Insider Trading at Coinbase
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Insider Trading at Coinbase
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Re: Insider Trading at Coinbase
#2Why wouldn't they? The risk of getting caught is virtually zero if you do it right and even if you get caught you get a slap on the wrist and a fine at best. It's just pathetic that for a company which so hard tries to legitimize crypto they have issues like this over and over again. The inherent nature of a "get rich quick" ecosystem where the incentives to pull all kinds of shady and illegal actions are too high and the repercussions are basically non-existent.
Re: Insider Trading at Coinbase
#3Insider trading should just be legal and fine. I mean politicians do it every day so I don’t see why normal people shouldn’t be allowed to.
Or make it actually illegal not just “legal if you have enough resources”
Re: Insider Trading at Coinbase
#4Unsurprising as I said before [0], after what happened with OpenSea [1], Internet Computer [2] and now ApeCoin [3], you get this. This is how they pump and dump on retail over again.
Rinse and repeat.
[0] https://news.ycombinator.com/item?id=30725449
[1] https://www.cnbc.com/2021/09/15/opensea-insider-trading-rumo...
[2] https://startupsandecon.substack.com/p/you-dont-own-web3-a-c...
[3] https://www.financemagnates.com/cryptocurrency/apecoin-by-yu...
Re: Insider Trading at Coinbase
#5Why wouldn't they? The risk of getting caught is virtually zero if you do it right and even if you get caught you get a slap on the wrist and a fine at best. It's just pathetic that for a company which so hard tries to legitimize crypto they have issues like this over and over again. The inherent nature of a "get rich quick" ecosystem where the incentives to pull all kinds of shady and illegal actions are too high an…
In the world of cryptocurrency, even the wrist slap isn't a given.
To me, cryptocurrency has been a very cool social experiment in what pure unregulated free market capitalism would work like in practice. Supposedly in place of regulations, companies would live on reputation and trustworthy business practices. If you use poisonous lead in your soup cans, people will stop buying your soup when word gets out, no need to regulate, companies will self-regulate to stay profitable and relevant.
Reputation and trust is probably the most important thing Coinbase can hoard, it's the one way a legitimate company that acts like an exchange and/or bank for cryptocurrency can use to rise above all the scams and dubious services that's going on in the cryptocurrency world. And yet here they are pissing it down the drain for easy short-term profits. Surprise surprise.
The truth is, trust, reputation and even human lives are just input values in the big equation of profits. The free market will always optimize for the best option, even if that option is an overall net loss for humanity.
Re: Insider Trading at Coinbase
#6The big-brain move would be to identify the wallets that must be trading on “insider” info, and copy their trades?
Re: Insider Trading at Coinbase
#7Insider trading should just be legal and fine. I mean politicians do it every day so I don’t see why normal people shouldn’t be allowed to. Or make it actually illegal not just “legal if you have enough resources”
This is a hilariously misinformed take, indicative of reading news in a bubble. The cryptosphere benefits when folks like you don your tin foil hats.
You do realize the amount of scrutiny is far greater, affects all individuals above a certain pay grade at publicly traded companies, and that regulation continuously evolves? Protections against wash and insider trades are an important consumer protection but crypto advocates would rather you believe the current system doesn’t offer those affordances than admit deficiencies in their blockchain based ecosystems
Re: Insider Trading at Coinbase
#8Insider trading should just be legal and fine. I mean politicians do it every day so I don’t see why normal people shouldn’t be allowed to. Or make it actually illegal not just “legal if you have enough resources”
Modern society would collapse if insider trading was legal. It would about as well as making bribery legal.
Re: Insider Trading at Coinbase
#9Unsurprising as I said before [0], after what happened with OpenSea [1], Internet Computer [2] and now ApeCoin [3], you get this. This is how they pump and dump on retail over again. Rinse and repeat. [0] https://news.ycombinator.com/item?id=30725449 [1] https://www.cnbc.com/2021/09/15/opensea-insider-trading-rumo... [2] https://startupsandecon.substack.com/p/you-dont-own-web3-a-c... [3] https://www.financemagnates.c…
I honestly think you'd be hard pressed to find a crypto business that isn't rooted in some kind of scam, greater fool scheme, pyramid scheme, or the like. The whole industry is a mess.
Re: Insider Trading at Coinbase
#10Is this insider trading according to the law? Nonpublic information isn't being used to trade public stocks; it's being used to trade assets that don't appear to be regulated securities.