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RE: Is Coinbase Guilty Of Insider Trading!
It's obvious some people close to the development team know few days ahead that Coinbase is going to list a cryptocurrency as Coinbase requires dedicated nodes to cater all the bandwidth needs of their users. This means the people who setup those nodes can prepare for the listing and hoard enough assets.
Correct.
That issue needs to addressed asap.
It is not only coinbase but other exchanges are guilty of the same. It's because the pump on other exchanges isn't that hard and any fishy activities go unnoticed.
As a coin developer myself, I know about unwritten practices where exchanges allow members of development team put trade orders before the listing is officially announced.
They justify this practice with claiming it's required for testing that the functions of the exchange work as expected before opening the trading for all users.
I don't know much about internals of how settings for different coins are implemented in different exchange backends, but I do know some exchanges have required further fixing/adjusting after the initial integration.
That's just not right at all. Just imagine how much will they be earning when a new coin is listed. Well, I don't know if I should call it earning or stealing from the people who FOMO but the later seems to a better word for this.
Thank you for dropping by and sharing this useful piece of information!
In honest case, they should clear the trade book after testing is finished, so everything starts from clean... This doesn't mean any trades reverse, it just resets the stored opening, closing, low and high prices.
That's a great idea but I don't see exchanges doing that especially when they are under no pressure to do so unless they value morality.
There is two sides in everything... One side is developers trying to keep value of their cryptocurrency in acceptable limits, and the other side where traders try to push the value as down as possible to hoard as many coins/tokens as possible...
As a cryptocurrency developer, I gave a lot of free coins to active community members right after the launch, so there wasn't so much dumping when it got listed...
What is the name of that coin?
My current coin is called Talleo...