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Buy, sell, send and receive Bitcoin Cash on Coinbase
- fernandopj 9y agoUp 50% from past 24hs. Previous ATH was ~2500, now at USD 3100 at Coinbase. I was wondering what triggered it. This morning was already at a high price ~2100. It was somewhat stable around ~1700 just two days ago.
- lkbm 9y agoI'm pretty sure simply being available on Coinbase/gdax triggered it. There are tons casuals like me who just use that.
- CyrusL 9y agoThe commenter you're replying to is saying that he "was wondering." My reading of his comment is that earlier today he was wondering why Bitcoin Cash was up so much (prior to the Coinbase announcement). Now the price action makes sense. There were insiders who knew today was the day that Bitcoin Cash was coming to Coinbase and the price was up on that info. It's really a comment on the nature of unregulated crypto markets and insider trading.
- hisabness 9y agothere were other BCH related announcements like Bitpay this week...
- hisabness 9y agothere were other BCH related announcements like Bitpay...
- juice_bus 9y agoSeems so perfectly timed for the latest drop and issues with bitcoin its self
- hendzen 9y agoI wonder how much money Coinbase employees, friends and family made by insider trading on this announcement. Gotta love unregulated markets!
- Alex3917 9y agoThe markets aren't unregulated, the regulations just haven't been enforced much yet.
- jgrowl 9y agoReal talk though. Why does it matter? No skin off my back.
- ncallaway 9y agoAre you looking for an explanation for existence of insider trading laws?
- Pyxl101 9y agoIs this actually insider trading? Why? According to SEC.gov: > Illegal insider trading refers generally to buying or selling a security, in breach of a fiduciary duty or other relationship of trust and confidence, while in possession of material, nonpublic information about the security Bitcoin Cash is not a stock or a security, so it's questionable whether this concept even applies. But even if you considered it to be a security, then how is Coinbase's decision to list Bitcoin Cash on their exchange somehow in breach of "a fiduciary duty or other reltionship of trust and confidence"? Perhaps there is some other SEC regulation they might be violating about how the operators of exchanges can trade on their own exchange, such as front running, but it doesn't seem like that would have anything to do with insider trading. I agree that it's possible that Coinbase's decision to begin trading this asset could influence its value, but that doesn't make the action insider trading. It's fine to take actions while expecting to influence the value of an asset - see for example the massive short position that Ackman took against Herbalife. His public media campaign to discredit the company was expected (calculated) to drive down the value of their stock, but is the fact that he took out short sales in advance of that action "insider trading"? No.
- Falkens_Maze 9y agoEdit: I was able to login after several minutes of downtime. I would urge others to buy a hardware wallet and not store your coins with Coinbase.
- petercooper 9y agoAll customers who held a Bitcoin balance on Coinbase at the time of the fork will now see an equal balance of Bitcoin Cash available in their Coinbase account. Pardon the naive question, but does this mean Coinbase users who held Bitcoin have essentially "doubled their money"?
- deleted 9y ago[deleted]
- chrisa 9y agoThey get one BCH for each BTC they held, but it's not double in terms of USD. Bitcoin is currently selling for around $17k, and BCH will open at $3k
- jncraton 9y agoSort of. They now hold as much BCH as they had BTC on August 1st. However, BTC is worth significantly more than BCH in terms of dollars currently. The gain is more like ~20% in dollars.
- derefr 9y agoAn "equal balance of Bitcoin Cash", as in 1000BTC becomes joined by 1000BCH. BCH is right now worth about 1/10th the value of BTC, so people have 110%ed their money. Also, people who just had money sitting around in a private wallet on the blockchain—that is, outside of any exchange—have also 110%ed their money; there's nothing special about Coinbase, it happened for any and all BTCs that existed on 2017-08-01. (What is special is the accounts at the other exchanges, who have thusfar mostly not provided their users with access to their equivalent BCH gains. It can be argued that the gains were made to the exchange's float, rather than to the users' accounts, so the BCH isn't "inherently" owned by the depositors, any more than capital gains of leveraged investments using a bank's liabilities are owed to the depositors of said bank. Really, since this "debt" has no (legal or smart-) contractual existence, it's up to social norms whether individual exchanges capitulate and hand over the BCH gains they've accrued.)
- Cthulhu_ 9y agoThat's what I thought with the Cash fork, suddenly in addition to an X amount of BTC you also get an Y amount of a new cryptocurrency for free - no financial investment or mining required. Logically what should happen is that the bitcoin price dropped by the exact amount of what bitcoin cash was worth, but in reality that's not true because the market is not rational. I can imagine Coinbase held out on offering trading - if everyone wanted to cash out then Coinbase suddenly had to come up with millions of dollars that didn't come in through normal purchases of e.g. bitcoin. IMO, bitcoin cash was generating valuable cryptocurrencies out of thin air.
- Sharma 9y agoNow getting error message: Bitcoin cash purchases temporarily disabled.
- imsofuture 9y agoMaybe focus on fixing the broken bits of your site, like ID verification.
- fanzhang 9y agoCoinbase customers probably prioritize receiving an extra 10%+ value on their accounts above those features.
- c0nducktr 9y agoIt's all good until you actually have a problem, and then you're just stuck emailing someone who never replies.
- fanzhang 9y agoAgreed it would suck to hold a bank account (Paypal, Coinbase) and then get deprioritized because your account isn't important enough. It would be interesting to see what fraction of accounts have a "serious contention" with them on the order of not being able to move substantial funds. If any institution showed a figure even has high as 5% I would be seriously dissuaded.
- gambiting 9y agoYep. I've opened an account while in Netherlands, which was a mistake because now my account is showing "Netherlands" as the country. I have, of course, tried their "change country" flow, where you upload the ID and after verifying the country of that ID the country on the account should be changed. Except that I did this 3 times now, each time successfully verifying my British-issued ID, and my account country is still Netherlands. I've opened a support ticket more than a week ago and still have no reply.
- cohnnton 9y agoit'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!
- xiphias 9y agoIt'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.
- Libturd 9y agosorry to hear you had this experience.
- anonymous5133 9y agoBCH is slightly better though because the transactions are basically free.
- ric2b 9y agoJust like any other altcoin that sees less transactions than BTC. BCH has only even reached 60% of the transaction numbers of BTC in the last few days. Yes, bigger blocks will let you do more transactions, but it'll scale linearly and then struggle to handle PayPal scale anyway. And bigger blocks aren't a free lunch.
- hyprCoin 9y agoYou and I seem to have had very different differences in crypto currency. 1) Rarity does play a factor in some currencies. Others less so. You get to choose what is important to you. 2) Transaction fees for BTC are hovering at $30 last I checked. Still huge but other coins have low to no fees. 3) There is only one vitalik. Some resources are scarce. 4) The only way you could have lost money in the last year was by day trading. Don't do that unless you are ok with extreme risk/reward scenarios. You can easily lose 80% with a few bad trades.
- deleted 9y ago[deleted]
- twodave 9y agoWhy 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 "speculation" about futures contracts. Price swings in the crypto world happen over the least sensible things. My assumption was that the news from Coinbase was actually helping prop up BCH all this time, and that may have been true. I guess I took for granted that it was a sure thing.
- will_brown 9y agoFrom the time this was posted to your comment, Bitcoin Cash went up 300%.
- twodave 9y agoThat's why I'm confused. I would have thought people would have been stocking up starting back in August (and especially as December passed and it wasn't on Coinbase/GDAX yet).
- huangc10 9y ago> 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.
- twodave 9y agoI thought it was pretty obvious if they committed to giving people their BCH balance they'd have to at least halfway support it. Plus, they never reported any setbacks. The people I talk crypto with and myself are already busy trying to guess what will make it on Coinbase/GDAX after BCH. If this development is any indicator, we're wasting our time since we can just wait until they announce and buy in the period between announcement and launch (assuming they announce the next one before launching it).
- stevebmark 9y agoWhy was this banned from the front page?
- deleted 9y ago[deleted]
- matt-attack 9y agoAnyone know what happens if I return coins I had pulled out before the fiasco this summer? Will my acct reflect a balance from both coins?
- wmf 9y agoNo. Use your wallet to split out your BCH.
- JepZ 9y agoBest chance to buy Bitcoins in weeks ;-)
- H99189 9y agoWould anyone know why a small purchase from Coinbase would still be pending two full weeks or more after funds had left my checking account? Their support isn't too helpful. I've made other successful buys and sells, but one transaction is just stuck pending it seems and they're not being very helpful.
- adjkant 9y agoThis happened to me twice on GDAX, had them clear it out for me within 24 hours via support. No explanation given.
- wickedlogic 9y agoI 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.
- wickedlogic 9y agoMust be fun to do testing for api failure modes with this...
- cvoss 9y agoThe 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.
- massaman_yams 9y agoFirst trades started at 3100. https://api.gdax.com/products/bch-usd/trades?after=50 https://api.gdax.com/products/bch-usd/trades?after=50
- makomk 9y agoYeah, based on the screenshots I've seen people posting the effective bid-ask spread for anything beyond the most miniscule of transactions was $6000 when they pulled the plug, with almost all of the buy orders at around $3000, almost all of the sell orders at around $9000, and a very thin orderbook in-between the two. What a mess.
- kbody 9y agoThey 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't get caught in the middle of it.
- deleted 9y ago[deleted]
- coindaddy 9y agohttps://www.reliablecoin.com/breaking-bitcoin-cash-takes-bitcoin-coinbase-com-shocks-market/ https://www.reliablecoin.com/breaking-bitcoin-cash-takes-bit... REKT
- colinbartlett 9y agoSo 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?
- CyrusL 9y agoMy understanding is that there is no consensus expert opinion on this.
- quickthrower2 9y agoIANAA but I imagine it is like a stock split.
- CyrusL 9y agoI don't agree with the stock split comparisons. Bitcoin Cash is not something that existed inside Bitcoin and was then spun out. It's more like a new company was formed and it's cap table was initialized as a copy of another pre-existing company. I think there just isn't any precedent for the concept of "forking" and how the internal revenue code applies to it.
- quickthrower2 9y agoI see your point. This is something I can imagine lawyers arguing over and there is no right/wrong answer really. The cap table is interesting though. One could say it starts off at $0 but that isn't really true as there is a 'good will' value due to the public knowledge of the fork and that the coin will be worth something.
- an_account 9y agoBut if there was a “good will” value then you would had to have paid taxes on the value at the time of aquiring the asset (when the fork happened). You can’t just be gifted something of substantial value and not pay taxes on it.
- throwaway12351 9y agoDoes anyone else find it highly suspicious that Coinbase goes down whenever there is any major movement in prices? You can explain this as just the natural result of too much traffic, but that's not convincing. This is a business valued at over 1 billion dollars that has been operating for years. If this is still a problem, it's either unbelievable incompetence, or because they see no reason to fix it. And here is a worst-case theory, by way of speculation not accusation. Being down whenever there is a lot of movement lets them beat all of their customers. When there is a crash, they can sell before their customers can. When there is a boom, they can buy before before their customers can. And because such a big portion of the market trades through them, this is more than trivial gains. I have no way of knowing if this is what's happening, but it seems to be worthy of discussion, given how many people are placing trust in them. They don't really have an adequate explanation for the constant downtime, and I think they owe one to their customers.
- drchiu 9y agoThe word for this is called front running.
- notyourday 9y agoIt is called "separation of fools and their money". This was popular before SEC showed up. It seems crypto-clowns refuse to learn from others and insist on re-learning the lessons
- TaylorGood 9y agoAccording to Twitter, they're in the ballpark of 500k concurrent users.
- michaelmcmillan 9y agoThe track record of billion dollar companies building working software is not exactly impeccable.
- kough 9y agoThey aren't frontrunning their customers. Their whole brand is being the one trustworthy option in a world of scammers; they already make a fuckload of money off of transaction fees, no reason to throw out that trust and ruin their cash cow. It's just a scaling problem, turns out it's hard to make Ruby on Rails handle their needs.
- QML 9y agoAll this cryptocurrency talk has inspired me to understand the innerworkings of exchanges -- so how does a company like Coinbase scale to meet the demands of new customers? Surely they're not the first company to deal with this problem.
- johnmarcus 9y agoI don't think the problem is scale, the problem is there are multi-exchanges for the same asset. You can't trade GOOG, or TSLA on both NYSE and the NASDAQ for precisely this reason - a run up on one exchange will cause the entirety of money to shift for arbitrage. This is the real problem they are facing, imho.
- thibautx 9y agoActually you can trade GOOG and TSLA on both NYSE and NASDAQ. RegNMS is what prevents inter-exchange arbitrage.
- masterjack 9y agoActually, these stocks are traded on both NYSE and NASDAQ (and 10 other exchanges, including IEX), but Reg NMS promises the customer to get the best price on any exchange
- QML 9y agoAre you implying that arbitrage is the main source of trading volume on these exchanges? And if so, how would arbitrage be a viable long-term strategy given 1. long block-times which prevent quick movement of cryptocurrencies across exchanges 2. strong AML/KYC which prevent flow of capital between countries (e.g. United States and Korea)
- vasilipupkin 9y agoEhhh, you can definitely trade the same stocks on multiple exchanges at the same time. You are confusing listings with trading
- kushal812 9y agoIs it the best time to buy it now?
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- ireallydontcare 9y agoI've had the worst customer support experience with coinbase. I'd advise not using their service. They aren't equipped to support their customers. I'm out of pocket $1000 and have been in a "queue" for the last couple of months.
- cbstory 9y agoSame Unfortunately if you want timely support from cb you have to behave kind of unsavory. Look up their higher level staff on LinkedIn, then email them. You can also do some creative Google searches to find their personal email and contact them there. Contact them and they will transfer you to priority people who can actually do stuff.
- rogual 9y agoYou can also submit a complaint to the CFPB. I did this and got my money back within a week.
- eggie 9y agoI have done this. I will suggest the same process to others who have been locked out despite providing positive identification.
- eggie 9y agoThis is rough. I've run into a lot of people who have been locked out of their accounts, with the same kind of vague "specialist working on it" message being copy pasted over and over into support message. Hopefully I can contact someone under the valid pretext of asking about "all of us." It's concerning.
- kc10 9y agoI wonder what will be the next asset they will launch on coinbase. I sure can buy up now and wait :-)
- 0urglass 9y agowild wild west babyyy
- beebmam 9y agoInsider crypto trading is a giant issue and it's extremely fucked up.
- mrb 9y agoFYI: «Coinbase maintains a strict trading policy and internal guidelines for employees. Coinbase employees have been prohibited from trading in Bitcoin Cash for several weeks.» https://mobile.twitter.com/coinbase/status/943290391419174912 https://mobile.twitter.com/coinbase/status/94329039141917491...
- elliotec 9y agoOr what? They get caught (highly unlikely) and if so, fired (very wealthy now, and quite employable)? Hard to see a downside to breaking that "strict" rule.
- ringaroundthetx 9y agoThey get to graduate to running a hedge fund or an ICO for being a former Coinbase employee :)
- kbart 9y agoThey can simply ask a friend or buy them anonymously. I don't see how this rule could be enforced in practice.
- Cthulhu_ 9y agoThat's what crypto is about right? Libertarianism, crypto-anarchy, no governments or control because FREEDOM! You get what you ask for.
- crystaln 9y agoCryptocurrencies are not securities and not subject to insider trading or market manipulation regulations.
- electic 9y agoIt 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, there is no real incentive for employees to load up on BCH to make a quick buck. In the first seconds of trading a massive sell wall of 12,000 orders emerged and that would drive the price down dramatically.
- anonymous5133 9y agoI made a killing on the BCH speculation because if you looked at the coinbase API, you could clearly see they had BCH support already implemented even before the announcement! Made 250k profit just today alone.
- massaman_yams 9y agoEven back in August, specifying BCH-USD on certain api calls would return a 200 and a blank api response, rather than a 400 and {'message': 'not a valid product_id'}. Seems like that's ripe for enumeration...
- jondwillis 9y agoI was watching the sell wall, and it built up to 12,000 slowly over the period of at least 45 minutes, probably because the ticker price said $8499 on Coinbase. Where this all starts to smell a little funny is how badly and strangely this was rolled out, how they allowed some trades, and how the price crept up 50-100% before the announcement. Someone said they accidentally released some bitcoin cash UI feature that tipped people off a few days ago. More incompetence.
- mtrycz 9y agoThey did release an API for BCH, which makes sense to release early, for merchants. I don't know of UI slips, but that'd be incompetente, yes.
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- godelski 9y agoI wonder if they're accepting the fork because transaction issues that core has. I mean, neither can handle the transaction load right now. I wonder how long till another fork.
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- fpisfun 9y agoHaha just not yet, been trying all day to buy it
- jypepin 9y agothey say trading BCH in EURO is available immediately but on GDAX it says it's not available yet... Anyone knows when we can expect this to be available?
- seanwilson 9y agoFor other exchanges that support large numbers of other coins, how are they able to do this and Coinbase cannot? I'm assuming there's some development and risk involved but what work is involved in adding a new coin?
- massaman_yams 9y agoExchanges that offer trading on hundreds of currency pairs have to deal with UI clutter and consumer confusion. For Coinbase, that's a much bigger deal than the arguably small technical cost to add the currency.
- massaman_yams 9y agoBased on data from the gdax trades api, in the approx. 2 minutes and 40 seconds this was live on gdax yesterday, about $15.5 million USD of trades occurred, at a volume weighted average price of $5,080.
- xchaotic 9y agois it possible to sign up for GDAX instead of coinbase if you don't have a US based company? I'd much prefer programmatic access and coinbase hardly ever works at times like these...
- massaman_yams 9y agoI think if you can sign up for a coinbase account, you automatically get gdax access as well - I don't think there's any additional requirements for gdax.
- Improvotter 9y agoCoinbase announces support for a cryptocurrency and the price skyrockets. I can't believe people just start to buy a cryptocurrency because they suddenly can more easily.
- njam 9y agoEvery stock IPO spikes, of course this will lead to atleast a temporary price spike.
- jpatokal 9y agoIt'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.
- tobiaswk 9y agoIf 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 abolished this "overengineering" and simply increased the block size. Disabled RBF making 0-confirmations a thing again. And lastly just recently fixed the DAA. Many think that Bitcoin Cash is closer to the original whitepaper by Satoshi. I'd argue that is true. 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. https://bitcoin.org/en/ https://bitcoin.org/en/ is little more but a lie now.
- amackera 9y agoIncreasing 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.
- rootsudo 9y agoYesterday it was hell as I was caught on the other side of a trade. I've been successfully day trading making $300/400 a day, and it's great. But I missed out. Missed out. And had to hold overnight.
- djezer 9y agoI sent out my bictoin cash to a wallet and the transaction url gives me a 404. Coinbase posted this message on their page : "Partially Degraded Service: Outgoing Bitcoin Cash transactions are currently not being sent. Our team is investigating."