2017-08-01 Coinbase/GDAX Biggest Crypto Fraud in history?

GreenBits

legendary

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Quote from: pushups44 on August 03, 2017, 07:08:10 AM

Quote from: milewilda on August 03, 2017, 07:04:09 AM

Quote from: Gimpeline on August 01, 2017, 02:53:24 PM

Why did you have your coins in an exchange?
It's been warned about it for weeks.
You had plenty of time to move your coins so its not a fraud or robbery

Correct, exchanges did already warned us or already give informations before the fork that they dont really support bch on the very first place and as a bitcoin investor or user if we do really love to recieve bch we should really move those funds as fast as we can to those exchanges or wallet that would support bch so that we would able to claim bch later on. Sad to say and to know that they did really get big money on bch for sure.

Not so fast. Coinbase gave users credits in a previous fork (Ethereum/Ethereum Classic):

https://www.coindesk.com/coinbase-enable-withdrawals-ethereum-classic/

As soon as the lawsuits arrive, customers will get compensated.

Exactly. If I recall they werent so keen on doing that either. It didnt get to lawsuit status, but I remember the community making a funk about this. Disclaimer/TOS be damned, you can't with hold value due a person simply because you dont agree with the value ideologically. There is no reason for CB not to give users their equivalent BCC balances; they cannot argue cost because they could simply charge an enhanced withdrawal fee. They are plainly attempting to influence the market by preventing an additional huge dump, which is essentially market manipulation. Besides causing users damages in the form of opportunity cost/actual asset devaluation, they are flirting with SEC violations, if they have jurisdiction in this. They are wide open civilly, I'm not a lawyer and I could argue damages with my eyes closed on this.

keithers

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This is the land of wolves now & you're not a wolf

Quote from: Omega Weapon on August 10, 2017, 05:56:49 PM

Quote from: BillCoin on August 06, 2017, 05:28:38 AM

Coinbase said they would be issuing the new bitcoin cashes for those who held bitcoin at the time of the fork.
But what they did not say at the start that they are going to issue them very late, at the early 2018, which is pretty bad as the price is probably going to be much lower by then.

Maybe they have technical issues with the coin, I do no know how exchanges function but it is reasonable to think that is not an easy thing to list a coin all of a sudden especially one that Coinbase had no interest in listing on the first place, so the time frame they gave to their users of when they are going to receive their BCH has more to do with technical issues than with anything else.

Yes, I am assuming that it is super costly to implement it into their system as well as maintain additional security for all users' accounts. They did just finish up another $100 mill in Series D funding (I was reading about this today).

Curious to see if Coinbase actually lists BCH as a currency that is available for purchase and sale, or are users just going to get access to their pre-fork BCH?

If it gets added to Coinbase's list of purchasable coins, I would expect a pretty hefty price rally

Omega Weapon

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Quote from: BillCoin on August 06, 2017, 05:28:38 AM

Coinbase said they would be issuing the new bitcoin cashes for those who held bitcoin at the time of the fork.
But what they did not say at the start that they are going to issue them very late, at the early 2018, which is pretty bad as the price is probably going to be much lower by then.

Maybe they have technical issues with the coin, I do no know how exchanges function but it is reasonable to think that is not an easy thing to list a coin all of a sudden especially one that Coinbase had no interest in listing on the first place, so the time frame they gave to their users of when they are going to receive their BCH has more to do with technical issues than with anything else.

phuckit17

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Well they gave us a month long warning "If you want to access BTH, move your coins" so the onus is on us. Maybe we Coin Base'rs get an Xmas present. ( BTH is up 30% as I write this)

BillCoin

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Coinbase said they would be issuing the new bitcoin cashes for those who held bitcoin at the time of the fork.
But what they did not say at the start that they are going to issue them very late, at the early 2018, which is pretty bad as the price is probably going to be much lower by then.

Omega Weapon

hero member

Activity: 1092

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Quote from: pushups44 on August 02, 2017, 09:48:00 PM

Quote from: Omega Weapon on August 02, 2017, 09:28:20 PM

Quote from: falmeida on August 01, 2017, 02:45:33 PM

so coinbase/gdax didnt gave out bch or bcc to btc holders...so where did the bch/bcc went ? to coinbase pocket?

is it the biggest robbery/fraud in crypto history?

I do not think you can call it fraud, coinbase was very open about the fact they were not going to credit BCH to any of their customers and encouraged anyone that wanted to have that altcoin to get their bitcoin out of coinbase, if someone did not listen or did not attend the call then that is not coinbase fault also there is not a single proof they stole BCH for their own benefit, maybe it was a technical decision or one base on principles.

If this happened in any other industry, arguably it would be called fraud. The problem with cryptocurrencies is that regulators are behind the curve. Exchanges like Coinbase should absolutely compensate the owners of coins during forks. Anything less will simply breed public skepticism and the spectre of government intrusion to make sure the conduct meets standards in other industries. Coinbase should adopt a more user-friendly approach.

I disagree the whole point of crypto currencies is to be completely responsible for your money and now people want to say this is coinbase fault? If people wanted to receive BCH when coinbase make it clear they were not going to credit it, then they must have taken control of their destiny and coins and move them out of there, that is the point of bitcoin to not let a central authority tell you what you can do with your money.

williamuk

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Quote from: yoseph on August 01, 2017, 03:08:09 PM

Quote from: falmeida on August 01, 2017, 02:45:33 PM

so coinbase/gdax didnt gave out bch or bcc to btc holders...so where did the bch/bcc went ? to coinbase pocket?

is it the biggest robbery/fraud in crypto history?

I want to know if gdax and coin base are one of the exchanges who support the Bitcoin Cash currency, if they are then I believe that they should hand outbitcoin cash to those who had bitcoins in their wallet at the time of the split.

Coinbase/GDAX are part of the Digital Currency Group, a conglomerate that includes Blockstream/Core. They are virulently opposed to Bitcoin Cash, as they are to any attempt to scale up Bitcoin.

Amevalentine

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Quote from: Scorpion on August 03, 2017, 07:37:28 AM

I think this is a great case study moving forward when other coins split, even though I didn't support Bcash I did want everyone to have to ability to access their rightful tokens. The argument now is everyone should be responsible for their actions and Coinbase laid out their plan of action weeks ahead of the hardfork. However I remember when Poloniex had to stop serving residents in one state and many of those members never got an email or warning when logging on the site. I'll keep an eye out on the story even I don't know who's right or wrong on this one.

I thought Coinbase has previously give their own decision not to be involved in the distribution bch when fork, them could be one party opponents fork itself. But as a asset our own is better us to keep into wallet we have private key own, so full control is in our hands.

bittraffic

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If coinbase/GDAX claimed to have supported BCC and yet users don't get to receive the BCC thats suppose to be for them then this is definitely a scam and all those BCC are in the pockets of GDAX. But I wonder why you guys are putting your coins on GDAX when its supposedly to your wallet?

phuckit17

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Your BCH is now in your Coin Base account, and if they did it for safety like they say I'm fine with it. Now that the Biggest Brokerage is supporting BCH we will see a big dump ? or a slow Pump ?

pushups44

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Activity: 854

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Yes, I will do a celebratory dance in front of the idiots who repeated the same misinformation on this thread. Again, simply because a financial company warns people ahead of time of potential misconduct does not remove the liability.

Coinbase will learn the hard way that forked coins belong to the users. No warnings beforehand will change that.

Coinbase simply has to prepare to securely provide these coins to customers.

Coinbase should take this as a learning experience going forward.

pushups44

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Activity: 854

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Quote from: keithers on August 03, 2017, 08:29:55 PM

Welp, it looks like Coinbase is going to credit the BCS after all the complaints from people who didn't take their funds out in time. People are really lucky that they are doing this.

I think they said by January 1, 2018...so hopefully bitcoin cash's blockchain hangs around at least long enough for people that have money in coinbase

I hate to say it to the group, but I will: I told you so. I told you so.

The reason why Coinbase changed its mind is precisely due to threats of lawsuits. Here is the official update:

https://blog.coinbase.com/update-on-bitcoin-cash-8a67a7e8dbdf

It's not the customers who are lucky. It's Coinbase. Had Coinbase stuck to its initial decision, it would have been bankrupted with lawsuits.

keithers

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This is the land of wolves now & you're not a wolf

Welp, it looks like Coinbase is going to credit the BCS after all the complaints from people who didn't take their funds out in time. People are really lucky that they are doing this.

I think they said by January 1, 2018...so hopefully bitcoin cash's blockchain hangs around at least long enough for people that have money in coinbase

pushups44

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Activity: 854

Merit: 281

Quote from: Rising Suns on August 03, 2017, 07:33:58 AM

Quote from: pushups44 on August 03, 2017, 07:08:10 AM

Quote from: milewilda on August 03, 2017, 07:04:09 AM

Quote from: Gimpeline on August 01, 2017, 02:53:24 PM

Why did you have your coins in an exchange?
It's been warned about it for weeks.
You had plenty of time to move your coins so its not a fraud or robbery

Correct, exchanges did already warned us or already give informations before the fork that they dont really support bch on the very first place and as a bitcoin investor or user if we do really love to recieve bch we should really move those funds as fast as we can to those exchanges or wallet that would support bch so that we would able to claim bch later on. Sad to say and to know that they did really get big money on bch for sure.

Not so fast. Coinbase gave users credits in a previous fork (Ethereum/Ethereum Classic):

https://www.coindesk.com/coinbase-enable-withdrawals-ethereum-classic/

As soon as the lawsuits arrive, customers will get compensated.

Interesting... this is a slippery slope. What is a "reasonable" set of criteria for an exchange, such as Coinbase, for dealing with forks?

This is a good question. It just boggles the mind that people actually believe that because an exchange says it will do something beforehand that no liability will follow! Are these teenagers with no life experience posting? I mean seriously.

Clearly, based on the last hardfork (ETH/ETC) the precedent has been set to compensate users. Forked tokens belong to the users.

Already it has been shown on this thread that Coinbase executives are preparing for the lawsuits, and will do a cost-benefit analysis that will likely lead to some compensation.

IMO, exchanges should simply assert that forked coins (or equivalent credits) belong to users, though there may be delays in giving them to customers.

Scorpion

hero member

Activity: 887

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Bitcoin OG

I think this is a great case study moving forward when other coins split, even though I didn't support Bcash I did want everyone to have to ability to access their rightful tokens. The argument now is everyone should be responsible for their actions and Coinbase laid out their plan of action weeks ahead of the hardfork. However I remember when Poloniex had to stop serving residents in one state and many of those members never got an email or warning when logging on the site. I'll keep an eye out on the story even I don't know who's right or wrong on this one.

Rising Suns

newbie

Activity: 42

Merit: 0

Quote from: pushups44 on August 03, 2017, 07:08:10 AM

Quote from: milewilda on August 03, 2017, 07:04:09 AM

Quote from: Gimpeline on August 01, 2017, 02:53:24 PM

Why did you have your coins in an exchange?
It's been warned about it for weeks.
You had plenty of time to move your coins so its not a fraud or robbery

Correct, exchanges did already warned us or already give informations before the fork that they dont really support bch on the very first place and as a bitcoin investor or user if we do really love to recieve bch we should really move those funds as fast as we can to those exchanges or wallet that would support bch so that we would able to claim bch later on. Sad to say and to know that they did really get big money on bch for sure.

Not so fast. Coinbase gave users credits in a previous fork (Ethereum/Ethereum Classic):

https://www.coindesk.com/coinbase-enable-withdrawals-ethereum-classic/

As soon as the lawsuits arrive, customers will get compensated.

Interesting... this is a slippery slope. What is a "reasonable" set of criteria for an exchange, such as Coinbase, for dealing with forks?

pushups44

sr. member

Activity: 854

Merit: 281

Quote from: milewilda on August 03, 2017, 07:04:09 AM

Quote from: Gimpeline on August 01, 2017, 02:53:24 PM

Why did you have your coins in an exchange?
It's been warned about it for weeks.
You had plenty of time to move your coins so its not a fraud or robbery

Correct, exchanges did already warned us or already give informations before the fork that they dont really support bch on the very first place and as a bitcoin investor or user if we do really love to recieve bch we should really move those funds as fast as we can to those exchanges or wallet that would support bch so that we would able to claim bch later on. Sad to say and to know that they did really get big money on bch for sure.

Not so fast. Coinbase gave users credits in a previous fork (Ethereum/Ethereum Classic):

https://www.coindesk.com/coinbase-enable-withdrawals-ethereum-classic/

As soon as the lawsuits arrive, customers will get compensated.

xFiber

sr. member

Activity: 336

Merit: 252

Quote from: milewilda on August 03, 2017, 07:04:09 AM

Quote from: Gimpeline on August 01, 2017, 02:53:24 PM

Why did you have your coins in an exchange?
It's been warned about it for weeks.
You had plenty of time to move your coins so its not a fraud or robbery

Correct, exchanges did already warned us or already give informations before the fork that they dont really support bch on the very first place and as a bitcoin investor or user if we do really love to recieve bch we should really move those funds as fast as we can to those exchanges or wallet that would support bch so that we would able to claim bch later on. Sad to say and to know that they did really get big money on bch for sure.

Indeed, this is why I don't get a lot of consumers. If you have any money on any platform make sure you're up to date with the latest developments of that platform/company. I don't have any assets on coinbase and even I knew about them not giving out BCH prior to the fork. Stop blaming the comapny for your laziness.

milewilda

legendary

Activity: 3094

Merit: 1127

Quote from: Gimpeline on August 01, 2017, 02:53:24 PM

Why did you have your coins in an exchange?
It's been warned about it for weeks.
You had plenty of time to move your coins so its not a fraud or robbery

Correct, exchanges did already warned us or already give informations before the fork that they dont really support bch on the very first place and as a bitcoin investor or user if we do really love to recieve bch we should really move those funds as fast as we can to those exchanges or wallet that would support bch so that we would able to claim bch later on. Sad to say and to know that they did really get big money on bch for sure.

pushups44

sr. member

Activity: 854

Merit: 281

Quote from: phuckit17 on August 03, 2017, 06:52:19 AM

Coin base s
David Farmer
Jul 28
Wanted to clarify for customers asking if Coinbase is keeping bitcoin cash for ourselves.
Coinbase does not intend to interact with the Bitcoin Cash blockchain, or to access bitcoin cash (BCC). In order to safely and securely access bitcoin cash, Coinbase would need to undertake a process of designing and testing significant changes to our systems — including hot and cold storage. This is one of the core reasons customers will not be able to withdraw bitcoin cash after the fork on August 1st, 2017.
If this decision were to change in the future and we were to access bitcoin cash, we would distribute to customers bitcoin cash (BCC) associated with bitcoin (BTC) balances at the time of the fork on August 1st, 2017. Coinbase would not keep the bitcoin cash associated with customer bitcoin (BTC) balances for ourselves.aid if BCH survives they will issue them to us, not sell them or throw them away.

Exactly. This message shows that the move was simply a cost-cutting measure in the near term, but we can see top-level executives are already discussing giving customers their forked coins. It's precisely the threat of lawsuits that has them openly discussing giving customers their coins. Yet people here act as if the executives are not at all concerned about this -- because they warned users beforehand.

Hey, let's commit illegal acts, but warn people beforehand. We warned them so we will not get arrested!

Topic: 2017-08-01 Coinbase/GDAX Biggest Crypto Fraud in history? (Read 4537 times)