Coinbase reported a surprise loss in Q1 2022. The -34% plunge in retail transaction revenue in the face of 51% retail user growth, raises a red flag.Since my last Coinbase report on September 28, 2022 consensus earnings estimates have plunged from +$6.79 per share to a loss of -$4.82 per share.Stablecoins have begun to “break a buck” offering a glimpse into the shadow banking leverage underlying the global crypto markets and the systemic risks.As a structural member of the global crypto foundation, Coinbase is directly supporting over 300 companies with venture capital investments, creating unquantifiable interdependencies.For those who believe in a prosperous future for the crypto economy, Coinbase is a top investment choice. Everyone else may wish to watch from a safe distance.