Public companies are widely misunderstood, especially among the bitcoin and crypto crowd. It is because they are intentionally convoluted and confusing to make the investment bankers, lawyers, and insiders on Wall Street feel smart.

A company goes public by selling some or all of its equity to underwriters, who then issue stock by trading openly on exchanges like the Nasdaq or New York Stock Exchange. Going public is dumb because it focuses on short-term growth over long-term growth, requires quarterly financial reporting, and opens the capital markets to private companies. Especially in crypto, going public isn't a one-size-fits-all solution.

Coinbase, a company that has survived multiple bear markets, is now facing a public shareholder far more impatient than the private shareholder. Going public has led to an unsavory situation for Coinbase, as the company has had to cut back on hiring and rescind new job offers due to the market downturn.