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Started By
Message
Bitcoin Cash deals frozen as insider trading is probed
Posted on 12/20/17 at 1:14 pm
Posted on 12/20/17 at 1:14 pm
quote:
One of the US's leading crypto-currency exchanges is carrying out an insider trading investigation.
Coinbase fears its own workers may have exploited its move into Bitcoin Cash - a spin-off of the original Bitcoin.
The San Francisco-based firm announced the move after Bitcoin Cash's price jumped.
Coinbase began letting its users buy, sell, send and receive Bitcoin Cash on Tuesday in a surprise decision but has temporarily suspended trade.
The company's chief executive intervened after several market watchers posted allegations of illegal activity on social media sites.
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.
"It appears the price of Bitcoin Cash on other exchanges increased in the hours before our announcement," he wrote on the blogging platform Medium.
"If we find evidence of any employee or contractor violating our policies? - ?directly or indirectly? - I will not hesitate to terminate the employee immediately and take appropriate legal action."
LINK
Not sure if they can call this insider trading since it's an unregulated market.
7
Posted on 12/20/17 at 1:16 pm to stout
Yikes this is what I was afraid of
Posted on 12/20/17 at 1:17 pm to stout
Yeah, could never see this coming
Posted on 12/20/17 at 1:19 pm to stout
If it's too good to be true.....
Posted on 12/20/17 at 1:23 pm to stout
Noticed this last night and thats exactly what we expected. However, I think Coinbase was involved with the insider trading more than their employees.
Posted on 12/20/17 at 1:24 pm to OweO
quote:
If it's too good to be true.....
huh?
this is a regulated, US company doing due diligence from allegations of insider trading
Posted on 12/20/17 at 1:40 pm to SlowFlowPro
I knew the second people started to actually make some awesome money from this, the government would shut this down.
Uncle Sam ain’t down with tons of folks getting rich and not having to work.
Uncle Sam ain’t down with tons of folks getting rich and not having to work.
Posted on 12/20/17 at 1:42 pm to Fat and Happy
This is Bitcoin cash, not Bitcoin.
Posted on 12/20/17 at 1:50 pm to stout
This is just them covering their bases
This coin was known by the company that it was gonna be added for awhile
Theyve been buying that shite when it was $200-300 and stockpiling it
It climbed naturally with the recent influx of money
With as big as a company as Coinbase is, they didnt just make the decision 2 weeks ago to add this coin
They needed to set up their already shitty network with a whole new coin
News leaked that BCC was the new coin being added
They release the actual news that BCC is on Coinbase, except it actually wasnt
It got ridiculously pumped across all the other exchanges while they sat on a downed Coinbase wallet
People were spending boatloads but you couldnt do anything on Coinbase except see that its 'selling' for $8,995 on the site.
Prices dropped across some exchanges so drastically that people got wrecked financially
GDAX shuts trading down because the price was getting 'too high'
Coinbase makes stupid tweets and announcements
They got destroyed on twitter by everyone
Now they are in damage control by probing their own company LOL
ETA: Oh and this coin has been out for awhile. Coinbase was just holding all of their users coins while the market fluctuated
If this happened on the NYSE, the whole board of Coinbase would be trying to flee the country to avoid their stay in the clink
Thats a rough summary of the events
This coin was known by the company that it was gonna be added for awhile
Theyve been buying that shite when it was $200-300 and stockpiling it
It climbed naturally with the recent influx of money
With as big as a company as Coinbase is, they didnt just make the decision 2 weeks ago to add this coin
They needed to set up their already shitty network with a whole new coin
News leaked that BCC was the new coin being added
They release the actual news that BCC is on Coinbase, except it actually wasnt
It got ridiculously pumped across all the other exchanges while they sat on a downed Coinbase wallet
People were spending boatloads but you couldnt do anything on Coinbase except see that its 'selling' for $8,995 on the site.
Prices dropped across some exchanges so drastically that people got wrecked financially
GDAX shuts trading down because the price was getting 'too high'
Coinbase makes stupid tweets and announcements
They got destroyed on twitter by everyone
Now they are in damage control by probing their own company LOL
ETA: Oh and this coin has been out for awhile. Coinbase was just holding all of their users coins while the market fluctuated
If this happened on the NYSE, the whole board of Coinbase would be trying to flee the country to avoid their stay in the clink
Thats a rough summary of the events
This post was edited on 12/20/17 at 1:53 pm
Posted on 12/20/17 at 1:52 pm to Fat and Happy
quote:
Uncle Sam ain’t down with tons of folks getting rich and not having to work.
Unless it’s Congress of course. LoL
Posted on 12/20/17 at 2:00 pm to SlowFlowPro
quote:
huh?
this is a regulated, US company doing due diligence from allegations of insider trading
I know.. it's just general statement based on the fact that by the time something because valuable enough to gain attention, it is usually too late to get involved.
It's directed more to the people who jumped on Bitcoin when the value has already gone up.. thinking that it will only continue to rise. Those people think they are going to buy at a higher value and it will only continue to get more valuable.
When something suddenly gains a lot value and it becomes "mainstream", it brings more attention to it and it becomes more vulnerable. So for those people who thought that they were jumping into something "while it was hot", at that point it's too good to be true.
Posted on 12/20/17 at 2:02 pm to OweO
quote:
It's directed more to the people who jumped on Bitcoin when the value has already gone up.. thinking that it will only continue to rise. Those people think they are going to buy at a higher value and it will only continue to get more valuable.
When something suddenly gains a lot value and it becomes "mainstream", it brings more attention to it and it becomes more vulnerable. So for those people who thought that they were jumping into something "while it was hot", at that point it's too good to be true.
So people should stop buying shares of Google, Amazon, Apple, etc?
GD you are fricking stupid
Posted on 12/20/17 at 2:22 pm to 50_Tiger
quote:It's a big deal now and a big deal for Coinbase.
Yikes this is what I was afraid of
In the grand scheme, it's a blip on the crypto radar though. Yea, there's insider trading, no different than the world of stocks, and they're still thriving too.
Posted on 12/20/17 at 2:25 pm to stout
Mark of the Beast
Posted on 12/20/17 at 2:39 pm to stout
And here we go
Posted on 12/20/17 at 2:45 pm to Deactived
Nice. But it allowed me to buy more BTC because of the dip.
Posted on 12/20/17 at 2:53 pm to stout
quote:
So people should stop buying shares of Google, Amazon, Apple, etc?
Apples to oranges
Posted on 12/20/17 at 3:19 pm to Fat and Happy
quote:
I knew the second people started to actually make some awesome money from this, the government would shut this down.
Posted on 12/20/17 at 3:21 pm to 50_Tiger
quote:
Yikes this is what I was afraid of
... What?
Posted on 12/20/17 at 3:24 pm to SlowFlowPro
quote:
this is a regulated, US company doing due diligence from allegations of insider trading
No kidding
If anything this gives me more trust in coinbase
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