Insider Trading at Coinbase • Hacker News Board

Re: Insider Trading at Coinbase

#261

Post by reedjosh » Wed, Apr 13, 2022, 4:33 PM UTC

objclxt wrote: post #225

yrral wrote: post #149

Earlier quoted context omitted.

The concept of visa/mastercard was also largely unregulated at the time they launched. Take a look at the history of visa article on wikipeida https://en.wikipedia.org/wiki/Visa_Inc.#History Visa was not the first, and other tries to do a credit/charge before them were much worse or limited in scope. This is similar today to what is happening in web3/crypto. If you don't think the ingenuity of humans will get us some…

> This is similar today to what is happening in web3/crypto. If you don't think the ingenuity of humans will get us somewhere productive with these technologies, then I don't know what to say to you. They won't, because they achieve nothing that can't already be accomplished with proven technologies. Axie Infinity could easily be built using regular plain old databases, but they built in on the blockchain using a ter…

What can't be achieved otherwise is digitally transferrable value without government intervention.

Re: Insider Trading at Coinbase

#262

Post by thruway516 » Wed, Apr 13, 2022, 4:36 PM UTC

matheusmoreira wrote: post #238

parkingrift wrote: post #107

Crypto fans want deregulated finance. Crypto fans get mad when deregulated finance is comically unfair. You really can’t make this up. Embrace this. It’s exactly what crypto is all about.

"Crypto fans" never wanted centralized exchanges dominating the entire space. Cryptocurrency was invented to put an end to banks, not to create new unregulated pseudo-banks that are even worse than the previous system. You think we're not aware of the fact that exchanges have access to vast amounts of market information? They can literally bet against their own users on futures if they want. We want deregulation when…

From my experience in cryptoverse, you and all the idealists who still think like this are in the minority, completely swamped by all the people who don't care which way it goes so long as they get filthy rich

Re: Insider Trading at Coinbase

#263

Post by reedjosh » Wed, Apr 13, 2022, 4:36 PM UTC

im3w1l wrote: post #247

TruthIsHeresy wrote: post #124

Earlier quoted context omitted.

>The vast majority of regulation is there to protect market participants. Anyone involved with GME knows this isn’t true.

I actually think the opposite. Causing a short squeeze is market manipulation. Regulatory agencies let it happen anyway because it was done by random nobodies.

If a short squeeze happens that by definition means the shorts were over zealous.

If a market allows shorts it should allow a squeeze as a mechanism of balance.

Re: Insider Trading at Coinbase

#264

Post by TacticalCoder » Wed, Apr 13, 2022, 4:37 PM UTC

tastyfreeze wrote: post #213

thwayunion wrote: post #179

Earlier quoted context omitted.

> Accredited investor rules was an example of not having a even playing field. 1. Having an income that qualifies you as an accredited investor doesn't mean that you will have access to higher quality investments. 2. Even if you don't qualify as an accredited investor, you probably still have access to the same set of investments that a capital-poor accredited investor has access to. As an accredited investor, I've n…

Prosper.com and similar lending platforms do not require a lot of capital but users are required to be accredited investors.

> Prosper.com and similar lending platforms do not require a lot of capital but users are required to be accredited investors.

Last I checked to be an accredited investor, in the EU at least, you had to have 1 million EUR available for investments. So an organism (like a bank), where you have that amount, will certify that you have it and then you can get labelled "accredited investor".

As a sidenote I don't see it as proving you're savvy or anything: it's more like a club where they don't want "plebs" to pollute their members.

The whole concept stinks.

Re: Insider Trading at Coinbase

#265

Post by reedjosh » Wed, Apr 13, 2022, 4:38 PM UTC

thruway516 wrote: post #262

matheusmoreira wrote: post #238

Earlier quoted context omitted.

"Crypto fans" never wanted centralized exchanges dominating the entire space. Cryptocurrency was invented to put an end to banks, not to create new unregulated pseudo-banks that are even worse than the previous system. You think we're not aware of the fact that exchanges have access to vast amounts of market information? They can literally bet against their own users on futures if they want. We want deregulation when…

From my experience in cryptoverse, you and all the idealists who still think like this are in the minority, completely swamped by all the people who don't care which way it goes so long as they get filthy rich

Count me part of the minority then

Re: Insider Trading at Coinbase

#266

Post by thwayunion » Wed, Apr 13, 2022, 4:40 PM UTC

TacticalCoder wrote: post #264

tastyfreeze wrote: post #213

Earlier quoted context omitted.

Prosper.com and similar lending platforms do not require a lot of capital but users are required to be accredited investors.

> Prosper.com and similar lending platforms do not require a lot of capital but users are required to be accredited investors. Last I checked to be an accredited investor, in the EU at least, you had to have 1 million EUR available for investments. So an organism (like a bank), where you have that amount, will certify that you have it and then you can get labelled "accredited investor". As a sidenote I don't see it a…

In the US $200K income suffices.

Also, if prosper.com is the "club", then it's a pretty shit club. VISA provides exposure to the high yield consumer credit market and had returns that were modestly higher than prosper over the same time frame. By which I mean ~100% appreciation over 3 years vs. 5.7% per annum. And the risk profile of the equity play might even be lower; we don't know, since the distribution of defaults is not published by prosper.

Re: Insider Trading at Coinbase

#267

Post by msoad » Wed, Apr 13, 2022, 4:40 PM UTC

axg11 wrote: post #91

Why is everyone discounting the possibility that this is a Coinbase controlled account? They would surely need to purchase the tokens before they list them.

It's more like someone inside Coinbase owning this wallet.

Re: Insider Trading at Coinbase

#268

Post by qeternity » Wed, Apr 13, 2022, 4:43 PM UTC

drekk wrote: post #186

qeternity wrote: post #162

Earlier quoted context omitted.

Who determines what qualifies as “unsophisticated”. This is where the overzealousness creeps in. Regulators always push for more regulations.

I work in fintech. I'm not sure what bank regulations you think are overzealous. To give an example, banks can legally keep you from accessing your data. Whether by blocking your screen scraping or providing an API with poor coverage. You understand I imagine that the regulations don't use the word "unsophisticated" and as such it's a red herring. We have these (few) regulations because banks and their consumers are…

You're missing the point entirely. It's not as if the regulatory landscape is only decided by regulators. The fact that we have balance in regulations is because other people push back on regulators (legislators, lobbyists, etc). This is a good balancing act, that should result in reasonably optimal regulations.

But it doesn't mean the moral hazard doesn't exist.

Re: Insider Trading at Coinbase

#269

Post by FabHK » Wed, Apr 13, 2022, 4:45 PM UTC

TheColorYellow wrote: post #198

jcranberry wrote: post #167

Earlier quoted context omitted.

Accredited investing requirements are to keep non-experts or people without money to lose from being swindled by companies which aren't required to be transparent with their financials.

Public companies swindle quite often, and usually with more catastrophic results. When are we going to admit that the current rules are no longer working?

So, given that companies swindle with catastrophic results, you're suggesting to have fewer rules and regulations? Less enforcement and oversight?

Re: Insider Trading at Coinbase

#270

Post by vmception » Wed, Apr 13, 2022, 4:46 PM UTC

hmate9 wrote: post #93

axg11 wrote: post #91

Why is everyone discounting the possibility that this is a Coinbase controlled account? They would surely need to purchase the tokens before they list them.

No they don’t. You trade with other users not coinbase directly

crypto exchanges are all over the place regarding this

its not pretty