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Not sure if this is related or not, but Coinbase's cryptocurrencies of choice (Bitcoin, Ethereum and Litecoin) just got a huge price bump in the past 2 hours wh

Not sure if this is related or not, but Coinbase's cryptocurrencies of choice (Bitcoin, Ethereum and Litecoin) just got a huge price bump in the past 2 hours which makes total sense because if this "Coinbase Custody" system is adopted by businesses and institutions, huge amount of money will be poured into these cryptocurrencies which will dwarf the current price. Am I missing something or it makes sense?

deleted 8y ago
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rekshaw 8y ago
Who the hell knows with cryptocurrencies. Investor confidence sways easily and government approvals can make or break viability not to mention most of the populace (including the institutions) have no idea how to practically make use of them. It's probably here to stay, but (hopefully) in a different iteration than we're used to today: more eco-friendly and sustainable.
21 8y ago
As someone who watches the price of bitcoin in detail every day, the price bump from today is not related to this news. It's just usual market activity (stop hunting)
- kylebenzle 8y ago
  Are you saying that if you were a trader or just in the market to buy and sell Bitcoin, and somehow you knew, 100%, 24 hours before anyone else, that Coinbase was announcing this, it would not influence you at all? Because that is what you are saying.
  - 21 8y ago
    Yes, this is what I am saying. This is minor news. This is old news. It was known that this was coming since at least November: https://medium.com/@barmstrong/announcing-coinbase-custody-a-digital-currency-custodian-for-institutions-907166d7af85 https://medium.com/@barmstrong/announcing-coinbase-custody-a...
briatx 8y ago
Institutions want investments that confer actual rights, something which these cryptocurrencies do not do. If you are expecting a large influx of institutional investment money, I expect you will be disappointed.
- jeremyt 8y ago
  That’s not true. For example, owning bitcoin gives you property rights.
  - bdamm 8y ago
    Are you referring to the right to obtain profit from forks?
    - jeremyt 8y ago
      No, i’m talking about the fact that bitcoin is literally property according to the government. Also profit != property.
- DennisP 8y ago
  That's a good criticism of ICOs that fund specific teams, which are somewhat analogous to company shares. Base layer cryptocurrencies on decentralized platforms are more like commodities and foreign currencies, which don't confer rights either but still attract massive investment.
- deleted 8y ago
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xiphias 8y ago
It would make sense if only those (+bcash) would have changed, but no, this is just normal volatility in cryptocurrency markets.
kylebenzle 8y ago
I would say Bitcoin Cash is Coinbases's currency of choice. They have pushed for on-chain scaling for years and have been very vocal about how horrible Blockstream (small blocks) has been for Bitcoin.

deleted 8y ago

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rekshaw 8y ago

Who the hell knows with cryptocurrencies. Investor confidence sways easily and government approvals can make or break viability not to mention most of the populace (including the institutions) have no idea how to practically make use of them. It's probably here to stay, but (hopefully) in a different iteration than we're used to today: more eco-friendly and sustainable.

21 8y ago

As someone who watches the price of bitcoin in detail every day, the price bump from today is not related to this news. It's just usual market activity (stop hunting)

kylebenzle 8y ago
Are you saying that if you were a trader or just in the market to buy and sell Bitcoin, and somehow you knew, 100%, 24 hours before anyone else, that Coinbase was announcing this, it would not influence you at all? Because that is what you are saying.
- 21 8y ago
  Yes, this is what I am saying. This is minor news. This is old news. It was known that this was coming since at least November: https://medium.com/@barmstrong/announcing-coinbase-custody-a-digital-currency-custodian-for-institutions-907166d7af85 https://medium.com/@barmstrong/announcing-coinbase-custody-a...

briatx 8y ago

Institutions want investments that confer actual rights, something which these cryptocurrencies do not do. If you are expecting a large influx of institutional investment money, I expect you will be disappointed.

jeremyt 8y ago
That’s not true. For example, owning bitcoin gives you property rights.
- bdamm 8y ago
  Are you referring to the right to obtain profit from forks?
  - jeremyt 8y ago
    No, i’m talking about the fact that bitcoin is literally property according to the government. Also profit != property.
DennisP 8y ago
That's a good criticism of ICOs that fund specific teams, which are somewhat analogous to company shares. Base layer cryptocurrencies on decentralized platforms are more like commodities and foreign currencies, which don't confer rights either but still attract massive investment.
deleted 8y ago
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xiphias 8y ago

It would make sense if only those (+bcash) would have changed, but no, this is just normal volatility in cryptocurrency markets.

kylebenzle 8y ago

I would say Bitcoin Cash is Coinbases's currency of choice. They have pushed for on-chain scaling for years and have been very vocal about how horrible Blockstream (small blocks) has been for Bitcoin.