Stephen Diamond spoke to about cryptocurrency company Coinbase going public.

“Coinbase reminds me of the quip about the California Gold Rush: the only people who made any real money were the people selling the miners their picks and shovels,” he (Stephen Diamond) told Protocol. “Coinbase operates a market for an asset of illusory value, and unlike gold, it has no utility whatsoever. Their risk factors are as long as ‘War and Peace’ but far less entertaining. Again and again they warn against the fundamental fragility of crypto assets.”

He spoke with again about how much Stripe is worth.