Update: Coinbase is back already, but they will NOT let you trade Bitcoin Cash yet, and the Bitcoin Cash PRICE on Coinbase is more than double the other exchanges like Bittrex. If trading Bitcoin Cash comes in, there's going to be some SERIOUS arbitraging going on.
Coinbase has a real knack for disappearing from usefulness right when you need them most, don't they?
Volatility is VERY high in cryptos right now, as almost everything not named Bitcoin Cash has been dropping like a rock today. Wanna "take some money off the table"? You can't! Coinbase is down!
Imagine you own some AAPL and want to sell some share to pay for grandma's heart medicine, and you need that money ASAP. You open up your brokerage account, sell the AAPL on the NYSE, collect the cash, and then make a withdrawal from your broker to your bank account. Can't do that on Coinbase right now, their entire SITE is offline!
The shame of this, is everyone in crypto has accepted this as just part of crypto. But isn't fast, RELIABLE, low-cost, secure transaction why crytocurrencies are supposed to be the next big thing? What exactly do you own, if you own bitcoin?
We think it wise to really think deep on these questions, at this moment in time, bc in the answer you tell yourself lies truth and the path....
we didn't say it....!
https://twitter.com/erich_landa/status/943278536965619712
- erich_landa
https://twitter.com/CryptosQueen/status/943294106163400704
- CryptosQueen
Keep in mind some information about Coinbase today given they just announced Bitcoin Cash is accessible and tradable on GDAX, lest you get too hot under the collar...
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, so tread carefully Steemians-- may you pick your spots!