A reminder regarding Coinbase | Bitcointalksearch.org

dunfida

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Quote from: OmegaStarScream on October 01, 2017, 01:40:09 AM

The reason why I didn't mention all services that signed NYA is because most of the people use Coinbase. (+10 million user) and as of now, they haven't withdrawn yet and It's unlikely to happen: http://segwit.party/nya/
It's very possible that as they are supporting SegWit2x, you may not have control over your bitcoins as It won't be their main focus. I know that they may make announcements in the future but If they don't, I highly advice everyone to withdraw their funds prior to the November hard fork.

We know that they are already aware on the upcoming fork.Just remember on the petition was made since they didn't even tend to give those BCH to their bitcoin holders.I don't know whats the update regarding on those situation.For now people for the 2nd time fork would really be aware on the possible steps that they would make which they would eventually withdraw all their bitcoins and transfer to those wallet who will support the upcoming fork which is usually those wallet which do have capability on possessing your private keys since you would need to import those to claim those free Bitcoin gold.

maeusi

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I think, coinbase will not make their mistake twice. They lost several customers at first hatdfork, as they anmounced, that they would not support Bitcoin Cash. Later they chanhed their mind as they where aware of unexpected wide resistance. But I am not sure, how they will handle next hardfork. Will they only announce nothing or support split?

Potato Chips

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yesssir! 🫡

Quote from: krishnapramod on October 06, 2017, 08:09:16 PM

Coinbase released an update on the Bitcoin SegWit2x hard fork that customers with bitcoin balances stored on Coinbase at the time of the fork will have access to bitcoin on both blockchains.

Quote

We wanted to give our customers an update on the upcoming Bitcoin SegWit2x hard fork in November 2017.

We operate by the principle that our customers should benefit to the greatest extent possible from hard forks or other unexpected events. This is essential in our mission to make Coinbase the most trusted, safe, and easy-to-use digital currency exchange.

Customers with bitcoin balances stored on Coinbase at the time of the fork will have access to bitcoin on both blockchains. There is no action required from customers and bitcoin can be securely stored on Coinbase before, during, and after the fork.

After the fork, we will enable access when we have determined each blockchain is secure and stable. We expect this to happen within a few days after the fork, but it may take longer if additional risks emerge.

In the coming weeks — nearer to the date of the fork — we will provide a more detailed plan for how Coinbase will approach naming the two Bitcoin blockchains.

https://blog.coinbase.com/update-on-the-bitcoin-segwit2x-hard-fork-69426f14bc85

Wow so much irony. we all know that they just wanted to hold off the coins to sell at a high price and then buy back again when the price falls to give them to their users.

I'd rather trust bittrex than them since they did a good job on august fork although its much better to hold your coins in a wallet that you control your private keys. oh well we

should still wait their announcements but definitely not coinbases, they are known for their stupid services why are people still using their services?

krishnapramod

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Coinbase released an update on the Bitcoin SegWit2x hard fork that customers with bitcoin balances stored on Coinbase at the time of the fork will have access to bitcoin on both blockchains.

Quote

We wanted to give our customers an update on the upcoming Bitcoin SegWit2x hard fork in November 2017.

We operate by the principle that our customers should benefit to the greatest extent possible from hard forks or other unexpected events. This is essential in our mission to make Coinbase the most trusted, safe, and easy-to-use digital currency exchange.

Customers with bitcoin balances stored on Coinbase at the time of the fork will have access to bitcoin on both blockchains. There is no action required from customers and bitcoin can be securely stored on Coinbase before, during, and after the fork.

After the fork, we will enable access when we have determined each blockchain is secure and stable. We expect this to happen within a few days after the fork, but it may take longer if additional risks emerge.

In the coming weeks — nearer to the date of the fork — we will provide a more detailed plan for how Coinbase will approach naming the two Bitcoin blockchains.

https://blog.coinbase.com/update-on-the-bitcoin-segwit2x-hard-fork-69426f14bc85

giveen

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Quote from: BitMaxz on October 04, 2017, 06:15:39 PM

I think we don't need to worry about our funds since its already in their database if fork will done i think we will not experience of any issue just make sure that your funds there with a good history save as pic or record all of your transaction record..
And i think coinbase will not doing anything that can encourage other people not use their service again since coinbase is legal business so i am thinking that they can't scam. Coinbase is a legit company this is different of other exchanges that not legal in their place same as china exchanges.
So if ever their wallet are segwit supported i think it will not affect our recorded bitcoin balanced.

What's the use of storing your funds in coinbase all these time they acted like they were a business not crediting bch the users deserved and after protests by many people they decided to credit but in late 2018 we already see bch falling it might not be tge case in future but their practices are totally illegal even though they are registered as btc is not regulated even if they don't credit you can't do anything about it.

demith

newbie

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What about blockchain? I stored my coin on blockchain because i always away from my pc and blockchain is really easy to use on android.

magneto

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Quote from: savioroshan on October 04, 2017, 08:42:23 AM

Oh, I didn't know about this. So what should I do now? Should I shift the coins from coinbase to some other wallet? Can I shift it to electrum. I have already installed the electrum wallet in my desktop. But I don't use it. Since coinbase is very easy to use, I usually keep all my coins in that. Is it safe to shift the coins to electrum or should I use some other wallet? Whether segwitx2 will affect electrum too?

With electrum, you hold your own private keys which mean that whatever happens during the fork you are guaranteed to get the most flexibility and freedom with your own coins. With coinbase you are depending on them to make the decision for you.

So yeah, even though coinbase is a big company, it is probably better to take yoru money and store it in a wallet that you actually hold the private keys of in a fork.

Plus, electrum i'd argue is even more convenient than coinbase... You can adjust transaction fees, use multisig, etc. whilst coinbase cannot.

BitMaxz

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Happy New year 🤗

I think we don't need to worry about our funds since its already in their database if fork will done i think we will not experience of any issue just make sure that your funds there with a good history save as pic or record all of your transaction record..
And i think coinbase will not doing anything that can encourage other people not use their service again since coinbase is legal business so i am thinking that they can't scam. Coinbase is a legit company this is different of other exchanges that not legal in their place same as china exchanges.
So if ever their wallet are segwit supported i think it will not affect our recorded bitcoin balanced.

TryNinja

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Quote from: savioroshan on October 04, 2017, 08:42:23 AM

Oh, I didn't know about this. So what should I do now? Should I shift the coins from coinbase to some other wallet? Can I shift it to electrum. I have already installed the electrum wallet in my desktop. But I don't use it. Since coinbase is very easy to use, I usually keep all my coins in that. Is it safe to shift the coins to electrum or should I use some other wallet? Whether segwitx2 will affect electrum too?

Just hold them on your Electrum. Since you will control your private keys, you will be able to do anything you want with your coins in the future, even because Electrum will most likely follow the Segwit1x chain.

Coinbase shouldn't be used as a wallet anyway - otherwise, they can do anything they want with your coins and you won't be able to complain. Just use them to buy/sell your coins and keep the rest in a desktop wallet.

savioroshan

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Oh, I didn't know about this. So what should I do now? Should I shift the coins from coinbase to some other wallet? Can I shift it to electrum. I have already installed the electrum wallet in my desktop. But I don't use it. Since coinbase is very easy to use, I usually keep all my coins in that. Is it safe to shift the coins to electrum or should I use some other wallet? Whether segwitx2 will affect electrum too?

OmegaStarScream

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Quote from: exstasie on October 01, 2017, 06:23:41 PM

I highly doubt that Coinbase is going to deprive people of their coins on the legacy chain after the fork. They are even crediting people their BCH (albeit months later, just like they did with Ethereum Classic) despite the fact that there is no confusion about its status as an altcoin.

Most of their coins are in cold storage. At worst, I think that people will have to wait a few months to get all their coins, while they code and test systems to split all of the BTC they have custody over. That's reason enough to withdraw before the fork, obviously. But I don't think that Coinbase is going to steal them. They've been through this twice now and the first fork -- ETH/ETC -- didn't have replay protection, either. I think their legal team is very concerned about the company being construed as denying customers claim to their funds.

It's better not to wait and see what will happen, what people have to lose If they withdraw their funds? besides, these forked coins usually get dumped fast so people don't want to wait months until being able to retrieve them. Secondly, I believe that Coinbase have all right to keep Bitcoin Gold, SegWit2x and anything else and it cannot be considered as Illegal or stealing, because they are the ones in control and when you made an account, I don't think they agreed to give you anything else except the bitcoin you buy or receive.

Yuuto

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Whatever happens, first rule of thumb is that you don't want someone else in control of your coins when there is any sort of uncertainty of events in regards to forks. We've seen coinbase not give out BCH for users(which was later changed, but still will take till January as per their own announcements), you never know what's going to happen when the time for Segwit2x comes.

Plus, their support is really crap. I wouldn't store any sum of money there anyways.

exstasie

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Quote from: OmegaStarScream on October 01, 2017, 01:40:09 AM

The reason why I didn't mention all services that signed NYA is because most of the people use Coinbase. (+10 million user) and as of now, they haven't withdrawn yet and It's unlikely to happen: http://segwit.party/nya/
It's very possible that as they are supporting SegWit2x, you may not have control over your bitcoins as It won't be their main focus. I know that they may make announcements in the future but If they don't, I highly advice everyone to withdraw their funds prior to the November hard fork.

I highly doubt that Coinbase is going to deprive people of their coins on the legacy chain after the fork. They are even crediting people their BCH (albeit months later, just like they did with Ethereum Classic) despite the fact that there is no confusion about its status as an altcoin.

Most of their coins are in cold storage. At worst, I think that people will have to wait a few months to get all their coins, while they code and test systems to split all of the BTC they have custody over. That's reason enough to withdraw before the fork, obviously. But I don't think that Coinbase is going to steal them. They've been through this twice now and the first fork -- ETH/ETC -- didn't have replay protection, either. I think their legal team is very concerned about the company being construed as denying customers claim to their funds.

TryNinja

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Quote from: Skarner21 on October 01, 2017, 12:21:20 PM

How did you know that their wallet are supporting segwitx2?

Check the website linked above. They publicly support the S2X fork, so the chances that they will follow the new chain is pretty high - or at lest for now, since they haven't released any statement.

Quote from: Skarner21 on October 01, 2017, 12:21:20 PM

Honestly I heard some issue that is why i'm now processing my vault from coinbase to with my bitcoin and it takes 2 days before i transferred my bitcoin to primary account before i can send my bitcoin to other wallet..
Hoping that bitcoin will be withdraw after this issue soon.

Isn't this how the vault is supposed to work? Delays and a lot of extra verification to asure that you are the one withdrawing the coins from the Vault?

mobnepal

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Coinbase is known for acting shit during hard fork, like during august fork they haven't mentioned anything and later they announce that they will distribute Bitcoin cash to their user by jan 2018. What the hell they will do with all those Bitcoin cash which actually belongs to their users for that long time. Its like more than 4 months, they might be holding millions of $ worth of user's bitcoincash with them.

Best place to have your bitcoin during hard fork is paper or hardware wallet.

Skarner21

hero member

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Massive price drop coming...

How did you know that their wallet are supporting segwitx2?
Well if their wallet are supported segwitx2 they are taking the discount fees and they are paying less fee for every transaction..
Honestly I heard some issue that is why i'm now processing my vault from coinbase to with my bitcoin and it takes 2 days before i transferred my bitcoin to primary account before i can send my bitcoin to other wallet..
Hoping that bitcoin will be withdraw after this issue soon.

OmegaStarScream

staff

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Merit: 6152

The reason why I didn't mention all services that signed NYA is because most of the people use Coinbase. (+10 million user) and as of now, they haven't withdrawn yet and It's unlikely to happen: http://segwit.party/nya/
It's very possible that as they are supporting SegWit2x, you may not have control over your bitcoins as It won't be their main focus. I know that they may make announcements in the future but If they don't, I highly advice everyone to withdraw their funds prior to the November hard fork.

Topic: A reminder regarding Coinbase (Read 714 times)