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Welcome to the PropG shows office hours on Monday. This is the part of the show where we

answer questions about business, big tech, entrepreneurship and whatever else is on your

mind. If you'd like to submit a question, please email a voice recording to officehours

at propgmedia.com. Again, that's officehours at propgmedia.com. First question. Hello, professor.

This is Matt from Colorado. Question for you on the Coinbase IPO. As crypto gains momentum

and moves towards the mainstream, it looks like Coinbase has really fostered that and

facilitated mainstream investors getting into the space. To me, this seems a lot like

America Online did for the internet. New technology, a little bit mysterious, a little bit

complicated, what the AOL do. It allowed people to get online and interact with the internet

very easily. They were first in the space to do it well. It seems to me that Coinbase

is similar. So bullish on crypto, bearish on Coinbase. Curious your thoughts. Thank you.

Thanks for Matt from Colorado. I think I know more about this issue than 99% of the US

public. I know almost nothing about this issue. I find this whole space is benefited from

this combination of it's super exciting and very difficult to understand, which creates

an environment where there are no benchmarks for evaluation, which is wonderful because

it's not tethered to evaluation. If you wanted to buy stock in a cloud or a SaaS company,

...