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Actually NO from an independent point of view they JAMMED him. Trades and transactions have a SETTLEMENT day and date in the financial markets. If a trade is no
by 3327 13y ago
Actually NO from an independent point of view they JAMMED him. Trades and transactions have a SETTLEMENT day and date in the financial markets. If a trade is not settled, i.e deposited and the funds available by the said settlement date the trade is called a FAILED trade. Both parties return at original transaction or go to arbitration. This alone is a reason not to touch coinbase. The system is too immature and new and I would learn from this and not play around with sums of 35K on underdeveloped platforms.
edit:grammer
- yapcguy 13y agoYes. The question is why did they refuse to act until this public outcry. My theory? Proprietary trading. The CoinBase guys were probably trading on behalf of the company and screwed up royally, taking a big hit, so they decided to try and pass that loss onto customers or until they balanced the books
- alttab 13y agoConsidering the loss of position over the last week, it's certainly feasible.
- 3327 13y agoA very good guess either that or front running. This is what market makers used to do back in the day, aka "front running". Its banned in the financial markets because there is regulation and thus illegal. Either that or like you say they took a massive hit and basically held a ton of orders to mitigate the damage.
- AJ007 13y agoAnd if Coinbase doesn't fall under those financial regulations, that is fraud.