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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

#71

Post by sidlls »

huangc10 wrote: post #41
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…

> 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.

Plenty of other exchanges have BCH at $3500 (or so), while Coinbase has it at over $8k: an arbitrage like nothing I've ever seen. Conveniently, buy/sell of BCH on Coinbase is temporarily disabled (or at least it was a few minutes ago).

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

#72

Post by conanbatt »

hendzen wrote: post #5

I wonder how much money Coinbase employees, friends and family made by insider trading on this announcement. Gotta love unregulated markets!

I have generally mixed feelings about insider trading, because in the end, people making decisions on best information looks like economically profitable for the system.

That said, Coinbase did more than insider trading today, they deliberately hid their BCash announcement to perform insider trading. That is straight down fraud to me. They provoked the insider trading situation.

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

#73

Post by conanbatt »

gruez wrote: post #33
huangc10 wrote: post #16

Earlier quoted context omitted.

Exactly the first thought that came to my mind. BCH up 30%. I wonder how many Coinbase employees bought BCH throughout this past month. Also. it's easily predictable that introducing a new currency will temporarily affect the other currencies negatively. Very gray area.

as pointed out by another commenter[1], this move was publicly announced https://news.ycombinator.com/item?id=15966191

Release should have had a date. All day there were weird things going on , with miners network pollution and seemingly pre-coinbase trades.

Coinbase once again exposes itself to extreme public scorn by screwing over its users.

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

#74

Post by conanbatt »

jgrowl wrote: post #34
ncallaway wrote: post #20

Earlier quoted context omitted.

Are you looking for an explanation for existence of insider trading laws?

Specifically with regards to this situation. Who is harmed?

As I explain on another comment, there is one thing that is insider trading as acting on priviledged information, and the other is provoking the situation that allows insider trading. The latter is pure fraud to me. Coinbase deliberately hid the release date and deceived the public while put themselves and their organization in a place to profit with insider trading.

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

#75

Post by hendzen »

flashmob wrote: post #69
huangc10 wrote: post #16

Earlier quoted context omitted.

Exactly the first thought that came to my mind. BCH up 30%. I wonder how many Coinbase employees bought BCH throughout this past month. Also. it's easily predictable that introducing a new currency will temporarily affect the other currencies negatively. Very gray area.

Thought experiment: Just say Citibank adds the Mexican pesos to their products, USA & international, side by side to all their USD products. If citibank bought pesos before the announcement, would they be engaging in insider trading? (Pesos are just for illustrative purposes, replace with your local currency) If so, would every bank need to halt trading in a currency before adding it?

Pesos are already widely available to retail investors so it isn't really comparable to the situation with BCH. The average US crypto investor is only buying what is available on Coinbase (note that its one of the top apps in the iOS app store...), not jumping through the hoops needed to use Bitfinex, etc.

Here's a more appropriate analogy. A penny stock with the symbol BCH is lightly traded over the counter by institutional investors via pink sheets. The New York Stock Exchange decides to list the stock for trading, making it easily available to everyone with a TD-Ameritrade/Robinhood/ETrade account but does so with no pre-announcement. Should NYSE prevent their employees from buying the pink sheet over the counter prior to the announcement?

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

#76

Post by xiphias »

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!

It's always new people who weren't introduced to Bitcoin and alts properly. I think half of the signups to Bitcoin reddit happened in the last 2 months, it can show you how many new people there are in the cryptocurrency space.

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

#78

Post by cvoss »

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.

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

#79

Post by autokad »

conanbatt wrote: post #72
hendzen wrote: post #5

I wonder how much money Coinbase employees, friends and family made by insider trading on this announcement. Gotta love unregulated markets!

I have generally mixed feelings about insider trading, because in the end, people making decisions on best information looks like economically profitable for the system. That said, Coinbase did more than insider trading today, they deliberately hid their BCash announcement to perform insider trading. That is straight down fraud to me. They provoked the insider trading situation.

if you watched the interview on fast money, you could tell they were going to start trading bit coin cash. obviously he couldnt come out and say it, but it seemed pretty apparent to me.

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

#80

Post by gtrubetskoy »

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.

This would all be fun and games, but I suspect the SEC will want an explanation and I'm not so sure Coinbase has a good one. I wouldn't be surprised if they are shutdown tomorrow before sunrise.
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