Coinbase won't be supporting Bitcoin Cash

[HabBear]

Just got my hands on a note from Coinbase sent to account holders, they'll be halting transactions on August 1st and will not be supporting Bitcoin Cash.

I'm surprised by their decision but glad they're making it clear how they plan to proceed.

Dear Coinbase Customer,

We wanted to provide an update on proposed changes to the Bitcoin network and what that means for bitcoin stored on Coinbase. You can read more about what a digital currency fork is https://blog.coinbase.com/what-is-a-bitcoin-fork-cba07fe73ef1.

Our first priority is the safety of customer funds. In the event of a fork, customer fiat currency (USD, EUR and GBP) and digital currencies (bitcoin, ether and litecoin) are safe.

On August 1st, 2017 there is a proposal to make changes to the bitcoin software. This proposal, known as Bitcoin Cash, is likely to create a fork in the Bitcoin network. This means that after August 1st, 2017 there are likely to be two versions of the Bitcoin blockchain and two separate digital currencies.

In the event of two separate blockchains after August 1, 2017 we will only support one version. We have no plans to support the Bitcoin Cash fork. We have made this decision because it is hard to predict how long the alternative version of bitcoin will survive and if Bitcoin Cash will have future market value.

This means if there are two separate digital currencies – bitcoin (BTC) and bitcoin cash (BCC) – customers with Bitcoin stored on Coinbase will only have access to the current version of bitcoin we support (BTC). Customers will not have access to, or be able to withdraw, bitcoin cash (BCC).

Customers who wish to access both bitcoin (BTC) and bitcoin cash (BCC) need to withdraw bitcoin stored on Coinbase before 11.59 pm PT July 31, 2017. If you do not wish to access bitcoin cash (BCC) then no action is required.

We plan to temporarily suspend bitcoin buy / sells, deposits and withdrawals on August 1, 2017 as the fork is likely to cause disruption to the bitcoin network. This means your funds will be safe but you will be unable to access your bitcoin (BTC) for a short period of time.

We will keep you updated on this event through our blog, status page and Twitter.

Thank you,

Coinbase Team

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[satoshforever]

I wonder what they'll actually be doing with the Bitcoin Cash, internally. Sell them? Hold?

[PhucS]

I read this news last day, they said that Bitcoin Cash was not listed as well as drawn on Coinbase. I really ask questions about their actions. At present, the trading floors have plans to implement risk prevention measures. But among the trading floors, Coinbase is being reacted by customers because creates a difficult situation for them. Many customers even think that this is a disgusting plagiarism. However, let's also wait, maybe they have a plan

[Midas111]

. If it tanks they will sell it to another exchange wholesale IMO. Seems like they are telling cb users they are going to relieve them of their bcc.     Bittrex will be adding it and let users sell or hold as far as I can tell

[pooya87]

I wonder what they'll actually be doing with the Bitcoin Cash, internally. Sell them? Hold?

the problem is that no proper exchange has listed BCC, so even if they want to dump it they can't for some time.
maybe if some exchanges like bitfinex (which always adds these things like they added BTU) adds BCC and then they dumped the tokens there.

but it will all come down to the price in the end. the small nature of BCC market and lack of support can potentially mean a big drop in price and everyone who sees the initial couple of weeks drop will eventually sell it before it is too late and the future of it becomes very unclear if price reaches some very low value like $50

. If it tanks they will sell it to another exchange wholesale IMO. Seems like they are telling cb users they are going to relieve them of their bcc.     Bittrex will be adding it and let users sell or hold as far as I can tell

bittrex has not said what you claim. you are making an assumption.
they will only credit you your tokens, they said nothing about adding the market for trading them.

There is no guarantee that any markets will open to allow BCC assets to be tradable on Bittrex exchange.

[Yakamoto]

It's not surprising that Coinbase is going to do this, especially considering that there's a very high chance that BCC will crash because people will sell their excess BCC and take that money and use it on buying more BTC. BCC may get circulated around a little bit within the BCC economy but most services will be upgrading and there's a huge chance that BCC will merely be a means of gaining value off of a dumped crypto. There's no real reason to hold onto BCC as a crypto unless the BIP implementation goes bad, and if that happens a lot more things will gain in value than just BCC.

I should exploit this opportunity to be completely honest.

[spadormie]

Yey coinbase won't support this one! It is good that coinbase will stick to the original and that's how it should be staying on the original, right? I am not a supporter of bitcoin cash. I only supports Bitcoin Original, that was created by Satoshi Nakamoto.

[HabBear]

I wonder what they'll actually be doing with the Bitcoin Cash, internally. Sell them? Hold?

Publicly, they're saying they won't have any. They're making an all or nothing play on Bitcoin. But any wise business wouldn't make a single bet that could turn them under.

Coinbase owns wallets and private keys. If BCC succeeds they've committed to paying out the lessor value BTC while profiting off the higher value BCC that they'll be able to acquire with their assets under management. Any withdrawals post Aug. 1st will have to be in BTC and will be easy to fund with the spread between a soaring BCC and declining BTC.

And if BTC remains dominant they continue on as they ahve for the last several years.

Fucking brilliant!

(and complete speculation on my part)

[zarados]

I wonder what they'll actually be doing with the Bitcoin Cash, internally. Sell them? Hold?

Publicly, they're saying they won't have any. They're making an all or nothing play on Bitcoin. But any wise business wouldn't make a single bet that could turn them under.

Coinbase owns wallets and private keys. If BCC succeeds they've committed to paying out the lessor value BTC while profiting off the higher value BCC that they'll be able to acquire with their assets under management. Any withdrawals post Aug. 1st will have to be in BTC and will be easy to fund with the spread between a soaring BCC and declining BTC.

And if BTC remains dominant they continue on as they ahve for the last several years.

Fucking brilliant!

(and complete speculation on my part)

its a good news and also very briliant strategy, that's the business world. This news could be the trigger of bitcoin users to keep entrust their investment. I as a user can only wait for what will happen before and after August 1, my choice is to continue to believe in bitcoin despite various issues and speculations hit.

[HabBear]

Anyone having trouble getting their funds out of Coinbase if they're trying to keep the BCC option open for their balance?

I've noticed warnings of "significant delays" to get Coinbase transactions process. And hell, if you have a technical concern I'm sure the wait for response and action is also backed up.

Who's having issues?

[jubalix]

Coinbase running slow on funds?

Epic smash and grab by them.....Just epic

[pooya87]

Coinbase running slow on funds?

Epic smash and grab by them.....Just epic

unless someone who works at coinbase reports about their funds we have no way of knowing. so far people who wanted to withdraw have done it and it was completed successfully and with ease. and it is not like their wallet is public knowledge so we can check their balances

[ideaupdater]

BCC is not a fork , but just a clone.

[Icculus.]

unless someone who works at coinbase reports about their funds we have no way of knowing. so far people who wanted to withdraw have done it and it was completed successfully and with ease. and it is not like their wallet is public knowledge so we can check their balances

I beg to differ. I found a suspicious and unauthorized withdrawal from my account this weekend. When I filed a request for support they immediately locked my account - to ensure that the security of the account wasn't compromised - I'm still waiting for them to unlock my account and now we're within 24 hours of the deadline to withdrawal if I want the option to participate in BCC.

Fuck. A business like this should be able to prevent shit like this from happening.

[jubalix]

Coinbase running slow on funds?

Epic smash and grab by them.....Just epic

unless someone who works at coinbase reports about their funds we have no way of knowing. so far people who wanted to withdraw have done it and it was completed successfully and with ease. and it is not like their wallet is public knowledge so we can check their balances

what I mean is I expect a large percentage of BTC holders on their system will do nothing.

[HabBear]

BCC is not a fork , but just a clone.

Haha, according to www.bitcoincash.org BCC is exactly a hard fork.

On August 1st 2017, We the People will breathe new life into Bitcoin.

A group of miners, developers, investors, and bitcoin users will upgrade the Bitcoin protocol as specified by the  User Activated Hard Fork (UAHF).

Those who do not want to follow our lead are free to use whichever chain they like.  Miners implementing the UAHF will safely split away, creating a new version of Bitcoin called "Bitcoin Cash".

Frequently Asked Questions
Is Bitcoin Cash different from 'Bitcoin'?
Yes.  Bitcoin Cash is the continuation of the Bitcoin project as peer-to-peer digital cash.  It is a fork of the Bitcoin blockchain ledger, with upgraded consensus rules that allow it to grow and scale.

If I own Bitcoin, do I automatically own Bitcoin Cash too?
Yes.  Because Bitcoin Cash is a fork of the ledger, that means you own the same amount of Bitcoin Cash as you did Bitcoin at the time of the forking block.  However, if your Bitcoins are stored by a third party such as an exchange, then you must inquire with them about your cash.

They refer to the August 1st event as a "UAHF", a User Activated Hard Fork.

[jakelyson]

a valid move i guess. since there is no evident support for bitcoin cash, it is just right not to make them available or risk bcc holders dumping on their exchange in exchange for bitcoin. it is a big loss to them. but if bcc tanks, will they give their clients their due bcc if they decide to make it available in their exchange? i hope so.