Sure, getting to draw more than one card may cost you four life each, however, in Commander that can be well worth paying
In addition, once you counter an activated or triggered ability of an Artifact, Creature, or Planeswalker, that card loses all abilities for as long as Tidebinder stays in play
Still, for decks that care about fast, reliable mana across multiple colors, it's proving to be well worth the cost
First of all, the card comes with two forms of evasion
The key is that its ability is much worse than either ability would be individually both destroying a land and dealing two damage a turn would be broken, but you get their choice of it, and its a choice they get to make every turn, so its not as broken as it might appear initially but still strong
Guul Draz Specter: after a board wipe, this would be an amazing play