jackg (OP)
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https://bit.ly/387FXHi lightning theory
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August 29, 2015, 04:07:12 PM |
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2 days ago it seems as if coinbase had the same sell and buy price, so how can they make money? and have the prices been changed?
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Amph
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August 29, 2015, 04:11:17 PM |
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they have a % on every withdrawals, if i'm not mistaken it's 1%
so i guess if there are many that have even a small profit and they send those coins out because they fear that the exchange may be hacked, it would be profitable for the exchange
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coinableS
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August 29, 2015, 04:13:24 PM |
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Amph is right. Coinbase makes their money through fees. Also you'll notice their buy price is always a couple dollars higher than all the exchanges, so if you buy BTC from them you are paying over the current market rate.
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Possum577
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August 29, 2015, 04:18:29 PM |
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they have a % on every withdrawals, if i'm not mistaken it's 1%
so i guess if there are many that have even a small profit and they send those coins out because they fear that the exchange may be hacked, it would be profitable for the exchange
And they probably do something with the funds they hold to make them some more money...investing in bonds with fiat or something. They have so much in deposits they have to be doing something with a small fraction of that coin.
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QuestionAuthority
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You lead and I'll watch you walk away.
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August 29, 2015, 04:19:45 PM |
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I think they get a reward for every arrest made using personal information they supplied to the government. lol
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coinableS
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August 29, 2015, 04:29:58 PM |
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I think they get a reward for every arrest made using personal information they supplied to the government. lol
That post is funny because it sounds like it could be true. They are so strict with AML since they want to stay legit with the government.
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DiscoverCebu
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August 29, 2015, 04:35:50 PM |
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I think they get a reward for every arrest made using personal information they supplied to the government. lol
And thats why I haven't registered with them yet xD.
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QuestionAuthority
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You lead and I'll watch you walk away.
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August 29, 2015, 04:39:36 PM |
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I think they get a reward for every arrest made using personal information they supplied to the government. lol
That post is funny because it sounds like it could be true. They are so strict with AML since they want to stay legit with the government. I was joking but if they ever supplied the information that lead to the arrest and conviction of a most wanted person they really would get a reward. The grand prize jackpot currently is $25 million for Ayman al-Zawahiri.
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Possum577
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August 29, 2015, 05:00:23 PM |
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I think they get a reward for every arrest made using personal information they supplied to the government. lol
If/When that happens, let's make sure we find out how much they made...we can post there service thread or something. Then ask them if they get more or less than Xapo.
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dopecoindude
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The Dude Of DopeCoin
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August 29, 2015, 05:24:22 PM |
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I think they get a reward for every arrest made using personal information they supplied to the government. lol
Now that is funny. It might be true lol
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It is here folks. DopeCoinGOLD . The #1 Crypto-Weed Coin.
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Za1n
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August 29, 2015, 05:31:32 PM |
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I think they get a reward for every arrest made using personal information they supplied to the government. lol
This. Plus they also make a 1% fee on both the buy/sell side on the customers who are more legit. Doesn't sound like much, but those fees can add up overtime and with the amount of volume CoinBase has. So if you buy or sell $100 worth of BTC, they make a buck. If 10,000 people buy/sell a day, they make $10,000 a day. Plus they probably shave a bit off the spread, i.e. sell to customer A for $230/BTC and buy from customer B for $228/BTC. Sometimes the buy/sell may be the same, but oftentimes is varies a bit where they can eek out a bit more profit. So using this example not only would they get $2.30 fee from customer A and another $2.28 from customer B, they could make an extra $2.00 from the spread for a profit of $6.58. Not too bad when multiplied out by the number of transactions per day. https://support.coinbase.com/customer/portal/articles/1826294-how-do-fees-work-when-buying-or-selling-bitcoins-
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coinpr0n
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August 29, 2015, 06:50:09 PM |
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I think they get a reward for every arrest made using personal information they supplied to the government. lol
Now that is funny. It might be true lol The way they are being pushed, trying to be everywhere it doesn't really matter if they are profitable right now. There are already many sites claiming to be bitcoin sites, which are actually Coinbase-only sites (eg. Zapchain). The lock-in will make them money sometime down the line.
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AtheistAKASaneBrain
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August 29, 2015, 07:22:26 PM |
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100% of exchanges make money from fees, there's no mystery on the business. It's all about getting big traffic, a big userbase and start raking up money throught every single fee they can get away with, that's all. I don't care about their regulation policies or their security, because as soon as I get the coins I put then on my wallet. I trust the protocol, i dont trust any exchange.
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DGulari
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KawBet.com - Anonymous Bitcoin Casino & Sportsbook
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August 29, 2015, 08:06:42 PM |
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Amph is right. Coinbase makes their money through fees. Also you'll notice their buy price is always a couple dollars higher than all the exchanges, so if you buy BTC from them you are paying over the current market rate.
Actually, Coinbase doesn't make money. They lose money. They are not yet profitable. They are burning their investors cash. One day, they will have to make money. But today, the job is to get as many people signed up and in love with the service as possible. Then, they will live off their fees. But for now, they still spend more than they make. Like nearly all bitcoin businesses.
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Meuh6879
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August 29, 2015, 08:17:16 PM |
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Fast ... and fees to merchand (1%). Simple.
like Paypal.
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Mickeyb
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August 29, 2015, 08:22:54 PM |
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Amph is right. Coinbase makes their money through fees. Also you'll notice their buy price is always a couple dollars higher than all the exchanges, so if you buy BTC from them you are paying over the current market rate.
Actually, Coinbase doesn't make money. They lose money. They are not yet profitable. They are burning their investors cash. One day, they will have to make money. But today, the job is to get as many people signed up and in love with the service as possible. Then, they will live off their fees. But for now, they still spend more than they make. Like nearly all bitcoin businesses. You are right there. They have just increased they referral program from $25 to $75 which is a huge increase and very serious amount. There is no way they can earn all this money from fees, but luckily they have a lot of investment money. They have given everything into mass adoption and they have pretty much taken a huge gamble.
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n3o111
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August 29, 2015, 09:15:01 PM |
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They make money from everything. If you buy coins they make money. If you sell coins they make money. If a wealthy elite dump his coins they make money.
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galbros
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August 29, 2015, 09:23:31 PM |
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I do not think there is a fee to withdraw your bitcoins from one of their wallets.
But as others have pointed out, there is a % fee (1% I think) as well as a nominal base fee (like .25 USD) when you exchange to or from USD.
They also have a slight spread between their buy and sell prices. It probably helps that they are famous for cancelling orders due to "suspicious activity" if the market moves against them a lot when you buy or sell.
I didn't realize their financial statements were published, I sort of assumed they were one of the more financially healthy companies, but hadn't seen anything specific.
Good Luck!
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lorylore
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August 29, 2015, 09:26:58 PM |
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1% is a good profit, have you seen exchanges that has only 0.2% and make a good profit (i think) then 1% is x5. Did you know that you have not to pay tx. fee when you use coinbase to send bitcoins?
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coinpr0n
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August 29, 2015, 09:39:41 PM |
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1% is a good profit, have you seen exchanges that has only 0.2% and make a good profit (i think) then 1% is x5. Did you know that you have not to pay tx. fee when you use coinbase to send bitcoins?
I think you don't have to pay tx fees only if you are sending to another Coinbase account. AFAIK you still need to pay for on-chain txs.
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