Lots of people looking hard at the charts today after the release of Bitcoin Cash on @coinbase and speculation on insider trading from the chart activity. I have no technical knowledge to even look at these charts and see something.
What are your thoughts?
Leave a comment below!
Source: https://twitter.com/whalepool/status/943279673554894848
@coinbase response:
We doubt there's any manipulation; there's going to be some rather strong volatile forces at play:
#1 Large Institutional Investors who can ONLY trade on Coinbase due to limited BitLicenses, are getting their first opportunity to buy Bitcoin Cash. This is a form of order latency, or backed-up order flow, and creates a rush of demand vs limited supply
#2 Coinbase is down. Now HERE you might cry foul play, as Coinbase being down is VERY convenient in that it prevents bitcoin owners as of August to go into their Coinbase accounts and sell Bitcoin Cash. THAT could be manipulation, but that's different from what you're claiming here.
#3 Bitcoin holders are getting their hands on their Bitcoin Cash distributions for the first time, and this will likely create SELLING liquidity in BCH.
So there are a LOT of forces at play, but most don't involve foul play unless you think Coinbase makes their own site go down to help themselves (and not their customers). But foul play IS possible, of course-- this is after all the wild wild west in terms of financial markets.
Tread carefully steemians!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Ah, just read your comment after posting mine. Of course, suspicion arises very quickly. You're insights help as I'm seeing the moving and shaking- and barriers to access. Third party risk factors. I guess it just isn't a party without them.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
@harpooninvestor Thanks for your very informative comment. I appreciate your thoughts!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
It must suck to be a Coinbase employee if they are not allowed to trade Bitcoin Cash. After all, it was no secret that Coinbase was going to add Bitcoin Cash. Other future currencies, however...
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Congratulations @reseller! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPDownvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I'm guessing (wild hunch) that if you have tried to log in to Coinbase over the last 30min, hour, few hours- you ran into an error message, prohibiting access.. temporarily of course.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Disclaimer: I am just a bot trying to be helpful.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit