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Spotted in Coinbase’s most recent 10-Q: Coinbase has stopped using trading volume as a key metric, which is I’m sure completely unrelated to the 38%/48% decrease in spot trading volume they reported over the past three/six months

First page of the document
Beginning in the second quarter of 2026, we no longer include Trading Volume as a key metric. As our business has evolved to support multiple asset classes, we believe the prior Trading Volume metric which focused on spot crypto volume no longer reflects the breadth of our business. Additionally, we do not believe that a total trading volume metric would fully represent the business given the differences in economics across our diversified trading products. We believe that net income (loss) and Adjusted EBITDA best reflect the financial health of our business, and we believe that metrics focused on users and assets are better operational indicators as they measure the trust customers place in Coinbase and our ability to attract and retain users. See the section titled Non-GAAP and Other Measures for definitions of Adjusted EBITDA, AOP, and MTUs, as well as a reconciliation of net income (loss) to Adjusted EBITDA.

full document (PDF)

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Posted

well that sucks. apparently the ALA/Freedom To Read Foundation have trademarks on the phrase "free people read freely", which i use in a lino print i made into stickers a few years ago.

i got the phrase from a 2023 speech by librarian and former ALA leader Tracie D. Hall. i didn't think to check if it was trademarked because, lol, what a wild thing to trademark. turns out the trademark had been granted two months before i made the print.

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when you send me vaguely lawyerly-sounding emails in hopes of threatening me to take down my reporting, and demand i "preserve all potentially relevant records, including ... search-engine submissions"

Browser history entry: how to explain to an asshole wasting my time with his chatbot that i don't have to send him my address just because he might file a bogus lawsuit against me - Google Search
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This article is a great deep dive into some of the shady characters behind World Liberty Financial — Justin Sun among them, despite his recent efforts to distance himself from the project. (He likely hoped this interview would help, and it is a little friendly, but rightly points out his shadiness.)

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Mapping Trump’s crypto empire on Last Week Tonight

My newest Citation Needed project made an appearance on Last Week Tonight with John Oliver! It’s a work in progress, but you can see the new interactive version of my map of the Trump family’s crypto ventures at map.citationneeded.news.

John Oliver speaking on Last Week Tonight, gesturing to an overlay of my web of the Trump family’s crypto businesses. The subtitles say “keeping track of them have wound up making diagrams like this”.

The map contains hundreds of business entities and links to the Trump family (with more being added!), augmented with data from the president’s most recent financial filings to estimate how much money is flowing in. It will be queryable by other researchers and journalists.

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