Gemini's bitcoincash withdrawal announcement

illyiller

hero member

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Quote from: squatz1 on October 09, 2017, 02:35:05 AM

Wait, Wait Wait. Are you telling me they took this long to allow their users to be able to get their own coins? I'm not one to support Bitcoin Cash, but I think it's a bit unreal to be making people wait this long. Also, I think that if people wanted the BCC behind it, they would've moved their Bitcoin from Gemini to another exchange which would've allowed them to do this with ease and swiftness.

Honestly, I'm not even sure that they have a fiduciary duty to recover peoples' BCH. They have custody of BTC; can they really be expected to monitor for every possible fork of the network that breaks BTC's consensus rules and pay customers on that fork? I don't think so. I think that exchanges mainly supported Bitcoin Cash because their customers pushed for it, so they could dump their BCH on Bitmain.

The fork was really rushed, and Gemini is one of the most conservative exchanges, being a regulated US exchange. It's not surprising that they took this long. They need to worry first and foremost about keeping their BTC held in custody secure. Then they need to build a secure system for dealing with BCH. Coinbase won't have BCH withdrawals ready until the end of the year or early next year.

Pursuer

legendary

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Where is my ring of blades...

this is why I keep telling people it is risky to leave your coins on exchanges just to claim your "fork coins reward". it may be so much more profitable but at the same time a huge risk. you can see those who had their coins on bittrex (me included) could dump on top when price was high. I even started trading the swings and make some more profit from them. but others on other places (or those poor people who had ETH and didn't get ETC because of no replay protection) missed the chance.

candy27

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Quote from: squatz1 on October 09, 2017, 02:35:05 AM

Wait, Wait Wait. Are you telling me they took this long to allow their users to be able to get their own coins? I'm not one to support Bitcoin Cash, but I think it's a bit unreal to be making people wait this long. Also, I think that if people wanted the BCC behind it, they would've moved their Bitcoin from Gemini to another exchange which would've allowed them to do this with ease and swiftness.

But, then again, I guess some people could see the free money and want to just grab some. I'd love for them to come out and say how much BCC their customers own.

Coinbase is even worse - they're not going to distribute the bitcoincash coins till January 2018.

squatz1

legendary

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Flying Hellfish is a Commie

Wait, Wait Wait. Are you telling me they took this long to allow their users to be able to get their own coins? I'm not one to support Bitcoin Cash, but I think it's a bit unreal to be making people wait this long. Also, I think that if people wanted the BCC behind it, they would've moved their Bitcoin from Gemini to another exchange which would've allowed them to do this with ease and swiftness.

But, then again, I guess some people could see the free money and want to just grab some. I'd love for them to come out and say how much BCC their customers own.

alyssa85

legendary

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Bitcoin forked into bitcoin and bitcoincash on August 1st.

Gemini (the exchange owned by the winklevoss brothers) has finally made an announcement about how to withdraw your bitcoincash:

Quote

A little over a month ago we published an announcement regarding our ongoing engineering efforts to allow withdrawal of bitcoin cash (BCH) for customers who had bitcoin balances at the time of the chain split.

We are pleased to announce that as of Saturday, October 7, 2017, Gemini will allow all customers to view their BCH balance and request a withdrawal via the BCH withdrawal request page. If you choose to request a BCH withdrawal, your entire BCH balance will be transferred to your chosen withdrawal address.

BCH requests are not sent onto the blockchain immediately. The first time we will process all submitted BCH withdrawal requests will be Wednesday, October 11 at 1pm EDT. After that point, requests will be honored within 5 business days from the time of your request. Example: If you request on Saturday, October 21, 2017, your transfer will be executed on or by Friday, October 27, 2017.

Although we do not currently have plans to open order books for BCH trading, we will continue to update our customers as the BCH situation evolves further.

Thank you for your patience and understanding throughout the implementation of this withdrawal feature. If you have any questions, please contact us.

Onward and Upward!

Team Gemini

I expect this will lead to another drop in bitcoincash prices as the new supply gets sold into the market.

Topic: Gemini's bitcoincash withdrawal announcement (Read 271 times)