I'm really excited to launch StopCoin today! Buy and sell bitcoins automatically on Coinbase when the price changes. You can do things like set price floors on existing investments, set buy orders to execute when the price drops, or sell orders to execute when the price increases.
StopCoin came out of me buying and selling way more bitcoins than I was comfortable with in late 2013. The price was jumping all around as it ran from ~$120 to $1000+ and I would wake up in the middle of the night scared I'd lost a ton of money, checking the price, ready to sell at any moment.
Everyone should feel confident in their investments, even in bitcoin, so I built StopCoin on top of Coinbase to do just that. I wanted to give everyone who uses Coinbase Schwab-like precision as to what's going on with their money.
StopCoin is also the first product to come out of my transparent product studio Built in Public, so in that spirit, I'm an open book, AMA!
@zackshapiro congrats!! so cool to see the first project up.
Tell us more about the Built in Public project. What is it exactly? What inspired it? In 6 months, or a year from now, what would constitute success for Built in Public?
@eriktorenberg Thanks Erik!
Built in Public is a year long experiment in being incredibly transparent and opening up my creative process. It's also a product studio where I can create all kinds of apps, web and mobile, and see where they lead. I want to see if I can build a community around sharing ideas from the earliest stage to shipping an actual product.
When I learned how to code, I stopped sharing fresh ideas I was kicking around, so in part, Built in Public is a way to overcome that.
In 6-12 months, Built in Public will be a success if I can create a whole suite of products that I'm incredibly proud of, ones that genuinely help people out.
@zackshapiro really slick bro.. and it eases the adoption for potential new bitcoin purchasers to get in where they are comfortable at.
p.s. Order placed for my first bitcoins!
YEAHH!! Congrats on the launch, @zackshapiro. I love the simplicity of the product, which has very clear utility for those holding significant amounts of bitcoins
While useful, I'm having a hard time seeing how you can make much money off of this with the current model. Since you only make money off the transactions when bitcoin (and other crypto-currencies in the future, I assume) fluctuate in price.
cc'ing some bitcoin folks @davidlee, @percival, @tylerwinklevoss
@rrhoover Thanks Ryan!
Coinbase right now has over 2 million consumer wallets and most importantly, Coinbase is wallet, not an exchange. I built this because I feel that it's the piece that's missing from Coinbase, more granular control over the bitcoins that you currently own. If I have 5 BTC in there, it shouldn't just sit, it should auto-sell if the price dips drastically or maybe I want to double the amount I own if the price drops $50.
We take a 1% fee of the transaction up to $10. My hope is that all of Coinbase's users rely on StopCoin to help them manage the bitcoins that they hold now and in the future.
@zackshapiro because it's a wallet, and not an exchange -- is this why they haven't done this as a feature themselves yet? I used to day-trade, and when I first used Coinbase, I wondered why they didn't allow the standard market + limit + stop orders.
@zackshapiro@rrhoover Congrats on the launch Zack! While this is great from an investment standpoint, I imagine this could potentially increase short-term trading around BTC causing more volatility. What do you think?
@ak310i You can! Just make sure you have a Coinbase account with a bank account hooked up, then you can take full advantage of StopCoin, even if your bitcoin balance is 0
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