It would seem that Coinbase’s CEO Armstrong is right about one thing: the Ice Age is far from over. Maybe late 2023, now.

Coinbase is completely revamping its fee model, knowing that the days of $300 per trade are gone… forever. It will now charge all users a tiered monthly subscription fee. [On the NASDAQ, Coinbase stock is down over 80 per cent since the November 2021 highs, in both its stock and Bitcoin broadly.]

This is particularly ominous news for Riot Blockchain, as trading churn is most of what drove prior Bitcoin price rallies. Now, these customers will have a real incentive against day trading, to keep fees manageable.

So… in the coming weeks, look for Riot to cut staff, mothball the second Texas facility buildout… and increase the prices it charges for hosting. All to conserve capital and cash.

Even so, it won’t be… enough. Down she goes… with a Bart Simpson haircut pattern (trading ranges saw-toothing). Grin…

Namaste…