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Coinbase says buying and selling temporarily disabled amid price rout

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Re: Coinbase says buying and selling temporarily disabled amid price rout

#181

Post by [deleted] »

ceejayoz wrote: post #61
fullshark wrote: post #38

Earlier quoted context omitted.

What fishy thing happened re: the bitcoin cash rollout? I know there is speculation of insider trading from individuals at the company but was there anything the company itself did that’s sketchy? They said BCH was coming after the fork and then they delivered it as far as I can tell.

They rolled it out without warning, the price spiked massively, they froze everything, and then revised the pricing charts to hide the $8500 price it peaked at. Their charts now falsely show the high price was only around $4000. All this has caused a lot of speculation about insider trading.

[deleted]

Re: Coinbase says buying and selling temporarily disabled amid price rout

#182

Post by Robotbeat »

oceanghost wrote: post #157
munificent wrote: post #139

Earlier quoted context omitted.

The entire Bitcoin saga has been the most shining example of this classic narrative: 1. Technology people are presented with a social/cultural/government situation that seems inelegant, irrational and overly complex. 2. They decide to "solve" that problem using technology. 3. Even with the new technology, it somehow appears everything is not miraculously better. 4. Technology people propose layering a few small socia…

There's a law of economics that, crashes occur when everyone who can remember the reason we have laws to prevent them is dead.

I think that's the Minsky Moment, basically that long periods of stable investment growth lead to increased risk-taking, inflation of a bubble, and eventually a crash.

Re: Coinbase says buying and selling temporarily disabled amid price rout

#183

Post by sowbug »

CamelCaseName wrote: post #153
stygiansonic wrote: post #91

Earlier quoted context omitted.

As I’ve said before, watching cryptocurrency markets evolve is like watching the entire history of financial markets being replayed as painful lessons are relearned.

Is there anywhere I can get a full rundown of the modern evolution of finance? I have a degree in it yet it all still send fragmented.

I don't have an answer for you, but Reminiscences of a Stock Operator is required reading for anyone interested in the history of securities markets. It's fictionalized autobiography of a legendary trader in the 1920s. It could have been written yesterday or a thousand years ago.

https://www.amazon.com/Reminiscences-Stock-Operator-Edwin-Le...

Re: Coinbase says buying and selling temporarily disabled amid price rout

#184

Post by ethbro »

Blackthorn wrote: post #93
ethbro wrote: post #60

Earlier quoted context omitted.

I've wondered about this. Specifically, how can you make a market in a product that has high violatility and fairly low trading frequency? Seems like anyone doing so would inevitably get fleeced.

> I've wondered about this. Specifically, how can you make a market in a product that has high violatility and fairly low trading frequency? A large spread.

Hmm. So are market makers only ever effecting instantaneous matches?

I was under the impression they often held some portion of the asset between buy-sell or sell-buy in order to increase liquidity.

(Which would explain why they like HFT, as anything that boosts trade frequency would decrease their exposure)

Re: Coinbase says buying and selling temporarily disabled amid price rout

#185

Post by fullshark »

munificent wrote: post #139
slg wrote: post #56

Earlier quoted context omitted.

I can't help find it funny as the libertarian cryptocurrency fans slowly realize why we have all these dang laws. There are plenty of financial regulations that could use updates or tweaks, but an overwhelming majority are put in place to protect people and try to ensure transactions are as fair as possible. Cryptocurrencies too often throw the baby out with the bathwater.

The entire Bitcoin saga has been the most shining example of this classic narrative: 1. Technology people are presented with a social/cultural/government situation that seems inelegant, irrational and overly complex. 2. They decide to "solve" that problem using technology. 3. Even with the new technology, it somehow appears everything is not miraculously better. 4. Technology people propose layering a few small socia…

Maybe i'm dense but where else has this classic narrative unfolded? Social media? What you are describing seems to me more common with bureaucratic solutions than technological ones.

Re: Coinbase says buying and selling temporarily disabled amid price rout

#186

Post by shepardrtc »

teekert wrote: post #149
shepardrtc wrote: post #131

Earlier quoted context omitted.

It certainly was, until the advent of hardware wallets. I wouldn't quite say its easy enough for Grandma to do it, but it makes things much more secure and its no more complicated than setting up a wallet on your machine (give or take a couple of steps).

I just went through the situation where a family member all of sudden panicked (1 week after I reiterated all disclaimers multiple times, I said BTC is stretched and he already missed all forks that may solve it, etc, etc) and wanted his BTC paper wallet transferred to anything else. 33 hours later and 2 times > 40 euros (> 600 Satoshi/Byte) of transfer cost later the BTC are now USD in Bittrex. Never advice your fam…

I vehemently advise everyone to stay away from BTC unless you really, really know what you're doing and follow the market closely. Instead, I say to just find a small, cheap crypto that has sound fundamentals and go from there. There aren't many, but they exist.

Re: Coinbase says buying and selling temporarily disabled amid price rout

#187

Post by ceejayoz »

AndrewUnmuted wrote: post #175
ceejayoz wrote: post #134

Earlier quoted context omitted.

> What are you talking about? This is not about the exchange being compromised at all. Yes, it is. The question is "which place to store your coins is riskier?" I'm of the opinion that a decently run exchange with a full security team in place is going to be better at managing security than virtually any individual attempting to do it at home. You, for example, suggested an Android app as a wallet, which seems to con…

> The question is "which place to store your coins is riskier?" Where did you get that idea from? Not from my OP, that's for sure: > One of Bitcoin's selling points is that it's decentralized. By keeping coins in a cloud operated wallet that you don't fully control, you're willfully giving up control over your own wealth, and needlessly putting your coins at risk. Please, do not misrepresent my views. I do not have m…

> needlessly putting your coins at risk

You keep claiming I'm misreading you, but this is the precise bit I'm focused on. For most people, and non-technical folks in particular, storing their own Bitcoin is "needlessly putting your coins at risk". They'd be better off having it on Coinbase and letting their security folks handle the risk.

I couldn't care less about the decentralization aspect of the argument, as none of that matters as a user if my coins all got stolen off my phone. It's already quite clear that Bitcoin is moving towards more centralization with stuff like the Lightning network, as the fully decentralized approach is already creaking under the current load.

Re: Coinbase says buying and selling temporarily disabled amid price rout

#188

Post by Blackthorn »

ethbro wrote: post #184
Blackthorn wrote: post #93

Earlier quoted context omitted.

> I've wondered about this. Specifically, how can you make a market in a product that has high violatility and fairly low trading frequency? A large spread.

Hmm. So are market makers only ever effecting instantaneous matches? I was under the impression they often held some portion of the asset between buy-sell or sell-buy in order to increase liquidity. (Which would explain why they like HFT, as anything that boosts trade frequency would decrease their exposure)

They do hold underlying and have to hedge their risk in various ways. A large spread helps a lot.

Re: Coinbase says buying and selling temporarily disabled amid price rout

#189

Post by flycaliguy »

stygiansonic wrote: post #91
sowbug wrote: post #44

Good opportunity for the old-timers who were daytrading in the 1990s to tell their stories of Datek, E*Trade, Ameritrade, Schwab, etc., failing during peak NASDAQ/NYSE markets. You know who you are -- drinking coffee and staring at multiple monitors while in your boxer shorts at home. 6:29am Pacific, watching Ron Insana and Maria Bartiromo on CNBC... This has all happened before. It will all happen again.

As I’ve said before, watching cryptocurrency markets evolve is like watching the entire history of financial markets being replayed as painful lessons are relearned.

Maybe Bitcoin was created by an A.I. to teach us all a lesson...

Re: Coinbase says buying and selling temporarily disabled amid price rout

#190

Post by logiclion »

fullshark wrote: post #185
munificent wrote: post #139

Earlier quoted context omitted.

The entire Bitcoin saga has been the most shining example of this classic narrative: 1. Technology people are presented with a social/cultural/government situation that seems inelegant, irrational and overly complex. 2. They decide to "solve" that problem using technology. 3. Even with the new technology, it somehow appears everything is not miraculously better. 4. Technology people propose layering a few small socia…

Maybe i'm dense but where else has this classic narrative unfolded? Social media? What you are describing seems to me more common with bureaucratic solutions than technological ones.

web app tools...
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