的加密货币现金返还信用卡，这是一项针对使用专有网络安全技术、加密货币贷款、存款账户和新的创新交易形式的机构的托管/金库业务，这些交易甚至还没有出现在公众的雷达上，使它们成为虚拟基础设施、网络安全、交易所和金融科技业务的集合体。</blockquote> They are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.<blockquote>他们还投资了许多前雇员后来创立的加密货币初创公司。因此，他们将自己定位为从该领域的进一步外部创新中受益，同时也免受前公司内部人员构建的新技术和应用程序的干扰。</blockquote> With just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to&nbsp;exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.<blockquote>COIN目前只有5000万会员，预计潜在用户约为10亿，因此COIN的增长跑道仍然很大，很容易在未来几年实现指数级增长，特别是如果加密货币的接受度和受欢迎程度继续快速增长的话。</blockquote> #5. COIN Is Easier To Value Than Cryptocurrencies<blockquote>#5.硬币比加密货币更容易估值</blockquote> Last, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.<blockquote>最后但并非最不重要的一点是，COIN产生利润的能力赋予了它内在价值。虽然比特币的真正价值最终是任何人的猜测，因为它完全取决于猜测、消费者不断变化的突发奇想以及对创新管道不会出现更好的希望，但COIN带来了实际的盈利能力和新的业务创新。因此，我们可以更好地了解COIN比比特币更有吸引力的价格。作为价值投资者，我们非常喜欢这种方法。</blockquote> Investor Takeaway<blockquote>投资者要点</blockquote> As we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.<blockquote>正如我们之前关于黄金的说法，流行的加密货币在多元化投资组合中占有一席之地肯定是有理由的。事实上，我们也预计，如果比特币能够在全球企业和机构的接受度和利用率方面继续增长，它将比COIN具有更高的上涨潜力。</blockquote> That said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.<blockquote>也就是说，作为价值投资者，我们喜欢投资而不是投机，并努力最大化我们的风险回报状况。鉴于COIN产生实际现金流以实现长期增长，它在广泛的加密货币领域享有显着的多元化，它与加密货币价格上涨没有直接关系，即使在加密货币崩盘期间也可能获利，正在多元化成为加密货币基础设施公司，并且具有实际的内在价值，而不仅仅是投机资产，COIN是我们投资加密货币领域最喜欢的选择。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4430338-coinbase-forget-bitcoin-5-reasons-to-buy-coinbase-instead\">seekingalpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://seekingalpha.com/article/4430338-coinbase-forget-bitcoin-5-reasons-to-buy-coinbase-instead","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178134052","content_text":"Summary\n\nWhile BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.\nWe believe that COIN offers investors the best risk-reward in today's crypto market.\nWe share 5 reasons why.\n\nPhoto by Movus/iStock Editorial via Getty Images\nWhile Bitcoin (BTC-USD) has tremendous upside potential bullish projections of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.\nAs a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:\n#1. COIN Is A Growing Business\nAs a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.\nIn contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.\nAs Warren Buffett said in his 2011 Letter to Shareholders:\n\nIf you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future.\n\nBitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we buy gold miners instead. We view COIN as serving a similar purpose in our exposure to the crypto world.\n#2. COIN Is Diversified Across 100+ Cryptocurrencies\nBitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:\nData byYCharts\nIn contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.\n#3. COIN Profits Even When Cryptocurrencies Are Crashing\nWhile Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.\nAs a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.\n#4. COIN Is Diversifying Into Ancillary Businesses\nWhile COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.\nWhile this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.\nIn fact, COIN is already aggressively reinvesting its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.\nAs a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects more than 50% of their revenue to come from sources other than transaction fees.\nUltimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.\nThey are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.\nWith just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.\n#5. COIN Is Easier To Value Than Cryptocurrencies\nLast, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.\nInvestor Takeaway\nAs we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.\nThat said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":133926435,"gmtCreate":1621687449427,"gmtModify":1631893588457,"author":{"id":"3577162823356617","authorId":"3577162823356617","name":"Zsz","avatar":"https://static.tigerbbs.com/71f20502a5ac8aec5b0d547f909943cc","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3577162823356617","idStr":"3577162823356617"},"htmlText":"&nbsp;Pla comment&nbsp;","listText":"&nbsp;Pla comment&nbsp;","text":"Pla comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/133926435","repostId":1178134052,"repostType":4,"repost":{"id":"1178134052","kind":"news","pubTimestamp":1621603581,"share":"https://www.laohu8.com/m/news/1178134052?lang=zh_CN&edition=full","pubTime":"2021-05-21 21:26","market":"us","language":"en","title":"Forget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1178134052","media":"seekingalpha","summary":"Summary\n\nWhile BTC has tremendous upside potential if bullish projections play out, we invest for th","content":"Summary<blockquote>总结</blockquote> <ul> <li>While BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.</li> <li>We believe that COIN offers investors the best risk-reward in today's crypto market.</li> <li>We share 5 reasons why.</li> </ul> <img src=\"https://static.tigerbbs.com/b022fdf1e4f4d4a467df29622f4ff73a\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\">Photo by Movus/iStock Editorial via Getty Images<blockquote><ul><li>虽然如果看涨预测实现，BTC具有巨大的上涨潜力，但我们投资的是最佳的风险回报状况，而不仅仅是最佳的回报潜力。</li><li>我们相信COIN为投资者提供了当今加密货币市场中最好的风险回报。</li><li>我们分享5个原因。</li></ul>摄影：Movus/iStock社论来自Getty Images</blockquote> While Bitcoin (BTC-USD) has tremendous upside potential&nbsp;bullish projections&nbsp;of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.<blockquote>虽然比特币(BTC-USD)具有巨大的上涨潜力，Ark Invest(ARKK)的Cathie Wood等人对每枚硬币的看涨预测为50万美元以上，但我们投资是为了获得最佳的风险回报状况，而不仅仅是最佳的回报潜力。</blockquote> As a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:<blockquote>因此，由于我们相信Coinbase(COIN)为投资者提供了当今加密货币市场中最好的风险回报，因此我们更愿意投资那里，而不是直接投资当今市场上的单个加密货币。在以下段落中，我们分享了5个原因：</blockquote> #1. COIN Is A Growing Business<blockquote>#1.COIN是一项不断增长的业务</blockquote> As a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.<blockquote>作为一项高利润的业务，COIN产生实际现金流，使其内在价值随着时间的推移而增长。因此，它是一个真正的财富复利器，假设企业保持盈利，从长远来看，它将使其所有者变得更加富有。购买和持有COIN股票是一项投资，有可能在现金流增长和业务基本面改善的基础上增加个人财富。</blockquote> In contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.<blockquote>相比之下，比特币既不生育也不产生现金流。它所能做的就是根据人们不断变化的拥有它的欲望，相对于美元或其他资产的价格上涨或下跌。因此，持有它并不是一种投资，而是对未来的一种猜测，即比特币届时的需求将比现在更大。</blockquote> As Warren Buffett said in his&nbsp;2011 Letter to Shareholders:<blockquote>正如沃伦·巴菲特在2011年致股东的信中所说：</blockquote> If you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future. Bitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we&nbsp;buy gold miners&nbsp;instead. We view COIN as serving a similar purpose in our exposure to the crypto world.<blockquote>如果你永远拥有一盎司黄金，你最终仍然会拥有一盎司...所有者的灵感不是来自资产本身能产生什么——它将永远没有生命——而是来自这样一种信念，即其他人在未来会更加渴望它。比特币——被称为数字黄金——可以用非常相似的方式来描述。虽然我们实际上拥有一些黄金(GLD)，但我们也不将其视为一种投资，而是一种资产，作为一种保险机制，作为一种久经考验且抗通胀的交易媒介。对于我们投资组合中的黄金敞口，我们转而购买金矿公司。我们认为COIN在我们接触加密世界时也有类似的目的。</blockquote> #2. COIN Is Diversified Across 100+ Cryptocurrencies<blockquote>#2.COIN多元化跨越100多种加密货币</blockquote> Bitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:<blockquote>比特币是越来越多的加密货币之一，已经有数百种。因此，它面临着激烈的竞争以及创新和颠覆的持续威胁，取代了它作为领先加密货币的地位，并最终导致其价值下跌。此外，它还面临监管甚至禁令风险，特别是因为其大部分处理能力位于通常被视为西方战略对手甚至对手的国家，包括中国、俄罗斯、伊朗和巴基斯坦。最后但并非最不重要的一点是，比特币的价格已被证明极其不稳定，过去两周已经清楚地表明：</blockquote> <img src=\"https://static.tigerbbs.com/0748a1a4f030bb30e23bc37a8352c208\" tg-width=\"635\" tg-height=\"403\">Data byYCharts<blockquote>数据来自YCharts</blockquote> In contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.<blockquote>相比之下，COIN分散在一百多种加密货币中，从而使其免受任何单一加密货币崩溃的影响。例如，如果中国禁止比特币并有效控制其大部分采矿活动，这将对比特币的价格和加工能力造成毁灭性打击。虽然这仍可能对COIN的现金流和股价造成重大损害，但对COIN的影响远不如比特币所面临的影响严重，而且它将能够用其他加密货币取代比特币。</blockquote> #3. COIN Profits Even When Cryptocurrencies Are Crashing<blockquote>#3.即使加密货币崩溃，代币也能获利</blockquote> While Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.<blockquote>虽然比特币的盈亏命题直接随着比特币价格的上涨和下跌，但COIN的利润并没有与加密货币价格的上涨直接挂钩。相反，它的大部分利润来自交易费，这意味着只要加密货币交易量大，他们就会获得高额利润。此外，由于它交易100多种加密货币，它并不依赖于任何单一加密货币的高交易量，而是从加密货币的整体受欢迎程度中获利。</blockquote> As a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.<blockquote>因此，无论人们是蜂拥而至，试图登上加密货币潮流，还是在加密货币抛售中竞相退出，COIN都有望获得巨额利润，使其成为比比特币更具防御性和不相关的资产。这进一步提高了其风险回报状况。</blockquote> #4. COIN Is Diversifying Into Ancillary Businesses<blockquote>#4.COIN正在多元化发展辅助业务</blockquote> While COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.<blockquote>虽然COIN的竞争地位与比特币相似，因为它享有显着的网络优势和先发地位，但它也面临着来自其他类似平台的激烈竞争，这些平台不断创新并试图获得对它的优势。然而，在这一领域，COIN比比特币拥有一个关键优势：它是一家拥有智能管理、执行长期战略的企业，拥有一支由才华横溢的软件工程师和程序员组成的小型军队，而比特币则是一种没有生命的静态资产。</blockquote> While this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.<blockquote>虽然这可能是一件幸事，因为比特币不存在犯任何战略错误或不当分配股东资本的风险，但总体而言，我们认为这对比特币来说是一个重大负面影响，因为在一个以创新为游戏名称的领域，它增加了比特币最终被竞争加密货币取代和绕过的机会，而COIN可以不断发展并以创新步伐或领先于创新步伐，以维持和加强其竞争优势。</blockquote> In fact, COIN is already&nbsp;aggressively reinvesting&nbsp;its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.<blockquote>事实上，COIN已经在积极地将其利润再投资于此。虽然其交易所业务占其利润的大部分，而且管理层坚持认为——尽管竞争日益激烈——对加密货币的需求不断增长意味着该业务的利润率不太可能在短期内压缩，但他们确实预计从长远来看，利润率压缩将会发生，就像任何没有巨大进入壁垒的利润丰厚的业务一样。</blockquote> As a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects&nbsp;more than 50% of their revenue to come from sources other than transaction fees.<blockquote>因此，管理层目前正在进行多项投资，以增加多样化的收入来源，从而带来更稳定、更安全的长期收入。5年内，管理层预计超过50%的收入将来自交易费以外的来源。</blockquote> Ultimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.<blockquote>最终，COIN将自己视为一家加密货币基础设施企业，提供广泛的服务和工具，使人们能够访问、交换、存储和优化他们对加密货币和区块链技术的使用。他们已经在发展和/或探索的业务包括通过与Visa（V）合作推出的加密货币现金返还信用卡，这是一项针对使用专有网络安全技术、加密货币贷款、存款账户和新的创新交易形式的机构的托管/金库业务，这些交易甚至还没有出现在公众的雷达上，使它们成为虚拟基础设施、网络安全、交易所和金融科技业务的集合体。</blockquote> They are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.<blockquote>他们还投资了许多前雇员后来创立的加密货币初创公司。因此，他们将自己定位为从该领域的进一步外部创新中受益，同时也免受前公司内部人员构建的新技术和应用程序的干扰。</blockquote> With just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to&nbsp;exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.<blockquote>COIN目前只有5000万会员，预计潜在用户约为10亿，因此COIN的增长跑道仍然很大，很容易在未来几年实现指数级增长，特别是如果加密货币的接受度和受欢迎程度继续快速增长的话。</blockquote> #5. COIN Is Easier To Value Than Cryptocurrencies<blockquote>#5.硬币比加密货币更容易估值</blockquote> Last, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.<blockquote>最后但并非最不重要的一点是，COIN产生利润的能力赋予了它内在价值。虽然比特币的真正价值最终是任何人的猜测，因为它完全取决于猜测、消费者不断变化的突发奇想以及对创新管道不会出现更好的希望，但COIN带来了实际的盈利能力和新的业务创新。因此，我们可以更好地了解COIN比比特币更有吸引力的价格。作为价值投资者，我们非常喜欢这种方法。</blockquote> Investor Takeaway<blockquote>投资者要点</blockquote> As we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.<blockquote>正如我们之前关于黄金的说法，流行的加密货币在多元化投资组合中占有一席之地肯定是有理由的。事实上，我们也预计，如果比特币能够在全球企业和机构的接受度和利用率方面继续增长，它将比COIN具有更高的上涨潜力。</blockquote> That said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.<blockquote>也就是说，作为价值投资者，我们喜欢投资而不是投机，并努力最大化我们的风险回报状况。鉴于COIN产生实际现金流以实现长期增长，它在广泛的加密货币领域享有显着的多元化，它与加密货币价格上涨没有直接关系，即使在加密货币崩盘期间也可能获利，正在多元化成为加密货币基础设施公司，并且具有实际的内在价值，而不仅仅是投机资产，COIN是我们投资加密货币领域最喜欢的选择。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Forget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nForget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nseekingalpha2021-05-21 21:26\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>While BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.</li> <li>We believe that COIN offers investors the best risk-reward in today's crypto market.</li> <li>We share 5 reasons why.</li> </ul> <img src=\"https://static.tigerbbs.com/b022fdf1e4f4d4a467df29622f4ff73a\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\">Photo by Movus/iStock Editorial via Getty Images<blockquote><ul><li>虽然如果看涨预测实现，BTC具有巨大的上涨潜力，但我们投资的是最佳的风险回报状况，而不仅仅是最佳的回报潜力。</li><li>我们相信COIN为投资者提供了当今加密货币市场中最好的风险回报。</li><li>我们分享5个原因。</li></ul>摄影：Movus/iStock社论来自Getty Images</blockquote> While Bitcoin (BTC-USD) has tremendous upside potential&nbsp;bullish projections&nbsp;of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.<blockquote>虽然比特币(BTC-USD)具有巨大的上涨潜力，Ark Invest(ARKK)的Cathie Wood等人对每枚硬币的看涨预测为50万美元以上，但我们投资是为了获得最佳的风险回报状况，而不仅仅是最佳的回报潜力。</blockquote> As a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:<blockquote>因此，由于我们相信Coinbase(COIN)为投资者提供了当今加密货币市场中最好的风险回报，因此我们更愿意投资那里，而不是直接投资当今市场上的单个加密货币。在以下段落中，我们分享了5个原因：</blockquote> #1. COIN Is A Growing Business<blockquote>#1.COIN是一项不断增长的业务</blockquote> As a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.<blockquote>作为一项高利润的业务，COIN产生实际现金流，使其内在价值随着时间的推移而增长。因此，它是一个真正的财富复利器，假设企业保持盈利，从长远来看，它将使其所有者变得更加富有。购买和持有COIN股票是一项投资，有可能在现金流增长和业务基本面改善的基础上增加个人财富。</blockquote> In contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.<blockquote>相比之下，比特币既不生育也不产生现金流。它所能做的就是根据人们不断变化的拥有它的欲望，相对于美元或其他资产的价格上涨或下跌。因此，持有它并不是一种投资，而是对未来的一种猜测，即比特币届时的需求将比现在更大。</blockquote> As Warren Buffett said in his&nbsp;2011 Letter to Shareholders:<blockquote>正如沃伦·巴菲特在2011年致股东的信中所说：</blockquote> If you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future. Bitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we&nbsp;buy gold miners&nbsp;instead. We view COIN as serving a similar purpose in our exposure to the crypto world.<blockquote>如果你永远拥有一盎司黄金，你最终仍然会拥有一盎司...所有者的灵感不是来自资产本身能产生什么——它将永远没有生命——而是来自这样一种信念，即其他人在未来会更加渴望它。比特币——被称为数字黄金——可以用非常相似的方式来描述。虽然我们实际上拥有一些黄金(GLD)，但我们也不将其视为一种投资，而是一种资产，作为一种保险机制，作为一种久经考验且抗通胀的交易媒介。对于我们投资组合中的黄金敞口，我们转而购买金矿公司。我们认为COIN在我们接触加密世界时也有类似的目的。</blockquote> #2. COIN Is Diversified Across 100+ Cryptocurrencies<blockquote>#2.COIN多元化跨越100多种加密货币</blockquote> Bitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:<blockquote>比特币是越来越多的加密货币之一，已经有数百种。因此，它面临着激烈的竞争以及创新和颠覆的持续威胁，取代了它作为领先加密货币的地位，并最终导致其价值下跌。此外，它还面临监管甚至禁令风险，特别是因为其大部分处理能力位于通常被视为西方战略对手甚至对手的国家，包括中国、俄罗斯、伊朗和巴基斯坦。最后但并非最不重要的一点是，比特币的价格已被证明极其不稳定，过去两周已经清楚地表明：</blockquote> <img src=\"https://static.tigerbbs.com/0748a1a4f030bb30e23bc37a8352c208\" tg-width=\"635\" tg-height=\"403\">Data byYCharts<blockquote>数据来自YCharts</blockquote> In contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.<blockquote>相比之下，COIN分散在一百多种加密货币中，从而使其免受任何单一加密货币崩溃的影响。例如，如果中国禁止比特币并有效控制其大部分采矿活动，这将对比特币的价格和加工能力造成毁灭性打击。虽然这仍可能对COIN的现金流和股价造成重大损害，但对COIN的影响远不如比特币所面临的影响严重，而且它将能够用其他加密货币取代比特币。</blockquote> #3. COIN Profits Even When Cryptocurrencies Are Crashing<blockquote>#3.即使加密货币崩溃，代币也能获利</blockquote> While Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.<blockquote>虽然比特币的盈亏命题直接随着比特币价格的上涨和下跌，但COIN的利润并没有与加密货币价格的上涨直接挂钩。相反，它的大部分利润来自交易费，这意味着只要加密货币交易量大，他们就会获得高额利润。此外，由于它交易100多种加密货币，它并不依赖于任何单一加密货币的高交易量，而是从加密货币的整体受欢迎程度中获利。</blockquote> As a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.<blockquote>因此，无论人们是蜂拥而至，试图登上加密货币潮流，还是在加密货币抛售中竞相退出，COIN都有望获得巨额利润，使其成为比比特币更具防御性和不相关的资产。这进一步提高了其风险回报状况。</blockquote> #4. COIN Is Diversifying Into Ancillary Businesses<blockquote>#4.COIN正在多元化发展辅助业务</blockquote> While COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.<blockquote>虽然COIN的竞争地位与比特币相似，因为它享有显着的网络优势和先发地位，但它也面临着来自其他类似平台的激烈竞争，这些平台不断创新并试图获得对它的优势。然而，在这一领域，COIN比比特币拥有一个关键优势：它是一家拥有智能管理、执行长期战略的企业，拥有一支由才华横溢的软件工程师和程序员组成的小型军队，而比特币则是一种没有生命的静态资产。</blockquote> While this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.<blockquote>虽然这可能是一件幸事，因为比特币不存在犯任何战略错误或不当分配股东资本的风险，但总体而言，我们认为这对比特币来说是一个重大负面影响，因为在一个以创新为游戏名称的领域，它增加了比特币最终被竞争加密货币取代和绕过的机会，而COIN可以不断发展并以创新步伐或领先于创新步伐，以维持和加强其竞争优势。</blockquote> In fact, COIN is already&nbsp;aggressively reinvesting&nbsp;its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.<blockquote>事实上，COIN已经在积极地将其利润再投资于此。虽然其交易所业务占其利润的大部分，而且管理层坚持认为——尽管竞争日益激烈——对加密货币的需求不断增长意味着该业务的利润率不太可能在短期内压缩，但他们确实预计从长远来看，利润率压缩将会发生，就像任何没有巨大进入壁垒的利润丰厚的业务一样。</blockquote> As a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects&nbsp;more than 50% of their revenue to come from sources other than transaction fees.<blockquote>因此，管理层目前正在进行多项投资，以增加多样化的收入来源，从而带来更稳定、更安全的长期收入。5年内，管理层预计超过50%的收入将来自交易费以外的来源。</blockquote> Ultimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.<blockquote>最终，COIN将自己视为一家加密货币基础设施企业，提供广泛的服务和工具，使人们能够访问、交换、存储和优化他们对加密货币和区块链技术的使用。他们已经在发展和/或探索的业务包括通过与Visa（V）合作推出的加密货币现金返还信用卡，这是一项针对使用专有网络安全技术、加密货币贷款、存款账户和新的创新交易形式的机构的托管/金库业务，这些交易甚至还没有出现在公众的雷达上，使它们成为虚拟基础设施、网络安全、交易所和金融科技业务的集合体。</blockquote> They are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.<blockquote>他们还投资了许多前雇员后来创立的加密货币初创公司。因此，他们将自己定位为从该领域的进一步外部创新中受益，同时也免受前公司内部人员构建的新技术和应用程序的干扰。</blockquote> With just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to&nbsp;exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.<blockquote>COIN目前只有5000万会员，预计潜在用户约为10亿，因此COIN的增长跑道仍然很大，很容易在未来几年实现指数级增长，特别是如果加密货币的接受度和受欢迎程度继续快速增长的话。</blockquote> #5. COIN Is Easier To Value Than Cryptocurrencies<blockquote>#5.硬币比加密货币更容易估值</blockquote> Last, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.<blockquote>最后但并非最不重要的一点是，COIN产生利润的能力赋予了它内在价值。虽然比特币的真正价值最终是任何人的猜测，因为它完全取决于猜测、消费者不断变化的突发奇想以及对创新管道不会出现更好的希望，但COIN带来了实际的盈利能力和新的业务创新。因此，我们可以更好地了解COIN比比特币更有吸引力的价格。作为价值投资者，我们非常喜欢这种方法。</blockquote> Investor Takeaway<blockquote>投资者要点</blockquote> As we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.<blockquote>正如我们之前关于黄金的说法，流行的加密货币在多元化投资组合中占有一席之地肯定是有理由的。事实上，我们也预计，如果比特币能够在全球企业和机构的接受度和利用率方面继续增长，它将比COIN具有更高的上涨潜力。</blockquote> That said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.<blockquote>也就是说，作为价值投资者，我们喜欢投资而不是投机，并努力最大化我们的风险回报状况。鉴于COIN产生实际现金流以实现长期增长，它在广泛的加密货币领域享有显着的多元化，它与加密货币价格上涨没有直接关系，即使在加密货币崩盘期间也可能获利，正在多元化成为加密货币基础设施公司，并且具有实际的内在价值，而不仅仅是投机资产，COIN是我们投资加密货币领域最喜欢的选择。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4430338-coinbase-forget-bitcoin-5-reasons-to-buy-coinbase-instead\">seekingalpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://seekingalpha.com/article/4430338-coinbase-forget-bitcoin-5-reasons-to-buy-coinbase-instead","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178134052","content_text":"Summary\n\nWhile BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.\nWe believe that COIN offers investors the best risk-reward in today's crypto market.\nWe share 5 reasons why.\n\nPhoto by Movus/iStock Editorial via Getty Images\nWhile Bitcoin (BTC-USD) has tremendous upside potential bullish projections of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.\nAs a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:\n#1. COIN Is A Growing Business\nAs a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.\nIn contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.\nAs Warren Buffett said in his 2011 Letter to Shareholders:\n\nIf you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future.\n\nBitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we buy gold miners instead. We view COIN as serving a similar purpose in our exposure to the crypto world.\n#2. COIN Is Diversified Across 100+ Cryptocurrencies\nBitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:\nData byYCharts\nIn contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.\n#3. COIN Profits Even When Cryptocurrencies Are Crashing\nWhile Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.\nAs a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.\n#4. COIN Is Diversifying Into Ancillary Businesses\nWhile COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.\nWhile this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.\nIn fact, COIN is already aggressively reinvesting its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.\nAs a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects more than 50% of their revenue to come from sources other than transaction fees.\nUltimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.\nThey are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.\nWith just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.\n#5. COIN Is Easier To Value Than Cryptocurrencies\nLast, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.\nInvestor Takeaway\nAs we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.\nThat said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4415085,"gmtCreate":1621722865601,"gmtModify":1631893588475,"authorId":3575283612976311,"author":{"id":3575283612976311,"idStr":"3575283612976311","authorId":3575283612976311,"name":"Milesguru","avatar":"https://static.tigerbbs.com/124b83195f381e37bab09c37adbc9e6c","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":133926435,"type":1,"supId":4413911,"prevId":0,"content":"Comment and like. Thanks","text":"Comment and like. Thanks","html":"Comment and like. Thanks"},{"id":4413911,"gmtCreate":1621694619961,"gmtModify":1631893588465,"authorId":3584786481730571,"author":{"id":3584786481730571,"idStr":"3584786481730571","authorId":3584786481730571,"name":"Shamaine","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":133926435,"type":1,"supId":0,"prevId":0,"content":"Done ","text":"Done ","html":"Done "}],"langContent":"EN"},{"id":133057880,"gmtCreate":1621674578040,"gmtModify":1634187207067,"author":{"id":"3582031785727272","authorId":"3582031785727272","name":"TYsg","avatar":"https://static.tigerbbs.com/eb16cd9dbb958a5e13e817f414c5ec1c","vip":1,"crmLevel":4,"crmLevelSwitch":0,"authorIdStr":"3582031785727272","idStr":"3582031785727272"},"htmlText":"Buy at your own risk!","listText":"Buy at your own risk!","text":"Buy at your own risk!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/133057880","repostId":1178134052,"repostType":4,"repost":{"id":"1178134052","kind":"news","pubTimestamp":1621603581,"share":"https://www.laohu8.com/m/news/1178134052?lang=zh_CN&edition=full","pubTime":"2021-05-21 21:26","market":"us","language":"en","title":"Forget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1178134052","media":"seekingalpha","summary":"Summary\n\nWhile BTC has tremendous upside potential if bullish projections play out, we invest for th","content":"Summary<blockquote>总结</blockquote> <ul> <li>While BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.</li> <li>We believe that COIN offers investors the best risk-reward in today's crypto market.</li> <li>We share 5 reasons why.</li> </ul> <img src=\"https://static.tigerbbs.com/b022fdf1e4f4d4a467df29622f4ff73a\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\">Photo by Movus/iStock Editorial via Getty Images<blockquote><ul><li>虽然如果看涨预测实现，BTC具有巨大的上涨潜力，但我们投资的是最佳的风险回报状况，而不仅仅是最佳的回报潜力。</li><li>我们相信COIN为投资者提供了当今加密货币市场中最好的风险回报。</li><li>我们分享5个原因。</li></ul>摄影：Movus/iStock社论来自Getty Images</blockquote> While Bitcoin (BTC-USD) has tremendous upside potential&nbsp;bullish projections&nbsp;of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.<blockquote>虽然比特币(BTC-USD)具有巨大的上涨潜力，Ark Invest(ARKK)的Cathie Wood等人对每枚硬币的看涨预测为50万美元以上，但我们投资是为了获得最佳的风险回报状况，而不仅仅是最佳的回报潜力。</blockquote> As a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:<blockquote>因此，由于我们相信Coinbase(COIN)为投资者提供了当今加密货币市场中最好的风险回报，因此我们更愿意投资那里，而不是直接投资当今市场上的单个加密货币。在以下段落中，我们分享了5个原因：</blockquote> #1. COIN Is A Growing Business<blockquote>#1.COIN是一项不断增长的业务</blockquote> As a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.<blockquote>作为一项高利润的业务，COIN产生实际现金流，使其内在价值随着时间的推移而增长。因此，它是一个真正的财富复利器，假设企业保持盈利，从长远来看，它将使其所有者变得更加富有。购买和持有COIN股票是一项投资，有可能在现金流增长和业务基本面改善的基础上增加个人财富。</blockquote> In contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.<blockquote>相比之下，比特币既不生育也不产生现金流。它所能做的就是根据人们不断变化的拥有它的欲望，相对于美元或其他资产的价格上涨或下跌。因此，持有它并不是一种投资，而是对未来的一种猜测，即比特币届时的需求将比现在更大。</blockquote> As Warren Buffett said in his&nbsp;2011 Letter to Shareholders:<blockquote>正如沃伦·巴菲特在2011年致股东的信中所说：</blockquote> If you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future. Bitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we&nbsp;buy gold miners&nbsp;instead. We view COIN as serving a similar purpose in our exposure to the crypto world.<blockquote>如果你永远拥有一盎司黄金，你最终仍然会拥有一盎司...所有者的灵感不是来自资产本身能产生什么——它将永远没有生命——而是来自这样一种信念，即其他人在未来会更加渴望它。比特币——被称为数字黄金——可以用非常相似的方式来描述。虽然我们实际上拥有一些黄金(GLD)，但我们也不将其视为一种投资，而是一种资产，作为一种保险机制，作为一种久经考验且抗通胀的交易媒介。对于我们投资组合中的黄金敞口，我们转而购买金矿公司。我们认为COIN在我们接触加密世界时也有类似的目的。</blockquote> #2. COIN Is Diversified Across 100+ Cryptocurrencies<blockquote>#2.COIN多元化跨越100多种加密货币</blockquote> Bitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:<blockquote>比特币是越来越多的加密货币之一，已经有数百种。因此，它面临着激烈的竞争以及创新和颠覆的持续威胁，取代了它作为领先加密货币的地位，并最终导致其价值下跌。此外，它还面临监管甚至禁令风险，特别是因为其大部分处理能力位于通常被视为西方战略对手甚至对手的国家，包括中国、俄罗斯、伊朗和巴基斯坦。最后但并非最不重要的一点是，比特币的价格已被证明极其不稳定，过去两周已经清楚地表明：</blockquote> <img src=\"https://static.tigerbbs.com/0748a1a4f030bb30e23bc37a8352c208\" tg-width=\"635\" tg-height=\"403\">Data byYCharts<blockquote>数据来自YCharts</blockquote> In contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.<blockquote>相比之下，COIN分散在一百多种加密货币中，从而使其免受任何单一加密货币崩溃的影响。例如，如果中国禁止比特币并有效控制其大部分采矿活动，这将对比特币的价格和加工能力造成毁灭性打击。虽然这仍可能对COIN的现金流和股价造成重大损害，但对COIN的影响远不如比特币所面临的影响严重，而且它将能够用其他加密货币取代比特币。</blockquote> #3. COIN Profits Even When Cryptocurrencies Are Crashing<blockquote>#3.即使加密货币崩溃，代币也能获利</blockquote> While Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.<blockquote>虽然比特币的盈亏命题直接随着比特币价格的上涨和下跌，但COIN的利润并没有与加密货币价格的上涨直接挂钩。相反，它的大部分利润来自交易费，这意味着只要加密货币交易量大，他们就会获得高额利润。此外，由于它交易100多种加密货币，它并不依赖于任何单一加密货币的高交易量，而是从加密货币的整体受欢迎程度中获利。</blockquote> As a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.<blockquote>因此，无论人们是蜂拥而至，试图登上加密货币潮流，还是在加密货币抛售中竞相退出，COIN都有望获得巨额利润，使其成为比比特币更具防御性和不相关的资产。这进一步提高了其风险回报状况。</blockquote> #4. COIN Is Diversifying Into Ancillary Businesses<blockquote>#4.COIN正在多元化发展辅助业务</blockquote> While COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.<blockquote>虽然COIN的竞争地位与比特币相似，因为它享有显着的网络优势和先发地位，但它也面临着来自其他类似平台的激烈竞争，这些平台不断创新并试图获得对它的优势。然而，在这一领域，COIN比比特币拥有一个关键优势：它是一家拥有智能管理、执行长期战略的企业，拥有一支由才华横溢的软件工程师和程序员组成的小型军队，而比特币则是一种没有生命的静态资产。</blockquote> While this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.<blockquote>虽然这可能是一件幸事，因为比特币不存在犯任何战略错误或不当分配股东资本的风险，但总体而言，我们认为这对比特币来说是一个重大负面影响，因为在一个以创新为游戏名称的领域，它增加了比特币最终被竞争加密货币取代和绕过的机会，而COIN可以不断发展并以创新步伐或领先于创新步伐，以维持和加强其竞争优势。</blockquote> In fact, COIN is already&nbsp;aggressively reinvesting&nbsp;its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.<blockquote>事实上，COIN已经在积极地将其利润再投资于此。虽然其交易所业务占其利润的大部分，而且管理层坚持认为——尽管竞争日益激烈——对加密货币的需求不断增长意味着该业务的利润率不太可能在短期内压缩，但他们确实预计从长远来看，利润率压缩将会发生，就像任何没有巨大进入壁垒的利润丰厚的业务一样。</blockquote> As a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects&nbsp;more than 50% of their revenue to come from sources other than transaction fees.<blockquote>因此，管理层目前正在进行多项投资，以增加多样化的收入来源，从而带来更稳定、更安全的长期收入。5年内，管理层预计超过50%的收入将来自交易费以外的来源。</blockquote> Ultimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.<blockquote>最终，COIN将自己视为一家加密货币基础设施企业，提供广泛的服务和工具，使人们能够访问、交换、存储和优化他们对加密货币和区块链技术的使用。他们已经在发展和/或探索的业务包括通过与Visa（V）合作推出的加密货币现金返还信用卡，这是一项针对使用专有网络安全技术、加密货币贷款、存款账户和新的创新交易形式的机构的托管/金库业务，这些交易甚至还没有出现在公众的雷达上，使它们成为虚拟基础设施、网络安全、交易所和金融科技业务的集合体。</blockquote> They are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.<blockquote>他们还投资了许多前雇员后来创立的加密货币初创公司。因此，他们将自己定位为从该领域的进一步外部创新中受益，同时也免受前公司内部人员构建的新技术和应用程序的干扰。</blockquote> With just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to&nbsp;exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.<blockquote>COIN目前只有5000万会员，预计潜在用户约为10亿，因此COIN的增长跑道仍然很大，很容易在未来几年实现指数级增长，特别是如果加密货币的接受度和受欢迎程度继续快速增长的话。</blockquote> #5. COIN Is Easier To Value Than Cryptocurrencies<blockquote>#5.硬币比加密货币更容易估值</blockquote> Last, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.<blockquote>最后但并非最不重要的一点是，COIN产生利润的能力赋予了它内在价值。虽然比特币的真正价值最终是任何人的猜测，因为它完全取决于猜测、消费者不断变化的突发奇想以及对创新管道不会出现更好的希望，但COIN带来了实际的盈利能力和新的业务创新。因此，我们可以更好地了解COIN比比特币更有吸引力的价格。作为价值投资者，我们非常喜欢这种方法。</blockquote> Investor Takeaway<blockquote>投资者要点</blockquote> As we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.<blockquote>正如我们之前关于黄金的说法，流行的加密货币在多元化投资组合中占有一席之地肯定是有理由的。事实上，我们也预计，如果比特币能够在全球企业和机构的接受度和利用率方面继续增长，它将比COIN具有更高的上涨潜力。</blockquote> That said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.<blockquote>也就是说，作为价值投资者，我们喜欢投资而不是投机，并努力最大化我们的风险回报状况。鉴于COIN产生实际现金流以实现长期增长，它在广泛的加密货币领域享有显着的多元化，它与加密货币价格上涨没有直接关系，即使在加密货币崩盘期间也可能获利，正在多元化成为加密货币基础设施公司，并且具有实际的内在价值，而不仅仅是投机资产，COIN是我们投资加密货币领域最喜欢的选择。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Forget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nForget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nseekingalpha2021-05-21 21:26\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>While BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.</li> <li>We believe that COIN offers investors the best risk-reward in today's crypto market.</li> <li>We share 5 reasons why.</li> </ul> <img src=\"https://static.tigerbbs.com/b022fdf1e4f4d4a467df29622f4ff73a\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\">Photo by Movus/iStock Editorial via Getty Images<blockquote><ul><li>虽然如果看涨预测实现，BTC具有巨大的上涨潜力，但我们投资的是最佳的风险回报状况，而不仅仅是最佳的回报潜力。</li><li>我们相信COIN为投资者提供了当今加密货币市场中最好的风险回报。</li><li>我们分享5个原因。</li></ul>摄影：Movus/iStock社论来自Getty Images</blockquote> While Bitcoin (BTC-USD) has tremendous upside potential&nbsp;bullish projections&nbsp;of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.<blockquote>虽然比特币(BTC-USD)具有巨大的上涨潜力，Ark Invest(ARKK)的Cathie Wood等人对每枚硬币的看涨预测为50万美元以上，但我们投资是为了获得最佳的风险回报状况，而不仅仅是最佳的回报潜力。</blockquote> As a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:<blockquote>因此，由于我们相信Coinbase(COIN)为投资者提供了当今加密货币市场中最好的风险回报，因此我们更愿意投资那里，而不是直接投资当今市场上的单个加密货币。在以下段落中，我们分享了5个原因：</blockquote> #1. COIN Is A Growing Business<blockquote>#1.COIN是一项不断增长的业务</blockquote> As a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.<blockquote>作为一项高利润的业务，COIN产生实际现金流，使其内在价值随着时间的推移而增长。因此，它是一个真正的财富复利器，假设企业保持盈利，从长远来看，它将使其所有者变得更加富有。购买和持有COIN股票是一项投资，有可能在现金流增长和业务基本面改善的基础上增加个人财富。</blockquote> In contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.<blockquote>相比之下，比特币既不生育也不产生现金流。它所能做的就是根据人们不断变化的拥有它的欲望，相对于美元或其他资产的价格上涨或下跌。因此，持有它并不是一种投资，而是对未来的一种猜测，即比特币届时的需求将比现在更大。</blockquote> As Warren Buffett said in his&nbsp;2011 Letter to Shareholders:<blockquote>正如沃伦·巴菲特在2011年致股东的信中所说：</blockquote> If you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future. Bitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we&nbsp;buy gold miners&nbsp;instead. We view COIN as serving a similar purpose in our exposure to the crypto world.<blockquote>如果你永远拥有一盎司黄金，你最终仍然会拥有一盎司...所有者的灵感不是来自资产本身能产生什么——它将永远没有生命——而是来自这样一种信念，即其他人在未来会更加渴望它。比特币——被称为数字黄金——可以用非常相似的方式来描述。虽然我们实际上拥有一些黄金(GLD)，但我们也不将其视为一种投资，而是一种资产，作为一种保险机制，作为一种久经考验且抗通胀的交易媒介。对于我们投资组合中的黄金敞口，我们转而购买金矿公司。我们认为COIN在我们接触加密世界时也有类似的目的。</blockquote> #2. COIN Is Diversified Across 100+ Cryptocurrencies<blockquote>#2.COIN多元化跨越100多种加密货币</blockquote> Bitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:<blockquote>比特币是越来越多的加密货币之一，已经有数百种。因此，它面临着激烈的竞争以及创新和颠覆的持续威胁，取代了它作为领先加密货币的地位，并最终导致其价值下跌。此外，它还面临监管甚至禁令风险，特别是因为其大部分处理能力位于通常被视为西方战略对手甚至对手的国家，包括中国、俄罗斯、伊朗和巴基斯坦。最后但并非最不重要的一点是，比特币的价格已被证明极其不稳定，过去两周已经清楚地表明：</blockquote> <img src=\"https://static.tigerbbs.com/0748a1a4f030bb30e23bc37a8352c208\" tg-width=\"635\" tg-height=\"403\">Data byYCharts<blockquote>数据来自YCharts</blockquote> In contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.<blockquote>相比之下，COIN分散在一百多种加密货币中，从而使其免受任何单一加密货币崩溃的影响。例如，如果中国禁止比特币并有效控制其大部分采矿活动，这将对比特币的价格和加工能力造成毁灭性打击。虽然这仍可能对COIN的现金流和股价造成重大损害，但对COIN的影响远不如比特币所面临的影响严重，而且它将能够用其他加密货币取代比特币。</blockquote> #3. COIN Profits Even When Cryptocurrencies Are Crashing<blockquote>#3.即使加密货币崩溃，代币也能获利</blockquote> While Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.<blockquote>虽然比特币的盈亏命题直接随着比特币价格的上涨和下跌，但COIN的利润并没有与加密货币价格的上涨直接挂钩。相反，它的大部分利润来自交易费，这意味着只要加密货币交易量大，他们就会获得高额利润。此外，由于它交易100多种加密货币，它并不依赖于任何单一加密货币的高交易量，而是从加密货币的整体受欢迎程度中获利。</blockquote> As a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.<blockquote>因此，无论人们是蜂拥而至，试图登上加密货币潮流，还是在加密货币抛售中竞相退出，COIN都有望获得巨额利润，使其成为比比特币更具防御性和不相关的资产。这进一步提高了其风险回报状况。</blockquote> #4. COIN Is Diversifying Into Ancillary Businesses<blockquote>#4.COIN正在多元化发展辅助业务</blockquote> While COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.<blockquote>虽然COIN的竞争地位与比特币相似，因为它享有显着的网络优势和先发地位，但它也面临着来自其他类似平台的激烈竞争，这些平台不断创新并试图获得对它的优势。然而，在这一领域，COIN比比特币拥有一个关键优势：它是一家拥有智能管理、执行长期战略的企业，拥有一支由才华横溢的软件工程师和程序员组成的小型军队，而比特币则是一种没有生命的静态资产。</blockquote> While this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.<blockquote>虽然这可能是一件幸事，因为比特币不存在犯任何战略错误或不当分配股东资本的风险，但总体而言，我们认为这对比特币来说是一个重大负面影响，因为在一个以创新为游戏名称的领域，它增加了比特币最终被竞争加密货币取代和绕过的机会，而COIN可以不断发展并以创新步伐或领先于创新步伐，以维持和加强其竞争优势。</blockquote> In fact, COIN is already&nbsp;aggressively reinvesting&nbsp;its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.<blockquote>事实上，COIN已经在积极地将其利润再投资于此。虽然其交易所业务占其利润的大部分，而且管理层坚持认为——尽管竞争日益激烈——对加密货币的需求不断增长意味着该业务的利润率不太可能在短期内压缩，但他们确实预计从长远来看，利润率压缩将会发生，就像任何没有巨大进入壁垒的利润丰厚的业务一样。</blockquote> As a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects&nbsp;more than 50% of their revenue to come from sources other than transaction fees.<blockquote>因此，管理层目前正在进行多项投资，以增加多样化的收入来源，从而带来更稳定、更安全的长期收入。5年内，管理层预计超过50%的收入将来自交易费以外的来源。</blockquote> Ultimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.<blockquote>最终，COIN将自己视为一家加密货币基础设施企业，提供广泛的服务和工具，使人们能够访问、交换、存储和优化他们对加密货币和区块链技术的使用。他们已经在发展和/或探索的业务包括通过与Visa（V）合作推出的加密货币现金返还信用卡，这是一项针对使用专有网络安全技术、加密货币贷款、存款账户和新的创新交易形式的机构的托管/金库业务，这些交易甚至还没有出现在公众的雷达上，使它们成为虚拟基础设施、网络安全、交易所和金融科技业务的集合体。</blockquote> They are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.<blockquote>他们还投资了许多前雇员后来创立的加密货币初创公司。因此，他们将自己定位为从该领域的进一步外部创新中受益，同时也免受前公司内部人员构建的新技术和应用程序的干扰。</blockquote> With just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to&nbsp;exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.<blockquote>COIN目前只有5000万会员，预计潜在用户约为10亿，因此COIN的增长跑道仍然很大，很容易在未来几年实现指数级增长，特别是如果加密货币的接受度和受欢迎程度继续快速增长的话。</blockquote> #5. COIN Is Easier To Value Than Cryptocurrencies<blockquote>#5.硬币比加密货币更容易估值</blockquote> Last, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.<blockquote>最后但并非最不重要的一点是，COIN产生利润的能力赋予了它内在价值。虽然比特币的真正价值最终是任何人的猜测，因为它完全取决于猜测、消费者不断变化的突发奇想以及对创新管道不会出现更好的希望，但COIN带来了实际的盈利能力和新的业务创新。因此，我们可以更好地了解COIN比比特币更有吸引力的价格。作为价值投资者，我们非常喜欢这种方法。</blockquote> Investor Takeaway<blockquote>投资者要点</blockquote> As we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.<blockquote>正如我们之前关于黄金的说法，流行的加密货币在多元化投资组合中占有一席之地肯定是有理由的。事实上，我们也预计，如果比特币能够在全球企业和机构的接受度和利用率方面继续增长，它将比COIN具有更高的上涨潜力。</blockquote> That said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.<blockquote>也就是说，作为价值投资者，我们喜欢投资而不是投机，并努力最大化我们的风险回报状况。鉴于COIN产生实际现金流以实现长期增长，它在广泛的加密货币领域享有显着的多元化，它与加密货币价格上涨没有直接关系，即使在加密货币崩盘期间也可能获利，正在多元化成为加密货币基础设施公司，并且具有实际的内在价值，而不仅仅是投机资产，COIN是我们投资加密货币领域最喜欢的选择。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4430338-coinbase-forget-bitcoin-5-reasons-to-buy-coinbase-instead\">seekingalpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://seekingalpha.com/article/4430338-coinbase-forget-bitcoin-5-reasons-to-buy-coinbase-instead","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178134052","content_text":"Summary\n\nWhile BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.\nWe believe that COIN offers investors the best risk-reward in today's crypto market.\nWe share 5 reasons why.\n\nPhoto by Movus/iStock Editorial via Getty Images\nWhile Bitcoin (BTC-USD) has tremendous upside potential bullish projections of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.\nAs a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:\n#1. COIN Is A Growing Business\nAs a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.\nIn contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.\nAs Warren Buffett said in his 2011 Letter to Shareholders:\n\nIf you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future.\n\nBitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we buy gold miners instead. We view COIN as serving a similar purpose in our exposure to the crypto world.\n#2. COIN Is Diversified Across 100+ Cryptocurrencies\nBitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:\nData byYCharts\nIn contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.\n#3. COIN Profits Even When Cryptocurrencies Are Crashing\nWhile Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.\nAs a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.\n#4. COIN Is Diversifying Into Ancillary Businesses\nWhile COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.\nWhile this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.\nIn fact, COIN is already aggressively reinvesting its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.\nAs a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects more than 50% of their revenue to come from sources other than transaction fees.\nUltimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.\nThey are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.\nWith just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.\n#5. COIN Is Easier To Value Than Cryptocurrencies\nLast, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.\nInvestor Takeaway\nAs we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.\nThat said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4428825,"gmtCreate":1621830530115,"gmtModify":1635400855711,"authorId":3582031785727272,"author":{"id":3582031785727272,"idStr":"3582031785727272","authorId":3582031785727272,"name":"TYsg","avatar":"https://static.tigerbbs.com/eb16cd9dbb958a5e13e817f414c5ec1c","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":133057880,"type":1,"supId":0,"prevId":0,"content":"👍","text":"👍","html":"👍"}],"langContent":"EN"},{"id":133058569,"gmtCreate":1621673882551,"gmtModify":1634187209806,"author":{"id":"3574671514316116","authorId":"3574671514316116","name":"KryZ","avatar":"https://static.tigerbbs.com/91c62b44c75f8a4a9e0b7566bd02134d","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3574671514316116","idStr":"3574671514316116"},"htmlText":"Hmm...sees itself as a cryptocurrency infrastructure business...","listText":"Hmm...sees itself as a cryptocurrency infrastructure business...","text":"Hmm...sees itself as a cryptocurrency infrastructure business...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/133058569","repostId":1178134052,"repostType":4,"repost":{"id":"1178134052","kind":"news","pubTimestamp":1621603581,"share":"https://www.laohu8.com/m/news/1178134052?lang=zh_CN&edition=full","pubTime":"2021-05-21 21:26","market":"us","language":"en","title":"Forget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1178134052","media":"seekingalpha","summary":"Summary\n\nWhile BTC has tremendous upside potential if bullish projections play out, we invest for th","content":"Summary<blockquote>总结</blockquote> <ul> <li>While BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.</li> <li>We believe that COIN offers investors the best risk-reward in today's crypto market.</li> <li>We share 5 reasons why.</li> </ul> <img src=\"https://static.tigerbbs.com/b022fdf1e4f4d4a467df29622f4ff73a\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\">Photo by Movus/iStock Editorial via Getty Images<blockquote><ul><li>虽然如果看涨预测实现，BTC具有巨大的上涨潜力，但我们投资的是最佳的风险回报状况，而不仅仅是最佳的回报潜力。</li><li>我们相信COIN为投资者提供了当今加密货币市场中最好的风险回报。</li><li>我们分享5个原因。</li></ul>摄影：Movus/iStock社论来自Getty Images</blockquote> While Bitcoin (BTC-USD) has tremendous upside potential&nbsp;bullish projections&nbsp;of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.<blockquote>虽然比特币(BTC-USD)具有巨大的上涨潜力，Ark Invest(ARKK)的Cathie Wood等人对每枚硬币的看涨预测为50万美元以上，但我们投资是为了获得最佳的风险回报状况，而不仅仅是最佳的回报潜力。</blockquote> As a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:<blockquote>因此，由于我们相信Coinbase(COIN)为投资者提供了当今加密货币市场中最好的风险回报，因此我们更愿意投资那里，而不是直接投资当今市场上的单个加密货币。在以下段落中，我们分享了5个原因：</blockquote> #1. COIN Is A Growing Business<blockquote>#1.COIN是一项不断增长的业务</blockquote> As a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.<blockquote>作为一项高利润的业务，COIN产生实际现金流，使其内在价值随着时间的推移而增长。因此，它是一个真正的财富复利器，假设企业保持盈利，从长远来看，它将使其所有者变得更加富有。购买和持有COIN股票是一项投资，有可能在现金流增长和业务基本面改善的基础上增加个人财富。</blockquote> In contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.<blockquote>相比之下，比特币既不生育也不产生现金流。它所能做的就是根据人们不断变化的拥有它的欲望，相对于美元或其他资产的价格上涨或下跌。因此，持有它并不是一种投资，而是对未来的一种猜测，即比特币届时的需求将比现在更大。</blockquote> As Warren Buffett said in his&nbsp;2011 Letter to Shareholders:<blockquote>正如沃伦·巴菲特在2011年致股东的信中所说：</blockquote> If you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future. Bitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we&nbsp;buy gold miners&nbsp;instead. We view COIN as serving a similar purpose in our exposure to the crypto world.<blockquote>如果你永远拥有一盎司黄金，你最终仍然会拥有一盎司...所有者的灵感不是来自资产本身能产生什么——它将永远没有生命——而是来自这样一种信念，即其他人在未来会更加渴望它。比特币——被称为数字黄金——可以用非常相似的方式来描述。虽然我们实际上拥有一些黄金(GLD)，但我们也不将其视为一种投资，而是一种资产，作为一种保险机制，作为一种久经考验且抗通胀的交易媒介。对于我们投资组合中的黄金敞口，我们转而购买金矿公司。我们认为COIN在我们接触加密世界时也有类似的目的。</blockquote> #2. COIN Is Diversified Across 100+ Cryptocurrencies<blockquote>#2.COIN多元化跨越100多种加密货币</blockquote> Bitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:<blockquote>比特币是越来越多的加密货币之一，已经有数百种。因此，它面临着激烈的竞争以及创新和颠覆的持续威胁，取代了它作为领先加密货币的地位，并最终导致其价值下跌。此外，它还面临监管甚至禁令风险，特别是因为其大部分处理能力位于通常被视为西方战略对手甚至对手的国家，包括中国、俄罗斯、伊朗和巴基斯坦。最后但并非最不重要的一点是，比特币的价格已被证明极其不稳定，过去两周已经清楚地表明：</blockquote> <img src=\"https://static.tigerbbs.com/0748a1a4f030bb30e23bc37a8352c208\" tg-width=\"635\" tg-height=\"403\">Data byYCharts<blockquote>数据来自YCharts</blockquote> In contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.<blockquote>相比之下，COIN分散在一百多种加密货币中，从而使其免受任何单一加密货币崩溃的影响。例如，如果中国禁止比特币并有效控制其大部分采矿活动，这将对比特币的价格和加工能力造成毁灭性打击。虽然这仍可能对COIN的现金流和股价造成重大损害，但对COIN的影响远不如比特币所面临的影响严重，而且它将能够用其他加密货币取代比特币。</blockquote> #3. COIN Profits Even When Cryptocurrencies Are Crashing<blockquote>#3.即使加密货币崩溃，代币也能获利</blockquote> While Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.<blockquote>虽然比特币的盈亏命题直接随着比特币价格的上涨和下跌，但COIN的利润并没有与加密货币价格的上涨直接挂钩。相反，它的大部分利润来自交易费，这意味着只要加密货币交易量大，他们就会获得高额利润。此外，由于它交易100多种加密货币，它并不依赖于任何单一加密货币的高交易量，而是从加密货币的整体受欢迎程度中获利。</blockquote> As a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.<blockquote>因此，无论人们是蜂拥而至，试图登上加密货币潮流，还是在加密货币抛售中竞相退出，COIN都有望获得巨额利润，使其成为比比特币更具防御性和不相关的资产。这进一步提高了其风险回报状况。</blockquote> #4. COIN Is Diversifying Into Ancillary Businesses<blockquote>#4.COIN正在多元化发展辅助业务</blockquote> While COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.<blockquote>虽然COIN的竞争地位与比特币相似，因为它享有显着的网络优势和先发地位，但它也面临着来自其他类似平台的激烈竞争，这些平台不断创新并试图获得对它的优势。然而，在这一领域，COIN比比特币拥有一个关键优势：它是一家拥有智能管理、执行长期战略的企业，拥有一支由才华横溢的软件工程师和程序员组成的小型军队，而比特币则是一种没有生命的静态资产。</blockquote> While this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.<blockquote>虽然这可能是一件幸事，因为比特币不存在犯任何战略错误或不当分配股东资本的风险，但总体而言，我们认为这对比特币来说是一个重大负面影响，因为在一个以创新为游戏名称的领域，它增加了比特币最终被竞争加密货币取代和绕过的机会，而COIN可以不断发展并以创新步伐或领先于创新步伐，以维持和加强其竞争优势。</blockquote> In fact, COIN is already&nbsp;aggressively reinvesting&nbsp;its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.<blockquote>事实上，COIN已经在积极地将其利润再投资于此。虽然其交易所业务占其利润的大部分，而且管理层坚持认为——尽管竞争日益激烈——对加密货币的需求不断增长意味着该业务的利润率不太可能在短期内压缩，但他们确实预计从长远来看，利润率压缩将会发生，就像任何没有巨大进入壁垒的利润丰厚的业务一样。</blockquote> As a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects&nbsp;more than 50% of their revenue to come from sources other than transaction fees.<blockquote>因此，管理层目前正在进行多项投资，以增加多样化的收入来源，从而带来更稳定、更安全的长期收入。5年内，管理层预计超过50%的收入将来自交易费以外的来源。</blockquote> Ultimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.<blockquote>最终，COIN将自己视为一家加密货币基础设施企业，提供广泛的服务和工具，使人们能够访问、交换、存储和优化他们对加密货币和区块链技术的使用。他们已经在发展和/或探索的业务包括通过与Visa（V）合作推出的加密货币现金返还信用卡，这是一项针对使用专有网络安全技术、加密货币贷款、存款账户和新的创新交易形式的机构的托管/金库业务，这些交易甚至还没有出现在公众的雷达上，使它们成为虚拟基础设施、网络安全、交易所和金融科技业务的集合体。</blockquote> They are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.<blockquote>他们还投资了许多前雇员后来创立的加密货币初创公司。因此，他们将自己定位为从该领域的进一步外部创新中受益，同时也免受前公司内部人员构建的新技术和应用程序的干扰。</blockquote> With just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to&nbsp;exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.<blockquote>COIN目前只有5000万会员，预计潜在用户约为10亿，因此COIN的增长跑道仍然很大，很容易在未来几年实现指数级增长，特别是如果加密货币的接受度和受欢迎程度继续快速增长的话。</blockquote> #5. COIN Is Easier To Value Than Cryptocurrencies<blockquote>#5.硬币比加密货币更容易估值</blockquote> Last, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.<blockquote>最后但并非最不重要的一点是，COIN产生利润的能力赋予了它内在价值。虽然比特币的真正价值最终是任何人的猜测，因为它完全取决于猜测、消费者不断变化的突发奇想以及对创新管道不会出现更好的希望，但COIN带来了实际的盈利能力和新的业务创新。因此，我们可以更好地了解COIN比比特币更有吸引力的价格。作为价值投资者，我们非常喜欢这种方法。</blockquote> Investor Takeaway<blockquote>投资者要点</blockquote> As we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.<blockquote>正如我们之前关于黄金的说法，流行的加密货币在多元化投资组合中占有一席之地肯定是有理由的。事实上，我们也预计，如果比特币能够在全球企业和机构的接受度和利用率方面继续增长，它将比COIN具有更高的上涨潜力。</blockquote> That said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.<blockquote>也就是说，作为价值投资者，我们喜欢投资而不是投机，并努力最大化我们的风险回报状况。鉴于COIN产生实际现金流以实现长期增长，它在广泛的加密货币领域享有显着的多元化，它与加密货币价格上涨没有直接关系，即使在加密货币崩盘期间也可能获利，正在多元化成为加密货币基础设施公司，并且具有实际的内在价值，而不仅仅是投机资产，COIN是我们投资加密货币领域最喜欢的选择。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Forget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nForget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nseekingalpha2021-05-21 21:26\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>While BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.</li> <li>We believe that COIN offers investors the best risk-reward in today's crypto market.</li> <li>We share 5 reasons why.</li> </ul> <img src=\"https://static.tigerbbs.com/b022fdf1e4f4d4a467df29622f4ff73a\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\">Photo by Movus/iStock Editorial via Getty Images<blockquote><ul><li>虽然如果看涨预测实现，BTC具有巨大的上涨潜力，但我们投资的是最佳的风险回报状况，而不仅仅是最佳的回报潜力。</li><li>我们相信COIN为投资者提供了当今加密货币市场中最好的风险回报。</li><li>我们分享5个原因。</li></ul>摄影：Movus/iStock社论来自Getty Images</blockquote> While Bitcoin (BTC-USD) has tremendous upside potential&nbsp;bullish projections&nbsp;of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.<blockquote>虽然比特币(BTC-USD)具有巨大的上涨潜力，Ark Invest(ARKK)的Cathie Wood等人对每枚硬币的看涨预测为50万美元以上，但我们投资是为了获得最佳的风险回报状况，而不仅仅是最佳的回报潜力。</blockquote> As a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:<blockquote>因此，由于我们相信Coinbase(COIN)为投资者提供了当今加密货币市场中最好的风险回报，因此我们更愿意投资那里，而不是直接投资当今市场上的单个加密货币。在以下段落中，我们分享了5个原因：</blockquote> #1. COIN Is A Growing Business<blockquote>#1.COIN是一项不断增长的业务</blockquote> As a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.<blockquote>作为一项高利润的业务，COIN产生实际现金流，使其内在价值随着时间的推移而增长。因此，它是一个真正的财富复利器，假设企业保持盈利，从长远来看，它将使其所有者变得更加富有。购买和持有COIN股票是一项投资，有可能在现金流增长和业务基本面改善的基础上增加个人财富。</blockquote> In contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.<blockquote>相比之下，比特币既不生育也不产生现金流。它所能做的就是根据人们不断变化的拥有它的欲望，相对于美元或其他资产的价格上涨或下跌。因此，持有它并不是一种投资，而是对未来的一种猜测，即比特币届时的需求将比现在更大。</blockquote> As Warren Buffett said in his&nbsp;2011 Letter to Shareholders:<blockquote>正如沃伦·巴菲特在2011年致股东的信中所说：</blockquote> If you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future. Bitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we&nbsp;buy gold miners&nbsp;instead. We view COIN as serving a similar purpose in our exposure to the crypto world.<blockquote>如果你永远拥有一盎司黄金，你最终仍然会拥有一盎司...所有者的灵感不是来自资产本身能产生什么——它将永远没有生命——而是来自这样一种信念，即其他人在未来会更加渴望它。比特币——被称为数字黄金——可以用非常相似的方式来描述。虽然我们实际上拥有一些黄金(GLD)，但我们也不将其视为一种投资，而是一种资产，作为一种保险机制，作为一种久经考验且抗通胀的交易媒介。对于我们投资组合中的黄金敞口，我们转而购买金矿公司。我们认为COIN在我们接触加密世界时也有类似的目的。</blockquote> #2. COIN Is Diversified Across 100+ Cryptocurrencies<blockquote>#2.COIN多元化跨越100多种加密货币</blockquote> Bitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:<blockquote>比特币是越来越多的加密货币之一，已经有数百种。因此，它面临着激烈的竞争以及创新和颠覆的持续威胁，取代了它作为领先加密货币的地位，并最终导致其价值下跌。此外，它还面临监管甚至禁令风险，特别是因为其大部分处理能力位于通常被视为西方战略对手甚至对手的国家，包括中国、俄罗斯、伊朗和巴基斯坦。最后但并非最不重要的一点是，比特币的价格已被证明极其不稳定，过去两周已经清楚地表明：</blockquote> <img src=\"https://static.tigerbbs.com/0748a1a4f030bb30e23bc37a8352c208\" tg-width=\"635\" tg-height=\"403\">Data byYCharts<blockquote>数据来自YCharts</blockquote> In contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.<blockquote>相比之下，COIN分散在一百多种加密货币中，从而使其免受任何单一加密货币崩溃的影响。例如，如果中国禁止比特币并有效控制其大部分采矿活动，这将对比特币的价格和加工能力造成毁灭性打击。虽然这仍可能对COIN的现金流和股价造成重大损害，但对COIN的影响远不如比特币所面临的影响严重，而且它将能够用其他加密货币取代比特币。</blockquote> #3. COIN Profits Even When Cryptocurrencies Are Crashing<blockquote>#3.即使加密货币崩溃，代币也能获利</blockquote> While Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.<blockquote>虽然比特币的盈亏命题直接随着比特币价格的上涨和下跌，但COIN的利润并没有与加密货币价格的上涨直接挂钩。相反，它的大部分利润来自交易费，这意味着只要加密货币交易量大，他们就会获得高额利润。此外，由于它交易100多种加密货币，它并不依赖于任何单一加密货币的高交易量，而是从加密货币的整体受欢迎程度中获利。</blockquote> As a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.<blockquote>因此，无论人们是蜂拥而至，试图登上加密货币潮流，还是在加密货币抛售中竞相退出，COIN都有望获得巨额利润，使其成为比比特币更具防御性和不相关的资产。这进一步提高了其风险回报状况。</blockquote> #4. COIN Is Diversifying Into Ancillary Businesses<blockquote>#4.COIN正在多元化发展辅助业务</blockquote> While COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.<blockquote>虽然COIN的竞争地位与比特币相似，因为它享有显着的网络优势和先发地位，但它也面临着来自其他类似平台的激烈竞争，这些平台不断创新并试图获得对它的优势。然而，在这一领域，COIN比比特币拥有一个关键优势：它是一家拥有智能管理、执行长期战略的企业，拥有一支由才华横溢的软件工程师和程序员组成的小型军队，而比特币则是一种没有生命的静态资产。</blockquote> While this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.<blockquote>虽然这可能是一件幸事，因为比特币不存在犯任何战略错误或不当分配股东资本的风险，但总体而言，我们认为这对比特币来说是一个重大负面影响，因为在一个以创新为游戏名称的领域，它增加了比特币最终被竞争加密货币取代和绕过的机会，而COIN可以不断发展并以创新步伐或领先于创新步伐，以维持和加强其竞争优势。</blockquote> In fact, COIN is already&nbsp;aggressively reinvesting&nbsp;its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.<blockquote>事实上，COIN已经在积极地将其利润再投资于此。虽然其交易所业务占其利润的大部分，而且管理层坚持认为——尽管竞争日益激烈——对加密货币的需求不断增长意味着该业务的利润率不太可能在短期内压缩，但他们确实预计从长远来看，利润率压缩将会发生，就像任何没有巨大进入壁垒的利润丰厚的业务一样。</blockquote> As a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects&nbsp;more than 50% of their revenue to come from sources other than transaction fees.<blockquote>因此，管理层目前正在进行多项投资，以增加多样化的收入来源，从而带来更稳定、更安全的长期收入。5年内，管理层预计超过50%的收入将来自交易费以外的来源。</blockquote> Ultimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.<blockquote>最终，COIN将自己视为一家加密货币基础设施企业，提供广泛的服务和工具，使人们能够访问、交换、存储和优化他们对加密货币和区块链技术的使用。他们已经在发展和/或探索的业务包括通过与Visa（V）合作推出的加密货币现金返还信用卡，这是一项针对使用专有网络安全技术、加密货币贷款、存款账户和新的创新交易形式的机构的托管/金库业务，这些交易甚至还没有出现在公众的雷达上，使它们成为虚拟基础设施、网络安全、交易所和金融科技业务的集合体。</blockquote> They are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.<blockquote>他们还投资了许多前雇员后来创立的加密货币初创公司。因此，他们将自己定位为从该领域的进一步外部创新中受益，同时也免受前公司内部人员构建的新技术和应用程序的干扰。</blockquote> With just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to&nbsp;exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.<blockquote>COIN目前只有5000万会员，预计潜在用户约为10亿，因此COIN的增长跑道仍然很大，很容易在未来几年实现指数级增长，特别是如果加密货币的接受度和受欢迎程度继续快速增长的话。</blockquote> #5. COIN Is Easier To Value Than Cryptocurrencies<blockquote>#5.硬币比加密货币更容易估值</blockquote> Last, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.<blockquote>最后但并非最不重要的一点是，COIN产生利润的能力赋予了它内在价值。虽然比特币的真正价值最终是任何人的猜测，因为它完全取决于猜测、消费者不断变化的突发奇想以及对创新管道不会出现更好的希望，但COIN带来了实际的盈利能力和新的业务创新。因此，我们可以更好地了解COIN比比特币更有吸引力的价格。作为价值投资者，我们非常喜欢这种方法。</blockquote> Investor Takeaway<blockquote>投资者要点</blockquote> As we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.<blockquote>正如我们之前关于黄金的说法，流行的加密货币在多元化投资组合中占有一席之地肯定是有理由的。事实上，我们也预计，如果比特币能够在全球企业和机构的接受度和利用率方面继续增长，它将比COIN具有更高的上涨潜力。</blockquote> That said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.<blockquote>也就是说，作为价值投资者，我们喜欢投资而不是投机，并努力最大化我们的风险回报状况。鉴于COIN产生实际现金流以实现长期增长，它在广泛的加密货币领域享有显着的多元化，它与加密货币价格上涨没有直接关系，即使在加密货币崩盘期间也可能获利，正在多元化成为加密货币基础设施公司，并且具有实际的内在价值，而不仅仅是投机资产，COIN是我们投资加密货币领域最喜欢的选择。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4430338-coinbase-forget-bitcoin-5-reasons-to-buy-coinbase-instead\">seekingalpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://seekingalpha.com/article/4430338-coinbase-forget-bitcoin-5-reasons-to-buy-coinbase-instead","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178134052","content_text":"Summary\n\nWhile BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.\nWe believe that COIN offers investors the best risk-reward in today's crypto market.\nWe share 5 reasons why.\n\nPhoto by Movus/iStock Editorial via Getty Images\nWhile Bitcoin (BTC-USD) has tremendous upside potential bullish projections of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.\nAs a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:\n#1. COIN Is A Growing Business\nAs a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.\nIn contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.\nAs Warren Buffett said in his 2011 Letter to Shareholders:\n\nIf you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future.\n\nBitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we buy gold miners instead. We view COIN as serving a similar purpose in our exposure to the crypto world.\n#2. COIN Is Diversified Across 100+ Cryptocurrencies\nBitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:\nData byYCharts\nIn contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.\n#3. COIN Profits Even When Cryptocurrencies Are Crashing\nWhile Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.\nAs a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.\n#4. COIN Is Diversifying Into Ancillary Businesses\nWhile COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.\nWhile this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.\nIn fact, COIN is already aggressively reinvesting its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.\nAs a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects more than 50% of their revenue to come from sources other than transaction fees.\nUltimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.\nThey are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.\nWith just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.\n#5. COIN Is Easier To Value Than Cryptocurrencies\nLast, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.\nInvestor Takeaway\nAs we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.\nThat said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4412451,"gmtCreate":1621677351674,"gmtModify":1635402758114,"authorId":3573971289807577,"author":{"id":3573971289807577,"idStr":"3573971289807577","authorId":3573971289807577,"name":"Jiaweiyeo","avatar":"https://static.tigerbbs.com/8462f92e57666f0a1c33313146f61c9a","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":133058569,"type":1,"supId":0,"prevId":0,"content":"Like","text":"Like","html":"Like"}],"langContent":"EN"},{"id":133064322,"gmtCreate":1621670972766,"gmtModify":1634187222988,"author":{"id":"3565239129539076","authorId":"3565239129539076","name":"nimrod","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3565239129539076","idStr":"3565239129539076"},"htmlText":"Interesting buy recommendation","listText":"Interesting buy recommendation","text":"Interesting buy recommendation","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/133064322","repostId":1178134052,"repostType":4,"repost":{"id":"1178134052","kind":"news","pubTimestamp":1621603581,"share":"https://www.laohu8.com/m/news/1178134052?lang=zh_CN&edition=full","pubTime":"2021-05-21 21:26","market":"us","language":"en","title":"Forget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1178134052","media":"seekingalpha","summary":"Summary\n\nWhile BTC has tremendous upside potential if bullish projections play out, we invest for th","content":"Summary<blockquote>总结</blockquote> <ul> <li>While BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.</li> <li>We believe that COIN offers investors the best risk-reward in today's crypto market.</li> <li>We share 5 reasons why.</li> </ul> <img src=\"https://static.tigerbbs.com/b022fdf1e4f4d4a467df29622f4ff73a\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\">Photo by Movus/iStock Editorial via Getty Images<blockquote><ul><li>虽然如果看涨预测实现，BTC具有巨大的上涨潜力，但我们投资的是最佳的风险回报状况，而不仅仅是最佳的回报潜力。</li><li>我们相信COIN为投资者提供了当今加密货币市场中最好的风险回报。</li><li>我们分享5个原因。</li></ul>摄影：Movus/iStock社论来自Getty Images</blockquote> While Bitcoin (BTC-USD) has tremendous upside potential&nbsp;bullish projections&nbsp;of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.<blockquote>虽然比特币(BTC-USD)具有巨大的上涨潜力，Ark Invest(ARKK)的Cathie Wood等人对每枚硬币的看涨预测为50万美元以上，但我们投资是为了获得最佳的风险回报状况，而不仅仅是最佳的回报潜力。</blockquote> As a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:<blockquote>因此，由于我们相信Coinbase(COIN)为投资者提供了当今加密货币市场中最好的风险回报，因此我们更愿意投资那里，而不是直接投资当今市场上的单个加密货币。在以下段落中，我们分享了5个原因：</blockquote> #1. COIN Is A Growing Business<blockquote>#1.COIN是一项不断增长的业务</blockquote> As a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.<blockquote>作为一项高利润的业务，COIN产生实际现金流，使其内在价值随着时间的推移而增长。因此，它是一个真正的财富复利器，假设企业保持盈利，从长远来看，它将使其所有者变得更加富有。购买和持有COIN股票是一项投资，有可能在现金流增长和业务基本面改善的基础上增加个人财富。</blockquote> In contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.<blockquote>相比之下，比特币既不生育也不产生现金流。它所能做的就是根据人们不断变化的拥有它的欲望，相对于美元或其他资产的价格上涨或下跌。因此，持有它并不是一种投资，而是对未来的一种猜测，即比特币届时的需求将比现在更大。</blockquote> As Warren Buffett said in his&nbsp;2011 Letter to Shareholders:<blockquote>正如沃伦·巴菲特在2011年致股东的信中所说：</blockquote> If you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future. Bitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we&nbsp;buy gold miners&nbsp;instead. We view COIN as serving a similar purpose in our exposure to the crypto world.<blockquote>如果你永远拥有一盎司黄金，你最终仍然会拥有一盎司...所有者的灵感不是来自资产本身能产生什么——它将永远没有生命——而是来自这样一种信念，即其他人在未来会更加渴望它。比特币——被称为数字黄金——可以用非常相似的方式来描述。虽然我们实际上拥有一些黄金(GLD)，但我们也不将其视为一种投资，而是一种资产，作为一种保险机制，作为一种久经考验且抗通胀的交易媒介。对于我们投资组合中的黄金敞口，我们转而购买金矿公司。我们认为COIN在我们接触加密世界时也有类似的目的。</blockquote> #2. COIN Is Diversified Across 100+ Cryptocurrencies<blockquote>#2.COIN多元化跨越100多种加密货币</blockquote> Bitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:<blockquote>比特币是越来越多的加密货币之一，已经有数百种。因此，它面临着激烈的竞争以及创新和颠覆的持续威胁，取代了它作为领先加密货币的地位，并最终导致其价值下跌。此外，它还面临监管甚至禁令风险，特别是因为其大部分处理能力位于通常被视为西方战略对手甚至对手的国家，包括中国、俄罗斯、伊朗和巴基斯坦。最后但并非最不重要的一点是，比特币的价格已被证明极其不稳定，过去两周已经清楚地表明：</blockquote> <img src=\"https://static.tigerbbs.com/0748a1a4f030bb30e23bc37a8352c208\" tg-width=\"635\" tg-height=\"403\">Data byYCharts<blockquote>数据来自YCharts</blockquote> In contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.<blockquote>相比之下，COIN分散在一百多种加密货币中，从而使其免受任何单一加密货币崩溃的影响。例如，如果中国禁止比特币并有效控制其大部分采矿活动，这将对比特币的价格和加工能力造成毁灭性打击。虽然这仍可能对COIN的现金流和股价造成重大损害，但对COIN的影响远不如比特币所面临的影响严重，而且它将能够用其他加密货币取代比特币。</blockquote> #3. COIN Profits Even When Cryptocurrencies Are Crashing<blockquote>#3.即使加密货币崩溃，代币也能获利</blockquote> While Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.<blockquote>虽然比特币的盈亏命题直接随着比特币价格的上涨和下跌，但COIN的利润并没有与加密货币价格的上涨直接挂钩。相反，它的大部分利润来自交易费，这意味着只要加密货币交易量大，他们就会获得高额利润。此外，由于它交易100多种加密货币，它并不依赖于任何单一加密货币的高交易量，而是从加密货币的整体受欢迎程度中获利。</blockquote> As a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.<blockquote>因此，无论人们是蜂拥而至，试图登上加密货币潮流，还是在加密货币抛售中竞相退出，COIN都有望获得巨额利润，使其成为比比特币更具防御性和不相关的资产。这进一步提高了其风险回报状况。</blockquote> #4. COIN Is Diversifying Into Ancillary Businesses<blockquote>#4.COIN正在多元化发展辅助业务</blockquote> While COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.<blockquote>虽然COIN的竞争地位与比特币相似，因为它享有显着的网络优势和先发地位，但它也面临着来自其他类似平台的激烈竞争，这些平台不断创新并试图获得对它的优势。然而，在这一领域，COIN比比特币拥有一个关键优势：它是一家拥有智能管理、执行长期战略的企业，拥有一支由才华横溢的软件工程师和程序员组成的小型军队，而比特币则是一种没有生命的静态资产。</blockquote> While this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.<blockquote>虽然这可能是一件幸事，因为比特币不存在犯任何战略错误或不当分配股东资本的风险，但总体而言，我们认为这对比特币来说是一个重大负面影响，因为在一个以创新为游戏名称的领域，它增加了比特币最终被竞争加密货币取代和绕过的机会，而COIN可以不断发展并以创新步伐或领先于创新步伐，以维持和加强其竞争优势。</blockquote> In fact, COIN is already&nbsp;aggressively reinvesting&nbsp;its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.<blockquote>事实上，COIN已经在积极地将其利润再投资于此。虽然其交易所业务占其利润的大部分，而且管理层坚持认为——尽管竞争日益激烈——对加密货币的需求不断增长意味着该业务的利润率不太可能在短期内压缩，但他们确实预计从长远来看，利润率压缩将会发生，就像任何没有巨大进入壁垒的利润丰厚的业务一样。</blockquote> As a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects&nbsp;more than 50% of their revenue to come from sources other than transaction fees.<blockquote>因此，管理层目前正在进行多项投资，以增加多样化的收入来源，从而带来更稳定、更安全的长期收入。5年内，管理层预计超过50%的收入将来自交易费以外的来源。</blockquote> Ultimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.<blockquote>最终，COIN将自己视为一家加密货币基础设施企业，提供广泛的服务和工具，使人们能够访问、交换、存储和优化他们对加密货币和区块链技术的使用。他们已经在发展和/或探索的业务包括通过与Visa（V）合作推出的加密货币现金返还信用卡，这是一项针对使用专有网络安全技术、加密货币贷款、存款账户和新的创新交易形式的机构的托管/金库业务，这些交易甚至还没有出现在公众的雷达上，使它们成为虚拟基础设施、网络安全、交易所和金融科技业务的集合体。</blockquote> They are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.<blockquote>他们还投资了许多前雇员后来创立的加密货币初创公司。因此，他们将自己定位为从该领域的进一步外部创新中受益，同时也免受前公司内部人员构建的新技术和应用程序的干扰。</blockquote> With just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to&nbsp;exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.<blockquote>COIN目前只有5000万会员，预计潜在用户约为10亿，因此COIN的增长跑道仍然很大，很容易在未来几年实现指数级增长，特别是如果加密货币的接受度和受欢迎程度继续快速增长的话。</blockquote> #5. COIN Is Easier To Value Than Cryptocurrencies<blockquote>#5.硬币比加密货币更容易估值</blockquote> Last, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.<blockquote>最后但并非最不重要的一点是，COIN产生利润的能力赋予了它内在价值。虽然比特币的真正价值最终是任何人的猜测，因为它完全取决于猜测、消费者不断变化的突发奇想以及对创新管道不会出现更好的希望，但COIN带来了实际的盈利能力和新的业务创新。因此，我们可以更好地了解COIN比比特币更有吸引力的价格。作为价值投资者，我们非常喜欢这种方法。</blockquote> Investor Takeaway<blockquote>投资者要点</blockquote> As we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.<blockquote>正如我们之前关于黄金的说法，流行的加密货币在多元化投资组合中占有一席之地肯定是有理由的。事实上，我们也预计，如果比特币能够在全球企业和机构的接受度和利用率方面继续增长，它将比COIN具有更高的上涨潜力。</blockquote> That said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.<blockquote>也就是说，作为价值投资者，我们喜欢投资而不是投机，并努力最大化我们的风险回报状况。鉴于COIN产生实际现金流以实现长期增长，它在广泛的加密货币领域享有显着的多元化，它与加密货币价格上涨没有直接关系，即使在加密货币崩盘期间也可能获利，正在多元化成为加密货币基础设施公司，并且具有实际的内在价值，而不仅仅是投机资产，COIN是我们投资加密货币领域最喜欢的选择。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Forget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nForget Bitcoin - 5 Reasons To Buy Coinbase Instead<blockquote>忘记比特币——购买Coinbase的5个理由</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nseekingalpha2021-05-21 21:26\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>While BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.</li> <li>We believe that COIN offers investors the best risk-reward in today's crypto market.</li> <li>We share 5 reasons why.</li> </ul> <img src=\"https://static.tigerbbs.com/b022fdf1e4f4d4a467df29622f4ff73a\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\">Photo by Movus/iStock Editorial via Getty Images<blockquote><ul><li>虽然如果看涨预测实现，BTC具有巨大的上涨潜力，但我们投资的是最佳的风险回报状况，而不仅仅是最佳的回报潜力。</li><li>我们相信COIN为投资者提供了当今加密货币市场中最好的风险回报。</li><li>我们分享5个原因。</li></ul>摄影：Movus/iStock社论来自Getty Images</blockquote> While Bitcoin (BTC-USD) has tremendous upside potential&nbsp;bullish projections&nbsp;of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.<blockquote>虽然比特币(BTC-USD)具有巨大的上涨潜力，Ark Invest(ARKK)的Cathie Wood等人对每枚硬币的看涨预测为50万美元以上，但我们投资是为了获得最佳的风险回报状况，而不仅仅是最佳的回报潜力。</blockquote> As a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:<blockquote>因此，由于我们相信Coinbase(COIN)为投资者提供了当今加密货币市场中最好的风险回报，因此我们更愿意投资那里，而不是直接投资当今市场上的单个加密货币。在以下段落中，我们分享了5个原因：</blockquote> #1. COIN Is A Growing Business<blockquote>#1.COIN是一项不断增长的业务</blockquote> As a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.<blockquote>作为一项高利润的业务，COIN产生实际现金流，使其内在价值随着时间的推移而增长。因此，它是一个真正的财富复利器，假设企业保持盈利，从长远来看，它将使其所有者变得更加富有。购买和持有COIN股票是一项投资，有可能在现金流增长和业务基本面改善的基础上增加个人财富。</blockquote> In contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.<blockquote>相比之下，比特币既不生育也不产生现金流。它所能做的就是根据人们不断变化的拥有它的欲望，相对于美元或其他资产的价格上涨或下跌。因此，持有它并不是一种投资，而是对未来的一种猜测，即比特币届时的需求将比现在更大。</blockquote> As Warren Buffett said in his&nbsp;2011 Letter to Shareholders:<blockquote>正如沃伦·巴菲特在2011年致股东的信中所说：</blockquote> If you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future. Bitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we&nbsp;buy gold miners&nbsp;instead. We view COIN as serving a similar purpose in our exposure to the crypto world.<blockquote>如果你永远拥有一盎司黄金，你最终仍然会拥有一盎司...所有者的灵感不是来自资产本身能产生什么——它将永远没有生命——而是来自这样一种信念，即其他人在未来会更加渴望它。比特币——被称为数字黄金——可以用非常相似的方式来描述。虽然我们实际上拥有一些黄金(GLD)，但我们也不将其视为一种投资，而是一种资产，作为一种保险机制，作为一种久经考验且抗通胀的交易媒介。对于我们投资组合中的黄金敞口，我们转而购买金矿公司。我们认为COIN在我们接触加密世界时也有类似的目的。</blockquote> #2. COIN Is Diversified Across 100+ Cryptocurrencies<blockquote>#2.COIN多元化跨越100多种加密货币</blockquote> Bitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:<blockquote>比特币是越来越多的加密货币之一，已经有数百种。因此，它面临着激烈的竞争以及创新和颠覆的持续威胁，取代了它作为领先加密货币的地位，并最终导致其价值下跌。此外，它还面临监管甚至禁令风险，特别是因为其大部分处理能力位于通常被视为西方战略对手甚至对手的国家，包括中国、俄罗斯、伊朗和巴基斯坦。最后但并非最不重要的一点是，比特币的价格已被证明极其不稳定，过去两周已经清楚地表明：</blockquote> <img src=\"https://static.tigerbbs.com/0748a1a4f030bb30e23bc37a8352c208\" tg-width=\"635\" tg-height=\"403\">Data byYCharts<blockquote>数据来自YCharts</blockquote> In contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.<blockquote>相比之下，COIN分散在一百多种加密货币中，从而使其免受任何单一加密货币崩溃的影响。例如，如果中国禁止比特币并有效控制其大部分采矿活动，这将对比特币的价格和加工能力造成毁灭性打击。虽然这仍可能对COIN的现金流和股价造成重大损害，但对COIN的影响远不如比特币所面临的影响严重，而且它将能够用其他加密货币取代比特币。</blockquote> #3. COIN Profits Even When Cryptocurrencies Are Crashing<blockquote>#3.即使加密货币崩溃，代币也能获利</blockquote> While Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.<blockquote>虽然比特币的盈亏命题直接随着比特币价格的上涨和下跌，但COIN的利润并没有与加密货币价格的上涨直接挂钩。相反，它的大部分利润来自交易费，这意味着只要加密货币交易量大，他们就会获得高额利润。此外，由于它交易100多种加密货币，它并不依赖于任何单一加密货币的高交易量，而是从加密货币的整体受欢迎程度中获利。</blockquote> As a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.<blockquote>因此，无论人们是蜂拥而至，试图登上加密货币潮流，还是在加密货币抛售中竞相退出，COIN都有望获得巨额利润，使其成为比比特币更具防御性和不相关的资产。这进一步提高了其风险回报状况。</blockquote> #4. COIN Is Diversifying Into Ancillary Businesses<blockquote>#4.COIN正在多元化发展辅助业务</blockquote> While COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.<blockquote>虽然COIN的竞争地位与比特币相似，因为它享有显着的网络优势和先发地位，但它也面临着来自其他类似平台的激烈竞争，这些平台不断创新并试图获得对它的优势。然而，在这一领域，COIN比比特币拥有一个关键优势：它是一家拥有智能管理、执行长期战略的企业，拥有一支由才华横溢的软件工程师和程序员组成的小型军队，而比特币则是一种没有生命的静态资产。</blockquote> While this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.<blockquote>虽然这可能是一件幸事，因为比特币不存在犯任何战略错误或不当分配股东资本的风险，但总体而言，我们认为这对比特币来说是一个重大负面影响，因为在一个以创新为游戏名称的领域，它增加了比特币最终被竞争加密货币取代和绕过的机会，而COIN可以不断发展并以创新步伐或领先于创新步伐，以维持和加强其竞争优势。</blockquote> In fact, COIN is already&nbsp;aggressively reinvesting&nbsp;its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.<blockquote>事实上，COIN已经在积极地将其利润再投资于此。虽然其交易所业务占其利润的大部分，而且管理层坚持认为——尽管竞争日益激烈——对加密货币的需求不断增长意味着该业务的利润率不太可能在短期内压缩，但他们确实预计从长远来看，利润率压缩将会发生，就像任何没有巨大进入壁垒的利润丰厚的业务一样。</blockquote> As a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects&nbsp;more than 50% of their revenue to come from sources other than transaction fees.<blockquote>因此，管理层目前正在进行多项投资，以增加多样化的收入来源，从而带来更稳定、更安全的长期收入。5年内，管理层预计超过50%的收入将来自交易费以外的来源。</blockquote> Ultimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.<blockquote>最终，COIN将自己视为一家加密货币基础设施企业，提供广泛的服务和工具，使人们能够访问、交换、存储和优化他们对加密货币和区块链技术的使用。他们已经在发展和/或探索的业务包括通过与Visa（V）合作推出的加密货币现金返还信用卡，这是一项针对使用专有网络安全技术、加密货币贷款、存款账户和新的创新交易形式的机构的托管/金库业务，这些交易甚至还没有出现在公众的雷达上，使它们成为虚拟基础设施、网络安全、交易所和金融科技业务的集合体。</blockquote> They are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.<blockquote>他们还投资了许多前雇员后来创立的加密货币初创公司。因此，他们将自己定位为从该领域的进一步外部创新中受益，同时也免受前公司内部人员构建的新技术和应用程序的干扰。</blockquote> With just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to&nbsp;exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.<blockquote>COIN目前只有5000万会员，预计潜在用户约为10亿，因此COIN的增长跑道仍然很大，很容易在未来几年实现指数级增长，特别是如果加密货币的接受度和受欢迎程度继续快速增长的话。</blockquote> #5. COIN Is Easier To Value Than Cryptocurrencies<blockquote>#5.硬币比加密货币更容易估值</blockquote> Last, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.<blockquote>最后但并非最不重要的一点是，COIN产生利润的能力赋予了它内在价值。虽然比特币的真正价值最终是任何人的猜测，因为它完全取决于猜测、消费者不断变化的突发奇想以及对创新管道不会出现更好的希望，但COIN带来了实际的盈利能力和新的业务创新。因此，我们可以更好地了解COIN比比特币更有吸引力的价格。作为价值投资者，我们非常喜欢这种方法。</blockquote> Investor Takeaway<blockquote>投资者要点</blockquote> As we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.<blockquote>正如我们之前关于黄金的说法，流行的加密货币在多元化投资组合中占有一席之地肯定是有理由的。事实上，我们也预计，如果比特币能够在全球企业和机构的接受度和利用率方面继续增长，它将比COIN具有更高的上涨潜力。</blockquote> That said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.<blockquote>也就是说，作为价值投资者，我们喜欢投资而不是投机，并努力最大化我们的风险回报状况。鉴于COIN产生实际现金流以实现长期增长，它在广泛的加密货币领域享有显着的多元化，它与加密货币价格上涨没有直接关系，即使在加密货币崩盘期间也可能获利，正在多元化成为加密货币基础设施公司，并且具有实际的内在价值，而不仅仅是投机资产，COIN是我们投资加密货币领域最喜欢的选择。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4430338-coinbase-forget-bitcoin-5-reasons-to-buy-coinbase-instead\">seekingalpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://seekingalpha.com/article/4430338-coinbase-forget-bitcoin-5-reasons-to-buy-coinbase-instead","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178134052","content_text":"Summary\n\nWhile BTC has tremendous upside potential if bullish projections play out, we invest for the best risk-reward profile, not simply the best reward potential.\nWe believe that COIN offers investors the best risk-reward in today's crypto market.\nWe share 5 reasons why.\n\nPhoto by Movus/iStock Editorial via Getty Images\nWhile Bitcoin (BTC-USD) has tremendous upside potential bullish projections of $500k+ per coin from the likes of Ark Invest's (ARKK) Cathie Wood play out, we invest for the best risk-reward profile, not simply the best reward potential.\nAs a result, since we believe that Coinbase (COIN) offers investors the best risk-reward in today's crypto market, we would prefer to invest there instead of directly into individual cryptocurrencies in today's market. In the following paragraphs, we share 5 reasons why:\n#1. COIN Is A Growing Business\nAs a highly profitable business, COIN generates actual cash flow that causes its intrinsic value to grow over time. As a result, it is a true wealth compounder that, assuming the business remains profitable, will result in its owners becoming richer over the long term. Buying and holding shares of COIN is an investment that has the potential to increase the wealth of an individual based on growing cash flows and improving business fundamentals.\nIn contrast, Bitcoins do not procreate nor generate cash flow. All it can do is increase or decrease in price relative to U.S. Dollars or other assets based on people's ever-changing desire to own it. As a result, holding it is not an investment, but rather a speculation on the future that Bitcoin will be in greater demand then than it is now.\nAs Warren Buffett said in his 2011 Letter to Shareholders:\n\nIf you own one ounce of gold for an eternity, you will still own one ounce at its end ... Owners are not inspired by what the asset itself can produce — it will remain lifeless forever — but rather by the belief that others will desire it even more avidly in the future.\n\nBitcoin - known as digital gold - could be described very similarly. While we do in fact own some gold (GLD), we also do not view it as an investment but rather as an asset that serves a purpose as an insurance mechanism as a time-tested and inflation-resistant medium of exchange. For exposure to gold in our investment portfolio, we buy gold miners instead. We view COIN as serving a similar purpose in our exposure to the crypto world.\n#2. COIN Is Diversified Across 100+ Cryptocurrencies\nBitcoin is one of an ever-increasing number of cryptocurrencies that already number in the hundreds. As a result, it faces heavy competition and the constant threat of innovation and disruption displacing it as the leading cryptocurrency and eventually causing its value to fall. Furthermore, it faces regulatory and even ban risks, especially since the majority of its processing power is located in countries that are often considered strategic rivals or even adversaries of the West, including China, Russia, Iran, and Pakistan. Last, but not least, Bitcoin's price has proven to be extremely volatile, as the last two weeks have made clear:\nData byYCharts\nIn contrast, COIN is diversified across over a hundred cryptocurrencies, thereby insulating it against any single cryptocurrency's collapse. If China were to ban Bitcoin and effectively seize control of most of its mining activity, for example, it would be devastating to the price - and processing power - of Bitcoin. While it would still likely hurt COIN's cash flows and share price meaningfully, the impact would be much less significant for COIN than what Bitcoin would face and it would be able to move forward with other cryptocurrencies in the place of Bitcoin.\n#3. COIN Profits Even When Cryptocurrencies Are Crashing\nWhile Bitcoin's profit-loss proposition rises and falls directly with the price of Bitcoin, COIN's profits are not tied directly to rising cryptocurrency prices. Instead, it earns the majority of its profits from transaction fees, meaning that as long as there is high volume in cryptocurrencies, they will be making high profits. Furthermore, since it deals in over a hundred cryptocurrencies, it is not reliant on high volume in any single cryptocurrency, but instead profits from the overall popularity of cryptocurrencies.\nAs a result, whether people are swarming the gate, trying to board the crypto bandwagon, or racing for the exits in a crypto sell-off, COIN is poised to reap massive profits, making it a more defensive and non-correlated asset than Bitcoin. This further boosts its risk-reward profile.\n#4. COIN Is Diversifying Into Ancillary Businesses\nWhile COIN operates from a similar competitive position as Bitcoin in that it enjoys a significant network advantage and early-mover status, it also faces significant competition from other similar platforms that are constantly innovating and trying to gain an advantage over it. However, COIN enjoys one key advantage over Bitcoin in this arena: it is a business with intelligent management executing a long-term strategy and a small army of highly talented software engineers and programmers, while Bitcoin is a lifeless and static asset.\nWhile this can be a blessing in that Bitcoin does not contain the risk of making any strategic blunders or misallocating shareholder capital, overall we view it as a major negative for Bitcoin because, in a space where innovation is the name of the game, it increases the chance that eventually Bitcoin will be displaced and bypassed by competing cryptocurrencies whereas COIN can continually evolve and pivot at or ahead of the pace of innovation to sustain and strengthen its competitive edge.\nIn fact, COIN is already aggressively reinvesting its profits into doing just this. While its exchange business makes up the majority of its profits and management maintains that - despite growing competition - the accelerating demand for cryptocurrency means that margin compression on this business is unlikely anytime soon, they do expect margin compression to occur here over the long term as it would in any wildly profitable business without massive barriers to entry.\nAs a result, management is making multiple investments today in order to grow diverse revenue streams that will lead to more stable and secure income over the long term. Within 5 years,management expects more than 50% of their revenue to come from sources other than transaction fees.\nUltimately, COIN sees itself as a cryptocurrency infrastructure business that offers a wide array of services and tools that enable people to access, exchange, store, and optimize their use of cryptocurrency and blockchain technology. Businesses they are already growing and/or exploring include a cryptocurrency cash back credit card through a partnership with Visa (V), a custody/vault business for institutions that uses proprietary cybersecurity technology, cryptocurrency loans, deposit accounts, and new innovative forms of transactions that are not even on the public radar yet, making them a virtual infrastructure, cybersecurity, exchange, and fintech business all in one.\nThey are also investing in cryptocurrency startup companies that many of their ex-employees have gone on to found. As a result, they are positioning themselves to benefit from further external innovation in the space while also insulating against being disrupted by new technologies and applications built by former company insiders.\nWith just 50 million current members and ~1 billion estimated potential users, the growth runway for COIN remains massive and could easily lead to exponential growth in the years to come, especially if cryptos continue to grow rapidly in acceptance and popularity.\n#5. COIN Is Easier To Value Than Cryptocurrencies\nLast, but not least, COIN's ability to generate profits gives it an intrinsic value. While Bitcoin's true value is ultimately anyone's guess as it fully depends on speculation, the ever-changing whims of consumers, and the hope that nothing better comes along through the innovation pipeline, COIN brings actual profitability and new business innovation to the table. As a result, we can have a better idea of what an attractive price would be for COIN than for Bitcoin. As value investors, we greatly prefer this method.\nInvestor Takeaway\nAs we stated previously about gold, there is certainly a case to be made that popular cryptocurrencies have a place in a diversified portfolio. In fact, we also expect that Bitcoin has higher upside potential than COIN if it can continue to grow in acceptance and utilization by companies and institutions across the world.\nThat said, as value investors we like to invest rather than speculate and also try to maximize our risk-reward profile. Given that COIN generates actual cash flows to generate long-term growth, it enjoys significant diversification across the broad cryptocurrency space, it is not directly correlated to rising cryptocurrency prices and may profit even during a crypto crash, is diversifying into becoming a crypto infrastructure company, and has actual intrinsic value instead of being a mere speculative asset, COIN is our favorite pick for exposure to the cryptocurrency space.","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":96,"commentSize":47,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}