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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

#71

Post by jerkstate »

avenoir wrote: post #53

This is the second event involving BCH which is looking very "artificial" for the lack of a better word. About a month ago, BCH started an abrupt up-climb while the prices on BTC started to fall dramatically. BTC recovered soon after by hitting all-time highs while BCH prices fell pretty hard. Now we get these talks of insider trading at Coinbase. I don't have much stake in cryptocurrencies and I actually did not min…

I'd like to see Bitcoin advanced past the congested network and high fees that we see today, and I think Roger Ver does too. He certainly also wants to make money, but what's wrong with that? What I think is objectively bad is a worse product for more money.

Re: Bitcoin Cash deals frozen as insider trading is probed

#72

Post by pducks32 »

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…

I have a pretty good understanding of economics but what makes market and limit alone responsible for a price jump. When matching orders were allowed yesterday didn't the price also jump? Thanks.

Re: Bitcoin Cash deals frozen as insider trading is probed

#73

Post by gruez »

Karunamon wrote: post #59
m52go wrote: post #18

Earlier quoted context omitted.

If you take the time to learn what's trustworthy, principled, and safe...you won't have any of these issues. Except (2), but that's being worked out right now. Furthermore, it's way too early to compare crypto to established finance. Just because crypto awareness has gone mainstream, doesn't mean it's ready to compete just yet. It's still technology for early-adopters. Those who don't understand that will get screwed…

I will say that one of the early benefits to bitcoin, low/nonexistent middlemen fees, is not really a thing anymore. Every single time you move across wallets, at current prices no matter how much coin you're moving, you're out the equivalent of $20USD. Considering that basic BTC opsec is to move your coins around regularly, this is painful unless you have insane amounts of money to throw around.

>Considering that basic BTC opsec is to move your coins around regularly

Why? For tumbling/obfuscation purposes?

Re: Bitcoin Cash deals frozen as insider trading is probed

#74

Post by stuxnet79 »

notyourday wrote: post #45
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…

Coinbase software does not do basic market unlock?! Is it another company that did not get anyone from Island or InstaNet or Brut?

> Is it another company that did not get anyone from Island or InstaNet or Brut?

Do you mind giving some context to this statement? What I know of the ECNs you mentioned is from reading the book 'Dark Pools'. It would be great to get some insight into the innovations that were developed in all three projects, that have become a mainstay in 'fintech'.

Re: Bitcoin Cash deals frozen as insider trading is probed

#75

Post by saalweachter »

down wrote: post #32
adrianN wrote: post #24

Earlier quoted context omitted.

You can't pay your taxes in Bitcoin.

as you can't pay them with gold..

You know, I'm willing to bet if you showed up at your local tax collector's with a large enough chunk of gold, they'd work with you.

Re: Bitcoin Cash deals frozen as insider trading is probed

#76

Post by thisisit »

pducks32 wrote: post #72
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…

I have a pretty good understanding of economics but what makes market and limit alone responsible for a price jump. When matching orders were allowed yesterday didn't the price also jump? Thanks.

It seems there is some misunderstanding here. Post only mode means they will disallow any price matching to happen. So you can only enter limit orders and that too which doesn't match with any other price.

Re: Bitcoin Cash deals frozen as insider trading is probed

#77

Post by down »

pmlnr wrote: post #66
down wrote: post #61

Earlier quoted context omitted.

Your examples comes down to centralized decision & regulation, isn't money printing also "regulation" that's how they call it, wile bitcoin is the most decentralized currency, no Emperor can replace it, no changes can be done without widespread conses. The incredible energy for digging out gold just to keep it in locked boxes, same for all precious metals, diamonds.

Gold has real life use even in electrical circuits, besides being pretty. Diamond is used in the industry as well, not just engagement rings. They are also all physical objects. > no Emperor can replace it, no changes can be done without widespread conses. When was the last time humans were capable of agreeing and working together for long term? The blockchain thinks it's got rid of the mad emperor problem, where in…

Gold real life use is a myth, around 10% of the demand, copper is much more valuable from this perspective.

When the US constitution was born, I don't know, democracy? BTC/BTH, ETC/ETH, crypto is even more democratic as the other side can go on their separate ways, as oposite to countries.

Re: Bitcoin Cash deals frozen as insider trading is probed

#78

Post by thisisit »

avenoir wrote: post #46
wjoe wrote: post #25

Earlier quoted context omitted.

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…

Bitcoin price started to tank on December 18th @ 00:00 UTC while BCH started an up-climb at right about the same time. This could be explained by the anticipation of the announcement from Coinbase. But then shortly after Coinbase stopped all trades for BCH, I saw this on Twitter [1]. I don't know, but this last bit is definitely looking very odd. [1] https://twitter.com/whalepool/status/943279673554894848

Here's a question - What was the end game of the guys during the accumulation phase? To pump the price and sell, right? So we see the pump in action. Then there should be the sell/dump. What happened to that?

If I scroll to a week ago between 13th and 14th there is an identical pattern. There is accumulation and then a pump followed by sell: https://imgur.com/a/Hysfc

Is this also related to Coinbase?

Re: Bitcoin Cash deals frozen as insider trading is probed

#79

Post by dustingetz »

I watched this happen live. There was a very obvious trading software malfunction. Here's what I watched happen.

People could place orders before trading started. I was watching BCH/USD and BCH/BTC which had a fixed price, $3100 USD and 3.00 BTC respectively.

BCH/USD had a huge amount of buy pressure (people buying BCH with cash); BCH/BTC had a huge amount of sell pressure (people dumping the airdrop).

Only BCH/USD went live; BCH/BTC remained paused. (That was weird, I thought it looked like a human somewhere hit enter too soon, but apparently it was intended)

Once trading started (BCH/USD only), people couldn't place new sell orders. The unlimited buys cleared, including the guy on reddit whose order was "Buy $100000 USD of BTC at market price", which was filled at 6k and then he was unable to place a sell at 9k. Apparently placing buys without limits is common because unlimited buys are filled before limited ones are.

Since you couldn't place a new sell; the price was not bounded; the book cleared and everything was stuck at 9.5k for a couple minutes. There was a little bit of trades, not sure if it was only people with existing orders that were glitched or if maybe some people weren't glitched, maybe all the activity was orders placed before trading opened.

They realized the issue and paused trading; orders began to accumulate again roughly around here; here's a screenshot of the orders accumulating https://i.imgur.com/0NTyYXx.png There is incredible sell pressure here, the price was obviously out of whack with actual supply/demand.

(MY SPECULATION) Since there was never a functioning market I'd expect Coinbase to rewind all the trades which is what it looks like they are doing.

I might have gotten some of the details wrong, I am just a detached layperson learning about finance who happened to see this go down.

Sorry reddit, no consipiracy here. But none of those posts in r/bitcoin are actual humans anyway, it's all fake bots and a couple poor suckers who don't realize they're arguing with a content farm. Here's some required reading about the bitcoin information manipulation shitshow. https://np.reddit.com/r/BitcoinMarkets/comments/6rxw7k/infor... TLDR: Nothing is real, everything is fake news, you think it can't possibly be that bad? it's actually worse than that.

Re: Bitcoin Cash deals frozen as insider trading is probed

#80

Post by spookthesunset »

down wrote: post #29
matchcohnn wrote: post #21

Earlier quoted context omitted.

> 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…

you funny.. hacks happen less then let's say you're mugged on the street or your bank account is emptied by carders/hackers. The rest is just not true, the fees are high now because companies are slow to adopt seqwit and lighting network is in the works. But hey the FED printed another few billions of dollars, fancy calling it quantitative easing, that devalues your money and makes assets expensive.

> hacks happen less then let's say you're mugged on the street or your bank account is emptied by carders/hackers.

Pretty disingenuous argument.

In absolute numbers, sure. But that is only because everybody walks down the street. Relatively few people use bitcoin so yes, in absolute numbers, perhaps it is true that more people get mugged on the street / bank accounts hacked. If Bitcoin somehow magically became the world's currency du joir, I promise you the number of stolen bitcoin wallets would far exceed the number of emptied bank accounts & muggers.

Oh, and if my bank account is emptied, I call my bank and say "hey bank, some fuckwit hacked my account" and if they are any good, I'll be back in business. No such luck with bitcoin. If my wallet gets emptied, I'm toast.

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