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Bitcoin Cash Soars to $700, Coinbase Customers Threaten to Sue

fortune.com

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Re: Bitcoin Cash Soars to $700, Coinbase Customers Threaten to Sue

#31

Post by MichaelGG »

gtirloni wrote: post #22

Coinbase did the right thing by warning their users beforehand that they wouldn't work with BCH. They could have simply ignored it altogether and continue business as usual like nothing had ever happened. Now after the fork, if people want to convert BTC to BCH, they have to go through a intermediary currency, just like many banks won't convert USD to $unknown_currency sometimes. It doesn't surprise me there are talk…

Not really. They should have taken a clear, objective stance, one they could apply to all forks. Like, if the volume of the fork reaches X and the value over 7 days is at least Y% then within 30 days we will offer withdrawals. That way fewer people would have made withdrawals from Coinbase before the fork, and fewer people could claim bad faith on Coinbase part.

If BCC keeps up at least 10% of BTC price, I'm guessing Coinbase will end up at least doing withdrawals.

Re: Bitcoin Cash Soars to $700, Coinbase Customers Threaten to Sue

#33

Post by makomk »

jstanley wrote: post #2

Meanwhile, it's 12 hours since Bitcoin Cash actually mined a block. The only reason the price is so high is because people can't make transactions to send their BCH to exchanges. EDIT: My mistake. Originally said 20 hours. It's only 12.

Even if they could make transactions, the exchanges aren't accepting deposits of BCH. The only exception I'm aware of is ViaBTC and apparently they want 20 confirmations (about a week at current hashrate, I think). The BCH market cap that's quoted in this article is rather misleading because nearly all of those coins simply cannot be sold on exchanges currently.

Regarding the question in the replies: when the fork happened, all the BTC in the exchanges at the time split off into an equal amount of BCH. The various BCH/BTC markets are effectively trading people's claims to portions of those much smaller pools of BCH that were already on the exchange when it forked. (Those claims can't necessarily be converted into actual BCH yet either; for example, Kraken isn't currently allowing BCH withdrawals.)

Re: Bitcoin Cash Soars to $700, Coinbase Customers Threaten to Sue

#34

Post by gtrubetskoy »

What I think all the press isn't making very clear is that to the best of my understanding for every Bitcoin you own, you get a Bitcoin Cash coin. There is no "conversion", it is free money for all BTC holders. Everyone who owned BTC, now owns BTC+BCC.

Of course if your BTC is not real, but is held by an exchange such as Coinbase, how you get your BCC isn't at all clear.

Re: Bitcoin Cash Soars to $700, Coinbase Customers Threaten to Sue

#35

Post by yebyen »

MichaelGG wrote: post #24
IgorPartola wrote: post #19

Sorry but what exactly is Bitcoin Cash? It seems like it's a fork in the BTC blockchain, but what prompted it and what gives it any sort of value, let alone a $12*10^9? Is it somehow technically superior? Is the move going to be to have BTC and BTC Cash exist side by side? Or are they going to fight for the market?

You can read up on it all over. But the short answer is Bitcoin Cash forked Bitcoin and has 8MB blocks, which would have eliminated congestion and lowered fees on Bitcoin during the past year. Both sides (small Vs big) have economic incentives behind them, making the argument extra vitriolic. But larger blocks allow on chain growth, keeping it peer to peer without requiring any 3rd parties. (And the answer that 8x mo…

It doesn't make anything infeasible today. But if you think both Bitcoin and Bitcoin Cash are going to be around in 20 years, and you want to support both, now you've just added 800% to your annual storage growth rate. (Assuming that BCC always mines full blocks, which I will admit seems unlikely)

I have to be honest, I was keeping a cold wallet with some ~1-2 BTC in it until the price reached record high territory in the last few months, and it took me several days to download the entire blockchain against my wallet.dat. I had to free up well over 100GB to get the coins out.

If I hadn't done this dozens of times already (when the blockchain was smaller) and had some degree of confidence that it was going to succeed and grant me access to the coins, I probably would have been freaking out as I reached about the 36 hour mark into the process.

I can't imagine it's going to get better in the next couple of years. Maybe "Moore's law for storage" will outpace economic growth in the Cryptocurrency sector, and in 20 years my mobile phone will be so powerful that it will no longer be a concern. That sounds like a bit of a gamble, doesn't it?

Re: Bitcoin Cash Soars to $700, Coinbase Customers Threaten to Sue

#37

Post by [deleted] »

conanbatt wrote: post #28
gtirloni wrote: post #22

Coinbase did the right thing by warning their users beforehand that they wouldn't work with BCH. They could have simply ignored it altogether and continue business as usual like nothing had ever happened. Now after the fork, if people want to convert BTC to BCH, they have to go through a intermediary currency, just like many banks won't convert USD to $unknown_currency sometimes. It doesn't surprise me there are talk…

Sure, 4 days before the fork and also locking up withdrawals and setting time limits. I could accept Coinbase saying they dont plan on supporting it in the long term, but its kind of ridiculous to think that Coinbase can make a blogpost, and potentially appropiate millions of dollars of the coinbase users and thats fine because it was said before. Not to mention that I've been particularly locked out of the platform…

[deleted]

Re: Bitcoin Cash Soars to $700, Coinbase Customers Threaten to Sue

#38

Post by bitJericho »

conanbatt wrote: post #28
gtirloni wrote: post #22

Coinbase did the right thing by warning their users beforehand that they wouldn't work with BCH. They could have simply ignored it altogether and continue business as usual like nothing had ever happened. Now after the fork, if people want to convert BTC to BCH, they have to go through a intermediary currency, just like many banks won't convert USD to $unknown_currency sometimes. It doesn't surprise me there are talk…

Sure, 4 days before the fork and also locking up withdrawals and setting time limits. I could accept Coinbase saying they dont plan on supporting it in the long term, but its kind of ridiculous to think that Coinbase can make a blogpost, and potentially appropiate millions of dollars of the coinbase users and thats fine because it was said before. Not to mention that I've been particularly locked out of the platform…

Perhaps you would like to switch to my exchange? http://bitcoinsexchange.itmustbetrue.com

Re: Bitcoin Cash Soars to $700, Coinbase Customers Threaten to Sue

#39

Post by makomk »

neals wrote: post #17
hardwaresofton wrote: post #13

Does anyone know any exchanges that are selling BCC/BCH?

I found myself having my BTC assets copied to BCH on kraken.com, which I think is the best thing ever.

Having your BTC on the exchange split into BCH the time of the fork is the only way I'm aware of to get your BCH onto Kraken (or the other exchanges) because they're not currently accepting BCH deposits. Unless it's already on an exchange that supports it or you've got a time machine you're basically out of luck for now if you want to sell your BCH, and even then people have been having problems with the exchanges falling over.

Re: Bitcoin Cash Soars to $700, Coinbase Customers Threaten to Sue

#40

Post by MichaelGG »

Klathmon wrote: post #12
JohnTHaller wrote: post #9

They had the opportunity to move their funds and plenty of notice.

And Coinbase was pretty good about getting pretty much all of the massive exodus of coins out of their system and out of cold storage in time. And they were pretty explicit that they wouldn't be supporting the BCC chain. I get it people are upset about possibly missing out on money, but Coinbase handled this about as good as they could.

No they didn't. They could have offered withdrawals of BCC, eliminating all uncertainty. That would be handling it "best". Or even a clear policy as to under which circumstances they will offer BCC would be better. (If they said they'd do withdrawals if the price stays over 0.1BTC, that'd have placated a lot of people.)

Giving notice so as to not totally screw customers is sort of the least they could do. How they get any sort of praise for this is bizarre.

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