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Bitcoin Cash deals frozen as insider trading is probed

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Re: Bitcoin Cash deals frozen as insider trading is probed

#61

Post by down »

pmlnr wrote: post #54
etr-strike wrote: post #42

Earlier quoted context omitted.

Sounds like you're intentionally trying to be disagreeable. You don't like the features Bitcoin provides. That's fine, don't use it. Plenty of other people do like them. That's what gives Bitcoin its value.

I started writing a long comment about currencies, assets, rarity, and a few more things, but I realized it's pointless. Please get some history books out and read about money. Read about ancient Rome and what problems rose when mad emperors decided to replace money with new coins out of the blue. Read about why and how the US dollar is not based on gold any more. Read about hyperinflation after WWII. Money is regula…

Your examples comes down to centralized decision & regulation, isn't money printing also "regulation" that's how they call it, wile bitcoin is the most decentralized currency, no Emperor can replace it, no changes can be done without widespread conses.

The incredible energy for digging out gold just to keep it in locked boxes, same for all precious metals, diamonds.

Re: Bitcoin Cash deals frozen as insider trading is probed

#62

Post by lawlessone »

wjoe wrote: post #25
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 t…

There have been bitcoin forks before, i don't see why bcash is so special that coinbase felt the need to add it.

Re: Bitcoin Cash deals frozen as insider trading is probed

#63

Post by JustAnotherPat »

Reminds me of when ZRX was added to Poloniex out of the blue. I very much doubt people with such knowledge wouldn't trade based on it. It's practically impossible to catch anybody short of getting the SEC involved. It's not like Coinbase is keeping track of everyone's wallets or has any ability to get info from other exchanges.

I also think it's funny that people are complaining about this. Isn't this part of the appeal of crypto trading? That the government doesn't 'level' the playing field?

Re: Bitcoin Cash deals frozen as insider trading is probed

#64

Post by openasocket »

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…

How can you be your own bank? You can't loan yourself money, any Bitcoin you save won't gain interest, and you can't extend yourself a line of credit. The only bank-like thing you can do is store money, which is probably the smallest responsibility banks have.

Re: Bitcoin Cash deals frozen as insider trading is probed

#65

Post by 659087 »

55555 wrote: post #34
adrianN wrote: post #24

Earlier quoted context omitted.

You can't pay your taxes in Bitcoin.

What? That doesn't even make any sense. You can sell the bitcoin for USD then pay your taxes. Just like you can't pay your taxes with 1 billion dollars worth of Facebook stock or gold. The argument you are looking for is: "USD has value BECAUSE the state makes you pay your taxes in it." Notice that that argument does not end with, "and this is the only way a commodity or currency can have value." Because there are di…

> What? That doesn't even make any sense. You can sell the bitcoin for USD then pay your taxes.

If that's the logic we're going with, I can pay my taxes with baseball cards and beanie babies too.

Re: Bitcoin Cash deals frozen as insider trading is probed

#66

Post by pmlnr »

down wrote: post #61
pmlnr wrote: post #54

Earlier quoted context omitted.

I started writing a long comment about currencies, assets, rarity, and a few more things, but I realized it's pointless. Please get some history books out and read about money. Read about ancient Rome and what problems rose when mad emperors decided to replace money with new coins out of the blue. Read about why and how the US dollar is not based on gold any more. Read about hyperinflation after WWII. Money is regula…

Your examples comes down to centralized decision & regulation, isn't money printing also "regulation" that's how they call it, wile bitcoin is the most decentralized currency, no Emperor can replace it, no changes can be done without widespread conses. The incredible energy for digging out gold just to keep it in locked boxes, same for all precious metals, diamonds.

Gold has real life use even in electrical circuits, besides being pretty. Diamond is used in the industry as well, not just engagement rings. They are also all physical objects.

> no Emperor can replace it, no changes can be done without widespread conses.

When was the last time humans were capable of agreeing and working together for long term? The blockchain thinks it's got rid of the mad emperor problem, where in reality the BTC/BTH, ETC/ETH hard forking an existing blockchain is very similar, and introduced a whole new spectrum of problems humanity tried for centuries to solve, without success: reaching consensus.

Re: Bitcoin Cash deals frozen as insider trading is probed

#67

Post by notyourday »

berberous wrote: post #48
notyourday wrote: post #45

Earlier quoted context omitted.

Coinbase software does not do basic market unlock?! Is it another company that did not get anyone from Island or InstaNet or Brut?

ELI5 market unlock?

Book is a set of "I buy X at Y" and "I sell K at P" standing orders ordered by the "best to worst" based on the price:

Buy|Sell

1000@5|100@5.1 1000@4.9|100@5.5

..

..

..

100000@1|1000000@10000 At this point no trades are happening because no one is offering to buy at a price that someone else is willing to sell.

A market order is an order that does not specify the price. Only action and qualities. This is the only type of an "immediate" order because as long as there is anyone on the other side willing to sell or buy a quantity, it will be executed against the most eligible entry ( top ) of the book.

What happens when you do a limit order? The limit order "Buy 5@4.95" will be inserted into the book based on the price so with this order the book will look:

1000@5|100@5.1

5@4.95|100@5.5

1000@4.9|

..

..

..

100000@1|1000000@10000

As you can see still nothing is trading because there's still a spread.

What happens if someone does "sell 5000@5" against the book above:

1000@5|5000@5 5@4.95|100@5.1

1000@4.9|100@5.5

..

..

..

100000@1|1000000@10000

The market is now locked - there's someone who wants to buy @5 and someone who wants to sell @5. Result of this is automatic market unlock:

5@4.95|4000@5 1000@4.9|100@5.1

..

..

..

100000@1|1000000@10000

with a single 1000@5 traded so the "new price" of the asset is now @5

What happens when trading is suspended and market "ran away" i.e. significantly moved. Nothing special actually. All non-canceled orders are entered into a queue in an order of entry and are executed based on the book replay as if there was no suspension at all.

Re: Bitcoin Cash deals frozen as insider trading is probed

#68

Post by blhack »

lawlessone wrote: post #62
wjoe wrote: post #25

Earlier quoted context omitted.

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 t…

There have been bitcoin forks before, i don't see why bcash is so special that coinbase felt the need to add it.

Because it's the third highest market capped coin.

Re: Bitcoin Cash deals frozen as insider trading is probed

#69

Post by victor106 »

mitchellberry wrote: post #49
victor106 wrote: post #40

Earlier quoted context omitted.

> The Federal Reserve doesn't even publish the amount of M3 money anymore: except they do. See below. https://fred.stlouisfed.org/series/MABMM301USA657S I am not anti-crypto. I think in the future most transactions would move there. But the state of the current crypto's won't get us there. If you close your eyes for a min and just think about the .com bust that is exactly what is happening here. I know of companies d…

> except they do. See below. https://fred.stlouisfed.org/series/MABMM301USA657S > Source: Organization for Economic Co-operation and Development St Louis fed is publishing third party estimates there, official reporting stopped in 2007.

See this

https://mises.org/library/death-m3-fifth-anniversary

And

https://www.garynorth.com/public/6538.cfm

TLDR:

The end of the first link provides a response from Bernanke which says that the public would still have access to the data but the fed won’t aggregate it and report it. What the OECD does is the aggregation and reporting based on the raw fed data.

The second link provides why the M3 was useless to begin with.

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