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Coinbase Adds Support For Bitcoin Cash [Update: Disabled]
Popular digital exchange Coinbase has announced support for Bitcoin Cash. "Bitcoin Cash was created by a fork on August 1st, 2017," a blog post reads. "All customers who held a Bitcoin balance on Coinbase at the time of the fork will now see an equal balance of Bitcoin Cash available in their Coinbase account. Your Bitcoin Cash balance will reflect your Bitcoin balance at the time of the Bitcoin Cash Fork, which occurred at 13:20 UTC, August 1, 2017."
The recent announcement has disrupted the markets. Bitcoin has dropped 12 percent, with the other two cryptocurrencies supported via Coinbase not faring too well either.
Update: Coinbase said Tuesday evening users wouldn't be able to buy and sell bitcoin cash four hours after it said trading of the cryptocurrency would be enabled on its platforms. Chief executive Brian Armstrong said the company is looking into whether employees tried to profit from advanced knowledge of the news.
The recent announcement has disrupted the markets. Bitcoin has dropped 12 percent, with the other two cryptocurrencies supported via Coinbase not faring too well either.
Update: Coinbase said Tuesday evening users wouldn't be able to buy and sell bitcoin cash four hours after it said trading of the cryptocurrency would be enabled on its platforms. Chief executive Brian Armstrong said the company is looking into whether employees tried to profit from advanced knowledge of the news.
Coinbase is looking really weird today. Many times I've noticed the various offerings at odd numbers on an individual basis like $15,999.99 (bitcoin), $8499.98 (bitcoin cash), and $749.99 (ethereum). Just a few moments ago, I saw this kind of number, as if there is some effect causing them to trade at around two significant digits, on all three simultaneously. I don't know what to make of this but can't imagine it being random chance. Does anyone have some technical insight here?
For those with their bets spread, this is an awesome day! It hurts not one bit for bitcoin to go down a bit if the net effect is positive. The total value of bitcoin and bitcoin cash for those who've held onto theirs since August is now at $24500!
I have about 10 BCH in there right now and it's currently priced at 8500, and I can't sell any of it because trading is completely dead.
Way to go, morons... hey let's add BCH when we're already being crushed under the load of the Bitcoin boom...
What could possibly go wrong?
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Cryptocurrencies are a massive Ponzi scheme. The last ones in will lose all their money. Exchanges like Coinbase should be shut down by the feds.
It sounds like you do not understand what a Ponzi scheme is. Read up, my friend. It may be a bubble, but it's not a Ponzi scheme by any definition that I've ever heard of.
-Turkey
No, the issue is first that it's an investment rather than a functional currency. Processing times are too long and the transaction fees are large even relative to credit cards. The investment only gains value as long as people keep buying into it. Once people stop buying in, the value of cryptocurrencies will rapidly go to zero. The overall value of all Bitcoins right now (assuming 17 million coins and a value of $19,000) is around $323 billion. That's the value of some very large businesses. However, those businesses have real value through brands, intellectual property, and profits. Nothing of the sort exists for cryptocurrencies.
it's an investment rather than a functional currency
How is it not functionally a currency if I can buy things with it?
If people stop buying BTC it will not matter because there will always be some level of trade where people are buying things with BTC and thus exchanging BTC for real value. Again, a functional currency.
The reason it works is because people the world over back it, not just a single nation - which is why the valuation you noted is still quite low.
"There is more worth loving than we have strength to love." - Brian Jay Stanley
Avoid coinbase if you are Australian. I imagine this applies to many other countries too, they explicitly block you from selling but you won't find that out till you have something to sell. coinbase is basically a scam in most of the world
Makes sense, and you are certainly not the first person to make the comparison. Sure, if people stop believing in the currency and try to sell all at once, its value will collapse. That goes for any currency. In this case, the main difference between a cryptocurrency and a fiat currency is that the latter has the backing of a government. However, a fiat currency can still drop to near zero value as well. I read a good quote about this a few years ago - "a real Ponzi scheme takes fraud; bitcoin, by contrast, seems more like a collective delusion."
-Turkey
Even "professionals" commenting market moves dream them up.
But yeah. This one seem retarded.
The government is handing the American people a credit card with a high interest rate. Some of our taxes will go down until 2025. Then they will go back up. In the meantime we will be adding over a trillion dollars to our national debt. Money which will need to be paid back plus interest in the future via taxes. It's short term gains for long term pain.
captcha: looted
Its some hybrid of a ponzi/pyramid/mlm scam.
The only feature that supposedly guarantees value is the scarcity and, and thats just a joke since there are over 4000 types of 'coins' now, and I would bet that number is growing daily now.
Many people have pointed out that its already looking like some kind of 'investment' vehicle which is a near perfect reversal from what its claimed to want to do. Others have pointed out that as the perceived value rises more people will hold their coins rather than use them since its both too costly to use and if the belief is that the 'value' will continue to rise then its very difficult to reliably buy or sell anything with it since you dont know its value minute to minute or day to day.
And I wish Slashdot would stop posting stories about this scam, if the underlying tech is interesting in some other field then great, but its not for currency.
Speaking of that, note the update:
Seriously, is it even possible for there to be any new event related to cryptocurrencies without them turning into some sort of scam, hack, insider trading, or other such event? Seriously...
"This wallpaper is killing me. One of us has got to go." -- Oscar Wilde on his deathbed
And on that front, it's kept up its growth by moving from the most hardcore crypto-anarcho-capitalists into general libertarians and geeks into the general, computer-illiterate / non-ideologically-driven public who only has a vague idea what bitcoin is, but they're buying it because it's going up in value.
Eventually you run out of suckers. Those who correctly predicted or lucked into a big wave of suckers behind them, and then get out, end up with said suckers money. That's how these things work.
"This wallpaper is killing me. One of us has got to go." -- Oscar Wilde on his deathbed
There are about 1,300 coins, not 4000.
There are lots of ICOs / tokens on Ethereum, though.
No it's not a Ponzi game - but it is a type of pyramid game. Intentionally? Perhaps not. Still is.
It's not a pyramid scheme. No sir. Our model is the trapezoid!
We used to have a Bill of Rights. Now, with the rights gone, all we have left is the bill.
> there are over 4000 types of 'coins' now, and I would bet that number is growing daily now.
There are also over 4000 types of 'painting', but the Mona Lisa is still worth millions. It's easy to create a coin, but it's very hard to create one with value.
Much cheaper to do a pump and dump scheme with lower valued currencies. BTC is already crowded. Ripple effects of the bubble - crash must be eminent.
Oh yeah going to crash any day now when bitcoin is $20. Going to crash soon at $200. Going to crash at $2000. Surely it will crash at $20,000... Nope hasn't crashed yet. Never quite hit $20k but at $17.2k currently.
Only the State obtains its revenue by coercion. - Murray Rothbard
The size of the pyramid doesn't change whether it's a pyramid scheme. As soon as the top cashes out, it's all over.
The difference is that today's problem is the transaction fees and the transaction delays. It's not a "bubble" problem, it's the "we can't even cash out" problem and confidence in Bitcoin is going down pretty fast.
The real question is, which coin will replace it? Bitcoin Cash? Litecoin? Dash? Monero? ... Dogecoin?
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The real question is, which coin will replace it? Bitcoin Cash? Litecoin? Dash? Monero? ... Dogecoin?
USD
"Technically, it probably isn't a Ponzi scheme. There are many similarities, though."
Not really, simply because early investors get rewarded doesn't make it anymore of a Ponzi scheme than Microsoft.
IOTA has centralized control and huge security problems from what I've read so far.
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Don't forget to look at the Obama years. Talking about the debt and adding "trillions" isn't complete without an analysis of his tenure and what happened to the national debt under his watch.
And it can collapse. Bitcoin has been going through a bubble and collapse cycle for over 10 years, it never collapses to below the rate at the beginning of the cycle and the subsequent cycle will go higher. This is only a problem if you are looking to get rich quick on the current phase of the cycle. This can and should continue until there is no longer a large enough new influx of investment to cause a "bubble", at some point the price is high enough that the adjustments due to speculation at the moment are noise compared to the boulder that is the price of bitcoin.
As for how high that price should be... just like most things we speculate on, the only relationship between the speculative price and the underlying thing being speculated on is psychological. Stock prices don't relate to the profitability of the underlying company except in the sense that people speculating choose to link them... a stock doesn't always move in proportion to the actual performance of the underlying company, all you can really count on is that people will generally sell if they think the company is doing poorly and buy if they think it is doing well and others agreeing makes them right whether they are actually right or not.
In reality, the force that often drives the speculative value of something be it MSFT or BTC is the amount of unrealized profit and loss. The higher the price goes, the more temptation there is to realize those profits, unrealized losses on the other hand are the bedrock of a commodity, these are people who value the asset at a price higher than the current speculative price and aren't about to sell if they can help it. As the price goes up the unrealized losses first negate then become unrealized profit... so long as profit is occasionally realized all will be well because whoever buys the asset is neutral and invested at the current price but with less commitment.
So as you can see, the actual number doesn't really matter and doesn't need to relate to the underlying economy at all, all that really matters at any moment is unrealized profit, loss, and neutrality where the weight of that unrealized profit and loss reflect commitment. There is a huge amount of unrealized profit because bitcoin swung up so hard but if bitcoin swings down hard there will be a huge amount of unrealized loss as a consequence, this is the invisible inverse bubble and when it "pops" the bubble will be another big swing up.
Like any speculative market because that is what we are really talking about, not Bitcoin itself, the value really rests in the realized profit. Any value Bitcoin has had before it can have again because the "new investment" had to exist to bring it there before. All realized profit on Bitcoin represents incentive to invest again, if you made money on it before you believe there is money to make again and so are likely to reinvest. If there is a huge amount of unrealized profit there will eventually be realization of that profit and that will create a huge amount of unrealized loss causing people to cling to their BTC... the people who realized that profit will invest again. At no point does everyone go broke or the value of BTC become zero.
"who make below 40k/year but have more than 40% deductions (who is that anyway? Curious who that would be)"
The most wealthy of people who have most of their money tied to a for profit corporation. They simply leave most of their wealth in the corporation, whatever they take out they can offset with things like charitable donations of stock. They only have income if they pay themselves a dividend or sell some stock.
This libtard, cough, wonders who is going to pay for it?
I'm so sure you were asking that question about Obamacare, or at any time in the past eight years as spending and deficits skyrocketed. So your concern trolling looks especially hypocritical...
The obvious answer to your fairly 'tard question is that a greatly improved economy brought about by people keeping, and then spending more of their own money always increases tax revenues beyond the losses from dropping the rate, not to mention the HUGE windfall the government gets from companies like Apple finally repatriating large sums of money back to the U.S. and being taxed on it. None of that is factored in.
"There is more worth loving than we have strength to love." - Brian Jay Stanley
Well thats a silly comparison, at the very least 1 of the things is actually a thing, the other is probably a semi random looking hexadecimal string, I can get lots of those near instantly, are they intrinsically valuable and nice to look at as a painting?
Normally speculation is actually done on real life things, not imaginary 'stuff'. If you speculated on Tulip bulbs back when or other things today, you may actually have received a bulb or whatever in the end.
It could be argued that it would be better to speculate on custom built serialized super special rubber duckies, because at the end you may actually get some of them in a box rather than nothing.
Then just think about all the fun you could have in the bath tub?!
"Normally speculation is actually done on real life things, not imaginary 'stuff'."
Wrong, speculation is done on some sort of virtual/logical thing we pretend is connected to a real life thing and in some cases like certain commodities you refer to there is some level of connection. For the most part though the biggest connection is the pretending, so that when something happens to the underlying thing we perceive is as being negative we sell and when something good happens we buy and we could all do that with the communally agreed upon AT&T banana just as easily as a stock certificate issued by AT&T. The actual numbers are pretty much entirely imaginary stuff, like you said, the guy who has the biggest impact on the price of a tulip bulb (if we traded commodities on tulip bulbs) and potentially gets stuck with it in the end doesn't actually want any tulip bulbs just to legally rip off people who are trading them legitimately.
But speculation is done on corporations, mortgages, bonds, currencies... all of these are purely logical and intangible things that are no more "real" than a Bitcoin. They've just existed longer than any of us and started on pen and paper so we think of them as real life things... go ahead, bronze me up a mortgage and set it on my shelf and I'll admit I'm mistaken... not some document signed by parties describing and defining a mortgage, the actual real life tangible thing that document describes that is a mortgage.