coinbase and bcc

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dae2dae
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coinbase and bcc

Postby dae2dae » Thu Jul 27, 2017

Dear Coinbase Customer,

We wanted to provide an update on proposed changes to the Bitcoin network and what that means for bitcoin stored on Coinbase. You can read more about what a digital currency fork is https://blog.coinbase.com/what-is-a-bit ... a07fe73ef1

Our first priority is the safety of customer funds. In the event of a fork, customer fiat currency (USD, EUR and GBP) and digital currencies (bitcoin, ether and litecoin) are safe.

On August 1st, 2017 there is a proposal to make changes to the bitcoin software. This proposal, known as Bitcoin Cash, is likely to create a fork in the Bitcoin network. This means that after August 1st, 2017 there are likely to be two versions of the Bitcoin blockchain and two separate digital currencies.

In the event of two separate blockchains after August 1, 2017 we will only support one version. We have no plans to support the Bitcoin Cash fork. We have made this decision because it is hard to predict how long the alternative version of bitcoin will survive and if Bitcoin Cash will have future market value.

This means if there are two separate digital currencies – bitcoin (BTC) and bitcoin cash (BCC) – customers with Bitcoin stored on Coinbase will only have access to the current version of bitcoin we support (BTC). Customers will not have access to, or be able to withdraw, bitcoin cash (BCC).

Customers who wish to access both bitcoin (BTC) and bitcoin cash (BCC) need to withdraw bitcoin stored on Coinbase before 11.59 pm PT July 31, 2017. If you do not wish to access bitcoin cash (BCC) then no action is required.

We plan to temporarily suspend bitcoin buy / sells, deposits and withdrawals on August 1, 2017 as the fork is likely to cause disruption to the bitcoin network. This means your funds will be safe but you will be unable to access your bitcoin (BTC) for a short period of time.

We will keep you updated on this event through our blog, status page and Twitter.

Thank you,

Coinbase Team
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Silversaving
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Re: coinbase and bcc

Postby Silversaving » Thu Jul 27, 2017

what a surprise, a coinbase cash grab :roll:

Altima
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Re: coinbase and bcc

Postby Altima » Thu Jul 27, 2017

Wait a minute. Isn't this a good thing cos it basically means they don't see any value in BCC aka shitcoin?
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Silversaving
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Re: coinbase and bcc

Postby Silversaving » Fri Jul 28, 2017

Altima wrote:Wait a minute. Isn't this a good thing cos it basically means they don't see any value in BCC aka shitcoin?

no it's not. BCC is currently trading @ roughly $450 a coin. It has large support from Asia. That's YOUR money they are basically stealing and trying to tell you it's no big deal. I'd personally lose tens of thousands if I left my BTC on coinbase (which most anyone knows is a horrid place to leave it).

It doesn't matter if you beliee in BCC or not....it's YOUR coins, it's YOUR money. They are stealing it.

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dae2dae
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Re: coinbase and bcc

Postby dae2dae » Fri Jul 28, 2017

Silversaving wrote:
Altima wrote:Wait a minute. Isn't this a good thing cos it basically means they don't see any value in BCC aka shitcoin?

no it's not. BCC is currently trading @ roughly $450 a coin. It has large support from Asia. That's YOUR money they are basically stealing and trying to tell you it's no big deal. I'd personally lose tens of thousands if I left my BTC on coinbase (which most anyone knows is a horrid place to leave it).

It doesn't matter if you beliee in BCC or not....it's YOUR coins, it's YOUR money. They are stealing it.

and how are they stealing it?
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Re: coinbase and bcc

Postby Silversaving » Fri Jul 28, 2017

dae2dae wrote:and how are they stealing it?


They are stating that if you have your BTC in their possession when the fork occurs thay will not give you your forked BCC coin. They will keep them. Most other reputable places I.E. my Trezor or lets say an exchange like Bittrex have come out on record and stated you will get your BCC for every one BTC you have stored there. Only Coinbase seems to be trying to take everyones coins

Most places: Before split you hve 10 BTC = After split you have 10 BTC + 10 BCC
Coinbase: Before split you have 10 BTC = After split you have 10 BTC and Coinbase has 10 BCC

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dae2dae
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Re: coinbase and bcc

Postby dae2dae » Fri Jul 28, 2017

Silversaving wrote:
dae2dae wrote:and how are they stealing it?


They are stating that if you have your BTC in their possession when the fork occurs thay will not give you your forked BCC coin. They will keep them. Most other reputable places I.E. my Trezor or lets say an exchange like Bittrex have come out on record and stated you will get your BCC for every one BTC you have stored there. Only Coinbase seems to be trying to take everyones coins

Most places: Before split you hve 10 BTC = After split you have 10 BTC + 10 BCC
Coinbase: Before split you have 10 BTC = After split you have 10 BTC and Coinbase has 10 BCC

appreciated, how would I transfer to one of the places that wont cheat me?
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Re: coinbase and bcc

Postby Silversaving » Fri Jul 28, 2017

dae2dae wrote:appreciated, how would I transfer to one of the places that wont cheat me?


You'd simply have to send them to a wallet that supports it. I don't have a list of ones that do right now (sorry). I bought a trezor a while back and store most of my btc there and they have stated they will take care of it and we will get out bcc. I'm unsure what other wallets have stated they will do that. An easy fix might be to send your BTC to your Bittrex account (if you have one). They came out today saying they will support their customers getting their coins here: https://support.bittrex.com/hc/en-us/articles/115000808991-Statement-on-Bitcoin-Cash-BCC-

Sorry I can't be more help, I'm sure others are on board but basically have just been checking out guys that I use regularly. But any wallet YOU own the physical keys to should be safe

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dae2dae
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Re: coinbase and bcc

Postby dae2dae » Fri Jul 28, 2017

Silversaving wrote:
dae2dae wrote:appreciated, how would I transfer to one of the places that wont cheat me?




Sorry I can't be more help, I'm sure others are on board but basically have just been checking out guys that I use regularly.


if anyone wants to post to help others, including myself, a walk through on where and how they can transfer to be able to receive their free bcc crap, with out purchasing that product, be sure to post.
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dae2dae
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Re: coinbase and bcc

Postby dae2dae » Fri Jul 28, 2017

this was posted in another area and then deleted.
https://blog.trezor.io/bitcoin-cash-har ... be3e9c553f
for you rich bastards that can buy fancy sh*t, if it arrives in time
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Re: coinbase and bcc

Postby Altima » Fri Jul 28, 2017

Silversaving wrote:
Altima wrote:Wait a minute. Isn't this a good thing cos it basically means they don't see any value in BCC aka shitcoin?

no it's not. BCC is currently trading @ roughly $450 a coin. It has large support from Asia. That's YOUR money they are basically stealing and trying to tell you it's no big deal. I'd personally lose tens of thousands if I left my BTC on coinbase (which most anyone knows is a horrid place to leave it).

It doesn't matter if you beliee in BCC or not....it's YOUR coins, it's YOUR money. They are stealing it.


To be fair, I don't mind having free BCC, but I foresee that everyone will try to offload their BCC later on.

From my understanding, right now there's only one place where you can offload this, and that would be VIABTC, which legitimacy I question as they're new in the arena. And the price right now is akin to the prices you see for some coins on HITBTC, which are futures and more often than not, overinflated (look at PAY before it was released, it was trading close to 100 USD).
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Silversaving
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Re: coinbase and bcc

Postby Silversaving » Fri Jul 28, 2017

I'd again refer you to the Bittrex link I posted above and this quote from them "At this time, several exchanges have expressed the future support for BCC trading as well as mining pools. " Thus, we should infer that the coin will be around a while & be traded on multiple exchanges. I just want to make sure nobody is blindsided by this and does not receive what they are entitled to.

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Re: coinbase and bcc

Postby silverpv » Fri Jul 28, 2017

You can just download it to a wallet you control and wait. You don't have to buy anything. When the new wallet comes out you can move it there. Yes, a lot of people will be selling it for more btc or alt coins.

Here's two other exchanges that will allow it but change from BCC to BCH for the ticker.

https://www.bitfinex.com/posts/212
http://blog.kraken.com/post/1150/bitcoi ... n-traders/

fmsfms2003
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Re: coinbase and bcc

Postby fmsfms2003 » Fri Jul 28, 2017

Here is latest about what coinbase says about keeping BCC

https://twitter.com/coinbase?lang=en

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SilverDoge
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Re: coinbase and bcc

Postby SilverDoge » Sat Jul 29, 2017

Coinbase isn't "stealing" the BCC. What they are doing is informing their customer base that they won't support it. Is this a surprise? NO. For years they only dealt with Bitcoin. They've since added ETH and LTC only recently. They are not your prototypical exchange like Bittrex or Polo. They don't want to add a bunch of alt-coins. They want to be the household name in on-boarding people to crypto and trading in the top couple coins (via GDAX). They do NOT want to deal with the riff-raff. If you understand their business model, you get that they don't want to deal in BCC. It also signals their lack of support for BCC. So they have properly informed their clients that if they want the BCC, which I think will crash in price after the fork, to move their bitcoin somewhere else. This is the responsible action, and I see no problem with how they are handling the situation.
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Re: coinbase and bcc

Postby SilverDoge » Sat Jul 29, 2017

Good summary from Jeff:

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AuAgJohn
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Re: coinbase and bcc

Postby AuAgJohn » Sun Jul 30, 2017

Big delays getting BTC off of Coinbase and GDAX. Guys are saying it is taking 6-10+ hours for transfers to show up. I've been waiting 2 hours.
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Re: coinbase and bcc

Postby SilverDoge » Sun Jul 30, 2017

AuAgJohn wrote:Big delays getting BTC off of Coinbase and GDAX. Guys are saying it is taking 6-10+ hours for transfers to show up. I've been waiting 2 hours.


At least you didn't wait until the last minute! :lol:

I'm moving some of my BTC from my KeepKey to Bittrex.
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Re: coinbase and bcc

Postby rahbii » Sun Jul 30, 2017

I keep mine on a Ledger Nano S. If you have the keys, you own the coin. If you keep your coin on an xchange, they have the keys. If you are in a hurry and don't already have a Trezor, KeepKey, or Ledger....try the Exodus wallet and store them on your hard drive. At least you then have your coin. You will need to follow some basic instructions to separate your BTC and BCC, so that you don't double spend them. But afterwards you will have as much BCC as you do BTC. In my case that's not a trivial amount. Coinbase is robbing you.
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SilverDoge
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Re: coinbase and bcc

Postby SilverDoge » Sun Jul 30, 2017

rahbii wrote:I keep mine on a Ledger Nano S. If you have the keys, you own the coin. If you keep your coin on an xchange, they have the keys. If you are in a hurry and don't already have a Trezor, KeepKey, or Ledger....try the Exodus wallet and store them on your hard drive. At least you then have your coin. You will need to follow some basic instructions to separate your BTC and BCC, so that you don't double spend them. But afterwards you will have as much BCC as you do BTC. In my case that's not a trivial amount. Coinbase is robbing you.


You are correct and that is the safest bet, which I encourage most people to use. I want to be able to react a bit quicker so I will keep some on Bittrex. Here is the Bittrex announcement, and for the full statement follow the link.

"If you have a Bitcoin (BTC) balance on Bittrex during the BCC UAHF time on August 1st, 5:20am (12:20pm UTC), you will be additionally credited the equivalent amount of Bitcoin Cash (BCC) on a 1:1 basis. i.e. 1 BTC on Bittrex held during the on-exchange snapshot will get you 1 BCC."

https://support.bittrex.com/hc/en-us/articles/115000808991
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