211–220 of 429 posts
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They already came to a decision. They told people who wanted BCC to withdraw their coins before August 1st. Everyone who wanted BCC already has them.
... Giving a few days to do it. Ignoring withdrawal limits the customers cannot raise.
The problem both sides are trying to solve is that the system as a whole cannot handle the volume of transactions. Before the split, bitcoin handled 7 transactions per second, while Visa handles 50,000 transactions per second (I'm worrying these numbers from memory, so they might be wildly inaccurate). Bitcoin Cash solves this with a larger block size. This is admittedly a short-term solution. Bitcoin main, on the ot…
You are confusing Segwit with Lightning network. Segwit is just a version that optimizes transactions. It's an extension of an unused opcode from the previous version, allowing previous nodes to view Segwit blocks as compatible, therefore only requiring a "soft-fork." Pro-Segwit people tend to be pro-Lightning, since it is not feasible to validate Visa-scale transactions in such an inefficient, centralized manner. Th…
I don't really follow these cryptocurrencies very closely. I assume that Coinbase is sitting on keys/wallets that own Bitcoin belonging to their customers, which would mean that they are now also sitting on keys/wallets that own Bitcoin Cash. So could Coinbase short (some of) that Bitcoin Cash by selling it on other exchanges? I read this statement from Coinbase: "If this decision were to change in the future and Coi…
You're more or less correct. Coinbase is sitting on the keys to customer wallets/funds. When the fork happened, those keys work both on the original Bitcoin network and the new "Bitcoin Cash" network. Which, apparently turned out to have substantial value (currently trading ~$650). Coinbase made a colossal mistake in outright ignoring BCC and will likely get sued (and lose) because of it. If I had 10 BTC on CB and mi…
Since BCC doesn't have enough hash power to mine blocks trading/withdrawal would not work anyway.
Coinbase will either cave in on this or be sued and lose. Especially since they're sluggish about large withdrawals. The real risk for Coinbase comes if they don't have 100% of the Bitcoins on deposit. If they don't have all those Bitcoins, like Mt. Gox, we're going to find out.
I can't imagine they'll continue to ignore the third largest cryptocurrency by market cap. Also it would be crazy for them to have encouraged their users to withdraw BTC prior to the fork if they were insolvent. I imagine it will all work out, though Coinbase loses lots of reputation points from me for by insisting on being so slow and reactionary instead of proactive like several other exchanges.
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And if the price of BCC were to crash to single digit USD in a week it takes for Coinbase to come to a decision then the customers would have lost a fortune.
They already came to a decision. They told people who wanted BCC to withdraw their coins before August 1st. Everyone who wanted BCC already has them.
You don't just get to take customer assets because you sent out an email and gave them 10 days. This is why we have the concept of consideration in the first place.
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That is not the issue at all. The issue is that Coinbase is _withholding_ the BCC from its customers. Technically, Coinbase has been awarded the BCC for all of the wallets they are in control of, but are refusing to distribute it. It really is akin to a brokerage refusing to award shares to customers due to a company split/stock split.
They clearly stated, well in advance, through multiple channels, their intention not to support BCC. They specifically told people to take their BTC off CoinBase if they wanted BCC. I don't think they could have been any clearer.
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As others have said, it really depends on the value of the fork. If you make a fork worth nothing, nobody's going to care. But as right now Bitcoin Cash is worth $634 and regular Bitcoin $2727 per coin according to coinmarketcap.com. That's 23% the customers are loosing out on instantly. And the defense that the users should be responsible to withdraw your coins if you want to keep it on both forks is disingenuous. T…
> That's 23% the customers are loosing out on instantly. That's not even remotely true. Right now there are zero exchanges that support depositing BCH. The only BCH that are trading are the ones that were created by the exchanges. So unless you're arguing that Coinbase should be liable for not creating an exchange for BCH then the argument that anyone has lost out on money has zero merit. Even if Coinbase had already…
> So unless you're arguing that Coinbase should be liable for not creating an exchange for BCH then the argument that anyone has lost out on money has zero merit.
That's only with the assumption that no exchanges will ever allow BCH deposits, that you cannot sell them OTC nor buy things with it.
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As others have said, it really depends on the value of the fork. If you make a fork worth nothing, nobody's going to care. But as right now Bitcoin Cash is worth $634 and regular Bitcoin $2727 per coin according to coinmarketcap.com. That's 23% the customers are loosing out on instantly. And the defense that the users should be responsible to withdraw your coins if you want to keep it on both forks is disingenuous. T…
> That's 23% the customers are loosing out on instantly. That's not even remotely true. Right now there are zero exchanges that support depositing BCH. The only BCH that are trading are the ones that were created by the exchanges. So unless you're arguing that Coinbase should be liable for not creating an exchange for BCH then the argument that anyone has lost out on money has zero merit. Even if Coinbase had already…
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Yeah, that's how I feel about this. It's not coinbase's responsibility to act as a host to all cryptocurrencies. The article states, > An activist group, which claims Coinbase's decision is akin to a brokerage withholding new shares from its investors, ... which is not at all what it's like. Coinbase isn't the only source to buy/sell BCC. I think it's ridiculous that a company could be sued because they don't offer a…
That is not the issue at all. The issue is that Coinbase is _withholding_ the BCC from its customers. Technically, Coinbase has been awarded the BCC for all of the wallets they are in control of, but are refusing to distribute it. It really is akin to a brokerage refusing to award shares to customers due to a company split/stock split.
Edit: A fiduciary would (AIUI) not be allowed to keep shares from a spinoff, which this seems like. But I'm no expert.
[1] https://gemini24.zendesk.com/hc/en-us/articles/204734485-Is-...
From the class-action lawsuit website "FAQ": > Coinbase allowed users to withdraw BTC prior to the hard fork > The process of transferring Bitcoin can be complex and potentially very risky even for experienced users. Additionally, creation of a new account or wallet on a different exchange is often a lengthy and difficult process. While Coinbase did suggest to users that they could move their BTC to a different walle…
I had to move my coins out of Coinbase last week and it was very scary. I had never moved coins before and I even though the process seems simple, I had very little confidence in what I was doing. Honestly, I almost just left the coins in Coinbase figuring losing 10% of value from BCH is still probably positive equity compared to my perceived risk of losing it all which felt between 25% and 50%.