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.
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.
Next step: Coinbase gives discount of custody service fees - or even pays the deposit maker a fee (a.k.a interest) if it is allowed to lend coins forward while coins are within custody (a.k.a fractional reserve banking).
Coinbase stole $30,000 from me and won't return it.
They listed a new coin (bitcoin cash) without prior announcement. I bought $30,000 worth at $5000 each. It went from $500 to $9000 in a matter of minutes. However, while allowing people to buy the coin at very high prices, they also froze everyone's ability to sell the coin. They only allowed people to sell it on their market again, about 24 hours later, after the coin went down to $1,000.
They say that coinbase engineers knew about the coin being listed beforehand (obviously) and bought a bunch before listing it publicly (an unannounced), then the insiders sold it all for a huge profit.
Assets being stopped for trading occurs in all markets, including in the highly regarded US stock market.
You wanted to participate in a pump and dump, and now you are angry that you couldn't do the dump. You thought it was easy money, well, now you know one aspect that you didn't consider (that selling might be suspended)
You still have your Bitcoin Cash dont you ?
Trading is high-risk, you have to learn to recognize pump-and-dumps yourself, because they're gonna happen whether they're organized by the exchange or not.
> They only allowed people to sell it on their market again, about 24 hours later, after the coin went down to $1,000.
This is completely false, and a lie since you say you were trading it at the time. BCH was trading between $3200 - $4300 when it reopened later the next day.
Not only do you not understand what the verb steal means, you give false information as to how the BCH market traded. You also don't seem to understand that for every buyer there is also a seller. Further, you provide no evidence of your claims of insider trading. I for example, "knew", that BCH was highly likely coming to the exchange based on public information that was already available. BCH API entries were added to coinbase/gdax DAYS before it was open for trading. That you conflate people that were paying attention for clues to the same as people of being guilty of insider trading is sour grapes.
What lesson did I learn from your post? That some people are liars and look to cast blames on others for their own decisions.
Why in the world would an expert trader like yourself place an order for something that was over $1000 higher on GDAX compared to other exchanges? Why because you thought you could scalp it and sell it for more to someone else. You played a very dangerous speculative game and lost - I hope the tuition payment you spent will be taken to heart.
This is the most poorly named venture, there's a huge political battle going on about immigrants and custody of their children at the border, custody itself usually goes hand in hand with 'battle'.
Having worked with foster children, trying to adopt, when they went back to a relative, and we lost custody it was painful. Custody to MANY MANY people in America has VERY negative connotations.
The concept of financial custody goes back hundreds of years (although I realize most HN readers have probably never heard of it); it doesn't make sense to abandon that terminology over a short-lived political crisis.
[+] [-] Animats|7 years ago|reply
Setup fee: $100,000 USD
Annual fee: 1.2% of the balance.
Minimum balance: $10,000,000 USD
Insurance: No info available.
[+] [-] ojr|7 years ago|reply
[+] [-] ricksanch88|7 years ago|reply
Why people are hyped over their new products / features knowing how shit their old ones are is beyond me.
[+] [-] willio58|7 years ago|reply
[+] [-] yohann305|7 years ago|reply
Am I missing something or it makes sense?
[+] [-] rekshaw|7 years ago|reply
[+] [-] 21|7 years ago|reply
It's just usual market activity (stop hunting)
[+] [-] briatx|7 years ago|reply
If you are expecting a large influx of institutional investment money, I expect you will be disappointed.
[+] [-] unknown|7 years ago|reply
[deleted]
[+] [-] kylebenzle|7 years ago|reply
They have pushed for on-chain scaling for years and have been very vocal about how horrible Blockstream (small blocks) has been for Bitcoin.
[+] [-] xiphias|7 years ago|reply
[deleted]
[+] [-] beefield|7 years ago|reply
[+] [-] wereHamster|7 years ago|reply
[+] [-] cbase22|7 years ago|reply
They say that coinbase engineers knew about the coin being listed beforehand (obviously) and bought a bunch before listing it publicly (an unannounced), then the insiders sold it all for a huge profit.
What lesson did I learn? Coinbase is crooked.
Oh well. Lock 'em up
[+] [-] 21|7 years ago|reply
Assets being stopped for trading occurs in all markets, including in the highly regarded US stock market.
You wanted to participate in a pump and dump, and now you are angry that you couldn't do the dump. You thought it was easy money, well, now you know one aspect that you didn't consider (that selling might be suspended)
[+] [-] r0fl|7 years ago|reply
Coinbase did not steal anything from you.
Sometimes you get lucky with a risky investment sometimes you lose it all. That’s why they are called risky investments
[+] [-] ceejayoz|7 years ago|reply
"Gambling is dangerous"?
[+] [-] leppr|7 years ago|reply
[+] [-] unknown|7 years ago|reply
[deleted]
[+] [-] almostApatriot1|7 years ago|reply
[+] [-] sincerely|7 years ago|reply
Sounds reliable
[+] [-] where_do_i_live|7 years ago|reply
> They only allowed people to sell it on their market again, about 24 hours later, after the coin went down to $1,000.
This is completely false, and a lie since you say you were trading it at the time. BCH was trading between $3200 - $4300 when it reopened later the next day.
Not only do you not understand what the verb steal means, you give false information as to how the BCH market traded. You also don't seem to understand that for every buyer there is also a seller. Further, you provide no evidence of your claims of insider trading. I for example, "knew", that BCH was highly likely coming to the exchange based on public information that was already available. BCH API entries were added to coinbase/gdax DAYS before it was open for trading. That you conflate people that were paying attention for clues to the same as people of being guilty of insider trading is sour grapes.
What lesson did I learn from your post? That some people are liars and look to cast blames on others for their own decisions.
Why in the world would an expert trader like yourself place an order for something that was over $1000 higher on GDAX compared to other exchanges? Why because you thought you could scalp it and sell it for more to someone else. You played a very dangerous speculative game and lost - I hope the tuition payment you spent will be taken to heart.
[+] [-] robertAngst|7 years ago|reply
This is your fault you idiot.
Its literally fake bitcoin.
[+] [-] ianhawes|7 years ago|reply
[+] [-] JumpCrisscross|7 years ago|reply
They're selling shovels for cash. The gold is for the miners.
[+] [-] wmf|7 years ago|reply
[+] [-] sicon|7 years ago|reply
[deleted]
[+] [-] hapnin|7 years ago|reply
[+] [-] gremlinsinc|7 years ago|reply
Having worked with foster children, trying to adopt, when they went back to a relative, and we lost custody it was painful. Custody to MANY MANY people in America has VERY negative connotations.
[+] [-] wmf|7 years ago|reply