Coinbase and GDAX reject JihanCoin, price reacts positively

[jonald_fyookball]

Why would they want to create that Bitcoin ABC if they knew in advance that it was going to fail?

It may not get a huge following immediately (because many Chinese miners are clueless and believe Core propaganda)...but whoever is making it happen believes in the fundamentals of on chain scaling and believes it will win out.. I honestly don't know their plan with being able to support hash power, but i know the difficulty changes in place will make sure the chain continues.

I don't know all the details, sorry.     I'm just glad there will be a big block chain to compete

But that would mean an instant all-out war

Or do you really believe that these two Bitcoins (let's speak plainly and frankly here, and call things their real names) could peacefully coexist even for a single day? As soon as people get access to the coins of the Bitcoin they don't like, they will immediately dump these coins for the Bitcoin of their choice. In other words, there can be only one Bitcoin in the end, and I don't think that Jihan and his minions from ViaBTC don't understand that. Are they hoping for a bug in the SegWit2x code that would give them an insurmountable advantage (which they could have deliberately put there themselves)?

 I do think they can peacefully coexist, just as ETH and ETC do.

There could even be some symbiosis.  With 2 kinds of Bitcoins that many consider legit, most of the alts will seem unnattractive...more marketcap , maybe back toward 70, 80, 90%?

[gentlemand]

I think the price skyrocketed because the possibility of fork lowered, not because major exchanges said they won't support the altcoin. If Coinbase and Gdax won't support Bitcoin ABC, other exchanges will, because it means more volume and more profits from trading fees.

Whatever their feelings are about it, I can well imagine it'll end up tradable on GDAX. Exchanges are there to make money and nothing else.

There'll be millions of people with some of it. They'd be daft to turn them away.

[FiendCoin]

I think the price skyrocketed because the possibility of fork lowered, not because major exchanges said they won't support the altcoin. If Coinbase and Gdax won't support Bitcoin ABC, other exchanges will, because it means more volume and more profits from trading fees.

Whatever their feelings are about it, I can well imagine it'll end up tradable on GDAX. Exchanges are there to make money and nothing else.

There'll be millions of people with some of it. They'd be daft to turn them away.

I can see it surviving, who's going to turn free money away? It will be another speculative vehicle for people who missed out on the real Bitcoin.

[Rinaze]

I might be wrong but I have been reading quite a few posts that mention even if SegWit2x activate (no hard fork), BTC would be more "centralized" so they rather have a hard fork once and for all in order to stay decentralized. If BTC could get centralized now and later there will be another chance for a split, isn't that basically no risk and win win for whoever is attempting the hard fork / split?

[Iranus]

I believe the hardfork they are talking about is "Bitcoin ABC"

It's called Bitcoin Cash, and they have the support of Bitcoin ABC.  It's basically the "UAHF" that BITMAIN were talking about.  bitcoincash.org.

I do respect that they're phrasing it like it's an altcoin and their development of BTC.

As soon as we saw the news of the ridiculous hardfork getting rejected by big exchanges the price started skyrocketing, along with BIP91 activation soon lockin segwit.

The price is absolutely no indicator of anything right now.  It's just random and irrational speculation about Bitcoin's future and it makes no sense.

The users of Coinbase should have a right to their "Bitcoin Cash" in the same way that they should have a right to their ordinary coins.  Otherwise, it's just glorified theft from Coinbase.

It's not theft if they announce it two weeks in advance.

People who hold their coins in Coinbase and pay less attention to their holdings (use the "Coinbase Vault" for example) might not notice the warning.  Regardless of what happens there will be a huge amount of funds kept in Coinbase and Coinbase will potentially have access to a not-insignificant amount of UAHF coins that their users who didn't withdraw.

I have the impression it might be more of a technical decision, and not a political one

I think Gemini's stance on this makes more sense:

We will make every effort to support withdrawals of the chain with less total difficulty, if it ends up having a significant amount of hashpower, exchange volume, or economic value. However, unlike with the Ethereum / Ethereum Classic hard fork last year, we cannot yet guarantee that we will succeed in this effort, due to a lack of two-way replay protection in the various forks of Bitcoin Core (including Segwit2x, UASF, BitcoinABC, and Bitcoin Unlimited).

To not even commit to your users' needs like this is quite insulting, especially when they never bother to respond when people have their accounts frozen.

[Krimster]

Why would they want to create that Bitcoin ABC if they knew in advance that it was going to fail?

It may not get a huge following immediately (because many Chinese miners are clueless and believe Core propaganda)...but whoever is making it happen believes in the fundamentals of on chain scaling and believes it will win out.. I honestly don't know their plan with being able to support hash power, but i know the difficulty changes in place will make sure the chain continues.

I don't know all the details, sorry.     I'm just glad there will be a big block chain to compete

But that would mean an instant and all-out war

Or do you really believe that these two Bitcoins (let's speak plainly and frankly here, and call things their real names) could peacefully coexist even for a single day? As soon as people get access to the coins of the Bitcoin they don't like, they will immediately dump these coins for the Bitcoin of their choice. In other words, there can be only one Bitcoin in the end, and I don't think that Jihan and his minions from ViaBTC don't understand that. Are they hoping for a bug in the SegWit2x code that would give them an insurmountable advantage (which they could have deliberately put there themselves)? That pretty well explains why they so open-heartedly support SegWit2x

You Sir, win the Conspiracy Theory of the Year award. Worst thing is, I do not see it as too outlandish. Alternatively, maybe they didn't put it but discovered it and simply stayed silent...

At any rate, I am simply unwilling to do something that essentially amounts to "let's bet the Bitmain guys are a bunch of idiots"

[BitFinnese]

meh, this rise is only about the fact that FUD vanished from the market and then with every block that is mined we get 1 step closer to activation of SegWit and now we are nearing the time when FOMO kicks in.
the latest candle shows a small sign of this FOMO with its sharp rise about $100

Well, the announcement certainly kicks FUD out of the equation and miners knowing that the other coin won't be accepted by major exchange somehow forces miners to switch and signal bip91. I also agree that FOMO will kick in soon since lockdown is going to happen.  I always thought that this update is bullish and I am glad I am right about it.  I thin we will see $5k  Bitcoin a piece soon.