The author is short Coinbase (COIN), believing its core exchange business model is broken and that its new "Blue Carpet" asset listing experience is too late to attract builders. The accompanying chart shows COIN trading at $315.13, down 6.89% (or $23.32) today, indicating a bearish sentiment and potential for further downside. The author suggests that builders prefer decentralized exchange (DEX) liquidity pools over centralized exchange (CEX) listings, reducing the value proposition of Coinbase.