Coinbase and GDAX reject JihanCoin, price reacts positively

BitFinnese

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Quote from: BitcoinHodler on July 20, 2017, 07:32:35 AM

meh, this rise is only about the fact that FUD vanished from the market and then with every block that is mined we get 1 step closer to activation of SegWit and now we are nearing the time when FOMO kicks in.
the latest candle shows a small sign of this FOMO with its sharp rise about $100

Well, the announcement certainly kicks FUD out of the equation and miners knowing that the other coin won't be accepted by major exchange somehow forces miners to switch and signal bip91. I also agree that FOMO will kick in soon since lockdown is going to happen. I always thought that this update is bullish and I am glad I am right about it. I thin we will see $5k Bitcoin a piece soon.

Krimster

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Quote from: deisik on July 20, 2017, 03:04:43 PM

Quote from: jonald_fyookball on July 20, 2017, 02:58:28 PM

Quote from: deisik on July 20, 2017, 02:49:25 PM

Why would they want to create that Bitcoin ABC if they knew in advance that it was going to fail?

It may not get a huge following immediately (because many Chinese miners are clueless and believe Core propaganda)...but whoever is making it happen believes in the fundamentals of on chain scaling and believes it will win out.. I honestly don't know their plan with being able to support hash power, but i know the difficulty changes in place will make sure the chain continues.

I don't know all the details, sorry. Cheesy

I'm just glad there will be a big block chain to compete

But that would mean an instant and all-out war

Or do you really believe that these two Bitcoins (let's speak plainly and frankly here, and call things their real names) could peacefully coexist even for a single day? As soon as people get access to the coins of the Bitcoin they don't like, they will immediately dump these coins for the Bitcoin of their choice. In other words, there can be only one Bitcoin in the end, and I don't think that Jihan and his minions from ViaBTC don't understand that. Are they hoping for a bug in the SegWit2x code that would give them an insurmountable advantage (which they could have deliberately put there themselves)? That pretty well explains why they so open-heartedly support SegWit2x

You Sir, win the Conspiracy Theory of the Year award. Worst thing is, I do not see it as too outlandish. Alternatively, maybe they didn't put it but discovered it and simply stayed silent...

At any rate, I am simply unwilling to do something that essentially amounts to "let's bet the Bitmain guys are a bunch of idiots"

Iranus

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Quote from: Dr Bloggood on July 20, 2017, 07:45:02 AM

Quote from: Iranus on July 20, 2017, 07:38:29 AM

Quote from: OmegaStarScream on July 20, 2017, 07:29:22 AM

I believe the hardfork they are talking about is "Bitcoin ABC"

It's called Bitcoin Cash, and they have the support of Bitcoin ABC. It's basically the "UAHF" that BITMAIN were talking about. bitcoincash.org.

I do respect that they're phrasing it like it's an altcoin and their development of BTC.

Quote from: BillyBobZorton on July 20, 2017, 07:13:40 AM

As soon as we saw the news of the ridiculous hardfork getting rejected by big exchanges the price started skyrocketing, along with BIP91 activation soon lockin segwit.

The price is absolutely no indicator of anything right now. It's just random and irrational speculation about Bitcoin's future and it makes no sense.

The users of Coinbase should have a right to their "Bitcoin Cash" in the same way that they should have a right to their ordinary coins. Otherwise, it's just glorified theft from Coinbase.

It's not theft if they announce it two weeks in advance.

People who hold their coins in Coinbase and pay less attention to their holdings (use the "Coinbase Vault" for example) might not notice the warning. Regardless of what happens there will be a huge amount of funds kept in Coinbase and Coinbase will potentially have access to a not-insignificant amount of UAHF coins that their users who didn't withdraw.

Quote from: Dr Bloggood on July 20, 2017, 07:45:02 AM

I have the impression it might be more of a technical decision, and not a political one

I think Gemini's stance on this makes more sense:

Quote from: Gemini

We will make every effort to support withdrawals of the chain with less total difficulty, if it ends up having a significant amount of hashpower, exchange volume, or economic value. However, unlike with the Ethereum / Ethereum Classic hard fork last year, we cannot yet guarantee that we will succeed in this effort, due to a lack of two-way replay protection in the various forks of Bitcoin Core (including Segwit2x, UASF, BitcoinABC, and Bitcoin Unlimited).

To not even commit to your users' needs like this is quite insulting, especially when they never bother to respond when people have their accounts frozen.

Rinaze

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I might be wrong but I have been reading quite a few posts that mention even if SegWit2x activate (no hard fork), BTC would be more "centralized" so they rather have a hard fork once and for all in order to stay decentralized. If BTC could get centralized now and later there will be another chance for a split, isn't that basically no risk and win win for whoever is attempting the hard fork / split?

FiendCoin

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Quote from: gentlemand on July 20, 2017, 03:16:20 PM

Quote from: hatshepsut93 on July 20, 2017, 03:07:48 PM

I think the price skyrocketed because the possibility of fork lowered, not because major exchanges said they won't support the altcoin. If Coinbase and Gdax won't support Bitcoin ABC, other exchanges will, because it means more volume and more profits from trading fees.

Whatever their feelings are about it, I can well imagine it'll end up tradable on GDAX. Exchanges are there to make money and nothing else.

There'll be millions of people with some of it. They'd be daft to turn them away.

I can see it surviving, who's going to turn free money away? It will be another speculative vehicle for people who missed out on the real Bitcoin.

gentlemand

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Quote from: hatshepsut93 on July 20, 2017, 03:07:48 PM

I think the price skyrocketed because the possibility of fork lowered, not because major exchanges said they won't support the altcoin. If Coinbase and Gdax won't support Bitcoin ABC, other exchanges will, because it means more volume and more profits from trading fees.

Whatever their feelings are about it, I can well imagine it'll end up tradable on GDAX. Exchanges are there to make money and nothing else.

There'll be millions of people with some of it. They'd be daft to turn them away.

jonald_fyookball

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Quote from: deisik on July 20, 2017, 03:04:43 PM

Quote from: jonald_fyookball on July 20, 2017, 02:58:28 PM

Quote from: deisik on July 20, 2017, 02:49:25 PM

Why would they want to create that Bitcoin ABC if they knew in advance that it was going to fail?

It may not get a huge following immediately (because many Chinese miners are clueless and believe Core propaganda)...but whoever is making it happen believes in the fundamentals of on chain scaling and believes it will win out.. I honestly don't know their plan with being able to support hash power, but i know the difficulty changes in place will make sure the chain continues.

I don't know all the details, sorry. Cheesy

I'm just glad there will be a big block chain to compete

But that would mean an instant all-out war

Or do you really believe that these two Bitcoins (let's speak plainly and frankly here, and call things their real names) could peacefully coexist even for a single day? As soon as people get access to the coins of the Bitcoin they don't like, they will immediately dump these coins for the Bitcoin of their choice. In other words, there can be only one Bitcoin in the end, and I don't think that Jihan and his minions from ViaBTC don't understand that. Are they hoping for a bug in the SegWit2x code that would give them an insurmountable advantage (which they could have deliberately put there themselves)?

I do think they can peacefully coexist, just as ETH and ETC do.

There could even be some symbiosis. With 2 kinds of Bitcoins that many consider legit, most of the alts will seem unnattractive...more marketcap , maybe back toward 70, 80, 90%?

hatshepsut93

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Quote from: BillyBobZorton on July 20, 2017, 07:13:40 AM

https://twitter.com/coinbase/status/887703206435758080

https://blog.gdax.com/uahf-a703b6a13115

As soon as we saw the news of the ridiculous hardfork getting rejected by big exchanges the price started skyrocketing, along with BIP91 activation soon lockin segwit.

Now after segwit locks in, all we need is that everyone makes sure to keep running Bitcoin Core and not btc1 (segwit2x software) in order to keep certainty instead of risking a 40 billion market running some subpar software, and we will go to $10,000 soon as it becomes clear no hardfork is going to happen.

I think the price skyrocketed because the possibility of fork lowered, not because major exchanges said they won't support the altcoin. If Coinbase and Gdax won't support Bitcoin ABC, other exchanges will, because it means more volume and more profits from trading fees.

Quote from: franky1 on July 20, 2017, 01:27:55 PM

in short. july 31, coinbase should have ZERO bitcoin funds of customers. because THEY wont give customer the altcoin

When ETH forked, Coinbase also didn't support ETC, meaning they didn't list it for trading, but they have been releasing coins that people already owned until December, so it probably will be the same this time. But still, it's usually better to store coins in your wallet, especially if you are a hodler.

deisik

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Quote from: jonald_fyookball on July 20, 2017, 02:58:28 PM

Quote from: deisik on July 20, 2017, 02:49:25 PM

Why would they want to create that Bitcoin ABC if they knew in advance that it was going to fail?

It may not get a huge following immediately (because many Chinese miners are clueless and believe Core propaganda)...but whoever is making it happen believes in the fundamentals of on chain scaling and believes it will win out.. I honestly don't know their plan with being able to support hash power, but i know the difficulty changes in place will make sure the chain continues.

I don't know all the details, sorry. Cheesy

I'm just glad there will be a big block chain to compete

But that would mean an instant and all-out war

Or do you really believe that these two Bitcoins (let's speak plainly and frankly here, and call things their real names) could peacefully coexist even for a single day? As soon as people get access to the coins of the Bitcoin they don't like, they will immediately dump these coins for the Bitcoin of their choice. In other words, there can be only one Bitcoin in the end, and I don't think that Jihan and his minions from ViaBTC don't understand that. Are they hoping for a bug in the SegWit2x code that would give them an insurmountable advantage (which they might have deliberately put there themselves)? That pretty well explains why they are so open-heartedly supporting SegWit2x

jonald_fyookball

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Core dev leaves me neg feedback #abuse #political

Quote from: deisik on July 20, 2017, 02:49:25 PM

Why would they want to create that Bitcoin ABC if they knew in advance that it was going to fail?

It may not get a huge following immediately (because many Chinese miners are clueless and believe Core propaganda)...but whoever is making it happen believes in the fundamentals of on chain scaling and believes it will win out.. I honestly don't know their plan with being able to support hash power, but i know the difficulty changes in place will make sure the chain continues.

I don't know all the details, sorry. Cheesy

I'm just glad there will be a big block chain to compete.

gentlemand

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Quote from: deisik on July 20, 2017, 02:49:25 PM

How can that be the best of two worlds?

They have only one hashing horse, so to speak. And with it they will have to support (read mine) two coins. This simply doesn't make sense unless they are up to something else we don't know or are afraid to think of

Maybe they're betting on a significant and silent number of people to agree with their project? Perhaps they want to chuck it out there and see who takes it up.

I've read that it'll start with significantly lower difficulty so perhaps there are a lot of old ASICs looking for some work.

deisik

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Quote from: jonald_fyookball on July 20, 2017, 02:38:54 PM

Quote from: OmegaStarScream on July 20, 2017, 12:13:40 PM

Quote from: BillyBobZorton on July 20, 2017, 08:25:34 AM

Quote from: OmegaStarScream on July 20, 2017, 07:29:22 AM

I believe the hardfork they are talking about is "Bitcoin ABC". If we manage to activate SegWit in the upcoming days or hours, we will still have to deal with the possibility of the block size increase hardfork in November because that what the New York agreement was about.

Yes, this is for JihanCoin-Bitcoin ABC-Bitcoin Cash or however you want to call it... same thing. Which is why I explicitly said that they would need to make it clear that the same abides for the GarzikCoin-segwit2x-btc1 hardfork in 3 months. They said they aren't going to support any split for the time being so this could also include GarzikCoin.

What I'm missing here? why would they create an altcoin and in the same support SegWit2x? It doesn't make much sense to me.

Because this is the best of both worlds. Let the segwit supporters have their SW... and big blockers have their big blocks. Everyone wins, except the alt coins. (no, I don't consider Bitcoin Cash an alt, but rather a version of Bitcoin, although if you call it that youre not wrong either). But we'll all have both coins

How can that be the best of the two worlds?

They have only one hashing horse, so to speak. And with it they will have to support (read mine) two coins. This simply doesn't make sense unless they are up to something else which we don't know or are just afraid to think of. Why would they want to create that Bitcoin ABC if they knew in advance that it was going to fail? The only plausible explanation is that they do in fact hope that it will get traction. But it can't get traction unless the support for real Bitcoin is somehow undermined or Bitcoin itself is compromised. Could they inject some malicious code into the SegWit2x codebase?

jonald_fyookball

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Quote from: OmegaStarScream on July 20, 2017, 12:13:40 PM

Quote from: BillyBobZorton on July 20, 2017, 08:25:34 AM

Quote from: OmegaStarScream on July 20, 2017, 07:29:22 AM

I believe the hardfork they are talking about is "Bitcoin ABC". If we manage to activate SegWit in the upcoming days or hours, we will still have to deal with the possibility of the block size increase hardfork in November because that what the New York agreement was about.

Yes, this is for JihanCoin-Bitcoin ABC-Bitcoin Cash or however you want to call it... same thing. Which is why I explicitly said that they would need to make it clear that the same abides for the GarzikCoin-segwit2x-btc1 hardfork in 3 months. They said they aren't going to support any split for the time being so this could also include GarzikCoin.

What I'm missing here? why would they create an altcoin and in the same support SegWit2x? It doesn't make much sense to me.

Because this is the best of both worlds. Let the segwit supporters have their SW... and big blockers have their big blocks. Everyone wins, except the alt coins. (no, I don't consider Bitcoin Cash an alt, but rather a version of Bitcoin, although if you call it that youre not wrong either). But we'll all have both coins.

Also its not Bitmain that created Bitcoin Cash. They only said they support UAHF plan.

deisik

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Quote from: OmegaStarScream on July 20, 2017, 12:13:40 PM

Quote from: BillyBobZorton on July 20, 2017, 08:25:34 AM

Quote from: OmegaStarScream on July 20, 2017, 07:29:22 AM

I believe the hardfork they are talking about is "Bitcoin ABC". If we manage to activate SegWit in the upcoming days or hours, we will still have to deal with the possibility of the block size increase hardfork in November because that what the New York agreement was about.

Yes, this is for JihanCoin-Bitcoin ABC-Bitcoin Cash or however you want to call it... same thing. Which is why I explicitly said that they would need to make it clear that the same abides for the GarzikCoin-segwit2x-btc1 hardfork in 3 months. They said they aren't going to support any split for the time being so this could also include GarzikCoin.

What I'm missing here? why would they create an altcoin and in the same support SegWit2x? It doesn't make much sense to me

Maybe, to earn bigger profits?

A true paranoic here would suggest that they at first signal for SegWit2x support, people buy that at its face value and the price skyrockets (as it happens right now). Then they roll out their coin and make Bitcoin bleed with all their hidden hash power that they have been secretly building. The higher the price of the genuine Bitcoin will initially rise, the stronger the panic will eventually be. Double profits earned!

SONG GEET

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Price might easily recover to $3k because now hardfork fud might not create any panic on the market because any new coin we might see after segwit activation will be just another bitcoin clone without any real value.

franky1

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in short. july 31, coinbase should have ZERO bitcoin funds of customers. because THEY wont give customer the altcoin
any funds THEY do have, coinbase is then legally allowed to treat the funds of respective privkeys as thier own in regards to calling the altcoin as THEIR own. and spend those funds as THEY deem fit.

ofcourse the coins of the majority chain will still be deemed as the customers.

(they, their=conbase)

issues i have is if there was a majority TRUE consensus of a rule change. will they do the same funds grab by denying the change has happened purely for greedy profit or would they be honourable and accept change has happened.

as for the minority controversial attempts. people need to realise it wont last/succeed if merchant services dont accept it. so be wise

Sithara007

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On average it takes around 10 minutes to mine a new block, right? Right now, around 45 blocks are remaining in this signaling period, and that means 450 minutes or 7.5 hours. So the latest by tomorrow, it will be confirmed that there will be no chain split.

gentlemand

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Quote from: OmegaStarScream on July 20, 2017, 12:13:40 PM

What I'm missing here? why would they create an altcoin and in the same support SegWit2x? It doesn't make much sense to me.

To put their theories and code to the test? As it's upgrade time in general they may as well throw that out as well. They've been going on long enough about it.

OmegaStarScream

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Quote from: BillyBobZorton on July 20, 2017, 08:25:34 AM

Quote from: OmegaStarScream on July 20, 2017, 07:29:22 AM

I believe the hardfork they are talking about is "Bitcoin ABC". If we manage to activate SegWit in the upcoming days or hours, we will still have to deal with the possibility of the block size increase hardfork in November because that what the New York agreement was about.

Yes, this is for JihanCoin-Bitcoin ABC-Bitcoin Cash or however you want to call it... same thing. Which is why I explicitly said that they would need to make it clear that the same abides for the GarzikCoin-segwit2x-btc1 hardfork in 3 months. They said they aren't going to support any split for the time being so this could also include GarzikCoin.

What I'm missing here? why would they create an altcoin and in the same support SegWit2x? It doesn't make much sense to me.

BillyBobZorton

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Quote from: OmegaStarScream on July 20, 2017, 07:29:22 AM

I believe the hardfork they are talking about is "Bitcoin ABC". If we manage to activate SegWit in the upcoming days or hours, we will still have to deal with the possibility of the block size increase hardfork in November because that what the New York agreement was about.

Yes, this is for JihanCoin-Bitcoin ABC-Bitcoin Cash or however you want to call it... same thing. Which is why I explicitly said that they would need to make it clear that the same abides for the GarzikCoin-segwit2x-btc1 hardfork in 3 months. They said they aren't going to support any split for the time being so this could also include GarzikCoin.

Topic: Coinbase and GDAX reject JihanCoin, price reacts positively (Read 931 times)