"Coinbase is rapidly losing market share and seeing significant take rate compression — we expect these trends to accelerate as competition intensifies (Robinhood, FTX & Binance the most dangerous)," Bolu said in a fiery note Wednesday morning. The analyst started coverage of Coinbase with an Under-perform rating. "More concerning is Coinbase lagging on almost every crypto innovation (including altcoins, derivatives, NFTs). If the trend continues, Coinbase could rapidly lose relevance, much like Netscape did in the early internet era.".....articles like this help our vision of belfrics long term!