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Buy, sell, send and receive Bitcoin Cash on Coinbase

blog.coinbase.com

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Re: Buy, sell, send and receive Bitcoin Cash on Coinbase

#101

Post by hendzen »

pmorici wrote: post #97
gtrubetskoy wrote: post #91

Earlier quoted context omitted.

Exactly how do you "prohibit" trading a crypto currency?

How does any company prohibit anything?

For insider trading on the US equities or options markets, the SEC has surveillance tools that flag unusual short term gains around corporate actions, and then check if any of the counterparties are insiders or related to insiders via marriage, etc.

Don't think anything on that level is being done in the cryptocurrency space.

Obviously a company has to trust its employees to a certain degree but it is certainly easier to conceal cryptocurrency holdings compared to a holdings of a traditional security.

Re: Buy, sell, send and receive Bitcoin Cash on Coinbase

#103

Post by pmorici »

hendzen wrote: post #100
maram wrote: post #99

Earlier quoted context omitted.

this move by coinbase will prompt the gov to regulate trading cryptocurrency, which will lead to further legitimization of cryptocurrency..

so what you're telling me... is that this is good for Bitcoin?

Cash

Re: Buy, sell, send and receive Bitcoin Cash on Coinbase

#104

Post by pmorici »

modeless wrote: post #63
wmf wrote: post #44

Earlier quoted context omitted.

This was announced on Aug 3rd: https://blog.coinbase.com/update-on-bitcoin-cash-8a67a7e8dbd... At that time the price was just under $500 so the public had plenty of time to get in. Also note that the price could very well drop as Coinbase customers sell their "free" BCH.

Yeah, but the exact timing was not announced, and it was known to some insiders. Knowledge of that timing would be worth a very large amount of money.

People who were watching closely had about 3 days notice. a BCH check box briefly appeared in their API key configuration tool a couple days ago and screen shots of it were posted on reddit. Anyone who didn't think Coinbase wasn't going to enable BCH trading was either in denial or not paying attention.

Re: Buy, sell, send and receive Bitcoin Cash on Coinbase

#105

Post by quickthrower2 »

CyrusL wrote: post #86
quickthrower2 wrote: post #82

Earlier quoted context omitted.

IANAA but I imagine it is like a stock split.

I don't agree with the stock split comparisons. Bitcoin Cash is not something that existed inside Bitcoin and was then spun out. It's more like a new company was formed and it's cap table was initialized as a copy of another pre-existing company. I think there just isn't any precedent for the concept of "forking" and how the internal revenue code applies to it.

I see your point. This is something I can imagine lawyers arguing over and there is no right/wrong answer really.

The cap table is interesting though. One could say it starts off at $0 but that isn't really true as there is a 'good will' value due to the public knowledge of the fork and that the coin will be worth something.

Re: Buy, sell, send and receive Bitcoin Cash on Coinbase

#106

Post by tehlike »

erentz wrote: post #93
colinbartlett wrote: post #77

So if I sell my newfound BCH today, which was birthed from thin air a few months ago, but originates from BTC I bought years ago, is it short term capital gains or long term?

Short term capital gain with a cost basis of $0 makes the most sense.

More like dividends then?

Re: Buy, sell, send and receive Bitcoin Cash on Coinbase

#107

Post by maram »

hendzen wrote: post #100
maram wrote: post #99

Earlier quoted context omitted.

this move by coinbase will prompt the gov to regulate trading cryptocurrency, which will lead to further legitimization of cryptocurrency..

so what you're telling me... is that this is good for Bitcoin?

I'm telling you that this is good for legitimizing cryptocurrency and its trading overall. And when when so many people start to perceive cryptocurrency as a legitimate currency, the price will eventually go up for bitcoin. This is an early stage mainstream...

Re: Buy, sell, send and receive Bitcoin Cash on Coinbase

#108

Post by f2n »

hendzen wrote: post #5

I wonder how much money Coinbase employees, friends and family made by insider trading on this announcement. Gotta love unregulated markets!

Per their twitter, "Coinbase employees have been prohibited from trading in Bitcoin Cash for several weeks."

https://twitter.com/coinbase/status/943290391419174912

Re: Buy, sell, send and receive Bitcoin Cash on Coinbase

#109

Post by fanzhang »

c0nducktr wrote: post #52
fanzhang wrote: post #28

Earlier quoted context omitted.

Coinbase customers probably prioritize receiving an extra 10%+ value on their accounts above those features.

It's all good until you actually have a problem, and then you're just stuck emailing someone who never replies.

Agreed it would suck to hold a bank account (Paypal, Coinbase) and then get deprioritized because your account isn't important enough.

It would be interesting to see what fraction of accounts have a "serious contention" with them on the order of not being able to move substantial funds. If any institution showed a figure even has high as 5% I would be seriously dissuaded.

Re: Buy, sell, send and receive Bitcoin Cash on Coinbase

#110

Post by an_account »

quickthrower2 wrote: post #105
CyrusL wrote: post #86

Earlier quoted context omitted.

I don't agree with the stock split comparisons. Bitcoin Cash is not something that existed inside Bitcoin and was then spun out. It's more like a new company was formed and it's cap table was initialized as a copy of another pre-existing company. I think there just isn't any precedent for the concept of "forking" and how the internal revenue code applies to it.

I see your point. This is something I can imagine lawyers arguing over and there is no right/wrong answer really. The cap table is interesting though. One could say it starts off at $0 but that isn't really true as there is a 'good will' value due to the public knowledge of the fork and that the coin will be worth something.

But if there was a “good will” value then you would had to have paid taxes on the value at the time of aquiring the asset (when the fork happened). You can’t just be gifted something of substantial value and not pay taxes on it.
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