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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

#291

Post by yueq »

gamblor956 wrote: post #286
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?

BCH received in the fork should be treated like the receipt of free money: as income. So, you get taxed on that as if it were cash. If/when you later sell it, you will be taxed again on any gain in the value of the BCH at the time of sale as capital gain (but only on the gain, not the total value of the BCH). Alternatively, if the value has dropped, you will get a capital loss deduction. Whether it is short-term or l…

IRS has real motivation to trace Satoshi now.

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

#292

Post by cwkoss »

Falkens_Maze wrote: post #127
pmorici wrote: post #126

Earlier quoted context omitted.

"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.

Mt. Gox was orders of magnitude smaller than Coinbase is today.

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

#293

Post by massaman_yams »

xexers wrote: post #251
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 must have missed the memo. Did coinbase specify other cryptocurrencies (specifically) that they would be supporting in the future?

Closest they've come that I'm aware of is this -

"...we do not believe it is safe to allow support for Bitcoin Gold at this time. If the blockchain proves to be secure and valuable, GDAX may choose to support it and at that point credit your account with an amount of Bitcoin Gold equal to your Bitcoin (BTC) balance at the time of the fork."

https://blog.gdax.com/timeline-and-support-bitcoin-segwit2x-...

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

#294

Post by jpatokal »

tobiaswk wrote: post #250
jpatokal wrote: post #222

Earlier quoted context omitted.

It's also a vote of confidence. Many people, including me, assumed that Bitcoin Cash would rapidly become worthless and sold it off immediately. Having the largest Bitcoin exchange in the world support it means it may actually hang around for a while.

If I may ask... Why did you have this assumption? I'm asking you specifically because like you said many sold their Bitcoin Cash. I suspect those who didn't were mostly the ones with deeper insight of the underlying technology. When the fork occurred full blocks had already been a problem for well over a year. Segwit was not the solution and overcomplicated the blockchain. This is not debatable anymore. Bitcoin Cash…

Forking anything is hard and forking Bitcoin is designed to be particularly difficult, so regardless of technical merit, the odds were stacked against BCH being able to supplant BTC.

To me it seems much more likely that another, unrelated cryptocurrency will eventually fulfill the role BTC was originally intended for.

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

#295

Post by JonnyNova »

nmj wrote: post #281
JonnyNova wrote: post #260

Earlier quoted context omitted.

Can you elaborate on why you think that increasing the block size doesn't seem like a solution for scaling?

For the same reason we do not make bigger cars when we want to go to space.

That is not a good comparison to the situation. Cars and outer space have nothing to do with each other at all. Whereas the number of transactions is directly impacted by the available size on the block that they consume.

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

#296

Post by gtrubetskoy »

pmorici wrote: post #145
Falkens_Maze wrote: post #127

Earlier quoted context omitted.

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.

Mtgox was done in by a pattern of criminal stupidity spanning years not some one off black swan event. Coinbase in contrast is a gold standard of professionalism.

> Coinbase in contrast is a gold standard of professionalism.

I hope you're joking.

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

#297

Post by Falkens_Maze »

cwkoss wrote: post #292
Falkens_Maze wrote: post #127

Earlier quoted context omitted.

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.

Mt. Gox was orders of magnitude smaller than Coinbase is today.

Which is precisely why it would be foolish to store anything there.

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

#298

Post by Atheros »

kbody wrote: post #264
cvoss wrote: post #78

Earlier quoted context omitted.

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.

They screwed it up badly. If you checked BTC/BCH, there were open orders buying 1 BCH for 3 BTC, which is totally ridiculous. Obviously there was some effort on pumping it a lot. Coinbase basically did one of the most basic mistakes for new markets (or any newly-online market), to not allow orderbooks to be filled before trades can take place. And so people took advantage of it. I just hope inexperienced people didn'…

That's ludicrous. Do people not know what a limit order is? Do I walk into a car dealership and say, "Please sell me a car now. Here are all my personal and banking details. There is no price limit." What do you think is going to happen? How is this idiocy the exchange's fault?

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

#299

Post by itsthejb »

kevinyun wrote: post #84
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?

The biggest concern in my head is not the prices of cryptos, but how much of a headache it will be to calculate taxes at year-end

cointracking.info

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

#300

Post by tobiaswk »

amackera wrote: post #254
tobiaswk wrote: post #250

Earlier quoted context omitted.

If I may ask... Why did you have this assumption? I'm asking you specifically because like you said many sold their Bitcoin Cash. I suspect those who didn't were mostly the ones with deeper insight of the underlying technology. When the fork occurred full blocks had already been a problem for well over a year. Segwit was not the solution and overcomplicated the blockchain. This is not debatable anymore. Bitcoin Cash…

Increasing the block size doesn't seem to me like a long-term solution for Bitcoin's scalability problem. From the tone of your post though, it seems like you're mind is unlikely to be changed about Bitcoin Cash.

Well. Satoshi even suggested that to scale bigger blocks would be required. In fact before the 1MiB limit was introduced there was no limit. Believe it or not.

I know this is not a valid reason to say that increasing the block size is the only solution. Of course there are other solutions. One is segwit... but that has not solved anything at all. The thing is that increasing the block size would fix Bitcoin's problem right now. Compare segwit implementation with increasing the block size. Segwit is a very complex implementation and frankly I would call it over-engineered. Worst. It hasn't done ANYTHING for Bitcoin. Currently the Bitcoin has had 100k+ unconfirmed transactions for weeks... and a ever growing mempool. You cannot transact or move your coins confidently without paying large fees. 500 satoshis/byte or about 30 dollars. The original vision is completely destroyed. Sentences like "store of value" are now the term used to describe Bitcoin. Very far from what the Bitcoin used to be.

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