As an outsider, the remarkable thing about this to me is that one can (for now) sell the same bitcoins twice, right? If I own 1 bitcoin pre-fork, I can sell it for $2700 and then sell the exact same bitcoin again as Bitcoin Cash for $700. Crazy.
Bitcoin Cash Soars to $700, Coinbase Customers Threaten to Sue
41–50 of 429 posts
Re: Bitcoin Cash Soars to $700, Coinbase Customers Threaten to Sue
#42It's an interesting situation, but assigning liability to coinbase for this seems like it'd be a problem long term. Unlike traditional securities, there's nothing stopping me from going out and making my own fork tomorrow - and then would all exchanges be required to add support for that fork, too? Where do you draw the line?
Re: Bitcoin Cash Soars to $700, Coinbase Customers Threaten to Sue
#43Earlier quoted context omitted.
There's nobody grabbing anything, if you find evidence that Coinbase is transacting BCC with customers' funds when they said they simply were not supporting the fork, please share with the group!
There's no difference between trading the BCC or just throwing them into the trash.
Yes there is? One way is an active investment in the "new thing" and blatantly dishonest (would rightly get you sued,) and the other is exactly like voting "no-confidence."
Here, I'll take your side: there is no difference between your spending time to support a thing, and your not expending any labor on the thing. How do you like that?
Re: Bitcoin Cash Soars to $700, Coinbase Customers Threaten to Sue
#44People who bought BTC on Coinbase/Gdax after the fork own the correspondent BCC also?
That shouldn't be the case. BTC purchased after the fork has no relationship to BCC. Bitcoin transactions included before block 478559 are both valid BTC and BCC transactions. Anything after that is only valid as one or the other depending on which chain it is included in.
Re: Bitcoin Cash Soars to $700, Coinbase Customers Threaten to Sue
#45People who bought BTC on Coinbase/Gdax after the fork own the correspondent BCC also?
After the fork, BTC and BCH are distinct and independent. So buying BTC after the fork would gives the buyer zero BCH.
Re: Bitcoin Cash Soars to $700, Coinbase Customers Threaten to Sue
#46Sorry 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…
8 MB blocks = 1.15GB per day, or 420GB per year. Sure it might be feasible to run a node if you're in a first world country with fast internet and cheap storage (cost of living wise), but even in rural america, 34.5GB is a significant chunk of bandwidth. Not to mention they eventually plan to raise it to 32MB, which works out to 4.6GB a day or 1.63TB/year.
Re: Bitcoin Cash Soars to $700, Coinbase Customers Threaten to Sue
#47Coinbase 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…
And this makes perfect sense. If they didn't do this every wallet of BTC would be completely duplicated. This forking thing doesn't make sense, BCH should essentially be a fresh blockchain, there is no reason to build on top of the accumulation of BTC transactions. The only value there is of keeping the existing chain is if BTC fails, then exchanges could begin honoring BTC wallets that exist on the BCH chain. But that even sounds like it's open to scamming/manipulation.
Re: Bitcoin Cash Soars to $700, Coinbase Customers Threaten to Sue
#48Earlier quoted context omitted.
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
Bitcoin sex change? Are you affiliated with expert sex change?
Re: Bitcoin Cash Soars to $700, Coinbase Customers Threaten to Sue
#49Some already mentioned this list showing some exchanges that currently offer the ability to trade BCH assets for BTC or fiat currency. [1]
Note however that due to low count of blocks currently being mined for BCH there is no chance for the exchanges to get enough confirmations for deposited BCH from any (private, non-exchange) wallet to safely confirm the deposit.
So the only BCH assets that are currently being sold are probably the ones that were granted by the exchanges to the people that did not bother to transfer their BTC credit into their self-controlled wallet previous to the fork.
I think this is also a reason why BTC assets seem to be a bit overvalued right now.
[1] https://coinmarketcap.com/currencies/bitcoin-cash/#markets
Re: Bitcoin Cash Soars to $700, Coinbase Customers Threaten to Sue
#50It's an interesting situation, but assigning liability to coinbase for this seems like it'd be a problem long term. Unlike traditional securities, there's nothing stopping me from going out and making my own fork tomorrow - and then would all exchanges be required to add support for that fork, too? Where do you draw the line?
This is not a random fork. This is a fork with almost $400 million 24 hour volume. Coinbase should allow users to withdraw their BCC, since they are sitting on a huge pile of BCC units, which belong to customers.