A new prediction market on the Augur (REP) platform has provoked a major debate in the crypto community. Users can now bet on whether they believe that Coinbase will delist Ethereum Classic (ETC) by the end of 2019.
The recent 51 percent attack on the ETC network led to the loss of a significant amount of funds, although the price of ETC wasn’t affected as negatively as might have been expected. Many have started to speculate about the future of the crypto, in the wake of this potential damage to its reputation.
Users of decentralized prediction platform Augur can now back up their speculations on the fate of ETC with real capital, placing ETH bets on the outcome of “Will Coinbase, Inc (coinbase.com) delist ETC trading pairs on the Consumer exchange before Jan 1, 2020 12:00AM UTC?”.
The bet has drawn the attention of Cornell professor and crypto commentator Emin Gun Sirer, who described it as an “assassination market for ETC”. This is a reference to the infamous markets on Augur where users can bet on the murder of President Trump and other leading public figures.
This is, in effect, an assassination market for ETC.
— Emin Gün Sirer (@el33th4xor) January 10, 2019
Sirer seemed to think that the apparent lack of security on the Ethereum Classic network would eventually force the leading crypto broker to delist ETC, in order to protect its own reputation, although others believed that it wouldn’t take any action unless it actually lost money directly.
Coinbase has a reputation to maintain. They can't be seen to be propping up a coin that's unsafe to transact.
— Emin Gün Sirer (@el33th4xor) January 10, 2019
If you’re interested in more forecasts and predictions for 2019, check out this Chepicap article, where we round up what a host of crypto experts have seen in their crystal ball.
Coinbase Pro Has Good and Bad News Regarding Fees for Traders
Coinbase Pro is changing its fee structure later this week, with bottom tier traders seeing a hike and higher value clients paying less.
The San Francisco-based cryptocurrency exchange announced the news in a blog post on Friday, saying that, starting March 22, market makers and takers who fall under the pricing tier of up to $100,000 will be subject to total fees of 0.40 percent, as compared to up to 0.30 percent (taker only) currently.
The $100,000 to $1 million tier will stay with the current total fee of 0.30 percent, but that will be shared between makers and takers, while currently takers pay the full fee. The $10 million to $50 million bracket also sees the 0.20 percent total fee unchanged, but split between makers and takers.
For other tiers, though, there are fee reductions in store. Above $100 million and above $1 billion, total fees are being reduced by 50 percent, while tiers in between are benefiting from cuts of 20-30 percent (see image below). All tiers now see makers taking some of the fee burden.
The new fee structure is designed to “increase liquidity by reducing the delta between maker and taker fees,” Coinbase said.
Economist and trader Alex Kruger set out the changes in a tweet with the following comprehensive table:
Coinbase further announced that its Pro service, and the institution-focused Prime platform, will no longer support stop orders.
“All stop orders must now be submitted as limit orders and include a limit price. All currently open stop market orders will be canceled on Friday, March 22 @ 6:00 pm PDT,” the exchange added.
Both limit and stop orders are orders to buy or sell an asset when its price moves past a specified level. However, stop orders cannot be seen by the market until the trade has occurred.
Both Pro and Prime will also introduce a 10 percent market “protection point” for all market orders, according to the blog post, meaning that market orders that move the price in excess of 10 percent will “stop executing and return a partial fill.”
“Protection points help prevent large orders from causing more than 10% slippage,” the exchange said
Coinbase Pro Announces Change in Market Structure
San Fransico based cryptocurrency exchange Coinbase has announced a new market structure for its trading platform Coinbase Pro.
Coinbase Pro to Change Things
Revealed in a recent blog post, the changes are designed to help increase liquidity, enhance smoother price movements, and ensure price discovery.
According to the blog post, this new change in structure will include a new fee structure, reportedly designed to increase liquidity, updated order maximums, new order increment sizes, the turning off of stop market orders and added market order protection points.
Also, Coinbase Pro and Coinbase Prime will no longer take stop market orders. As a result of this, all stop orders will henceforth be submitted as limit orders and include a limit price.
Also, the newly introduced market protection point for both Coinbase Prime and Coinbase Pro users will be a total of 10 percent for all market orders.
It was further explained that market orders that move the price more than 10 per cent will stop executing and return a partial fill.
Importantly, the blog post from the exchange issues a warning that the platforms will be offline on March 22 from 6:00 p.m. to 6:30 p.m. PDT. During this period, the platform will not be accessible.
Change Met With Negativity
Just as expected this change in policy has been met with great, scepticism and negativity from the crypto community on social media.
For example, Economist and trader Alex Krüger complained on Twitter about it.
He stated that:“Coinbase Pro raising fees for smaller clients by 33% while lowering fees for larger clients.” Krüger continued that “in a rational world, most Coinbase users would now move to Binance.”
Krüger went further to question the exchange decision to disable stop market orders, claiming that stop-limit orders sometimes fail to execute because of slippage, suggesting using far off limits on limit orders as a workaround.
On a more positive note, Krüger, however, admitted that these changes will surely lead to an increase in liquidity and trading activity.
Coinbase Pro aumenta sus tarifas y actualiza la estructura de mercado “para aumentar la liquidez”
Coinbase, the main cryptocurrency exchange based in the United States, announced a new market structure for its professional trading platform, Coinbase Pro, in a blog post published on March 15.
According to the announcement, the changes aim to increase liquidity, improve price discovery and guarantee smoother price movements. The changes include a new tariff structure, which is reportedly designed to increase liquidity, updated order highs, new orders increase sizes, deactivation of orders to close
market and additional points of protection of market orders. According to the publication, Coinbase Pro and Coinbase Prime – the company’s institutional trading platform – will no longer support market detention orders. The announcement further explains that all arrest warrants must now be sent as limit orders and include a limit price. You may be interested:
Companies increasingly see criptominería attacks in infrastructure in the cloud On the other hand, the points of protection of the market that will be presented to users of Coinbase Prime and Coinbase Pro will amount to 10 percent for all orders in the market. The statement explains that market orders that move the price more than 10 percent will stop executing and will return a partial fill. Finally, the publication warns the user base of the exchange that the platform will be offline on March 22 from 6:00 p.m. at 6:30 p.m. PDT. The changes were received with some skepticism and negativity of the crypto community in social networks. Economist and trader Alex Krüger complained on Twitter that “Coinbase Pro increases rates for smaller customers by 33% while lowering rates for larger customers.” The same user also commented that “in a rational world, most Coinbase users would now move to Binance.” Do not stop reading: Coinbase Pro adds support for Stellar Lumens In the same thread of Twitter, Krüger also questioned Coinbase’s decision to disable market arrest warrants, claiming that stop limit orders are sometimes not executed due to a slip, which suggests the use of
far limits in limit orders as a solution. However, Krüger also admitted that those changes should lead to greater liquidity and commercial activity. Another cryptocomerciante on Twitter suggested that the new rate structure is apparently aimed at new users entering the cryptocurrency space, concluding: “One day quite random to raise all rates, Coinbase anticipating a new bullish race perhaps?”
You may be interested: Riot Blockchain plans the launch of a regulated cryptocurrency exchange in the United States As Cointelegraph recently reported, Coinbase Pro announced support for the Altcoin Stellar Lumens (XLM). Yesterday, the news came out that Riot Blockchain, a US-listed company, has filed with the Securities and Exchange Commission to launch a new regulated cryptocurrency exchange, called RiotX, in the US. UU at the end of the second quarter of 2019.