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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

#201

Post by massaman_yams »

anonymous5133 wrote: post #177
electic wrote: post #164

It is interesting to see all the people up in arms here. Everyone here is assuming that no one knew that Coinbase was going to add Bitcoin Cash. That simply isn't true. For the last two months, they have said they plan to add it. In fact, Bitcoin Cash was about 280 dollars and it was common knowledge Coinbase was going to support it. You, the employees, and everyone else could have loaded up if you wanted to. Lastly,…

I made a killing on the BCH speculation because if you looked at the coinbase API, you could clearly see they had BCH support already implemented even before the announcement! Made 250k profit just today alone.

Even back in August, specifying BCH-USD on certain api calls would return a 200 and a blank api response, rather than a 400 and {'message': 'not a valid product_id'}.

Seems like that's ripe for enumeration...

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

#202

Post by kbart »

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...

They can simply ask a friend or buy them anonymously. I don't see how this rule could be enforced in practice.

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

#203

Post by jmknoll »

twodave wrote: post #50
huangc10 wrote: post #41

Earlier quoted context omitted.

> assuming no additional risks emerge The letter was simply a possible notion. No guarantee. Why not send out another letter saying they were going to release it on this day? I know why, because they wanted to manipulate the market.

I thought it was pretty obvious if they committed to giving people their BCH balance they'd have to at least halfway support it. Plus, they never reported any setbacks. The people I talk crypto with and myself are already busy trying to guess what will make it on Coinbase/GDAX after BCH. If this development is any indicator, we're wasting our time since we can just wait until they announce and buy in the period betwe…

I’m not sure that they’ll announce the next one. I think BCH was a bit of an anomaly i this regard. At the time of the fork, Coinbase announced that they wouldn’t support BCH, and then in response to the outcry, changed course and said that they would.

I’m not so sure they’ll do the same with upcoming additions. I do definitely see the merit of trying to guess their next move though, as there seems to be a lot of money in Coinbase just chasing whatever comes up in hopes that it will also go to 20,000/coin

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

#204

Post by massaman_yams »

seanwilson wrote: post #200

For other exchanges that support large numbers of other coins, how are they able to do this and Coinbase cannot? I'm assuming there's some development and risk involved but what work is involved in adding a new coin?

Exchanges that offer trading on hundreds of currency pairs have to deal with UI clutter and consumer confusion. For Coinbase, that's a much bigger deal than the arguably small technical cost to add the currency.

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

#206

Post by hyprCoin »

cohnnton wrote: post #23

it's hilarious how many suckers will get drawn to this scam over and over..... 1.) omg this cryptocurrency is so transactional/rare 2.) nope. this isn't transactional at all! it costs me $350 to send $350! 3.) nope. it's not rare, coinbase just added ANOTHER transactional/rare crytocurrency! 4.) time to lose 80% on another cryotocurrency!

You and I seem to have had very different differences in crypto currency.

1) Rarity does play a factor in some currencies. Others less so. You get to choose what is important to you.

2) Transaction fees for BTC are hovering at $30 last I checked. Still huge but other coins have low to no fees.

3) There is only one vitalik. Some resources are scarce.

4) The only way you could have lost money in the last year was by day trading. Don't do that unless you are ok with extreme risk/reward scenarios. You can easily lose 80% with a few bad trades.

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

#207

Post by massaman_yams »

cvoss wrote: post #78
wickedlogic wrote: post #60

I suspect they have some fixing to do yet... common prices listed on indexes are ~$3,539.82 USD at the moment. Coinbase UI has the UI pegged at $8,499.03 .. with console errors, and ssl to be distrusted errors.

The UI's prices were/are accurate as far as I can tell. I think the trading was just that unstable. When it opened at 17:20 PST, the price was indeed ~$3.5k, then shot up and down violently until they pulled the plug three minutes later at ~$9.5k.

First trades started at 3100.

https://api.gdax.com/products/bch-usd/trades?after=50

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

#208

Post by ddnb »

spookthesunset wrote: post #174
maram wrote: post #154

Earlier quoted context omitted.

>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 cu…

It's nothing like the internet or hotmail. Bitcoin is hot air. There is no "there" in cryptocurrency. It is inefficient, slow and solves no real world problem. Our existing infrastructure works just fine for 99% of all users. Lets not even forget that bitcoin is 9 years old. If it was gonna catch on, it already would have. The only way it has "caught on" is a pump & dump get rich quick scheme.

> It's nothing like the internet or hotmail. Bitcoin is hot air. There is no "there" in cryptocurrency. It is inefficient, slow and solves no real world problem. Our existing infrastructure works just fine for 99% of all users.

That doesn't matter does it, I remember seeing a TV show interviewing random people on the street 20 years ago asking what they thought about cell-phones. Everyone said they don't see a future for this new gadget, they have a phone at home and can call anyone whenever they want, they don't want to be disturbed at anytime and everywhere. Cell phones were perceived as more of a nuissance than solving a real world problem, the existing infrastructure worked fine for 99% of all users.

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

#209

Post by krrrh »

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.

It’s not like a stock split, but it is like a spinoff. It’s easier to compare it to a company being split into equal parts with roughly similar functions than the spinning off of a smaller division. Conceptually more like the splitting up of Ma Bell, or of ALDI into ALDI Nord and ALDI Süd.

The only problem is that there is no entity that can issue a notice on how to assign the basis, which is how things are usually handled in equities. The price of BCH was all over the place immediately after the fork, though for a while the price of BTC+BCH was closer to the old price of BTC than BTC alone was, which is what you’d expect.

See this post for an example of a duplicated cap table in an equity market.

https://money.stackexchange.com/questions/23176/in-the-event...

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

#210

Post by kough »

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…

They aren't frontrunning their customers. Their whole brand is being the one trustworthy option in a world of scammers; they already make a fuckload of money off of transaction fees, no reason to throw out that trust and ruin their cash cow. It's just a scaling problem, turns out it's hard to make Ruby on Rails handle their needs.
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