Its at $750 now https://www.coingecko.com/en/price_charts/bitcoin-cash/usd
Crazy that it was trading at $1200 BTC all-time high 3 years ago
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
#202For all the people saying this is totally fine and they warned people and they shouldn't have to support every single fork that comes along, I'd like to pose a hypothetical. All forks are basically equivalent. If I fork Bitcoin today, my fork is just as legitimate as Segwit or Bitcoin Cash. The only differentiation is community buy-in and hashing power and similar fuzzy metrics. Rather than sticking with Segwit and i…
I don't follow Bitcoin other than on HN, but it seems to me that while they may both be legitimate, but they're still distinguishable, right? They may share the chain history, but only one of them produces blocks supported by pre-fork clients, right?
The situation doesn't seem analogous to me.
Re: Bitcoin Cash Soars to $700, Coinbase Customers Threaten to Sue
#203Its at $750 now https://www.coingecko.com/en/price_charts/bitcoin-cash/usd Crazy that it was trading at $1200 BTC all-time high 3 years ago
The latter part of this comment seems to confuse BCC/BCH with BTC.
Re: Bitcoin Cash Soars to $700, Coinbase Customers Threaten to Sue
#204Earlier quoted context omitted.
Uh, you literary did not respond to any of my remarks on why someone might find it scary.
But I did: if you read my comment you will see I literally wrote that you don't have to store the wallet yourself, just use some online wallet. Another option is a hardware wallet like Trezor. What I don't understand is why would anyone who is so scared of using Bitcoin transfer money to Coinbase to buy Bitcoins. To me this is the same as withdrawing all your money from your bank while being super scared of having yo…
No, that doesn't address the potential fear a customer might have.
And I didn't even mention the problems with an online wallet. Yes, you should fear online wallets.
Re: Bitcoin Cash Soars to $700, Coinbase Customers Threaten to Sue
#205> Coinbase has clearly stated the company is not taking customers' Bitcoin Cash for themselves So effectively, it's as if they just burned all of the Bitcoin Cash they were holding?
Not unless they deleted the keys holding the original, which would be unutterably stupid. They just havent credited their customers. They could do so at any time.
They can't delete the keys without also losing the BTCs. They could transfer the BCC to non-existent addresses, though.
Re: Bitcoin Cash Soars to $700, Coinbase Customers Threaten to Sue
#206Coinbase 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.
Re: Bitcoin Cash Soars to $700, Coinbase Customers Threaten to Sue
#207Its at $750 now https://www.coingecko.com/en/price_charts/bitcoin-cash/usd Crazy that it was trading at $1200 BTC all-time high 3 years ago
Careful, there are huge discrepancies between exchanges, due to the illiquidity and difficulty in creating transactions at this time.
Here is a list of exchanges that seem to be listing Bitcoin Cash (along with their prices):
Re: Bitcoin Cash Soars to $700, Coinbase Customers Threaten to Sue
#208Earlier quoted context omitted.
I think an argument against that is that 10 days is a pretty short deadline to act to prevent a potentially large financial loss. Especially if you were on vacation, not following the news about bitcoin, etc. Coinbase doesn't have to support trading BCC, they can simply provide a withdrawal function so people can claim their BCC and move on with their lives. Their decision to ignore it entirely is going to get them s…
Does the stock market offer do-overs if there is a significant move against you while you're on vacation? Would Coinbase normally be held accountable for a significant move in Bitcoin against you while you're on vacation? Coinbase isn't a company to secure your Bitcoins against the value of the dollar, it's a company that stores Bitcoins and facilitates transactions.
No, because exchanges in public markets never get to this point. Unless you're margin called, you're not put into a position where you forfeit your assets. Moreover that's still not an ultimatum where value simply goes from the customer to the exchange without any consideration - it occurs because the assets you borrowed from the exchange in the first place have been lost or exposed to great risk.
This is not about a do over, it's about the ultimatum being reasonable. If an exchange declared that you had 10 days to withdraw funds issued by, say, dividends, or you'd simply lose those funds with no consideration or equitable exchange, it would be sued (and successfully so).
Coinbase did not (and does not) need to allow trading in order to disburse the forked currency to existing customers.
Re: Bitcoin Cash Soars to $700, Coinbase Customers Threaten to Sue
#209Earlier quoted context omitted.
It's a good way of looking at it. Another perspective, which makes this issue so complicated, is that we could compare this to: a company on the stock exchange splitting into two companies, investors should be getting shares in both companies, but the brokerage decides they are not going to recognize the second company and thus the investors don't get their shares in the second company.
This really doesn’t make sense, because literally anyone can create an altcoin and declare that the initial holders are as per Bitcoin block 486559, and then fork from there, thus transforming all Bitcoin holders into holders of this altcoin. From the point of view of Bitcoin, Bitcoin didn’t split; someone made a copy, so the initial balances are inherited from the Bitcoin blockchain.
This isn't Timmy from accounting splitting off from Apple. This is the iPad division splitting off from Apple. If I'm holding Apple stock, I sure as hell expect to end up holding iPad stock in the event of a split.
Re: Bitcoin Cash Soars to $700, Coinbase Customers Threaten to Sue
#210Earlier quoted context omitted.
I'll add to this that Coinbase freezing everyone's Bitcoin Cash is a great example of the problems with giving up decentralization.
Coinbase warned people for a month that they wouldn't support Bitcoin Cash.
I thought they made the announcement 10 days before the fork, not a month.