Coinbase CEO Ends Q3 Call With String of Crypto Buzzwords
Brian Armstrong’s unexpected crypto mentions resolved a niche $4,000 market instantly, contrasting with the $22M NYC mayoral market’s resilience against manipulation.
Coinbase CEO Brian Armstrong’s surprise mention of “Bitcoin,” “Ethereum,” and “Web3” during the company’s Q3 earnings call instantly settled all related bets in a small $4,000 prediction market, leading to a top payout of $111. The incident highlighted the vulnerability of illiquid markets compared to the $22 million New York City mayoral market, which uses collateral-backed automated pricing to resist manipulation. In that market, Zohran Mamdani holds 95% odds, supported by multimillion-dollar positions from major traders, in alignment with recent polls showing him ahead by 16 to 25 points. Separately, Dogecoin dropped 5.5% to $0.1843 after breaking $0.1940 support amid 180% surge in trading volume on institutional selling.
- Prediction Market: A market where participants bet on the outcome of future events, with prices reflecting collective expectations.
- Web3: A vision for a decentralized internet powered by blockchain technology, enabling user control over data, identity, and digital assets.
- Automated Pricing Curve: A mechanism used in markets like Polymarket where prices adjust according to supply and demand based on liquidity pool collateral rather than direct trade matching.