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

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

#291

Post by lawn »

Note that Bitstamp, another large exchange, took a similar stance as Coinbase and has issued an update stating customers will receive their BHC balance:

https://www.bitstamp.net/article/bitcoin-cash-our-position/

For those of our customers who chose to leave their BTC on our platform at the time of the fork, we recorded their BCH balances for the timestamp of the last common block (block 478558), which is 1 August 2017, 13:16:14 UTC.

These BCH balances will be made available to our customers as soon as it is safe to do so. If and when the Bitcoin Cash system has been thoroughly tested and is sufficiently stable, we will then consider listing BCH. However, a series of technical, safety and regulatory requirements need to be met in order for this to occur, and it is still too early in the day to make realistic predictions about the timeframes involved.

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

#293

Post by dsacco »

bdcravens wrote: post #287
dsacco wrote: post #260

Earlier quoted context omitted.

Regardless of the price, an exchange cannot seize customer assets by giving them 10 days notice for withdrawal. It doesn't matter if it's a separate currency - we have things resembling this in public markets, like stock splits. It doesn't matter if everyone can fork the cryptocurrency, that doesn't change the principle of a customer's asset. What Coinbase should have done is this: 1. Stood their ground on not suppor…

> The organic state of a cryptocurrency fork is that all extant holders receive a new asset, which may or may not be worth anything. A company cannot seize that asset without consideration. So if I fork Bitcoin into Billycoin, this demands action by Coinbase?

Yes.

(And as I stated in the comment - with a proviso that the price or adoption of the cryptocurrency pass a very low but nontrivial bar.)

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

#294

Post by dsacco »

modeless wrote: post #283
dsacco wrote: post #260

Earlier quoted context omitted.

Regardless of the price, an exchange cannot seize customer assets by giving them 10 days notice for withdrawal. It doesn't matter if it's a separate currency - we have things resembling this in public markets, like stock splits. It doesn't matter if everyone can fork the cryptocurrency, that doesn't change the principle of a customer's asset. What Coinbase should have done is this: 1. Stood their ground on not suppor…

Where do you draw the line though? Anyone can invent new tokens and grant them to bitcoin holders; should Coinbase be required to support every one? This is not a hypothetical question. I particpated in two airdrops this year, Stellar and Byteball. I immediately sold the airdropped tokens and increased my bitcoin holdings by 3%. But I don't think Coinbase should be required to support Stellar or Byteball just because…

Yes, Coinbase should be required to support disbursal for every one, with the proviso that it either passes a certain price or passes a number of customers who want to withdraw it.

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

#295

Post by zeep »

shpongled wrote: post #119
gauravhp wrote: post #102

Can someone please advice me whether its good to invest now or wait for sometime for it to settle?

None of us can see the future. I first got into bitcoin in early 2011. I have no rational evidence to support this, but my intuition tells me that bitcoin cash will not be the winner. Too much hassle to adopt, few exchanges currently supporting it.

but BCH/BCC is more like BTC was designed to be (everything is in the blockchain)... What is the hassle? more HDD space used up?

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

#296

Post by product50 »

PrimHelios wrote: post #244
hendzen wrote: post #238

Earlier quoted context omitted.

Yes we expect Coinbase to support them all. Public companies have complicated stock actions like spinoffs (i.e. "Forking" the company), rights offerings, scrip offerings, stock dividends, etc. Do you think ETrade gets to not give their users the results of such actions because it would be complex to implement?

Not just anybody can "fork" a company. Anyone and everyone can fork a blockchain multiple times.

If it is so simple, why is this the only fork which has happened to BTC in the past 9 years?

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

#297

Post by random_comment »

dsacco wrote: post #260
bdcravens wrote: post #228

Big point to remember: the current high price is artificial. There are only a few exchanges selling BCH, and they aren't accepting deposits. The only sellers are those who had BTC there prior to August 1. So it's a sellers market. There's a ton of demand to sell. Once those deposits are enabled, you'll see a flood of dumping, and the price will crash. So let's say Coinbase allows BCH withdrawals. Unless they enabled…

Regardless of the price, an exchange cannot seize customer assets by giving them 10 days notice for withdrawal. It doesn't matter if it's a separate currency - we have things resembling this in public markets, like stock splits. It doesn't matter if everyone can fork the cryptocurrency, that doesn't change the principle of a customer's asset. What Coinbase should have done is this: 1. Stood their ground on not suppor…

> an exchange cannot seize customer assets by giving them 10 days notice for withdrawal

Actually, people/businesses can do anything they want, and it is up to you (and sometimes the government) to try to use the law to force them to do otherwise.

The laws of physics and mathematics always take precedence over human law (except in Australia [1]).

[1] https://www.newscientist.com/article/2140747-laws-of-mathema...

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

#298

Post by TD-Linux »

d4l3k wrote: post #286
aqme28 wrote: post #264

Earlier quoted context omitted.

> 10 new "bitcoins" could fork every day. I think you're vastly underestimating how difficult it is to mine a new block on-demand. It simply is not worth throwing that computing power at a DDOS attack. Moreover, if I _had_ that computing power, I'd rather just mine a regular block and get that sweet miner's reward.

You could always make a forked version with a lowered difficulty. Doesn't sound unreasonable

In fact, Bitcoin Cash does have modified retargeting that drops difficulty much faster. (they could just have well dropped difficulty by 100 times at the fork, as well)

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

#300

Post by rootsudo »

d4l3k wrote: post #286
aqme28 wrote: post #264

Earlier quoted context omitted.

> 10 new "bitcoins" could fork every day. I think you're vastly underestimating how difficult it is to mine a new block on-demand. It simply is not worth throwing that computing power at a DDOS attack. Moreover, if I _had_ that computing power, I'd rather just mine a regular block and get that sweet miner's reward.

You could always make a forked version with a lowered difficulty. Doesn't sound unreasonable

So you have useless tokens. Value is perception.
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