It’s ground breaking as you are correct The miners were not really receptive well. I think the volatility in just the hype in 2017 meet investors weary because they thought it was a fad versus today were there’s real adoption and large institutional backing.
Posted Using LeoFinance Beta
Also the costs were fixed and they thought there was no competitive advantage (except size) and free gouvernement electricity (Venezuela ? Iran ? China). Which was partly true.
One could argue that Coinbase has a flexible cost base which secure the business model in my opinion.
Posted Using LeoFinance Beta