131–140 of 304 posts
So if I sell my newfound BCH today, which was birthed from thin air a few months ago, but originates from BTC I bought years ago, is it short term capital gains or long term?
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They wouldn't know of course, but that's not the point. The point is to cover their own ass if they get in legal trouble, by saying "well, we told them it was prohibited, and made them sign stuff". It's the same reason companies make all their employees go through sexual harassment training. Not because they actually believe such training reduces sexual harassment, but rather because they want to eliminate liability.
Rubbish. Someone who works at Morgan/Goldman/JPM/etc cannot trade on an account at a different brokerage on the announcement. If they do, they will get nailed and most likely go to jail
I wonder how much money Coinbase employees, friends and family made by insider trading on this announcement. Gotta love unregulated markets!
Per their twitter, "Coinbase employees have been prohibited from trading in Bitcoin Cash for several weeks." https://twitter.com/coinbase/status/943290391419174912
So if I sell my newfound BCH today, which was birthed from thin air a few months ago, but originates from BTC I bought years ago, is it short term capital gains or long term?
https://bitcoin.tax/blog/how-to-tax-bitcoin-cash-bch/ What if you had no interest in BCH but you owned 1,000 BTC. Do you suddenly have a $277,000 income tax bill? Yes, as discussed by Tyson Cross, tax attorney at BitcoinTaxSolutions.com. Since you have accession to wealth then this is taxable income.
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Per their twitter, "Coinbase employees have been prohibited from trading in Bitcoin Cash for several weeks." https://twitter.com/coinbase/status/943290391419174912
And there was no abuse for financial gain and everyone lived happily ever after
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so what you're telling me... is that this is good for Bitcoin?
I'm telling you that this is good for legitimizing cryptocurrency and its trading overall. And when when so many people start to perceive cryptocurrency as a legitimate currency, the price will eventually go up for bitcoin. This is an early stage mainstream...
Bitcoin doesn't work as a currency. It's slow, expensive and can never ever scale to handle even the needs of a small town.
> This is an early stage mainstream...
Keep dreaming.
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Exactly the first thought that came to my mind. BCH up 30%. I wonder how many Coinbase employees bought BCH throughout this past month. Also. it's easily predictable that introducing a new currency will temporarily affect the other currencies negatively. Very gray area.
Thought experiment: Just say Citibank adds the Mexican pesos to their products, USA & international, side by side to all their USD products. If citibank bought pesos before the announcement, would they be engaging in insider trading? (Pesos are just for illustrative purposes, replace with your local currency) If so, would every bank need to halt trading in a currency before adding it?
Shoutout to the rich guys that spread the misconception that an information advantage is illegal
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There is nothing cool about tearing people away from their families and locking them in tiny cages for such a nebulous and arguably victimless "crime."
Victimless? How so?
Let me try to identify the potential victims here: 1. The victim might be "the guy who bought the BCH that the employee was selling", seeing that he could have bought for a cheaper price had the employee not insider traded. 2. The victim(s) might be "all the other investors of BCH", with the thinking that the insider trades devalue BCH (somehow?). 3. the victim(s) might be "the customers of Coinbase", because ... I'm not sure, maybe jealousy?
I'm trying to be reasonable here, but everything I wrote up there seems outlandish or silly. (1) a person who enters into a buy for X agrees to buy for X, and calling somehow who willfully enters into a trade a "victim" is an incorrect use of the English language; in (2), nothing is devalued, the additional buy from the employee should actually increase the coins value, as it represents a higher demand; and (3), 'jealousy', seems like the only thing left. If you're upset that someone at Coinbase managed to earn $$$$ on their trades, but you only earned $$, then we call that emotion "jealousy", and that would be the harm. It would be a harm to your ego, and now you would think that you were a victim. It seems ludicrous to me to support the tearing apart of families (as was suggested earlier) simply because someone is jealous of money.
I can't come up with a reasonable definition of who the victim is, who was harmed, how they were harmed, etc. This isn't proof of the negative, "victimless", and certainly there could be other real victims here (maybe Coinbase itself is the victim? or the US Government? or "the whole of the American public"?); but, it should probably not be assumed to have a victim unless some real, actual harm can be identified. IOW, there is no victim without an identifiable harm.
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Thought experiment: Just say Citibank adds the Mexican pesos to their products, USA & international, side by side to all their USD products. If citibank bought pesos before the announcement, would they be engaging in insider trading? (Pesos are just for illustrative purposes, replace with your local currency) If so, would every bank need to halt trading in a currency before adding it?
fx market is not regulated like that actually. frontrunning is not necessarily illegal.
For instance, employees of the SEC, are not prohibited from trading on insider information (they are to an extent, as in they can't do leveraged short-selling before in investigation is made public, however, for instance, selling out of a position before investigations become public knowledge is obviously common).
https://www.institutionalinvestor.com/article/b15dlrvg8cxkmv...
This is like asking "do high-level (and even medium-level) government employees have to pay taxes ?" (I'm European).