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Buy, sell, send and receive Bitcoin Cash on Coinbase
121–130 of 304 posts
Re: Buy, sell, send and receive Bitcoin Cash on Coinbase
#122So 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?
https://bitcoin.tax/blog/how-to-tax-bitcoin-cash-bch/
What if you had no interest in BCH but you owned 1,000 BTC. Do you suddenly have a $277,000 income tax bill?
Yes, as discussed by Tyson Cross, tax attorney at BitcoinTaxSolutions.com. Since you have accession to wealth then this is taxable income.
Re: Buy, sell, send and receive Bitcoin Cash on Coinbase
#123So 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?
Consider the following counterfactual: What if Bitcoin Cash had become accepted as the "true" Bitcoin and the original Bitcoin's market cap plummeted to near zero? Then you would treat it as a long-term capital gain if you sell it, right? Technically, there is little to distinguish a contentious fork from an upgrade to the Bitcoin protocol.
As another counterfactual: What if the SegWit2x fork had happened, and each of the two resulting cryptocurrencies had roughly equal market cap and each claimed to be the "true" Bitcoin? I don't see how the IRS could coherently distinguish between these two cryptocurrencies and treat the sale of one as a long-term gain but a sale of the other as a short-term gain.
Re: Buy, sell, send and receive Bitcoin Cash on Coinbase
#124Why is anyone surprised by this? Coinbase sent an email out months ago saying they'd do this by Jan 1, 2018. Dear Coinbase customer, ... We are planning to have support for bitcoin cash by January 1, 2018, assuming no additional risks emerge during that time. ... Thank you, Coinbase Team Am I crazy? Edit: let me answer those who think I am crazy. BTC literally tripled overnight a few weeks ago when there was "specula…
I can only assume that there is some population of speculators that are only able to purchase bitcoin cash through Coinbase.. maybe the other exchanges make it too difficult?
Re: Buy, sell, send and receive Bitcoin Cash on Coinbase
#125I've had the worst customer support experience with coinbase. I'd advise not using their service. They aren't equipped to support their customers. I'm out of pocket $1000 and have been in a "queue" for the last couple of months.
Re: Buy, sell, send and receive Bitcoin Cash on Coinbase
#126Earlier quoted context omitted.
How does any company prohibit anything?
The way it's usually done in the US is employees have a special brokerage account which is closely monitored (and probably won't let you trade during blackouts). Even if you had your own account on the side, the brokers would have caught it - this stuff is monitored very closely. When it comes to crypto - all you need is an offshore exchange, of which there are plenty. In all honesty, I don't know what is going on at…
"In all honesty, I don't know what is going on at Coinbase. It looks like a circus and I suspect its days are numbered."
You must be joking. Coinbase is probably on track to be the most valuable company YC has ever invested in hands down. Their user growth is insane [0] at 2 million+ per month and a growth rate that appears to be doubling every month. They recently announced they had more users trading on their platform than Charles Schwab. [1] Schwab is a 70 Billion dollar company. I wouldn't be surprised if Coinbase ends up being bigger than YC's next three biggest hits combined.
[0] https://docs.google.com/spreadsheets/d/1NgvD2kFT69mSXuJPzPDu...
[1] https://www.cnbc.com/2017/11/27/bitcoin-exchange-coinbase-ha...
Re: Buy, sell, send and receive Bitcoin Cash on Coinbase
#127Earlier quoted context omitted.
The way it's usually done in the US is employees have a special brokerage account which is closely monitored (and probably won't let you trade during blackouts). Even if you had your own account on the side, the brokers would have caught it - this stuff is monitored very closely. When it comes to crypto - all you need is an offshore exchange, of which there are plenty. In all honesty, I don't know what is going on at…
"In all honesty, I don't know what is going on at Coinbase. It looks like a circus and I suspect its days are numbered." You must be joking. Coinbase is probably on track to be the most valuable company YC has ever invested in hands down. Their user growth is insane [0] at 2 million+ per month and a growth rate that appears to be doubling every month. They recently announced they had more users trading on their platf…
I'm sure the principals of Mt. Gox felt the same way.
At least before it got hacked.
All it takes is one slip-up.
Re: Buy, sell, send and receive Bitcoin Cash on Coinbase
#128Earlier quoted context omitted.
Exactly the first thought that came to my mind. BCH up 30%. I wonder how many Coinbase employees bought BCH throughout this past month. Also. it's easily predictable that introducing a new currency will temporarily affect the other currencies negatively. Very gray area.
Thought experiment: Just say Citibank adds the Mexican pesos to their products, USA & international, side by side to all their USD products. If citibank bought pesos before the announcement, would they be engaging in insider trading? (Pesos are just for illustrative purposes, replace with your local currency) If so, would every bank need to halt trading in a currency before adding it?
fx market is not regulated like that actually. frontrunning is not necessarily illegal.
Re: Buy, sell, send and receive Bitcoin Cash on Coinbase
#129All this cryptocurrency talk has inspired me to understand the innerworkings of exchanges -- so how does a company like Coinbase scale to meet the demands of new customers? Surely they're not the first company to deal with this problem.
I don't think the problem is scale, the problem is there are multi-exchanges for the same asset. You can't trade GOOG, or TSLA on both NYSE and the NASDAQ for precisely this reason - a run up on one exchange will cause the entirety of money to shift for arbitrage. This is the real problem they are facing, imho.
Re: Buy, sell, send and receive Bitcoin Cash on Coinbase
#130I wonder what will be the next asset they will launch on coinbase. I sure can buy up now and wait :-)