Coinbase Launches BCH & Trades At $9,500? / Charlie Lee Sells All His LTC / Monero On Ledger Wallet
Story - Coinbase adds support for Bitcoin Cash 0:57
https://blog.coinbase.com/buy-sell-send-and-receive-bitcoin-cash-on-coinbase-65f1b2c7214b
In the early hours of this morning in the UK, Coinbase posted this on their blog.
This means 3 things.
https://www.coinbase.com/dashboard
1, if you held Bitcoin in your Coinbase account on the 1st of August 2017, you’ll now have the equivalent amount of Bitcoin Cash in your Coinbase wallet.
2, you can now buy Bitcoin Cash with a credit or debit card using the Coinbase Instant Buy feature.
3, Bitcoin Cash will begin trading on the Coinbase GDAX exchange.
The blog post says this will happen as soon as the order books fill up.
Well, the market did open and begin trading and we can see here:
https://www.gdax.com/trade/BCH-USD
However, trading was quickly halted and is still offline at this moment in time. When I say quickly, I mean the market traded for 4 minutes before being locked.
According to the GDAX status page here:
https://status.gdax.com/
Trading will resume at 9am PST today the 20th of December, which is about 6 hours from the time I’m recording this.
Looking at the trade history down the right of GDAX, the last price Bitcoin Cash traded for was $9,500.
The result of this news was that Bitcoin Cash rallied hard on other exchanges, gaining about 50% and hitting a high on Bitfinex of $3,676.
In a broader sense this has more far reaching implications than the price.
Coinbase is the number 1 destination for people who are new to Bitcoin and want to buy some in the easiest way possible.
This news means there is now a new major onramp from the fiat currency world into Bitcoin Cash.
I’m not saying I’m pro-Bitcoin or pro-Bitcoin Cash, what I am is pro choice…
That’s in the philosophical sense rather than the political sense.
I say let the market decide which Bitcoin they want, but in order for people to choose, they have to be able to make the choice.
So that it’s as easy to buy Bitcoin as Bitcoin Cash, we can stand back and see what choices people make.
Story - Charlie Lee Sells All His LiteCoin 4:55
https://www.reddit.com/r/litecoin/comments/7kzw6q/litecoin_price_tweets_and_conflict_of_interest/
Charlie Lee in this Reddit post from just a few hours ago said he had just sold or donated all of his LiteCoin.
The major reason he has gone this is so that he and everyone else can be absolutely sure that he can guide the development of LiteCoin objectively.
He said whenever he would Tweet about LiteCoins price or LiteCoin news, he would get accused of doing so for personal benefit.
Ultimately he says it’s a conflict of interest for him to hold LiteCoin and tweet about it since he has so much influence, being the creator and all.
He says now he no longer holds any LiteCoin it’s success is not tied to his financial success, and that allows him to make moves that are best for LiteCoin’s development without any fear of bias toward personal gain.
So he’s still going to continue working full time developing LiteCoin, he just won’t own any.
He is going to need a strategy for when people donate LiteCoin to him but he may just forward that on to his favorite charity, or sell the coins immediately, I don’t know.
He doesn’t specify what he would do in that situation.
What do you think to this move by Charlie Lee?
Is it a smart move? A stupid move?
Would it be better if he had a financial incentive?
Is he virtue signalling? Does he even need to?
Do you believe his stated intentions as pure?
Story - Ledger To Support Monero Q1 2018 7:12
https://np.reddit.com/r/ledgerwallet/comments/7kufym/google_will_quit_chromeapps/drh8qnt/
I’ve been talking about Monero a lot lately and today we got the best news ever from the CTO of Ledger.
This kind of thing is why I primarily recommend the Ledger Nano S as the best all round hardware wallet.
It’s not perfect, for example Ledger have been having trouble with their node recently meaning the Ledger wallet can’t sync with the blockchain but I think that’s just due to the sheer volume of traffic they are getting lately.
▶️ DTube
▶️ IPFS
This is a very exciting time for Bitcoin Cash. Getting accepted onto Coinbase is HUGE!!!
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BCH works, BTC doesn't.
Eventually, fundamentals win, even in the face of massive fraud.
About LTC, now BCH is on coinbase, LTC is fukked!!!
"Ultimately he says it’s a conflict of interest for him to hold LiteCoin and tweet about it since he has so much influence, being the creator and all."
This is seriously concerning that he would say this. It seems like he doesn't even understand the concept of conflict of interest. In fact, this is the exact opposite of conflict of interest, it's just more incentive for the project to succeed. It's like saying the owner of a company has a conflict of interest because he wants the company to succeed.
I almost can't believe he actually wrote that. It simply boggles the mind.
I wonder why he didn't sell it when it was $100. Waited till it was $330 then sold the lot and it's simply to "do the right thing"? I think not.
Why should he feel this way? I dont see Bill Gates selling all his shares for the sake of Microsoft because the company is growing.
Yes I agree. Very odd move. Unless he thought the price was going to drop because Bitcoin Cash is now more widely available and it's faster and cheaper than Bitcoin.
Next year this same time I believe litecoin could be in the 4000
Before Charlie sold and before Bitcoin was unable to solve its scaling problems and the answer to this, BitcoinCash appears, it would be with you! Now i`m not...
The thing is, he dumped when the price was high. He said he will dump some time ago and now people forgot all about it and the price went up. Together with Bitcoin Cash pumping, he used the momentum and puimped from LTC pool as well, effectively raising the BCH price and making LTC price fall. I am a bit puzzled why Litecoin did not drop as it could (should?). I have a theory about it and perhaps I can make a post about it. I am sure he is connected to Cooinbase and I know this wasn't because he felt like he needs to go out of "his own" coin. He did that for his own profit.
Lol, had exactly the same thought with bill gates
A conflict of interest is when your interests are negatively correlated to the interest of the entity or job you represent (in this case LTC). Charlie's interest were completely positively correlated with LTC and now they are not. In fact we no longer know what they are and his interests can, potentially, be against LTC. This excuse makes no sense. Maybe he's about to start a new crypto coin venture. Whenever a corporate CEO sells out his company shares in a massive exit, it is a bad sign.
If you believe that the face behind the coin needs to keep his stake in the game for it to succeed, you are missing the point of the movement. Charlie Lee is a visionary that understands that as long as he had an investment tied to the project, he would potentially hold back on risks vs rewards. He is also a firm believer in the decentralized nation of crypto. Everyone knows he created litecoin, so everyone thinks of him as the CEO or an ambassador. He saw litecoin as turning into another bcash and didn't want to be attached to the same sorts of conversations as Roger Ver. Litecoin will continue to grow with or without his holdings. That's the whole point of all of this after all. It's not anyone's business what he spends his money on. Didn't you buy your first bitcoin (now Monero, Verge or ZCash) to get away from people being able to monitor how you spend your money? Or just as an "investment" platform since it went mainstream. He doesn't owe anyone an explanation and I am sure litecoin will be just fine!
I never said "the face behind the coin needs to keep his stake in the game for it to succeed" or that he owes me an explanation. I'm not questioning his actions, I'm saying his explanation makes no sense. This is simply not a case of conflict of interest, as I said, and the fact that he said that it was is extremely concerning.
I see what you are saying about risks vs. rewards, but it cuts both ways - he could theoretically throw caution into the wind and try something super risky, because if it fails, it doesn't really matter to him that much.
He's not a close personal friend of mine, so I can't rebut other than what I read on his twitter feed, but litecoin seems to be very close to his heart from what I can tell. I don't think he will let any harm come to his baby. He never bad talks bitcoin either and knows where his coin stands in the marketcap listing as well. He is very humble, outspoken and blunt. He should be able to pull his litecoin out and make a profit from his work. I wasn't putting words in your mouth and didn't mean it to come off as such either. I was just inputting my opinion! Charlie Lee is free to do as he wishes with his money, and he shouldn't have to explain himself.
I agree 100%! I think it's great he can make (spendable) money from his work.
One of my all time favorite tweets from him. "If a single person's tweet can decline the price of an asset, it didn't deserve that price to begin with." He is humble and honest to a fault.
He is just a wise man....be also wise....
https://steemit.com/litecoin/@the.privatier/litecoin-i-consider-charlie-lee-as-a-wise-man
Well, it could be a conflict of interest or maybe he doesn't know if it will succeed.
Moving Now he has more money to make other companies prosper that have better technology.
It's him paying it forward.
NO economic interest with LTC, no obligation to devote his efforts to LTC.
He's free.
i means that he can focus only on LTC's developement and also that he can leave from LTC like when he leave from coinbase. that's all.
So someone actually bought at $9500. Damn I thought I was a bad trader...
Great post! Real good.
Well. I find it ludicrous that he is selling his LTCs. Cannot see any positive things about it.
Charlie sells ? have u seen ?
you can check his twitter profil.
Somehow I agree with you
He sold because people where thinking he had alot of ltc and was pumping the price or something along those lines
he not sold cause of this...he just say that he sold cause of this, this are two different pair of shoes...
Not for you. But maybe for him... https://steemit.com/litecoin/@the.privatier/litecoin-i-consider-charlie-lee-as-a-wise-man
Personally I love that he did that.
To me it shows great character and I give him my respect.
What do you see as the negatives about it @janusface?
Becoz it's negative.
...
Be honest !
If you don't hold LTC and knew what he did, you can interpret posively ?
A N D.
we loved the Charlie as a Pumper of his LTC not as a crypto developper.
Am i wrong?
Thanks for sharing.
This is getting outta control now! Apologies for the self promotion, but I just posted this.
Anyone with money invested in crypto needs to be on high alert when a founder and developer of a coin "calls" the top.
https://steemit.com/bitcoin/@peoplefrosty/litecoin-founder-dumps-the-lot-who-s-right-and-who-s-wrong-about-crypto
What I'm really concerned about is who people are listening to. I'm all for crypto, but Bitcoin is literally controlled by a small group of people - just watch any video on YT with Dan Larimer. The reality is that Bitcoin is not as de-centralized as people think and that there are some very "bad" people out there who have access to a financial instrument that will allow them to take profits on the buy AND sell side now that BTC futures are here.
Peace and love folks - but be careful with this now.
He didn't call the top. It's impossible to know what all of his motivations were.
Those workers at coin base must be drunk, they were asking $9000 for BCH when all the other exchanges had a price around $3000. That's triple the actual price, I don't like coin base anymore, the IRS is all over them and they make big mistakes, which shouldn't happen, they are dealing with peoples money there is no room for error.