Coinbase: On the Side of the Rules
In an industry without rules, is standing on the side of the rules a burden or a moat?
This book follows Coinbase from 2012 to 2026: a co-founder split over custody, Mt. Gox, the 2017 meltdown, USDC, the direct listing, FTX, the SEC lawsuit, Base, politics, Wall Street's ETFs and the S&P 500.
Each chapter turns on one decision: the options, the cost, and whether it was judgment or luck. 38 original charts and twelve principles for founders.
Intro
About this book
In an industry without rules, is standing on the side of the rules a burden or a moat?
In 2012, Coinbase’s first big decision was to hold its users’ private keys for them, and it parted ways with its planned co-founder over it. Over the next fourteen years it chased licences, banking partners, a listing, a custody business and a long fight with regulators. Underneath, every one of those moves answers the same question: if you decide to hold other people’s money, what are you signing up for?
The book follows Coinbase from 2012 to 2026: Mt. Gox, the 2017 meltdown, USDC planted in a bear market, the direct listing, FTX, the SEC lawsuit, Base, politics, Wall Street’s ETFs and life after joining the S&P 500.
How to read it
- Every chapter opens with a real scene and can be read on its own.
- Every chapter turns on one business decision: the options on the table, why Coinbase chose as it did, what it cost, and whether it was judgment, luck, or a mistake corrected fast.
- Each chapter ends with a decision card (situation, options, choice, outcome, lesson), a key line, and its sources.
- Twelve chapters plus a conclusion and 38 original charts. The conclusion distils the story into twelve operating principles for founders and operators.