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Coinbase has survived something like 4 downturns before, the previous ones on the same strategy that they are employing now. So not sure what lessons they are not applying, that others are?

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Coinbase has not, however, been through a bear market. Nor has crypto

That's true. But that still makes me wonder, what could Coinbase do in this case, that other companies are already doing? Do other companies not perform layoffs when there is a bear market?

In which prior downturn did the valuation of Coinbase (and other unicorns) get nuked -90%?

Coinbase is the only publicly traded exchange that I know of? Coinbase wasn't public until early '21. So sure, VCs might have piled more money into Coinbase at higher valuations, but all of that VC activity and valuation is an inexact science without a liquid market.

At any rate, off the top of my head, the dot com era had a similar vibe. And several tech firms are down 75+% this year so far (Netflix included).

In which prior downturn were they even listed?

Does it really matter? It's almost assured that private valuations will get written down with a lag (already underway). Favorable public markets are what allowed VCs to foist the turd on the greater fool for a decade.

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