Bitcoin Cash deals frozen as insider trading is probed • Hacker News Board

Re: Bitcoin Cash deals frozen as insider trading is probed

#21

Post by matchcohnn » Wed, Dec 20, 2017, 3:21 PM UTC

etr-strike wrote: post #16

matchcohnn wrote: post #10

But but but crytocurrency is so useful right?? 1.) It's just like dollar! Shoot, coinbase won't allow me to trade it for 3 months! Every country is banning it? It went up 20% then dropped 50% today?! 2.) It's just like Visa!! Damn it costs me $500 to send $500 3.) It's just like gold! So rare....oh wait, another crytocurrency just came out with 100M unit of supplies. 4.) It's just like the bank!! Damn another exchang…

Cryptocurrency is useful. Bitcoin allows me to be my own bank. The rules of consensus define characteristics of money I believe are important. It allows me to save my money outside of the global financial system, a system I believe is corrupt and manipulated. It allows me to program my money, something never before possible. It allows me to transact freely, with whomever I please. Money is whatever people believe it…

> Bitcoin allows me to be my own bank

Thanks suckers for giving me your warm wallet.....time to fake a hack and shut down this sucker.

> The rules of consensus define characteristics of money I believe are important

My $20 request to get on the blockchain STILL isn't done after 5 weeks!!!

> It allows me to save my money outside of the global financial system

Oh no my Xcoin crashed 50% today!!

> a system I believe is corrupt and manipulated

I lost so much money because of this stupid coin....if only someone can save me from the scammers.....

> It allows me to program my money, something never before possible

In javascript!! secure it is.

> It allows me to transact freely, with whomever I please

It costs me $500 to send $500......sob

Re: Bitcoin Cash deals frozen as insider trading is probed

#22

Post by 659087 » Wed, Dec 20, 2017, 3:23 PM UTC

This same pattern seems to repeat immediately preceding any "big announcement" for pretty much every single coin/token out there. It's obvious that insider trading is rampant across the entire cryptocurrency market.

I hope Coinbase and their employees' activities are properly investigated at some point. I think they'll find a lot of "interesting" activity going back very far, assuming Coinbase hasn't "lost" or modified records to hide those activities by now.

Re: Bitcoin Cash deals frozen as insider trading is probed

#23

Post by cat199 » Wed, Dec 20, 2017, 3:24 PM UTC

CaptainZapp wrote: post #4

"Brian Armstrong responded that he had repeatedly warned his staff not to disclose its launch plans to family or friends or to trade in the digital asset themselves." So the whole staff new about this move, from which it is to be expected to move the market when published? Charitably put, that's naive.

Companies release products which will change the value of their stocks all the time.. this is exactly how such events are managed. What else could be done? lock up employees at work for a week while the market adjusts?

Re: Bitcoin Cash deals frozen as insider trading is probed

#24

Post by adrianN » Wed, Dec 20, 2017, 3:25 PM UTC

etr-strike wrote: post #19

zarita_existe wrote: post #3

Cryptocoins are all a big fraud - fake money to buy fake drugs. This comes at no surprise.

Bitcoin is as real as the USD. At least with Bitcoin you know what the properties of your currency are. The Federal Reserve doesn't even publish the amount of M3 money anymore: https://www.federalreserve.gov/releases/h6/discm3.htm If that doesn't give you pause, I don't know what will.

You can't pay your taxes in Bitcoin.

Re: Bitcoin Cash deals frozen as insider trading is probed

#25

Post by wjoe » Wed, Dec 20, 2017, 3:26 PM UTC

thisisit wrote: post #11

When Coinbase launched Bitcoin Cash at 17:20 PST (01:20 BST) it was valued at about $3,500 (£2,612) per coin. At the time it suspended it, the company was quoting a price of about $8,500. Trade of Bitcoin Cash was frozen just four minutes after it began on the firm's Global Digital Asset Exchange (Gdax) and existing orders were cancelled. So the prices more than doubled in just 4 minutes. It might not even be a case…

While it's valid to question insider trading in cryprocurrency, I don't think that's what made the difference here.

Coinbase had said they would add BCH to their exchange before the end of the year months ago. And people had noted BCH appearing in their API a day or two ago, and then the trading pages were up for an hour or two before the official announcement, with some very large orders being placed in advance of trading going live, with the price already set at $1000 dollars higher than any other exchange was offering.

Add to this the fact that anyone who held BTC on Coinbase in August receiving BCH, plenty of people still holding BCH from the last time the price spiked, and the exceptionally deep pockets of certain people/groups who are supporting BCH.

You didn't need to be a Coinbase employee to know this was coming, and that it would, at least short term, have a significant effect on the price. Crypto traders live on big news and swings like this, and it was inevitable that it would be a big event.

Re: Bitcoin Cash deals frozen as insider trading is probed

#26

Post by 659087 » Wed, Dec 20, 2017, 3:28 PM UTC

etr-strike wrote: post #16

matchcohnn wrote: post #10

But but but crytocurrency is so useful right?? 1.) It's just like dollar! Shoot, coinbase won't allow me to trade it for 3 months! Every country is banning it? It went up 20% then dropped 50% today?! 2.) It's just like Visa!! Damn it costs me $500 to send $500 3.) It's just like gold! So rare....oh wait, another crytocurrency just came out with 100M unit of supplies. 4.) It's just like the bank!! Damn another exchang…

Cryptocurrency is useful. Bitcoin allows me to be my own bank. The rules of consensus define characteristics of money I believe are important. It allows me to save my money outside of the global financial system, a system I believe is corrupt and manipulated. It allows me to program my money, something never before possible. It allows me to transact freely, with whomever I please. Money is whatever people believe it…

> It allows me to save my money outside of the global financial system, a system I believe is corrupt and manipulated.

You'd have to be incredibly naive or willfully ignorant not to see the same corruption and manipulation happening right before your eyes in cryptocurrency markets.

Re: Bitcoin Cash deals frozen as insider trading is probed

#27

Post by jbigelow76 » Wed, Dec 20, 2017, 3:29 PM UTC

jeffwass wrote: post #7

Some questions I'm curious about (including other exchanges besides Coinbase too). Do Coinbase employees have to disclose their external crypto-currency trading accounts (as well as for immediate family members) to the internal compliance dept? Is Coinbase employee crypto trading activity subject to pre-approval prior to trade execution? What is their policy regarding disclosure of material non-public information of…

I'm going to guess here that none of what you asked happens and won't until governments force that sort of oversight (if they even can).

Re: Bitcoin Cash deals frozen as insider trading is probed

#28

Post by martinko » Wed, Dec 20, 2017, 3:32 PM UTC

matchcohnn wrote: post #21

etr-strike wrote: post #16

Earlier quoted context omitted.

Cryptocurrency is useful. Bitcoin allows me to be my own bank. The rules of consensus define characteristics of money I believe are important. It allows me to save my money outside of the global financial system, a system I believe is corrupt and manipulated. It allows me to program my money, something never before possible. It allows me to transact freely, with whomever I please. Money is whatever people believe it…

> Bitcoin allows me to be my own bank Thanks suckers for giving me your warm wallet.....time to fake a hack and shut down this sucker. > The rules of consensus define characteristics of money I believe are important My $20 request to get on the blockchain STILL isn't done after 5 weeks!!! > It allows me to save my money outside of the global financial system Oh no my Xcoin crashed 50% today!! > a system I believe is…

You sound salty.

Re: Bitcoin Cash deals frozen as insider trading is probed

#29

Post by down » Wed, Dec 20, 2017, 3:33 PM UTC

matchcohnn wrote: post #21

etr-strike wrote: post #16

Earlier quoted context omitted.

Cryptocurrency is useful. Bitcoin allows me to be my own bank. The rules of consensus define characteristics of money I believe are important. It allows me to save my money outside of the global financial system, a system I believe is corrupt and manipulated. It allows me to program my money, something never before possible. It allows me to transact freely, with whomever I please. Money is whatever people believe it…

> Bitcoin allows me to be my own bank Thanks suckers for giving me your warm wallet.....time to fake a hack and shut down this sucker. > The rules of consensus define characteristics of money I believe are important My $20 request to get on the blockchain STILL isn't done after 5 weeks!!! > It allows me to save my money outside of the global financial system Oh no my Xcoin crashed 50% today!! > a system I believe is…

you funny.. hacks happen less then let's say you're mugged on the street or your bank account is emptied by carders/hackers.

The rest is just not true, the fees are high now because companies are slow to adopt seqwit and lighting network is in the works.

But hey the FED printed another few billions of dollars, fancy calling it quantitative easing, that devalues your money and makes assets expensive.

Re: Bitcoin Cash deals frozen as insider trading is probed

#30

Post by victor106 » Wed, Dec 20, 2017, 3:34 PM UTC

etr-strike wrote: post #16

matchcohnn wrote: post #10

But but but crytocurrency is so useful right?? 1.) It's just like dollar! Shoot, coinbase won't allow me to trade it for 3 months! Every country is banning it? It went up 20% then dropped 50% today?! 2.) It's just like Visa!! Damn it costs me $500 to send $500 3.) It's just like gold! So rare....oh wait, another crytocurrency just came out with 100M unit of supplies. 4.) It's just like the bank!! Damn another exchang…

Cryptocurrency is useful. Bitcoin allows me to be my own bank. The rules of consensus define characteristics of money I believe are important. It allows me to save my money outside of the global financial system, a system I believe is corrupt and manipulated. It allows me to program my money, something never before possible. It allows me to transact freely, with whomever I please. Money is whatever people believe it…

> Bitcoin allows me to be my own bank

Sure. If you think the only function of a bank is to maintain a ledger and transfer money.