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"Brian Armstrong responded that he had repeatedly warned his staff not to disclose its launch plans to family or friends or to trade in the digital asset themse

"Brian Armstrong responded that he had repeatedly warned his staff not to disclose its launch plans to family or friends or to trade in the digital asset themselves." So the whole staff new about this move, from which it is to be expected to move the market when published? Charitably put, that's naive.

sp332 9y ago
He doesn't have to believe it. It still shifts liability away from himself.
Gargoyle 9y ago
It doesn't indicate how many people knew, only that those who did know were warned.
cat199 9y ago
Companies release products which will change the value of their stocks all the time.. this is exactly how such events are managed. What else could be done? lock up employees at work for a week while the market adjusts?
- rokhayakebe 9y ago
  What else could be done? lock up employees at work for a week while the market adjusts? An email to everyone, a press release, a blog post stating this new feature will be available to everyone in x days at time T. That would be fair game.
  - cevn 9y ago
    OK, so what about the planning period where you talk to your engineers and ask if they can implement it? Or does the CEO just shoot off the email without consulting anyone? The price would shoot up as soon as that email was sent out, so if anyone was consulted about it then they could insider trade.
  - CaptainZapp 9y ago
    No, it wouldn't. At least then not when that email contains information, which is market relevant in any form. It would only then be fair game if that email goes out at the same time as when the information is publicly available. I'm not talking about a new iPhone here. But information, which moves the market. For example: A planned merger to which very few people are really privy.
- mancerayder 9y ago
  Well, if you work for a financial services company, even if you work in a back office sort of environment like IT -- hell, even if you're a secretary or a network engineer -- you're disallowed from having private brokerage accounts that aren't monitored by the firm. I've worked in several investment firms and banks, and in all cases I had to use a special employee trading account, often at higher cost btw. What happens on such systems are brownouts / blackouts of transactions for certain stocks. It happened to me more than once in the past that, even if I already have a position, I was barred from even selling the security since it was on one of the several lists that they keep. Some of these lists are private, and they won't tell you when it's coming off the list. That's probably part of the protection against insider knowledge, too. Like another commenter said, these coin outlets have a lot more to re-live in terms of wheels that have been invented long ago. Someone talked about currency itself, and Roman experiments, but similar lessons will need to be learned with regards to insider trading, exchanges, securities markets and so forth.
gizmodo59 9y ago
Some people do know that its going to be listed. https://www.reddit.com/r/CoinBase/comments/7kfbjj/will_coinb.. https://www.reddit.com/r/CoinBase/comments/7kfbjj/will_coinb.... The user mukiwa2 said "Bitcoin Cash coming in the next few days!!" 2 days back in that thread and he even joked saying he knew an employee in Coinbase. That response has since been deleted. I was just talking to my friend about this. Here is the snapshot: https://imgur.com/a/cLlp7 https://imgur.com/a/cLlp7

sp332 9y ago

He doesn't have to believe it. It still shifts liability away from himself.

Gargoyle 9y ago

It doesn't indicate how many people knew, only that those who did know were warned.

cat199 9y ago

Companies release products which will change the value of their stocks all the time.. this is exactly how such events are managed. What else could be done? lock up employees at work for a week while the market adjusts?

rokhayakebe 9y ago
What else could be done? lock up employees at work for a week while the market adjusts? An email to everyone, a press release, a blog post stating this new feature will be available to everyone in x days at time T. That would be fair game.
- cevn 9y ago
  OK, so what about the planning period where you talk to your engineers and ask if they can implement it? Or does the CEO just shoot off the email without consulting anyone? The price would shoot up as soon as that email was sent out, so if anyone was consulted about it then they could insider trade.
- CaptainZapp 9y ago
  No, it wouldn't. At least then not when that email contains information, which is market relevant in any form. It would only then be fair game if that email goes out at the same time as when the information is publicly available. I'm not talking about a new iPhone here. But information, which moves the market. For example: A planned merger to which very few people are really privy.
mancerayder 9y ago
Well, if you work for a financial services company, even if you work in a back office sort of environment like IT -- hell, even if you're a secretary or a network engineer -- you're disallowed from having private brokerage accounts that aren't monitored by the firm. I've worked in several investment firms and banks, and in all cases I had to use a special employee trading account, often at higher cost btw. What happens on such systems are brownouts / blackouts of transactions for certain stocks. It happened to me more than once in the past that, even if I already have a position, I was barred from even selling the security since it was on one of the several lists that they keep. Some of these lists are private, and they won't tell you when it's coming off the list. That's probably part of the protection against insider knowledge, too. Like another commenter said, these coin outlets have a lot more to re-live in terms of wheels that have been invented long ago. Someone talked about currency itself, and Roman experiments, but similar lessons will need to be learned with regards to insider trading, exchanges, securities markets and so forth.

gizmodo59 9y ago

Some people do know that its going to be listed. https://www.reddit.com/r/CoinBase/comments/7kfbjj/will_coinb.. https://www.reddit.com/r/CoinBase/comments/7kfbjj/will_coinb.... The user mukiwa2 said "Bitcoin Cash coming in the next few days!!" 2 days back in that thread and he even joked saying he knew an employee in Coinbase. That response has since been deleted. I was just talking to my friend about this. Here is the snapshot: https://imgur.com/a/cLlp7 https://imgur.com/a/cLlp7