Coinbase in trouble !

[rowling]

Coinbase has messed up. I think SEC will go after them for insider trading violations... Might delay other Cryptos being added on there. Stupid ***holes....

http://www.businessinsider.com/coinbase-is-investigating-insider-trading-of-bitcoin-cash-2017-12?utm_content=bufferb83f9&utm_medium=social&utm_source=facebook.com&utm_campaign=buffer-bi

[WrathofKahneman]

Not terribly surprising; so frustrated with Coinbase right now.

[Trippy]

Cui bono?

Who benefits?

[rowling]

Not good for ripple tho, if they were gonna be added.... Now I gotta wait a few months before I be able to buy my god damn Hurracan Lambo

[txferrari]

3 minutes ago, rowling said:

Not good for ripple tho, if they were gonna be added.... Now I gotta wait a few months before I be able to buy my god damn Hurracan Lambo

haha

[iLeeT]

Honestly, why would they even do this when they've publicly announced they are going to add support for BCH on January 1st. They fully deserve to be sued.

[Guest]

Agreed. 

It is very hard to plan how they will release the next listing now. In all honesty, they should have pulled the listing when the price had increased 30% before going live. 

In future, I really don't know how they can avoid this, sticking to the original plan of going live on Jan 1 would have been fair for everyone I think and avoided this problem. I would love to know if Ripple has a policy in place for employee trading, it is disappointing that they have not announced this in the 5 years of operation, especially with how many times they have had accusation of employee price manipulation.

[eoma]

3 minutes ago, iLeeT said:

Honestly, why would they even do this when they've publicly announced they are going to add support for BCH on January 1st. They fully deserve to be sued.

Did they add BCH early to prevent this maybe?  But it happened anyways?

[iLeeT]

9 minutes ago, Pointbreak said:

I would love to know if Ripple has a policy in place for employee trading, it is disappointing that they have not announced this in the 5 years of operation, especially with how many times they have had accusation of employee price manipulation.

I remember JK was talking about this somewhere on Reddit probably 4-5 months ago - in essence, Ripple employees have some selling restrictions and are also not allowed to trade during particular periods (probably around announcements etc.) - whether is there a way to track this or they are doing it via third party, family and friends - we can never know.

8 minutes ago, eoma said:

Did they add BCH early to prevent this maybe?  But it happened anyways?

I have no idea why they would do this earlier - there can't be any insider trading when the date of BCH launch is known for 5 months. It's a monumental fck up on their part. The only logical reason I see for them to add this 10 days earlier is insider trading, nothing else. Hope they get sued. What's even worse is that they now disabled BCH trading and the price on GDAX is stuck at around 9500$. Just imagine how many customers would be furious to have bought around 5000-9000$ and now then they can't sell because trading has been disabled. I think Coinbase will have quite a lot of lawsuits to deal with in the near future.

Edited December 20, 2017 by iLeeT

[eoma]

To be fair, they were holding their customers' BCH from the hard-fork date so I'm sure those people wanted reassurance that BCH would be added.  But a specific date was definitely a bad idea. 

[NMNR]

This is exactly what the Crypto Industry needs. It needs some form of regulation and action for those trading in bad faith.

The exchanges, developers and investors, not to mention other key stakeholders need to be first to push the charge.

[XRPaddict]

8 hours ago, rowling said:

Not good for ripple tho, if they were gonna be added.... Now I gotta wait a few months before I be able to buy my god damn Hurracan Lambo

Assuming they were about to announce adding Ripple (I believe they will) it might be a good thing that it be a few months off. The "household names" should give a nice boost to the price of XRP and not coupling those announcements with the announcement of Coinbase means two boosts rather than one.

[Guest]

9 hours ago, eoma said:

Did they add BCH early to prevent this maybe?  But it happened anyways?

While not a fan of coinbase, they did say that they would support Bcash by January 2018, not in January 2018. The main issue I have is that they lied,min the fact they said that customers would be credited with their Bcash by then, but not that I would be added as a trade able asset. Also, the issue of insider trading in the previous 48 hours to the launch of Bcash is what is being investigated. There was a major pump in the price, and it seems that coinbase staff or someone in the know decided to load up before the launch. 

Makes me worried for xrp as if a similar issue happens if xrp is added on coinbase, it may give a bad reputation to crypto as a whole. Right now Coinbase is the biggest gateway in the western world, so for them to have committed Fraud/insider trading will have bad consequences for all coins. Crypto is already fighting numerous attacks that the entire market is a fraud, pub blue, pyramid scheme etc..

Coinbase handled it very poorly, they should have announced what they planned to do long before the launch date.