Crypto fans want deregulated finance. Crypto fans get mad when deregulated finance is comically unfair. You really can’t make this up. Embrace this. It’s exactly what crypto is all about.
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Insider Trading at Coinbase
181–190 of 348 posts
Re: Insider Trading at Coinbase
#182Earlier quoted context omitted.
Interestingly, trading for regular stocks on US exchanges is halted for many reasons including when the price moves too fast, a 10% move in 5 minutes automatically gives a 5 minute halt. https://www.nasdaqtrader.com/Trader.aspx?id=tradehaltcodes
Yeah, the conventional financial markets are rigged, despite (or because?) of layers of regulation and "oversight" - the Robinhood-GME incident and banks/individuals that contributed to the 2008 crash getting off scott-free should have been enough to convince most individuals of this.
2008 crash is a decent example of finance being rigged. Robinhood's handling of GameStop is not. They may be a pretty shit brokerage, but DTCC collateral requirements hit everybody, and they just didn't have enough money lying around to deal with that in the way a lot of customers would have wanted.
Re: Insider Trading at Coinbase
#183Why is everyone discounting the possibility that this is a Coinbase controlled account? They would surely need to purchase the tokens before they list them.
$26-80k in coins doesn't seem like much?
Re: Insider Trading at Coinbase
#184Crypto fans want deregulated finance. Crypto fans get mad when deregulated finance is comically unfair. You really can’t make this up. Embrace this. It’s exactly what crypto is all about.
I think us zealots have been clear on this from the start: centralized, custodial exchanges are not crypto. Please come down on them HARD.
Re: Insider Trading at Coinbase
#185Earlier quoted context omitted.
Couldn't this just be that they keep some amount in cold storage that's not super easily accessible?
They're an exchange. Cold Storage is not their job. It isn't much of an exchange if I have to wait 8 hours to put in a sell order.
I wonder what your statement would be if a hacker compromised the hot wallet and drained all of the funds?
Re: Insider Trading at Coinbase
#186Earlier quoted context omitted.
“Overzealous regulation” = regulation they prevents me as an “entrepreneur” from profiting off of unsophisticated people, in this example.
Who determines what qualifies as “unsophisticated”. This is where the overzealousness creeps in. Regulators always push for more regulations.
I work in fintech. I'm not sure what bank regulations you think are overzealous. To give an example, banks can legally keep you from accessing your data. Whether by blocking your screen scraping or providing an API with poor coverage.
You understand I imagine that the regulations don't use the word "unsophisticated" and as such it's a red herring. We have these (few) regulations because banks and their consumers are not entering into a business arrangement on similar footing. I'm not "too big to fail". I don't get a bailout.
Banks love to collude with one another or engage in predatory behavior, and when we repealed the Glass-Steagall act in 1999 it took less than a decade for the subprime mortgage crisis to rear its ugly head. Allowing banks to also act as securities firms will continue to show us these "once in a lifetime" economic recessions every decade or so. And would you look at that? It's been over a decade since the subprime mortgage crisis, yet here we are back in the same glut.
Crypto doesn't solve any of that. It solved double spending. Most of the "exchanges" that people are using are mixing banking and securities, and when crypto blows out there is nothing left to catch most of the retail investors that shoulder that cost. There already are so many examples that listing them is prohibitive, but I'll remind everyone that Mt Gox handled 70% of all Bitcoin transactions at the time and lost 6% of the entire Bitcoin circulation at the time to hacks. No FDIC insurance, do not pass go, do not collect $200. Laissez faire becomes laissez tomber.
I wish people were honest about why they like crypto -- it's a speculative asset in a time when most people can't afford appreciating assets, and it doesn't require an ID if you avoid exchanges so you can buy contraband. The drawbacks are someone can code a button that is difficult to inspect and if you press it your entire wallet is drained with no recourse. Haven't even touched on the energy or silicon expenditures for a system with laughably tiny adoption
Re: Insider Trading at Coinbase
#187Earlier quoted context omitted.
Accredited investor rules was an example of not having a even playing field. The market is not open to everyone which contributes to unfair outcomes. I'd welcome reforms to transparency as well there, as lack of transparency also contributes to unfair outcomes (the company can exploit investors).
> Accredited investor rules was an example of not having a even playing field. 1. Having an income that qualifies you as an accredited investor doesn't mean that you will have access to higher quality investments. 2. Even if you don't qualify as an accredited investor, you probably still have access to the same set of investments that a capital-poor accredited investor has access to. As an accredited investor, I've n…
You are basically saying that accredited investor rules are not successful in excluding people from making certain types of more desirable investments, because there are other barriers that are in place anyway. I think this is true, but beside the point. If you want to have an even playing field for investing, every barrier is an obstacle.
Re: Insider Trading at Coinbase
#188Crypto fans want deregulated finance. Crypto fans get mad when deregulated finance is comically unfair. You really can’t make this up. Embrace this. It’s exactly what crypto is all about.
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Re: Insider Trading at Coinbase
#189Crypto fans want deregulated finance. Crypto fans get mad when deregulated finance is comically unfair. You really can’t make this up. Embrace this. It’s exactly what crypto is all about.
This is a strawman. It also paints “crypto fans”, as some monolithic group that all think the same way.
I am a crypto fan and do not “want deregulated finance”. It is not “exactly what crypto is all about”. I think most in the space would actually like to see more sensible regulation.
Re: Insider Trading at Coinbase
#190Earlier quoted context omitted.
>Crypto fans get mad when deregulated finance is comically unfair. I’m curious as to where you’ve seen this sentiment from crypto fans? It seems most of the people getting angry about this are people who already disliked crypto and are using this event to add more fuel to the flames.
> I’m curious as to where you’ve seen this sentiment from crypto fans? I mean, Ethereum itself forked over "hey that's no fair" when the DAO got compromised.
Are you saying the fork was a bad thing? Or are you critiquing crypto people for not living up to their values?
For both points, I'd like to mention that there is no universal value set or profile.