Coinbase: Increasing ETC deposit confirmation time to ~ 2 weeks

[btc_angela]

I'm sure we are all aware of the recent attacks on ETC network, and as a result Coinbase are going to increased deposit confirmation time for ~2 weeks to be on the safe side,



https://twitter.com/CoinbaseSupport/status/1291898937037611008

So if you are going to deposit, you might as well wait for the right time, unless you really can wait for 2 weeks confirmation.

[Baofeng]

It doesn't really look good if you are a ETC investors or at least a holder. Imagine 2 weeks waiting time, damn, it will be a dead coin by then. And it just highlight as to how altcoins network are not that really secure as compare to bitcoin as only one rogue miners can really wreck havoc creating a bad chain of events.

[yazher]

That should be their first move as a concern exchange platform but those who invested in ETC as a legit investor will now having some hard time moving their ETC outside Coinbase. This may be the last thing they though are good to do but they need to consider those people who are thinking to move their ETC to Coinbase as soon as possible. They need to reduce the confirmation time for at least closer than 2 weeks since this in not a matter of exchange hacking.

[mersal]

I'm sure we are all aware of the recent attacks on ETC network, and as a result Coinbase are going to increased deposit confirmation time for ~2 weeks to be on the safe side,



https://twitter.com/CoinbaseSupport/status/1291898937037611008

So if you are going to deposit, you might as well wait for the right time, unless you really can wait for 2 weeks confirmation.

I guess this is going to get big effect on its prices in real soon, the holders will be in panic situation now and most of them will be rushing towards the exchanges that is why coinbase is taking such precautionary measures.I will say it is better to hold those ETC in your wallet until the things back into normal or else you will be in such a frustated situation which will make you feel depressed.

[Pffrt]

Does that mean ETC confirmation will take 2 weeks? Hell, who would this shit? This is not the first time 51% attack on ETC. If other exchanges are going to follow this, imagine what is going to happen with ETC. Everyone will be ripped off.

[carlisle1]

Does that mean ETC confirmation will take 2 weeks? Hell, who would this shit? This is not the first time 51% attack on ETC. If other exchanges are going to follow this, imagine what is going to happen with ETC. Everyone will be ripped off.

Most investors and traders will avoid this coin for sure, if after coinbase other big exchange who caters ETC trades will do the same.

It's really  messed with this project, there's no way that holders and traders will wait for that time frame, there are big chances that the value will
not be the same after that time.

Timing is always the tool for each traders, if such time for confirmation will take that long, there are lots of possibilities.
You'll lose your money if the price will move downwards and for sure frustrations will kick ass.

[hd49728]

It doesn't really look good if you are a ETC investors or at least a holder. Imagine 2 weeks waiting time, damn, it will be a dead coin by then. And it just highlight as to how altcoins network are not that really secure as compare to bitcoin as only one rogue miners can really wreck havoc creating a bad chain of events.

The sudden increase of waiting time up to 2 weeks is a damn shit if we take into account the votality of crypto market. One another risky contributor is bitcoin has been pumped recent weeks and temporarily stood at high, not too far from its peak in 2019 around $13k. If bitcoin skyrockets to that range or falls at resistance, altcoins will be massacred. In such situations, 2 weeks of waiting is a shitshow.

[Eddyc]

The situation was strange and there is a tendency for the project to fail, but apparently prices are stagnating in the face of such a situation. However, if ETC can resist this situation, the price may go up due to the resistance and the development of security, but lately I'm commenting on and I see nothing of a solution.

[masterrex]

It's not good either a two week is already a long period of waiting just to deposit your ETC in your account. I think it's better to avoid deposit on Coinbase for awhile rather than waiting that long period, for security reason it's better to hold your ETC in your wallet and wait this problem to be solved or look for another option. I'm sure that many of us people are holding several cryptocurrencies and not just only relying on ETC.

[hd49728]

It's not good either a two week is already a long period of waiting just to deposit your ETC in your account. I think it's better to avoid deposit on Coinbase for awhile rather than waiting that long period, for security reason it's better to hold your ETC in your wallet and wait this problem to be solved or look for another option. I'm sure that many of us people are holding several cryptocurrencies and not just only relying on ETC.

Use other coins as deposit method and sell them to buy ETC, then hold if you truly love ETC. It is very inconvenient and risky as well. Another bad point of ETC is its development is nearly zero, after a few months, some news are often released. That's all of ETC developments. I don't bet my life with ETC and their team. When I see a wave of rise, I jump in and jump out when I have profit. I don't invest in ETC at any amount and sure I don't rely on ETC.

[xZork]

2 weeks is too long to confirm a deposit. If you are an investor or you need money to do something, it is not feasible to wait 2 weeks.
It's best not to send ETC to Coinbase accounts right now.

[MCDev]

I cannot imagine that it would take me 2 weeks to make a deposit, it is too long for the crypto market where every transaction is completed every second. Maybe at the present time people should not send Etc to Coinbase.

[pixie85]

So if you are going to deposit, you might as well wait for the right time, unless you really can wait for 2 weeks confirmation.

I have a better idea. Don't deposit to coinbase!

There are still exchanges that don't make you wait 2 weeks. This is really ridiculous. They could require more confirmations than usually like increase the number 3 times. 2 weeks is something only coinbase could think of.

[bearexin]

2 weeks? I thought they were declining any deposits and not taking any for 2 weeks. That is literally what came to my mind, I imagined they were just cancelling all the etc deposits, not taking any right now, allowing people to withdraw and they are stopping trades as well, because 2 weeks is a time like that, you can deny people to trade there because it is your own exchange and you could easily decline any coin you want, exchanges are known for delisting any coin they want.

However deposits taking 2 weeks? That is a bit harsh honestly, I would assume that if you do not want people to deposit ETC that much, you could just decline to do anything with ETC? That would be smarter decision than making people wait for 2 weeks to get their own coins to their accounts honestly.

[tvplus006]

The situation was strange and there is a tendency for the project to fail, but apparently prices are stagnating in the face of such a situation. However, if ETC can resist this situation, the price may go up due to the resistance and the development of security, but lately I'm commenting on and I see nothing of a solution.

The last two attacks of 51% were successful for hackers, so we should not expect that the price of ETC can grow. Positive news is needed to restore users ' trust in this coin. But such restrictions introduced by Coinbase are not such and lead to a further decrease in the price of the coin.

[meanwords]

So if you are going to deposit, you might as well wait for the right time, unless you really can wait for 2 weeks confirmation.

I have a better idea. Don't deposit to coinbase!

There are still exchanges that don't make you wait 2 weeks. This is really ridiculous. They could require more confirmations than usually like increase the number 3 times. 2 weeks is something only coinbase could think of.

It's on ETC side which has a problem. Because of the recent network attacks. A lot of exchanges are prolonging withdrawal/depositing in order to prevent any problems. Well if you want to deposit in a garbage exchange and have problems later, sure.

You can have more context here and here if you want to read it.

[philipma1957]

So basically the problem is pretty simple. It is gpu mineable and does not have a big enough share of the worlds gpus. So it can be attacked.

the only gpu coin with a large share of the gpu hash is eth.

the only defense for etc is shutting chain down and freezing the blockchain.

ltc and doge are safe as they merge mine and have way more then 50% of the asic gear that mines it.

btc is safe as it has more then 50% of the asic gear that mines it.

bch
bsv have a defense move to protect from huge  amount of btc gear shifting to them. they can do a fast track difficulty change which kind of hinders the desire to attack them.

xmr is safe as it has more then 50% of the cpu hash. the developers do try to protect the network.

reality is only one gpu coin can work unless developers have other tricks up their sleeves.

I think etc is doomed as the developers simply dont care to protect the coin.

[jossiel]

Too bad for those ETC traders and holders who withdraws and deposits on coinbase/pro.

I have never bought this ETC but with those attacks, it's already a sign that whoever holds it has to dispose of it as soon as possible. No further action from the devs and this coin will be out of the top list.

That condition from Coinbase is necessary on their end and it's also a sign that other big exchanges could do the same.

[donlogan]

It's a bad situation for a project like this and sometimes this creates panic in the whole market fear of another attack on other projects. Actually I do not like ETC because of its slow network. I don't know much about its transaction speed but I have used it once and deposit it to my coinbase account and it took almost 16 hours to show up in my balance. It must be more frustration for ETC holder, especially who are using coinbase now.

It's indeed a bad situation like you say but one that's been around for as long as I can remember with ETC. Everyone that knows a little bit about how blockchains work has been aware of ETC's vulnerability when it comes to the 51% attack.

I have no sympathy for people that go into a project knowing about its issues. We all take risks. There's a reason it's called a risk.

I remember when Coinbase decided to list ETC I was surprised. Didn't make sense.

ETC is basically a soon to be zombie project at this point. I understand and was for its original purpose but unfortunately it lost.

[btc_angela]

Let me just reiterate that as per Coinbase it's the deposit that will take ~2 weeks confirmation before it goes to your wallet in their platform.

ETC is basically a soon to be zombie project at this point. I understand and was for its original purpose but unfortunately it lost.

What do you expect? This is just a fork coin, and now look at how ETH is doing as compare to ETC, they are left out and I'm sure that there could be miners shifting their hash rate to ETH now specially with the PoS Staking and I think this is one reason why they are really vulnerable to 51% attack, 2x already.