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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

#231

Post by makomk »

cma wrote: post #180
dheera wrote: post #152

Earlier quoted context omitted.

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…

Many people predicted the opposite of this would happen though. That when coinbase users got their BCH freed up they would dump it on the market and tank it, and part of the announcement includes freeing up users' BCH.

People originally assumed that Coinbase were only going to allow people to withdraw their BCH and not open up trading, because that's what Coinbase had said they were going to do right up until the point when they suddenly did open up trading on BCH.

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

#232

Post by teekert »

product50 wrote: post #198
twodave wrote: post #30

Why 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…

If this was so obvious to you in the hindsight, you could have made a ton of money by backing this with investments.

Only if he knew that it wasn't obvious to anyone else ;). I guess people that have been playing with crypto currencies for a long time (like me) have been having a lot of "wtf, why now" moments lately.

I find myself explaining blockchains at birthdays all of a sudden. No one cared whe I first started voicing my enthusiasm over this tech in 2011 or so and then again in 2014. I didn't get rich from it, I really don't understand why people want BTC just at the point the transaction costs are insane and the political situation is unclear with all the forks and such. In 2014 I settled beer bills over BTC and transactions costs were negligible. It was pure fun. Strange world.

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

#233

Post by makomk »

elliotec wrote: post #151
chrisco255 wrote: post #134

Earlier quoted context omitted.

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.

It was literally impossible for most holders to sell at the price when the Bitcoin Cash fork happened because none of the exchanges were accepting deposits. Part of the reason the price was so high then was exactly because people couldn't sell; it dropped as soon as deposits opened. (Since this happened at different times on different exchanges, the prices diverged quite a lot too.)

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

#234

Post by bencollier49 »

schrodinger wrote: post #217
josephagoss wrote: post #162

Earlier quoted context omitted.

Here is a counter point I would argue. Anyone can make a Bitcoin fork, in fact Bitcoin forks are being made every week now. Is every Bitcoin holder now liable for that? Also these forks often collapse, so when was the income gain? The same day? You'd have people owing more tax than their entire net worth. (Forks often pump in the first day/week then drop to nothing.) If this is possible then you could attack every Bi…

Wouldn’t it not count as income until you sold it for USD? In which case you wouldn’t be liable for every fork, just the ones you benefitted from.

That's the way it's treated in UK law, but apparently in the US, you're liable for the tax as soon as you have access to the asset. I think the same thing causes people problems with stock options. Seems like an odd bit of legislation.

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

#235

Post by Cthulhu_ »

Improvotter wrote: post #220

Coinbase announces support for a cryptocurrency and the price skyrockets. I can't believe people just start to buy a cryptocurrency because they suddenly can more easily.

> I can't believe people just start to buy a cryptocurrency because they suddenly can more easily.

Well now you know. Speaking for myself, I can't be bothered to upload my ID to another exchange again. I probably should because I haven't been able to send money to Coinbase in forever but eh. Coinbase is very simple to use, and you should never underestimate the value of convenience. It's one of the things that made Amazon as large as it is today.

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

#236

Post by Cthulhu_ »

petercooper wrote: post #8

All customers who held a Bitcoin balance on Coinbase at the time of the fork will now see an equal balance of Bitcoin Cash available in their Coinbase account. Pardon the naive question, but does this mean Coinbase users who held Bitcoin have essentially "doubled their money"?

That's what I thought with the Cash fork, suddenly in addition to an X amount of BTC you also get an Y amount of a new cryptocurrency for free - no financial investment or mining required. Logically what should happen is that the bitcoin price dropped by the exact amount of what bitcoin cash was worth, but in reality that's not true because the market is not rational.

I can imagine Coinbase held out on offering trading - if everyone wanted to cash out then Coinbase suddenly had to come up with millions of dollars that didn't come in through normal purchases of e.g. bitcoin.

IMO, bitcoin cash was generating valuable cryptocurrencies out of thin air.

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

#237

Post by Cthulhu_ »

alva wrote: post #223
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 have shut down numerous times when there is large (usually downward trending) volatility. It is very suspicious. This has been happening for years now.

And yet there's nothing you can do about it unless you can prove they did it for personal gain; they operate a service outside the requirements given to e.g. the NYSE, and you the consumer agree to that risk by giving them your money.

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

#239

Post by notyourday »

symlinkk wrote: post #132
notyourday wrote: post #113

Earlier quoted context omitted.

Rubbish. Someone who works at Morgan/Goldman/JPM/etc cannot trade on an account at a different brokerage on the announcement. If they do, they will get nailed and most likely go to jail

This isn't the stock market, this is unregulated.

So Coinbase should stop pretending that "three are rules"

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

#240

Post by notyourday »

vasilipupkin wrote: post #229
notyourday wrote: post #113

Earlier quoted context omitted.

Rubbish. Someone who works at Morgan/Goldman/JPM/etc cannot trade on an account at a different brokerage on the announcement. If they do, they will get nailed and most likely go to jail

BCH isn't a stock, it's a currency. I don't think there are any insider trading rules for currencies.

Coinbase has state licenses. It is regulated.
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