Topic: Could Coinbase be forced to support BCC? (Read 1631 times)

At this point, I think the will of the people have been supported even though I think Coinbase does not have any responsiblity but we are way past that now and the next is what I will refer to as Zero sum game where the outcome on January 1st will be at Coinbase disadvantage for caving in the first place because if the price of BCH should increase more than what it was as at 1st of August, then they will be paying more and if the value has gone down, I am sure they will be paying as well for delaying up to that length before crediting their customers.

Absolutely,if coin base had not given notification,then legal actions could be taken against coin base.But they had already announced that they would not support BCC and if their customers need BCC,then they would have to withdraw their bitcoins and store them in separate wallets to claim BCC.So nothing could be done.

I don't think so. There's been ample notifications way before aug1 for coinbase users that if they want bcc, transfer their bitcoins to other wallets that supports bcc. Coinbase isn't the only exchange wallet and users were given options. If they don't want to support bcc, then won't

How you can say that it is totally useless because it's fair to make you say that. Because no one coin is useless because every coin having worth because now a days the future is known for crpyto world. Because now future is in the hands of crypto world so i would like to say that respect is the best world for crypto world and their coins.

Well, they've been forced (from a PR perspective) to give people Bcash based on customer bitcoins stored with their service. But that doesn't mean they will necessarily add markets for it. Coinbase is very slow to add new coins. They've also given themselves a lot of time (5+ months) to see how the market reacts in general, decide whether it's worth it to add markets (fees generated and user demand vs. resource usage and image), and carefully implement proper wallet protocol for the new coin (and exchange infrastructure if they do decide to add markets).

It is good to see that coinbase finally approving bitcoin cash and informing that they will be credited everyone who stored their coins during the fork,it is a complete turn of events from what they said earlier,they might have felt that they will be loosing customers if they stood by their first decision and might face legal charges if people go after them,it will hurt their pockets if that happens and so is the reason they changed their decision.

Coinbase has been forced! 

The information is true, since we received an official email from coinbase. They are taking their time to  make sure everything is safe for adding BCC to their service, but i don't know why it will take them more than four months to do so. BCC might die or be less valuable by then.

I see what you are saying. But my point is this-- for every customer of Coinbases who holds Bitcoin & didn't get it moved before 8/1-- the value of their wallet just went down (since value was split in the creation of BCH) from what it was before.

AND, they continue to miss out on the BCH portion of those original bitcoin they didn't get.

To a more experienced trader, of course, this would have been a conscious choice in supporting/not supporting the hard fork, so they aren't going to hold that against coinbase, and may even support/admire them for their stance.

But to the new trader--which i think is probably a fair portion of coinbase's customers (and why Coinbase has become such a popular exchange)-- it's much more likely not to be the case, and while those new investors may have supported Coinbase's conservative stance before the split (appreciating safety and the impulse toward stability--which, at least now,  is how Coinbase is characterizing things)--- post 8/1, what those investors are seeing is just a devalued digital wallet and a missed opportunity at ongoing wealth creation.

While a class action suit seems unlikely at best, I can't imagine that reality wouldn't lose Coinbase some percentage of users, and (perhaps more importantly) leave a lingering impression for future new investors (which, practically speaking, is going to be many more than there are now--so that is the true market for Coinbase's, or any other exchange's, growth).

So-- to support or not support?

The news now seems to be that Coinbase will support BCH. Which I guess also suggests that consensus/shared principles are not the only means for initiating a whole new hard fork. This is more like a blitzkrieg style coup for seizing power and forcing change in a certain direction. And it seems to have worked?

or do i have something wrong in the above?

Yes, I also read the news that Coinbase has changed its mind in the past few days, they will support Bitcoin Cash. I have a Coinbase account and they have emailed the situation to me. They say that 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. I think they have encountered a heated argument so decided to consider, refer from the customer. I do not know if this information is true or not but I still hope they will officially support Bitcoin Cash

Nope, most people believe it will crash and they want to get it asap to sell it

It's the perfect move. By giving a definite deadline for allowing withdrawal no court will even think about making a case out of it. January 1st may be an eternity and in the crypto world, but it's the blink of an eye in the legal system. In addition they don't have to entirely give in to coercion while also not having to resort to "stealing" user's BCH. Not bad.

I wonder though why some BCH supporters are so keen on getting their coins out sooner? I mean BCH is a long term investment, no? They would hodl anyway, yes?

Coinbase and GDAX already changed their minds. Today, they just announced that they are working on supporting Bitcoin cash on January 01, 2018.

Here's the link: https://steemit.com/cryptocurrency/@cryptowarrior88/headlines-for-the-world-of-cryptocurrencies-august-4-2017

this has got ethereum classic written all over it.

initial instability --> difficulty adjustment, profitable mining --> initial dump from ETH (BTC) holders --> accumulation --> pump

and if ETC is anything to go by it's not going to be dead, either. the question is, where will the value come from to hold up BCH in this case? either Bitcoin's network, or a whole lot of new crypto money...

True.  In the meantime, they can have fun and incessantly manipulate the market with their holdings or something.

I wouldn't care if I were holding in Coinbase.  I'm planning to HODL my BCH until the next big pump, so I haven't sold.
When you made your post, the network was fine.  As of this post, 58 block have been mined on the Bitcoin Cash chain.  Most exchanges are now allowing deposits and withdrawals, albeit with several confirmations.

Its funny that they say will release the coin on January 1st cause the coin could quite possibly be completely useless by then. It'll be interesting to see how it changes till then.

I don't think coinbase can be force to support bitcoin Cash. I also read on reddit that coinbase has issue out statement that probably by January 2018 they will support bitcoin Cash! Now is the best time to buy and hold bitcoin Cash till January 2018 and sold.

People are butthurt after seeing the gains created out of thin air on Bitfinex and Bittrex. Seems that Coinbase has given in (just like with ETC) and will pay out customer BCH eventually. Apparently this is now slated for January 2018.

Legally, I really don't think they are obligated to do that. This is just a PR move after seeing how other exchanges treated the situation, and after receiving endless complaints from customers.

For now it's only withdraw not buy/sell at coinbase itself.
Who knows what will be the price of BCH by Jan 2018 though.

Wow, that's big news. So it sounds like Coinbase will support trading and I assume others will be able to buy/sell/transfer BCH in Jan 2018.