Coinbase Adds Support For Bitcoin Cash [Update: Disabled] 111
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.
16000, 8500, and 750 at the same time? (Score:5, Interesting)
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!
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People set the ask prices. People know other people are fairly stupid and think numbers like 15,999.99 sound a lot smaller than $16,000. Once the numbers are that big, I would be surprised to see prices that didn't end in 99 or 95.
Captcha: defraud
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Stupidity have nothing to do with it but yes it works. Even a person that see that obvious and intentional reduction and knows that there is (virtually) no actual reduction in price still feels more compelled to buy.
Human thinking is strange and marketing have been using the quirks of it for a long time.
... and immediately crashes (Score:1)
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?
More like from the who-gives-a-shit department (Score:2)
<eom>
scambase (Score:1)
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
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So far, I haven't had any trouble transferring. Haven't tried to sell yet.
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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.
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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.
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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.
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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
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IOTA has centralized control and huge security problems from what I've read so far.
Re: Hahaha no... (Score:1)
Even "professionals" commenting market moves dream them up.
But yeah. This one seem retarded.
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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, thos
It is both (Score:3, Informative)
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.
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Functionally it is a currency. However with its fees it is unrealistic to use as one for small every day purchases
Go buy a $1 candy bar with an equivalent amount of BTC, and it will probably cost you an equivalent to $20-30 in fees to transfer that $1 equivalent BTC to someone else's wallet.
You could realistically use it as a currency for large transactions like buying a car directly in BTC if you can find someone selling a car that will take BTC instead of USD.
I just moved over 5k USD equivalent BTC from a
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This is basically the problem, you can't use it on small transactions because the fees are prohibitively high, and using it on large transactions requires someone willing to sell you something with a meaningful price tag for bitcoins.
I mean, would you sell your house for bitcoins? We've already belittled and ridiculed people who mortgaged theirs to buy BCs...
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What I don't understand is why all these updates were called "Bitcoin Cash" or something similar like they are some kind of new coin, they are just updates to Bitcoin, the result is "Bitcoin" with a slight version number increase not Bitcoin Cash or segwitz or whatever. EVERY update to Bitcoin is a "fork" in the past we haven't given them new names.
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And as it turns out the people who did so are the ones who deserve the ridicule. The people who mortgaged their house to buy BTC have paid off their mortgage and upgraded to a beachside mansion at this point.
"small transactions because the fees are prohibitively high, and using it on large transactions"
Let's keep some perspective of the scale we are talking about. The fee is to speed up your transaction and there are different
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You can find people who need potatoes that will take some in exchange for whatever. That doesn't make potatoes a functional currency.
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My landlord knows I work in IT and offered to take my rent in bitcoin. I told him I don't own any.
Amazon doesn't accept bitcoin but many other online stores do. Coinmap will help you: https://coinmap.org/welcome/ [coinmap.org]
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You should get that in writing and make sure the rent rate is not based on the BTC to USD conversion rate. You might get by paying 20 cents a month in rent under a legal contract once it crashes.
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Not if the contract still allowed the same flat dollar rate. The tenant would be able to choose the best-performing currency to pay in.
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Nah, he only wanted to pay him X BTC every month, where X is the amount of BTC the rent is worth at that moment. So in terms of Euro (which my rent is due to be paid in) there would be no difference anyway.
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How is it not functionally a currency if I can buy things with it?
Well, you can buy things with it only in theory. In practice:
-You don't want to buy things with it as the transaction fees are astronomical (the other day I was quoted 50% as recommended standard fee for the transaction to go through in several hours), and the price goes up daily.
-If fees were controlled and price was somewhat stabilized so it made sense to buy things with it, well, then you still couldn't do it if many other people tried purchases as well. At 4-5 transactions/sec globally it is not a serio
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That is ridiculous. Bitcoin is definitely not limited to 4-5 transactions/sec. All the miners out there are processing transactions in parallel, the delays don't come from the transaction processing rate but from the process that is used to determine when to call a block of transactions "done" and attach it to the blockchain.
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Not ridiculous. Not untrue.
You have no idea how the bitcoin blockchain works it seems.
First, each block is limited in size and each transaction takes a portion of that. Therefore, there are a finite amount of transactions per block. Blocks don't come when they're 'full' but instead when they're mined (i.e. someone finds the next hash) which happens at a fairly stable cadence.
And...when you combine the rate of blocks with the number of transactions that will fit into them. 4-5 transactions/sec is what th
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No, it isn't, that is an implementation limitation put in place initially to prevent spamming and DDOS not a limitation of Bitcoin. Bitcoin Cash is not a new coin, it is just an update, the same as past updates, that raises this implementation limit the result of doing so isn't something else it is still just Bitcoin.
"Blocks don't come when they're 'full' but instead when they're mined"
Yes, the guessing of the hash and verification by other miners is the proc
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How is it not functionally a currency if I can buy things with it?
Is that sarcasm?
There's precisely two things that I can purchase with bitcoins: Sweet and Fuck All. Most attempts at using bitcoin as a currency as either been in one of the following forms:
a) Silly marketing: e.g. Porche
b) A failure: e.g. Steam
c) Illegal stuff: e.g. About the only things that people are still using bitcoin as currency for.
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You can buy everything you can buy with a fiat currency with bitcoin because you can buy all the fiat currencies with bitcoin. Best of all there is little to no chance of having your bitcoin stolen by customs when you travel internationall
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If my dollars get converted to rubles to buy your caviar my dollars still worked to buy the caviar.
If I don't do that currency conversion for you then by defacto you're not buying anything with your currency.
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errr yeah don't talk and post at the same time: by definition, not by defacto. lol
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You missed the point he was making.
A currency =! a functional currency. The Venezuelan bolivar is functionally a currency, but because of the hyperinflation that has made it worthless it's not a functional currency and the people have by and large transitioned away from it and are operating using other currencies, mainly the dollar.
Bitcoin is certainly in a similar situation but for different reasons (not inflation). The amount of actual vend
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You aren't following all this through. The more miners who quit mining, the less complex the calculations required to unlock a block become. The complexity is almost entirely artificial and sca
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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.
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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 [wikipedia.org] 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.
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Re: Hahaha no... (Score:4, Insightful)
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.
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There are about 1,300 coins, not 4000.
There are lots of ICOs / tokens on Ethereum, though.
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> 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.
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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?
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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?!
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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 w
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Not really, simply because early investors get rewarded doesn't make it anymore of a Ponzi scheme than Microsoft.
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No it's not a Ponzi game - but it is a type of pyramid game. Intentionally? Perhaps not. Still is.
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It's not a pyramid scheme. No sir. Our model is the trapezoid!
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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 oth
How does giving people more money screw them? (Score:1)
If you look at the chart of who gets larger refunds [washingtonpost.com], you'll see an awful lot of green. The only people who pay more are the very rich (didn't all of you want them to pay more??) plus some kind of unicorn group of poor people who make below 40k/year but have more than 40% deductions (who is that anyway? Curious who that would be).
From a merely tactical point go view I think it's a really bad idea for all you liberals to scream so loudly about how unfair this is when the only people really hurt are people wh
A rising tide floats all boats (Score:2)
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 windfal
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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.
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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
Thanks Obama (Score:2)
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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.
Obama got a huge debt due to inheriting a major economic meltdown and two wars.
Trump is about to incur a massive debt with a booming economy as the wars tail off.
And, as a member of the middle class, look at the long term picture. The debt incurred by the tax cut is "only" a trillion dollars because all the middle class tax cuts are set to expire. Of course, it's the GOP's full intention to re-instate the cuts when they come up, or, if the Democrats are in power and let them expire, blame the Democrats for