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Update on Bitcoin Cash

blog.coinbase.com

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Re: Update on Bitcoin Cash

#141

Post by jbverschoor »

cbr wrote: post #85
Animats wrote: post #82

"We are planning to have support for bitcoin cash by January 1, 2018, assuming no additional risks emerge during that time. Once supported, customers will be able to withdraw bitcoin cash." They are so going to get sued if the price of Bitcoin Cash crashes by the end of the year. Where do they get off telling customers they can't withdraw an asset for five months? This is what lawyers call "conversion"[1]. A person w…

Before the fork they wrote: Q: Do I need to withdraw my BTC from Coinbase? ... If you wish to access your coins on the UAHF chain ... you should withdraw your BTC from Coinbase to an external wallet address under your control by July 31. https://support.coinbase.com/customer/portal/articles/284421...

3 days notice. Opening an account somewhere can take weeks

Re: Update on Bitcoin Cash

#143

Post by LeoPanthera »

chmike wrote: post #133

I'm a blockchain money noob. From my stand point this virtual money looks like pure speculation. Nice to see that ressource limitation can be bypassed by forking. So this speculation seams doomed to me.

Do you believe that stock splits are also creating money?

Re: Update on Bitcoin Cash

#144

Post by bigpeopleareold »

davchana wrote: post #89
Snackchez wrote: post #83

Maybe I'm just not getting something in my slow brain, hopefully someone here can explain. How does taking out my BTC out of CoinBase ensure I will receive an equivalent amount of BCH? I bought 200$ worth of BTC in the past from CB, and promptly moved to an Exchange. Does that mean I will get whatever amount of BTC I purchased back then in BCH? If so, why? I understand there was a fork, but I don't get why I'm entitl…

Imagine you had USD 200 noted in a public ledger (BTC in address you own private keys). Somebody decides to copy that ledger and names it VSD. Its gets public support and so now you have VSD 200 at same address, accessible with same private key, and this point onwards both USD & VSD are going their seperate ways. Whatever you do to one will NOT effect the other because the ledgers are different now. There can be as m…

Even simpler analogy to work from: you have a file which has your list of things you bought and sold. The file is called 'transactions.txt' You make a copy of that file, calling it 'transactions_2.txt' and then start appending what you bought and sold on that. But then, you are also still appending to the old file what you bought and sold.

The Bitcoin/BCH thing is like this, but on a greater scale with potential risks around it (BCH had to ensure there were no replay attacks on the Bitcoin blockchain for example.) For example, Trezor recommends (and has to deliver your Bitcoin to a Bcash-specific address: https://trezor.io/claim-bch/.

Re: Update on Bitcoin Cash

#145

Post by [deleted] »

gst wrote: post #104
sowbug wrote: post #81

Earlier quoted context omitted.

Before you declare an exception to Hanlon's Razor, hear my story. Long ago, Coinbase filled a buy order I placed. Then they filled it again. They credited the BTC twice but debited the USD only once. Like a good citizen of the Earth I filed a ticket letting them know their error. I got the same treatment you did. I even emailed Brian personally and via a private list I know he's on. Years later I still have that BTC.…

Here's another story: Long ago I tried to withdraw my BTC, but after clicking the withdrawal button the browser tab was stuck waiting for the HTTP response. So after a while I opened a second tab and tried to withdraw again. Both withdrawals went through and I ended up with a negative BTC balance on Coinbase. I sent one of the transactions back so that my balance ends up at zero again.

[deleted]

Re: Update on Bitcoin Cash

#146

Post by jnordwick »

Lon7 wrote: post #77
bhuga wrote: post #37

Earlier quoted context omitted.

Matt Levine at Bloomberg wrote a fascinating piece on this yesterday: https://www.bloomberg.com/view/articles/2017-08-02/bitcoin-e... It's an interesting read even if you don't care about shorts or bitcoin at all.

I wonder if this was a big part of why coinbase decided not to support BCH initially. This really is an interesting situation. In the hours approaching the BCH fork an absolutely massive number of short positions were opened on various bitcoin exchanges, but the price remained steady. I assumed people were shorting in expectation of a crash, but the outlined scenario makes much more sense. Similarly to the trade outl…

Who was loaning BCH? What exchange could you borrow BCH on?

Re: Update on Bitcoin Cash

#147

Post by blubb-fish »

colept wrote: post #16

Is there a viable alternative to Coinbase? Their support is absurdly awful. Two months and they sent two auto-replies to a simple ticket that couldn't be answered by the knowledge base. They don't care about your money - so long as it's already in their vault.

bitcoin.de - have no complaints

Re: Update on Bitcoin Cash

#148

Post by xiphias »

MichaelGG wrote: post #67
duren wrote: post #49

Say what you will about Coinbase, but I really appreciate their willingness to adapt and respond to customer feedback. I personally didn't want to take on the risk of creating a paper wallet and having to move my small amount of BTC from my Coinbase vault, so this is great news for me.

They should have seen this coming (from the ETC split) and come up with this policy ahead of time, instead of scaring customers into withdrawing or providing any doubt that using Coinbase might mean losing out on significant value. All they had to say was "BCC support for withdrawals will happen within 30 days if BCC trades above X% of BTC". Or basically anything to the effect of "if BCC is worth anything, we'll give…

They didn't adapt. BCH created a new op code for replay protection, so it's trivial to create a transaction to at least cash out BCH. It just doesn't take 5 to change a bit in a transaction before signing. Also they can just copy open source code that does this already well.

Re: Update on Bitcoin Cash

#149

Post by Optimizer »

duren wrote: post #49

Say what you will about Coinbase, but I really appreciate their willingness to adapt and respond to customer feedback. I personally didn't want to take on the risk of creating a paper wallet and having to move my small amount of BTC from my Coinbase vault, so this is great news for me.

Taking 5 months to enable trading doesn't seem like "adoption"
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