Coinbase and the Fork

[creamdaddy]

Hi guys,

I'm not very informed on the August 1 fork and need some help. Got this e-mail from coinbase:

Dear Coinbase Customer,

We are contacting you to make you aware of recent developments in a number of proposals for technical changes to Bitcoin. All BTC stored on Coinbase will remain safe during these events described below.

The User Activated Hard Fork (UAHF) is a proposal to increase the Bitcoin block size scheduled to activate on August 1. The UAHF is incompatible with the current Bitcoin ruleset and will create a separate blockchain. Should UAHF activate on August 1, Coinbase will not support the new blockchain or its associated coin.

The User Activated Soft Fork (UASF) is a proposal to adopt Segregated Witness on the Bitcoin blockchain and could result in network instability. It is scheduled to activate at the same time as the UAHF.

To ensure the safety of customers? funds, we will temporarily suspend BTC deposits, withdrawals, and buy/sell starting approximately 4 hours before activation of either fork.

If you do not wish to have access to UAHF coins, and do not wish to access your BTC during the fork, you are not required to take any action.
If you do wish to have access to UAHF coins or access your BTC during the fork, you should send your BTC from Coinbase to your external address by July 31.



Can anyone briefly breakdown what it would mean if I kept my coins in there and either the hard or soft fork happens? Also, your opinion on the best course of action. Thanks

[chaoscoinz]

I too received the same email this morning. I think the best bet, depending on the value of coins held at coinbase is to 1: transfer coins to a private wallet whereas you have access to both public and private keys. The safest bet is cold storage, but if your bag is small and your not too concerned about the potential risk of lose, then leave them in place.
  I have less than $30 worth of bitcoins in my account, chances are I might leave them there, but again, thats my opinion. As far as explaining segwit and the hard / soft fork, I was hoping some one would enlighten me as well, concerning the implications, and potential impact of these changes.

[creamdaddy]

Thanks for the reply

I have ~1.25 btc that I've had for a while, I just sold for now...gonna wait for some buy low opportunities down the road (if they come) and buy back in later.

[iamTom123]

Almost all wallet service providers have already emailed all of clients clarifying their stand and what they might do leading and during the August 1 scaling solution deadline. Most of the details provided in the message centered on safety measures they would took to safeguard the funds of the customers which has become their number one priority.

The fear and apprehensions surrounding Bitcoin in the past many weeks have been centered on the possibility that there will be that dreaded network split but I think right now this split has become a remote possibility as 90% of the miners are now signalling for SegWit2x.

[davis196]

It`s good that Coinbase wants to keep it`s customers informed about UASF and Segwit2x.
But what about Localbitcoins.com?I haven`t got any email from them.
This makes me think that i have to sell my bitcoins there for fiat or send them to some other wallet.
I was pretty disappointed by the Coinbase customer support service in the past,but they are getting better now.

[Hazir]

I am repeating on more time, according to the newest development we may safely assume here won't be an USAF on August 1st.
BIP91 is now signalled by the majority of miners (around 95%) and lock in period just begun, after ~300 block it will be activated.
I will translate - today and tomorrow is the last stop before price of bitcoin will reach new ATH.

[Idrisu]

Coinbase is taking pre caution option in other to safeguard investors investment and holding with them. August 1 issues are issue that might be negligence but most of the exchangers trading platform are taking precoution on this. The best thing to do if you are panicking is to transfer your coins to your offline wallet.

[tiggytomb]

I am repeating on more time, according to the newest development we may safely assume here won't be an USAF on August 1st.
BIP91 is now signalled by the majority of miners (around 95%) and lock in period just begun, after ~300 block it will be activated.
I will translate - today and tomorrow is the last stop before price of bitcoin will reach new ATH.

Yep it'll take about two and a half days and then any fear of any split is over even though there was only ever a slight chance of it happening in the firat place.

[iram1011]

I am repeating on more time, according to the newest development we may safely assume here won't be an USAF on August 1st.
BIP91 is now signalled by the majority of miners (around 95%) and lock in period just begun, after ~300 block it will be activated.
I will translate - today and tomorrow is the last stop before price of bitcoin will reach new ATH.

Exactly, I don't think there is any much fear left of UASF or UAHF as majority of miners have already signalled Segwit2x and it very well be activated. Bitcoin will go back to its natural growth but this time hopefully with more momentum.

Regarding Coinbase I don't feel there is much possibility of UASF or UAHF is left. Glad to know Coinbase is warning its users to safeguard their Bitcoin. But I don't think there is threat left of chain split. But taking precautions is always good. It is better to hold your private keys for the time.

[DrGuns4Hands]

I've so a alert message on my coinbase saying they will gonna suspend the transaction on receiving and sending money on august 1st so im planning to put all my bitcoin in july 25 at my trezor wallet so i can breathe because all my bitcoin will be saved from having an affect in august 1.

[pinkflower]

Can anyone briefly breakdown what it would mean if I kept my coins in there and either the hard or soft fork happens? Also, your opinion on the best course of action. Thanks

Its just one way of saying that Coinbase will not be giving you your BTC from the other chain in case there really was a hard fork. Get out of there before August 1.

Im ok with them not giving you your rightful coins from the forked chain only if they say what they intend to do with them.

[iluvpie60]

The best thing to do is withdraw your coins from any exchange or coinbank.

Deposit them into a BTC wallet like bitcoin core. A wallet that lets you control the private keys. Then make sure you have your private keys stored safely and your passphrase is something you will remember.

Make backup copies of your wallet to multiple places. In the event your computer crashes you can recover it later with your private keys and pass phrase.

If a hardfork happens, you will be able to have the control over your coins. Say you have 1 BTC right now, and a HF happens, you will be able to use your private keys to claim 1 BTC of the old coin and of the new coin.

That is why you don't want your coins on an exchange, they control what happens and they will keep your other coin.