Coinbase: 5 months left to access Bitcoin Cash

[poordeveloper]

Dear Coinbase customer,

We wanted to give our customers an update on the recent Bitcoin hard fork. You can read more about what a digital currency fork is here:

https://blog.coinbase.com/what-is-a-bitcoin-fork-cba07fe73ef1

Forks enable innovation and improvements to digital currency and we believe that we will see an increasing number of forks in the future. We expect this to be a vibrant and innovative community.

When a digital currency forks, it creates a new digital asset. Adding new digital assets to Coinbase must be approached with caution. Not every asset is immediately safe to add to Coinbase from a technical stability, security, or compliance point of view.

Our top priority is the safety of customer funds and we spend extensive time designing, building, testing and auditing our systems to ensure that the digital asset we support remains safe and secure. We may not always be first in adding an asset, but if we do, you can be sure that we’ve invested significant time and care into supporting it securely. We believe this is the best approach for us to maintain customer trust.

In the case of bitcoin cash, we made clear to our customers that we did not feel we could safely support it on the day it was launched. For customers who wanted immediate access to their bitcoin cash, we advised them to withdraw their bitcoin from the Coinbase platform. However, there are several points we want to make clear for our customers:

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.

We operate by the general principle that our customers should benefit to the greatest extent possible from hard forks or other unexpected events.

Over the last several days, we’ve examined all of the relevant issues and have decided to work on adding support for bitcoin cash for Coinbase customers. We made this decision based on factors such as the security of the network, customer demand, trading volumes, and regulatory considerations.

We are planning to have support for bitcoin cash by January 1, 2018, assuming no additional risks emerge during that time.

Once supported, customers will be able to withdraw bitcoin cash. We'll make a determination at a later date about adding trading support. In the meantime, customer bitcoin cash will remain safely stored on Coinbase.

Thank you,

Coinbase Team

I'm not sure if Bitcoin Cash will be worth much on January 1, 2018.

[massimies]

CoinFail   

[erk]

Seen this happen with lots of alt-coins over the years, FTC was a classic example.

They should have altered the code to adjust the difficulty in the BCC node client software, or delayed the fork to take effect a few blocks before the next BTC scheduled difficulty adjustment.

The BCC devs knew this would happen, when you fork the BTC chain it starts at the BTC  difficulty at the time of the fork, not back to BTC genesis block difficulty.

Over 1,100 blocks to mine before the next scheduled difficulty adjustment.

Lots of miners will get bored waiting and go back to BTC making the problem worse.

They might have to push out an updated BCC client to speed things along.

[piloder]

Coinbase is intentionally keeping all their user's bitcoincash for their own profit. They are just another centralized wallet which is highly regulated by governments hope many hadn't stored large sum of bitcoin in there during fork. BCC is trading at $300+ which is good free money and I don't think it can hold above that price till end of this year when coinbase will distribute those BCC. 

[LTU_btc]

Will Bitcoin Cash will still exist on January? Maybe yes, but I believe that it's price can be extremely low if compare with current rates. But anyway, users who left their btc on Coinbase before fork, they agreed to Coinbase game rules. So, now there are no reason to be angry at Coinbase.

[Kemarit]

Coinbase is intentionally keeping all their user's bitcoincash for their own profit. They are just another centralized wallet which is highly regulated by governments hope many hadn't stored large sum of bitcoin in there during fork. BCC is trading at $300+ which is good free money and I don't think it can hold above that price till end of this year when coinbase will distribute those BCC. 

BCC/BCH is now trading at $212 and could do down as the days past by. I wouldn't speculate that Coinbase is intentionally keeping it own, but from the looks for it, they are likely to be making money out of it. We don't know why will it take time for them to just accept/withdraw BCC for their customers? And by the time they have allowed it, the price could be very well in the $100 or less. This outrages most of their customers I think. Its still a long way to go and I doubt that will benefited their customers in the long run.

Will Bitcoin Cash will still exist on January? Maybe yes, but I believe that it's price can be extremely low if compare with current rates. But anyway, users who left their btc on Coinbase before fork, they agreed to Coinbase game rules. So, now there are no reason to be angry at Coinbase.

LOL. Nice question though, will BCC/BCH still existing by that time? It will be a waiting game from now on time 2018 for Coinbase users. But isn't it your goal is to make your customers happy? But making this moved, allowing customers to get it in 2018, they are still gonna lose a lot of them and go to other exchanges.

[pooya87]

i wouldn't count on it. that is a very long time and by then the price may be very low and you'll end up paying more in taxes specially if you are in US and because you just got some free money and IRS will be after you.

if it was in 3 months then it would have been a different story, there will surely be a bigger dump which lasts a while as people transfer their free BCC to dump but when it stops and as we get closer to 2MB fork of SegWit2x and drama picks up once again, it opens up a good way for BCC to get pumped.

[erk]

The BCC difficulty has dropped a lot in the past couple of days, so more coins are moving to exchanges to be dumped.

Apparently the BCC difficulty does retarget differently than BTC, so my previous post about it taking 1100 block was wrong, as I assumed it would be like BTC.

https://medium.com/@jimmysong/bitcoin-cash-difficulty-adjustments-2ec589099a8e

[1Referee]

Exchanges have made millions in profits by dumping at the time there were no deposits possible. I dumped the coins (10BCC) I had on-exchange at 0.14BTC, where it after that pumped all the way to +0.48BTC. It's clear that this form of manipulation has been initiated by entities related to the exchanges, or it may even be the exchanges themselves. Either way, it was never meant to last long. I currently have almost 20BCC left that I am looking to get rid of, but I am waiting for the price to recover as I am expecting some sort of a mini pump to happen in the coming weeks. If there will be no pump, then no problem at all, there is nothing that I lose. At this point the price needs to bottom out first. Eventually, my prediction is that this coin will hover between 0.01-0.05BTC till miners stop allocating hash power.

[Anarchist]

5 months is soooo loooooong. Who know if at this time Bitcoin cash value will be like 50 cents? During all this time people will surely lose some money. Why on earth can't they do this before a 5 month period? Quite frustrating for people waiting for this to be done