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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

#151

Post by elliotec »

chrisco255 wrote: post #134
ohhhlol wrote: post #122

Earlier quoted context omitted.

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.

At what price would you go off of? The price when Coinbase granted access? Or the price of BCH when the actual fork happened?

The actual fork, because that's when it became yours technically.

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

#152

Post by dheera »

f2n wrote: post #108
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

So have your SO/friend/etc. buy a bunch of it and slip you a gift card as a Christmas present? There's no law banning insider trading; Coinbase cannot really enforce anything beyond their own contractually-bound employees.

I actually find it interesting/relieving to have a market where insider trading is legal. If you got your hands on inside information, more power to you!

In the stock market, insider trading being illegal effectively only helps institutions who are already rich, have access to high-frequency trading, effectively do insider trading anyway and get away with it, and puts the average Joes sitting at home with an eTrade account at a distinct disadvantage.

There are things that cryptocurrencies could do to avoid insider trading becoming abused. For example, ensure that larger trades take a long time. Trades of 1000 BTC should require days to execute, while trades of 0.1 BTC should execute in milliseconds. That would help de-throne the hedge funds of the world who have access to more information than average Joe can process, and empower average Joes to leverage everything they know, without messing up the market dynamics for small quantities.

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

#153

Post by elliotec »

mrb wrote: post #147
beebmam wrote: post #144

Insider crypto trading is a giant issue and it's extremely fucked up.

FYI: « Coinbase maintains a strict trading policy and internal guidelines for employees. Coinbase employees have been prohibited from trading in Bitcoin Cash for several weeks. » https://mobile.twitter.com/coinbase/status/94329039141917491...

Or what? They get caught (highly unlikely) and if so, fired (very wealthy now, and quite employable)? Hard to see a downside to breaking that "strict" rule.

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

#154

Post by maram »

spookthesunset wrote: post #136
maram wrote: post #107

Earlier quoted context omitted.

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...

> And when when so many people start to perceive cryptocurrency as a legitimate currency, the price will eventually go up for bitcoin. Bitcoin doesn't work as a currency. It's slow, expensive and can never ever scale to handle even the needs of a small town. > This is an early stage mainstream... Keep dreaming.

>Bitcoin doesn't work as a currency No cryptocurrency is working as a currency today.

>Keep dreaming. its not functioning as a currency..no cryptocurrency's has a stable intrinsic value because not many people are using it as a currency YET. Everyone is trading cryptocurrencies, and it will continue like that to attract more people. the price will be stable when: 1. people outside the tech real start using it as a currency to buy stuff with (not to cash it) 2. the technology is still so expensive.

its like the internet and hotmail back in 1996..you can argue whether it was a mainstream or an early stage mainstream..it all depends on your "perception"

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

#155

Post by MichaelGG »

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.

And if Bitcoin Cash starts being recognized as Bitcoin? (Far fetched, but not in the Segwit2X case.) Use your original cost basis?

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

#156

Post by elif »

huangc10 wrote: post #16
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!

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.

Eh it's up 500%+ from virtually all summer. Investing makes way more sense than trying to day-trading a 1-day 50%.

Coinbase announced they'd support bitcoin cash by the end of the year. It's the last normal business week of the year. Basically anyone who paid attention to their announcements knew it was impending.

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

#157

Post by agorabinary »

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!

There is a huge amount of non-public information out there that insiders can use for profit, and it will always be the case no matter what regulations you enforce.

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

#158

Post by TaylorGood »

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!

It wasn't a given the announcement would skyrocket BCH, however, I'd be shocked if anyone at Coinbase wasn't extremely successful with Crypto right now. The fringe benefit of being in an environment where they breath cryptocurrency is digital gold, or at least a strong multiple of their salaries.

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

#159

Post by ringaroundthetx »

elliotec wrote: post #153
mrb wrote: post #147

Earlier quoted context omitted.

FYI: « Coinbase maintains a strict trading policy and internal guidelines for employees. Coinbase employees have been prohibited from trading in Bitcoin Cash for several weeks. » https://mobile.twitter.com/coinbase/status/94329039141917491...

Or what? They get caught (highly unlikely) and if so, fired (very wealthy now, and quite employable)? Hard to see a downside to breaking that "strict" rule.

They get to graduate to running a hedge fund or an ICO for being a former Coinbase employee :)

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

#160

Post by TaylorGood »

throwaway12351 wrote: post #85

Does anyone else find it highly suspicious that Coinbase goes down whenever there is any major movement in prices? You can explain this as just the natural result of too much traffic, but that's not convincing. This is a business valued at over 1 billion dollars that has been operating for years. If this is still a problem, it's either unbelievable incompetence, or because they see no reason to fix it. And here is a…

According to Twitter, they're in the ballpark of 500k concurrent users.
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