Cobie: long term trading

null Article Author: Thejaswini M A

Article compiled by: Block unicorn

Preface

In 2012, Jordan Fish, also known as Cobie, had 200 dollars and a puzzle.

He was a student majoring in Computer Science at the University of Bristol, working part-time at Tesco to pay rent, and his living conditions… were not so good. For a child from a working-class background, the basic common sense about going to university is: you need money to live, but you also need time to study, and there are only 24 hours in a day. So, he took out $200 to buy Bitcoin.

This is obviously the right decision, but not in the way you think.

If Cobie had just held that Bitcoin, never moved it, never traded it, and never did anything interesting or stupid with it, he should have about 300,000 dollars today. For someone who originally had only 200 dollars, this is indeed a life-changing amount of money. But it's not at the level of “all the crypto influencers defaulting to billionaires”; he doesn't even count as the “guy who sold a podcast NFT for 25 million dollars.”

The strangest part of Cobie's story is what happened during the time he went from $200 to exit. Because the story that cryptocurrency wants to tell is: you buy a magical internet currency, hold onto this magical internet currency, the price skyrockets, and you eventually become a billionaire. In contrast, Cobie's real story is more like: you bought a magical internet currency, tried to create your own magical internet currency, failed, found a regular job, then returned to the crypto space, developed products, exposed scams, started a podcast, paused the podcast after sponsors went bankrupt, and then created a fundraising platform, which Coinbase eventually acquired for $375 million.

This is a more bizarre story that reveals some comforting truths about the ways wealth is created in the cryptocurrency space.

The lesson of Maxcoin

In 2014, Cobie did what any twenty-something cryptocurrency enthusiast would do: he had only a little Bitcoin on hand but was full of confidence, trying to create a better Bitcoin. At that time, almost everyone was trying to create a better Bitcoin. The selling point of Maxcoin was that it was faster than Bitcoin and used a different hashing algorithm (Keccak instead of SHA-256), which seemed very important to people back then.

Cobie collaborated with financial broadcaster Max Keiser, who is now the Bitcoin advisor to the President of El Salvador. This not only shows how serious everyone was at the time, but also how trivial it all became later. The launch of Maxcoin was indeed exciting. It is one of the earliest “celebrity coins” and interestingly, it predates the concept of “meme coins” by about seven years.

Then it went to zero.

When the bear market hit in 2015, the price of Maxcoin plummeted and the project subsequently disappeared. If you want to find evidence of Maxcoin's existence, you need to conduct actual research, as the market has completely forgotten about it.

But Cobie did not forget about this. What he learned from the failure of Maxcoin is that the essence of cryptocurrency is not technology, but rather network memes, stories, and community. Even if you create the best product technically, if no one cares, it all means nothing.

This lesson is enough to leave most people with nothing. However, Cobie miraculously learned this lesson from a failed project and proved its validity through practical actions over the next decade.

Instead of deliberately trying to make money, one ends up making money.

After leaving Maxcoin, Cobie made a wise choice by finding a regular job. He worked at several tech startups, including Monzo, which later developed into one of the largest fintech companies in the UK. At that time, he was engaged in product management, which is the work of those who understand how to develop software products but do not want to write code themselves.

Then, around 2020, he returned to the cryptocurrency field.

It is not quietly, nor tentatively, but at the moment when DeFi is about to sweep the globe, everyone who has survived the last bear market will appear to be a genius.

DeFi is thriving, and NFTs are about to experience explosive growth. Various trends are converging simultaneously. Cobie started supporting Lido Finance early on, which is a liquid staking protocol and has now become the second largest DeFi protocol by total locked value. He is not just an investor or advisor; he is keenly aware that the transition of Ethereum to a proof-of-stake mechanism will create a huge demand for liquid staking solutions.

In October 2020, Cobie and another cryptocurrency analyst, Ledger, launched a podcast called UpOnly. The format of the show is to invite the most influential figures in the cryptocurrency space for long, unscripted conversations about various current events. They interviewed Vitalik Buterin and also interviewed Sam Bankman-Fried (before he went to prison). Basically, they interviewed all the important figures in the cryptocurrency field.

UpOnly has become a must-listen program, creating a strange dynamic. Cobie was simultaneously playing multiple roles as a market commentator, protocol advisor, investor, and media personality. The prices of the projects mentioned on UpOnly fluctuate accordingly. This kind of influence typically requires investment banks and significant non-public information (MNPI) disclosure policies to achieve.

He invested most of his funds in Bitcoin and Ethereum, with only a small amount invested in other cryptocurrencies (less than 1% of his portfolio), almost never using leverage, and considering them as zero until there is evidence proving their value. He said this:

“I almost never use leverage; usually, leverage is used to reduce risk rather than increase it. I guess many people don't fully understand this point. In the past 5 years, I might have only used leverage to increase risk three times, and in my lifetime, maybe a total of 15 times, and I never go all-in. In the past decade, I have only gone all-in on Bitcoin and Ethereum. When purchasing other assets, I keep the risk to an extremely small range because, until proven otherwise, I assume they are zero. Therefore, the risk is always less than 1% of the liquidity portfolio. The liquidity portfolio also occupies a small proportion of the overall investment portfolio to cope with possible mistakes in the future.”

This is completely contrary to the advice of insiders in the cryptocurrency circle. Their usual advice is to buy a certain “celebrity coin” you heard about from an anonymous account with 5x leverage, hold it until 100x returns, and then buy a Lamborghini.

Cobie's approach has clearly worked, but the way it has succeeded suggests that the entire crypto wealth narrative may be wrong.

The Trouble of the Watchdog

In 2022, Cobie did something that may have cost him money, but earned him another kind of reputation. He disclosed blockchain data showing suspicious trading activities by Coinbase employees. Specifically, it appeared that someone had bought certain tokens before Coinbase announced that they would soon be listed, which is textbook insider trading.

Subsequently, the U.S. Securities and Exchange Commission launched an investigation, and the Department of Justice filed a lawsuit. Coinbase's former product manager Ishan Wahi was sentenced to two years in prison.

This kind of thing can make you a hero in the cryptocurrency community, but it will likely make it difficult for you to find a job at most cryptocurrency companies. If you are a large exchange considering listing a new token, would you really want someone who exposes insider trading of competitors to consult for your project? This would bring a lot of trouble.

But Cobie persevered. He continuously exposed scams, constantly questioned various claims, and repeatedly spoke uncomfortable truths in public.

In November 2022, FTX collapsed, and Cobie ran into trouble. In fact, he encountered several troubles.

The first trouble is that UpOnly accepted sponsorship from FTX. This is no secret. Sam Bankman-Fried was a guest on the podcast. The FTX logo also appeared on the show. When you watch the previous episodes, you will notice this; it is like a monument witnessing what seemed like legitimate trading at the time, but now looks like evidence of catastrophic decision-making errors.

The second problem is that he had money in FTX when it collapsed. He publicly admitted this, while most people in his position would not do so. Typically, after experiencing a major scam, people choose to silently bear the losses and never mention it again. But Cobie openly acknowledged it. He indeed had funds on the exchange. And these funds have now vanished.

The third problem is at the philosophical level. Cobie has been known for years as a rational voice in a casino-like industry filled with Ponzi schemes, adept at spotting scams and exposing wrongdoers. However, he accepted investment from FTX, interviewed its founder, and apparently believed, like others, that it was a legitimate company.

How should you turn the page on such matters?

The answer is: you don't need to, at least not for now. Cobie and Ledger have suspended updates for UpOnly. No announcements, no dramatic finale, just silence. One of the most prominent figures in the cryptocurrency space has almost disappeared over the past year. No podcasts, a few tweets, and no public appearances at conferences.

This may be the right decision, but it is certainly not the most profitable. Influencers' usual tactic after a crisis is to return immediately, offer a vague apology, promise to do better, and then continue doing what they did before. The audience's memory is short. Sponsors want influence, not credibility. As long as you keep posting, you can almost get through anything.

But when he returned, he brought Echo.

Unexplained exit

Echo was launched in 2023 with the idea of allowing ordinary people to invest in early cryptocurrency projects alongside venture capitalists. This addresses a real problem. In the cryptocurrency space, there is a huge gap between the price that retail investors pay for tokens and the price that venture capitalists pay. Venture capitalists might invest in a project at a valuation of 10 million dollars. However, by the time retail investors are able to purchase the token on an exchange, its valuation has reached 1 billion dollars. Venture capitalists have already made a 100-fold return. Retail investors end up buying at a high price.

Echo attempts to bridge this funding gap by pooling retail investor capital and conducting private placements under venture capital terms. The platform has facilitated over 300 transactions, helping cryptocurrency projects raise approximately $200 million. This amount is significant, but it is still far from the scale typically required to sell for an acquisition price of $375 million.

However, in October 2025, Coinbase acquired Echo for approximately $375 million.

This transaction also includes the purchase of UpOnly's NFT for $25 million. This is a non-fungible token, and after its destruction, Cobie and Ledger will be obligated to produce eight new episodes. You can think of it as exercising an option, except that the underlying asset is two people recording a podcast. Coinbase paid $25 million for this inherently very expensive forced content creation mechanism.

This may be the first time in history that the destruction of an NFT creates legal obligations rather than destroying its value.

But if you analyze the logic carefully, you will find that the acquisition of Echo makes sense. Coinbase's competitor is Binance, which already has Binance Launchpad and other platforms that allow retail investors to participate in early token sales. Coinbase does not have these platforms, while Echo does. Therefore, what Coinbase is acquiring is the infrastructure, brand, and community that Cobie has built over more than a decade, and Cobie's intention is not to maximize profit.

The following is Cobie's description of the results:

“When I started building Echo two years ago, I knew there was a 95% chance of failure. To be honest, I really couldn't imagine any other outcome at the time, but I thought at least it was a noble failure worth trying. I certainly didn't expect Echo to be sold to Coinbase, but that's just how it is.”

This might be the most honest description I've read about successful exits for startups.

What does this mean for the rest of us?

Cobie's story challenges the traditional narrative of getting rich in cryptocurrency. This narrative usually goes: buy low, sell high, repeating this until becoming a billionaire. If you're risky enough, you might even try some 100x leveraged trading. But Cobie didn't do that. He bought Bitcoin for $200, made some small trades, created a failed altcoin, then took a regular job, later returned to the cryptocurrency space, supported excellent crypto projects, exposed fraud, started a podcast, built a fundraising platform, and eventually sold it to Coinbase.

This is much longer and stranger than “buying Dogecoin at a price of $0.0001 and then selling it at $0.70.”

When people speculated that Cobie was a billionaire, he posted a long article explaining that this is not the case. His actual net worth, including the exit from Echo and a decade of cryptocurrency investments, could reach nine figures. This is a huge amount. But it took him 12 years, enduring multiple bear markets, avoiding various scams, frauds, and exchange collapses, and consistently choosing not to pursue short-term profit maximization.

If Cobie treats cryptocurrency as a platform for creating value, the money earned may be more than what is earned by treating it as a casino. If this is the case, it indicates that most people are playing the game wrong.

Crypto Twitter doesn't want to hear “the ten-year wealth story.” But this might be the only truly viable method.

This is Cobie. See you in the next article.