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Bitcoin Cash deals frozen as insider trading is probed

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Re: Bitcoin Cash deals frozen as insider trading is probed

#31

Post by makomk »

wjoe wrote: post #25
thisisit wrote: post #11

When Coinbase launched Bitcoin Cash at 17:20 PST (01:20 BST) it was valued at about $3,500 (£2,612) per coin. At the time it suspended it, the company was quoting a price of about $8,500. Trade of Bitcoin Cash was frozen just four minutes after it began on the firm's Global Digital Asset Exchange (Gdax) and existing orders were cancelled. So the prices more than doubled in just 4 minutes. It might not even be a case…

While it's valid to question insider trading in cryprocurrency, I don't think that's what made the difference here. Coinbase had said they would add BCH to their exchange before the end of the year months ago. And people had noted BCH appearing in their API a day or two ago, and then the trading pages were up for an hour or two before the official announcement, with some very large orders being placed in advance of t…

Coinbase said they would add BCH withdrawals to their exchange (for funds that were on there during the split) sometime before the new year months ago, and then consider whether to add trading at some unspecified point in the future after that. There is a very big difference between the effects of dumping a bunch of formerly-illiquid funds on the market and opening up a new market to buy something.

Re: Bitcoin Cash deals frozen as insider trading is probed

#32

Post by down »

adrianN wrote: post #24
etr-strike wrote: post #19

Earlier quoted context omitted.

Bitcoin is as real as the USD. At least with Bitcoin you know what the properties of your currency are. The Federal Reserve doesn't even publish the amount of M3 money anymore: https://www.federalreserve.gov/releases/h6/discm3.htm If that doesn't give you pause, I don't know what will.

You can't pay your taxes in Bitcoin.

as you can't pay them with gold..

Re: Bitcoin Cash deals frozen as insider trading is probed

#33

Post by pmlnr »

etr-strike wrote: post #16
matchcohnn wrote: post #10

But but but crytocurrency is so useful right?? 1.) It's just like dollar! Shoot, coinbase won't allow me to trade it for 3 months! Every country is banning it? It went up 20% then dropped 50% today?! 2.) It's just like Visa!! Damn it costs me $500 to send $500 3.) It's just like gold! So rare....oh wait, another crytocurrency just came out with 100M unit of supplies. 4.) It's just like the bank!! Damn another exchang…

Cryptocurrency is useful. Bitcoin allows me to be my own bank. The rules of consensus define characteristics of money I believe are important. It allows me to save my money outside of the global financial system, a system I believe is corrupt and manipulated. It allows me to program my money, something never before possible. It allows me to transact freely, with whomever I please. Money is whatever people believe it…

> Bitcoin allows me to be my own bank.

I too, like to live dangerously. I run a mail server. A web server. Damn, I was tempted to (partially) host my DNS.

But running my own bank? Hell no. Those who ever had to touch things like PCI compliance or seem actual money transaction requirements will want to stay far, far away from being their own bank, so good luck there, you'll need it.

> It allows me to save my money outside of the global financial system

No, at this point in time, it really doesn't. It would, if it was accepted to be exchanged for things, which is any currency OR asset is, in theory, only good for. If you can't buy (exchange) food with it, it's worthless.

EDIT: yes, you can, in theory, exchange it to USD and some other real currencies - with a big 'if' the exchange you want to use has the means to cover it, you pay taxes on gain, and, if you're really lucky, your bank won't freeze your account when an unprecedented amount of cash flows in.

> Money is whatever people believe it to be.

Money is whatever people _agree_ on. It's not a belief.

Re: Bitcoin Cash deals frozen as insider trading is probed

#34

Post by 55555 »

adrianN wrote: post #24
etr-strike wrote: post #19

Earlier quoted context omitted.

Bitcoin is as real as the USD. At least with Bitcoin you know what the properties of your currency are. The Federal Reserve doesn't even publish the amount of M3 money anymore: https://www.federalreserve.gov/releases/h6/discm3.htm If that doesn't give you pause, I don't know what will.

You can't pay your taxes in Bitcoin.

What? That doesn't even make any sense. You can sell the bitcoin for USD then pay your taxes. Just like you can't pay your taxes with 1 billion dollars worth of Facebook stock or gold.

The argument you are looking for is: "USD has value BECAUSE the state makes you pay your taxes in it."

Notice that that argument does not end with, "and this is the only way a commodity or currency can have value." Because there are different reasons that different things have value and more than one thing has value.

Your comment is intellectually lazy and you don't have to believe in crypto to come to this conclusion.

Re: Bitcoin Cash deals frozen as insider trading is probed

#35

Post by sjcsjc »

adrianN wrote: post #24
etr-strike wrote: post #19

Earlier quoted context omitted.

Bitcoin is as real as the USD. At least with Bitcoin you know what the properties of your currency are. The Federal Reserve doesn't even publish the amount of M3 money anymore: https://www.federalreserve.gov/releases/h6/discm3.htm If that doesn't give you pause, I don't know what will.

You can't pay your taxes in Bitcoin.

I can't pay my taxes in USD

Re: Bitcoin Cash deals frozen as insider trading is probed

#37

Post by yeukhon »

659087 wrote: post #26
etr-strike wrote: post #16

Earlier quoted context omitted.

Cryptocurrency is useful. Bitcoin allows me to be my own bank. The rules of consensus define characteristics of money I believe are important. It allows me to save my money outside of the global financial system, a system I believe is corrupt and manipulated. It allows me to program my money, something never before possible. It allows me to transact freely, with whomever I please. Money is whatever people believe it…

> It allows me to save my money outside of the global financial system, a system I believe is corrupt and manipulated. You'd have to be incredibly naive or willfully ignorant not to see the same corruption and manipulation happening right before your eyes in cryptocurrency markets.

This. Large players eventually (and are already) playing the market. Anything involving money will eventually be dictated by the big players. Look at how we buy and sell crytocoins today - most rely on some authority as the middleman as opposed to full decentralized (though you can argue about P2P while also decentralized, it still requires a service to discover seeds and peers).

The only difference is you can fork and run on your own.

Re: Bitcoin Cash deals frozen as insider trading is probed

#38

Post by gst »

adrianN wrote: post #24
etr-strike wrote: post #19

Earlier quoted context omitted.

Bitcoin is as real as the USD. At least with Bitcoin you know what the properties of your currency are. The Federal Reserve doesn't even publish the amount of M3 money anymore: https://www.federalreserve.gov/releases/h6/discm3.htm If that doesn't give you pause, I don't know what will.

You can't pay your taxes in Bitcoin.

Actually you can (depending on the place where you live): http://fortune.com/2017/09/12/switzerland-chiasso-bitcoin-ta...

Re: Bitcoin Cash deals frozen as insider trading is probed

#39

Post by etr-strike »

matchcohnn wrote: post #21
etr-strike wrote: post #16

Earlier quoted context omitted.

Cryptocurrency is useful. Bitcoin allows me to be my own bank. The rules of consensus define characteristics of money I believe are important. It allows me to save my money outside of the global financial system, a system I believe is corrupt and manipulated. It allows me to program my money, something never before possible. It allows me to transact freely, with whomever I please. Money is whatever people believe it…

> Bitcoin allows me to be my own bank Thanks suckers for giving me your warm wallet.....time to fake a hack and shut down this sucker. > The rules of consensus define characteristics of money I believe are important My $20 request to get on the blockchain STILL isn't done after 5 weeks!!! > It allows me to save my money outside of the global financial system Oh no my Xcoin crashed 50% today!! > a system I believe is…

> Thanks suckers for giving me your warm wallet.....time to fake a hack and shut down this sucker.

Anyone who appreciates the properties of bitcoin is using a cold wallet. The cold wallets available on the market today are quite robust and easy to use. I'd recommend trezor.

> My $20 request to get on the blockchain STILL isn't done after 5 weeks

Here's a recent transaction I made using Segwit just today. Confirmed within 30min: https://blockchain.info/tx/308da302ef589872809f61282154263a4...

> Oh no my Xcoin crashed 50% today

Bitcoiners are well aware we're still in the price discovery phase. Volatility is understandable.

> I lost so much money because of this stupid coin....if only someone can save me from the scammers....

I don't expect anyone to bail me out. Unlike everyone with a 401k and an index fund.

> In javascript!! secure it is.

You're talking about Ethereum now. Bitcoin isn't programmed in Javascript.

> It costs me $500 to send $500......sob

Again, my segwit transaction from earlier today shows how much FUD and misinformation you're spewing: https://blockchain.info/tx/308da302ef589872809f61282154263a4...

Re: Bitcoin Cash deals frozen as insider trading is probed

#40

Post by victor106 »

etr-strike wrote: post #19
zarita_existe wrote: post #3

Cryptocoins are all a big fraud - fake money to buy fake drugs. This comes at no surprise.

Bitcoin is as real as the USD. At least with Bitcoin you know what the properties of your currency are. The Federal Reserve doesn't even publish the amount of M3 money anymore: https://www.federalreserve.gov/releases/h6/discm3.htm If that doesn't give you pause, I don't know what will.

> The Federal Reserve doesn't even publish the amount of M3 money anymore:

except they do. See below.

https://fred.stlouisfed.org/series/MABMM301USA657S

I am not anti-crypto. I think in the future most transactions would move there. But the state of the current crypto's won't get us there. If you close your eyes for a min and just think about the .com bust that is exactly what is happening here. I know of companies during that time that had nothing to do with IT and they would just announce that they are investing in IT and there stocks would triple. Read below for similar crypto news.

https://www.bloomberg.com/news/articles/2017-12-18/fintech-m...

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