Could Coinbase be forced to support BCC?

[harizen]

Im sorry but this is stupid. There are so many other exchanges/wallets that that they could easily transfer over their funds to and get their BCH, and on top of that they were given warnings well in advance and Coinbase stated their stance in the issue and that they had no plans on having BCH on their platform.

Exactly. Now complaining to Coinbase because they didn't get their BCC although prior to August 1st there are official announcement, not just in Coinbase but on other exchanges too. See how lazy other people are.

Even they will support BCC, I think no way people can redeem their respective BCC. The announcement is clear. Those people who are complaining must understand this.

[amaral1977]

Im sorry but this is stupid. There are so many other exchanges/wallets that that they could easily transfer over their funds to and get their BCH, and on top of that they were given warnings well in advance and Coinbase stated their stance in the issue and that they had no plans on having BCH on their platform.

This might be true, but Polo for instance changed the TOS and one of the most important changes was specifically to state they reserved the right to support or not forks... This change took place a few days before Aug 1st, so someone is wanting to avoid this kind of hassle...

[PlanetOfBets]

I suppose they would support it, they were supporters of eger, they would have to pay extra costs, they did not give me a private key when I wanted it, so I left out the usage altogether.

[Rahar02]

Users are starting a class action lawsuit against Coinbase so they can get their BCH. Anyone think this could result in Coinbase supporting BCH and allowing trading to open? Might be the easiest way to settle with these customers.

https://news.bitcoin.com/coinbase-customers-could-instigate-class-action-lawsuit-over-bitcoin-cash/

Are you not get a notice about how the network of bitcoin cash right now? You are not able to make any transaction to the exchange site. So, your complaint will be useless, the decision will be in the coin base's hand. You can't do anything for that.

Indeed, coinbase has decided to not support bitcoin cash as it may has some problems and it has been proven so far. Even for some big exchanges still halt bcash transactions due to unstable or whatever with this new altcoin. And there is a news about coinbase plans to allow bitcoin cash withdrawals in January 2018, so all of them who demand for it will be happy, or at least.
Bitcoin exchange Coinbase has reversed its decision to support bitcoin cash. The company now plans to allow customers to withdraw their new cryptocurrency by January 1, 2018.
https://news.bitcoin.com/coinbase-bitcoin-cash-withdrawals-january-2018/

[Savik]

Users are starting a class action lawsuit against Coinbase so they can get their BCH. Anyone think this could result in Coinbase supporting BCH and allowing trading to open? Might be the easiest way to settle with these customers.

https://news.bitcoin.com/coinbase-customers-could-instigate-class-action-lawsuit-over-bitcoin-cash/

Are you not get a notice about how the network of bitcoin cash right now? You are not able to make any transaction to the exchange site. So, your complaint will be useless, the decision will be in the coin base's hand. You can't do anything for that.

Indeed, coinbase has decided to not support bitcoin cash as it may has some problems and it has been proven so far. Even for some big exchanges still halt bcash transactions due to unstable or whatever with this new altcoin. And there is a news about coinbase plans to allow bitcoin cash withdrawals in January 2018, so all of them who demand for it will be happy, or at least.
Bitcoin exchange Coinbase has reversed its decision to support bitcoin cash. The company now plans to allow customers to withdraw their new cryptocurrency by January 1, 2018.
https://news.bitcoin.com/coinbase-bitcoin-cash-withdrawals-january-2018/

Wow, that's big news. So it sounds like Coinbase will support trading and I assume others will be able to buy/sell/transfer BCH in Jan 2018.

[sardasa]

Users are starting a class action lawsuit against Coinbase so they can get their BCH. Anyone think this could result in Coinbase supporting BCH and allowing trading to open? Might be the easiest way to settle with these customers.

https://news.bitcoin.com/coinbase-customers-could-instigate-class-action-lawsuit-over-bitcoin-cash/

Are you not get a notice about how the network of bitcoin cash right now? You are not able to make any transaction to the exchange site. So, your complaint will be useless, the decision will be in the coin base's hand. You can't do anything for that.

Indeed, coinbase has decided to not support bitcoin cash as it may has some problems and it has been proven so far. Even for some big exchanges still halt bcash transactions due to unstable or whatever with this new altcoin. And there is a news about coinbase plans to allow bitcoin cash withdrawals in January 2018, so all of them who demand for it will be happy, or at least.
Bitcoin exchange Coinbase has reversed its decision to support bitcoin cash. The company now plans to allow customers to withdraw their new cryptocurrency by January 1, 2018.
https://news.bitcoin.com/coinbase-bitcoin-cash-withdrawals-january-2018/

Wow, that's big news. So it sounds like Coinbase will support trading and I assume others will be able to buy/sell/transfer BCH in Jan 2018.

For now it's only withdraw not buy/sell at coinbase itself.
Who knows what will be the price of BCH by Jan 2018 though.

[MAbtc]

Users are starting a class action lawsuit against Coinbase so they can get their BCH. Anyone think this could result in Coinbase supporting BCH and allowing trading to open? Might be the easiest way to settle with these customers.

https://news.bitcoin.com/coinbase-customers-could-instigate-class-action-lawsuit-over-bitcoin-cash/

Even if they were legally obliged to allow their customers to withdraw their BCH, they still couldn't force Coinbase to support BCH trading. It's up to Coinbase which currency to trade and which not. You can't coerce a business to sell a product they don't see fit.

People are butthurt after seeing the gains created out of thin air on Bitfinex and Bittrex. Seems that Coinbase has given in (just like with ETC) and will pay out customer BCH eventually. Apparently this is now slated for January 2018.

Legally, I really don't think they are obligated to do that. This is just a PR move after seeing how other exchanges treated the situation, and after receiving endless complaints from customers.

[Idrisu]

I don't think coinbase can be force to support bitcoin Cash. I also read on reddit that coinbase has issue out statement that probably by January 2018 they will support bitcoin Cash! Now is the best time to buy and hold bitcoin Cash till January 2018 and sold.

[gueorguiev]

Its funny that they say will release the coin on January 1st cause the coin could quite possibly be completely useless by then. It'll be interesting to see how it changes till then.

[Xavofat]

Users are starting a class action lawsuit against Coinbase so they can get their BCH. Anyone think this could result in Coinbase supporting BCH and allowing trading to open? Might be the easiest way to settle with these customers.

https://news.bitcoin.com/coinbase-customers-could-instigate-class-action-lawsuit-over-bitcoin-cash/

Even if they were legally obliged to allow their customers to withdraw their BCH, they still couldn't force Coinbase to support BCH trading. It's up to Coinbase which currency to trade and which not. You can't coerce a business to sell a product they don't see fit.

Legally, I really don't think they are obligated to do that. This is just a PR move after seeing how other exchanges treated the situation, and after receiving endless complaints from customers.

True.  In the meantime, they can have fun and incessantly manipulate the market with their holdings or something.

I wouldn't care if I were holding in Coinbase.  I'm planning to HODL my BCH until the next big pump, so I haven't sold.

Are you not get a notice about how the network of bitcoin cash right now? You are not able to make any transaction to the exchange site.

When you made your post, the network was fine.  As of this post, 58 block have been mined on the Bitcoin Cash chain.  Most exchanges are now allowing deposits and withdrawals, albeit with several confirmations.

[figmentofmyass]

Its funny that they say will release the coin on January 1st cause the coin could quite possibly be completely useless by then. It'll be interesting to see how it changes till then.

this has got ethereum classic written all over it.

initial instability --> difficulty adjustment, profitable mining --> initial dump from ETH (BTC) holders --> accumulation --> pump

and if ETC is anything to go by it's not going to be dead, either. the question is, where will the value come from to hold up BCH in this case? either Bitcoin's network, or a whole lot of new crypto money...

[bitcoineverything]

Coinbase and GDAX already changed their minds. Today, they just announced that they are working on supporting Bitcoin cash on January 01, 2018.

Here's the link: https://steemit.com/cryptocurrency/@cryptowarrior88/headlines-for-the-world-of-cryptocurrencies-august-4-2017

[HeRetiK]

Its funny that they say will release the coin on January 1st cause the coin could quite possibly be completely useless by then. It'll be interesting to see how it changes till then.

It's the perfect move. By giving a definite deadline for allowing withdrawal no court will even think about making a case out of it. January 1st may be an eternity and in the crypto world, but it's the blink of an eye in the legal system. In addition they don't have to entirely give in to coercion while also not having to resort to "stealing" user's BCH. Not bad.

I wonder though why some BCH supporters are so keen on getting their coins out sooner? I mean BCH is a long term investment, no? They would hodl anyway, yes?

[gueorguiev]

Its funny that they say will release the coin on January 1st cause the coin could quite possibly be completely useless by then. It'll be interesting to see how it changes till then.

It's the perfect move. By giving a definite deadline for allowing withdrawal no court will even think about making a case out of it. January 1st may be an eternity and in the crypto world, but it's the blink of an eye in the legal system. In addition they don't have to entirely give in to coercion while also not having to resort to "stealing" user's BCH. Not bad.

I wonder though why some BCH supporters are so keen on getting their coins out sooner? I mean BCH is a long term investment, no? They would hodl anyway, yes?

Nope, most people believe it will crash and they want to get it asap to sell it

[PhucS]

Coinbase and GDAX already changed their minds. Today, they just announced that they are working on supporting Bitcoin cash on January 01, 2018.

Here's the link: https://steemit.com/cryptocurrency/@cryptowarrior88/headlines-for-the-world-of-cryptocurrencies-august-4-2017

Yes, I also read the news that Coinbase has changed its mind in the past few days, they will support Bitcoin Cash. I have a Coinbase account and they have emailed the situation to me. They say that both Bitcoin and Bitcoin Cash remain safely stored on Coinbase, customers with balances of bitcoin at the time of the fork now have an equal quantity of bitcoin cash stored by Coinbase. I think they have encountered a heated argument so decided to consider, refer from the customer. I do not know if this information is true or not but I still hope they will officially support Bitcoin Cash

[paragoncoin]

It still doesn't seem like a very good move on Coinbase's part. Where is (was) the logic in not supporting BTC? It just seems way lame now & not a good way to keep customers

Im going to assume you mean BCH not BTC. The logic in it is that Coinbase and many other exchanges stated their positions on it. They do not support it as in they don't not believe in values or goal BCH is trying to achieve, and they voice their opinions by not putting it their exchanges.

The situation would be completely different if it were just another Altcoin or ICO, but it isnt. It's a direct fork off of the Bitcoin chain in an attempt to become the new BTC.

yes you are right I meant BCH !
I do understand there is a philosophical divide here (for lack of a better way to phrase it..) -- and that makes sense up to the fork. I wonder though, now that it clearly exists & is being traded-- will exchanges be forced by the market--not a class action suit per se, just to be competitive-- to support it?

I don't think they need to be competitive in this case. Coinbase is one of the most (if not the most) popular exchange around right now. I feel as if they'd be looked down on if they compromised their beliefs for a few angry people.

I wouldn't be surprised though and I think it might be likely that this class action lawsuit is the plan of a few people with malicious intent, supported and backed by other people who are not knowledgeable enough and were told that they are entitled to money.

But regardless, I can see smaller exchanges adding BCH later simply so they can cash in on the trade fees if they haven't done so already, but Coinbase will be fine without it.

I see what you are saying. But my point is this-- for every customer of Coinbases who holds Bitcoin & didn't get it moved before 8/1-- the value of their wallet just went down (since value was split in the creation of BCH) from what it was before.

AND, they continue to miss out on the BCH portion of those original bitcoin they didn't get.

To a more experienced trader, of course, this would have been a conscious choice in supporting/not supporting the hard fork, so they aren't going to hold that against coinbase, and may even support/admire them for their stance.

But to the new trader--which i think is probably a fair portion of coinbase's customers (and why Coinbase has become such a popular exchange)-- it's much more likely not to be the case, and while those new investors may have supported Coinbase's conservative stance before the split (appreciating safety and the impulse toward stability--which, at least now,  is how Coinbase is characterizing things)--- post 8/1, what those investors are seeing is just a devalued digital wallet and a missed opportunity at ongoing wealth creation.

While a class action suit seems unlikely at best, I can't imagine that reality wouldn't lose Coinbase some percentage of users, and (perhaps more importantly) leave a lingering impression for future new investors (which, practically speaking, is going to be many more than there are now--so that is the true market for Coinbase's, or any other exchange's, growth).

So-- to support or not support?

The news now seems to be that Coinbase will support BCH. Which I guess also suggests that consensus/shared principles are not the only means for initiating a whole new hard fork. This is more like a blitzkrieg style coup for seizing power and forcing change in a certain direction. And it seems to have worked?

or do i have something wrong in the above?

[adzino]

Yes, I also read the news that Coinbase has changed its mind in the past few days, they will support Bitcoin Cash. I have a Coinbase account and they have emailed the situation to me. They say that both Bitcoin and Bitcoin Cash remain safely stored on Coinbase, customers with balances of bitcoin at the time of the fork now have an equal quantity of bitcoin cash stored by Coinbase. I think they have encountered a heated argument so decided to consider, refer from the customer. I do not know if this information is true or not but I still hope they will officially support Bitcoin Cash

The information is true, since we received an official email from coinbase. They are taking their time to  make sure everything is safe for adding BCC to their service, but i don't know why it will take them more than four months to do so. BCC might die or be less valuable by then.

[indiangrad]

Coinbase has been forced! 

[eaLiTy]

It is good to see that coinbase finally approving bitcoin cash and informing that they will be credited everyone who stored their coins during the fork,it is a complete turn of events from what they said earlier,they might have felt that they will be loosing customers if they stood by their first decision and might face legal charges if people go after them,it will hurt their pockets if that happens and so is the reason they changed their decision.

[MAbtc]

Coinbase has been forced! 

Well, they've been forced (from a PR perspective) to give people Bcash based on customer bitcoins stored with their service. But that doesn't mean they will necessarily add markets for it. Coinbase is very slow to add new coins. They've also given themselves a lot of time (5+ months) to see how the market reacts in general, decide whether it's worth it to add markets (fees generated and user demand vs. resource usage and image), and carefully implement proper wallet protocol for the new coin (and exchange infrastructure if they do decide to add markets).