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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 pred
by huangc10 9y ago
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.
- gruez 9y agoas pointed out by another commenter[1], this move was publicly announced https://news.ycombinator.com/item?id=15966191 https://news.ycombinator.com/item?id=15966191
- conanbatt 9y agoRelease 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.
- panarky 9y agoFTFA: Coinbase maintains a strict trading policy and internal guidelines for employees. Coinbase employees have been prohibited from trading in Bitcoin Cash for several weeks. Now, how would Coinbase know if an employee traded BCH on another exchange?
- xiphias 9y agoAlso it doesn't speak about board members
- enraged_camel 9y agoThey wouldn't know of course, but that's not the point. The point is to cover their own ass if they get in legal trouble, by saying "well, we told them it was prohibited, and made them sign stuff". It's the same reason companies make all their employees go through sexual harassment training. Not because they actually believe such training reduces sexual harassment, but rather because they want to eliminate liability.
- notyourday 9y agoRubbish. Someone who works at Morgan/Goldman/JPM/etc cannot trade on an account at a different brokerage on the announcement. If they do, they will get nailed and most likely go to jail
- symlinkk 9y agoThis isn't the stock market, this is unregulated.
- notyourday 9y agoSo Coinbase should stop pretending that "three are rules"
- vasilipupkin 9y agoBCH isn't a stock, it's a currency. I don't think there are any insider trading rules for currencies.
- notyourday 9y agoCoinbase has state licenses. It is regulated.
- vasilipupkin 9y agoyes, but there aren't any regulations regarding insider trading of currencies.
- flashmob 9y agoThought 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?
- hendzen 9y agoPesos 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?
- deleted 9y ago[deleted]
- notyourday 9y agoIf citi's employees especially those with licenses do that they will lose their licenses and most likely go to jail. Which is why one does not front run based on insider information when one works for that company.
- bitxbit 9y agofx market is not regulated like that actually. frontrunning is not necessarily illegal.
- candiodari 9y agoExactly. You forget who makes the rules. For instance, employees of the SEC, are not prohibited from trading on insider information (they are to an extent, as in they can't do leveraged short-selling before in investigation is made public, however, for instance, selling out of a position before investigations become public knowledge is obviously common). https://www.institutionalinvestor.com/article/b15dlrvg8cxkmv/study-sec-employees-earn-insider-trading-like-returns https://www.institutionalinvestor.com/article/b15dlrvg8cxkmv... This is like asking "do high-level (and even medium-level) government employees have to pay taxes ?" (I'm European).
- elif 9y agoEh it's up 500%+ from virtually all summer. Investing makes way more sense than trying to day-trading a 1-day 50%. Coinbase announced they'd support bitcoin cash by the end of the year. It's the last normal business week of the year. Basically anyone who paid attention to their announcements knew it was impending.
- sxv 9y agoPoint of clarification: there was no prior announcement that Coinbase would support trading of BCH. In the blogpost to which you likely refer, it is made clear in the last two paragraphs that they would enable withdrawal of existing BCH balances but trading support would be determined at a later date [0]. This closely follows how they enabled the temporary withdrawal of Ethereum Classic after its fork in 2006 [1]. [0] https://blog.coinbase.com/update-on-bitcoin-cash-8a67a7e8dbdf https://blog.coinbase.com/update-on-bitcoin-cash-8a67a7e8dbd... [1] https://support.coinbase.com/customer/en/portal/articles/2524725-ethereum-classic-faq https://support.coinbase.com/customer/en/portal/articles/252...
- elif 9y agoThey added API support 3 days ago. Right now, as explained in op, the exchange is POST only. Nothing is being executed. Is that not enough announcement?
- deleted 9y ago[deleted]
- fpisfun 9y agoI choose to profit