coinbase and bcc

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Long John
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Re: coinbase and bcc

Postby Long John » Sun Jul 30, 2017

Having BTC in a place where you can collect matching BCC is only half of the equation. Once you have it (say on Bittrex) what then? I don't believe Bittrex plans at present to have any trading pairs for BCC; it will merely give you a wallet with the same amount of BCC as you hold in BTC. Then you have to belong to one of the handful of exchanges open to Westerners that do trade BCC, and send your BCC there and trade it for BTC (unless you plan to just sit on it).

Now, there will be some big !@#$% whales doing this the moment they have BCC in hand. Whales that make the biggest player you know look like a minnow. They will be flooding those exchanges with BCC in an effort to get the earliest and best returns, and, as some here have said, the price of BCC will crash. Have you ever seen whalebots fighting with each other to be the lowest price, and you can't get a sell order in edgewise because the price is dropping so fast? We might be seeing that on Aug. 1 with BCC.

How will that even work, if almost everyone is a seller?

Of course any return at all is a profit. Just saying if you're looking at the current futures trading and licking your chops at the thought of getting that much free BTC for every BCC on Tuesday, well, it might be a disappointment. By the time the whales are done driving the price down with their bots, and you can get sell order in that stands a chance of being accepted, it might be 10% or less of the initial sales. Still, any tidbit of BTC is better than none.

Bitcoin too will see a price drop, I expect, when people who sold their alts to get more BTC (and now have more BTC than before) will buy back into their favorite alts. Others have already said this in these threads, but it bears repeating. The best alts will rise (some may not recover, in this culling process) and BTC will temporarily drop during this shopping spree. But BTC will bounce, and I hope to continue making use of that volatility.

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Re: coinbase and bcc

Postby silverpv » Sun Jul 30, 2017

the thing here is if bitcoin drops then even though the btc:altcoin ratio goes up, the dollar value can still be close to the same. a ha!

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SilverDoge
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Re: coinbase and bcc

Postby SilverDoge » Sun Jul 30, 2017

Long John wrote:Having BTC in a place where you can collect matching BCC is only half of the equation. Once you have it (say on Bittrex) what then? I don't believe Bittrex plans at present to have any trading pairs for BCC; it will merely give you a wallet with the same amount of BCC as you hold in BTC. Then you have to belong to one of the handful of exchanges open to Westerners that do trade BCC, and send your BCC there and trade it for BTC (unless you plan to just sit on it).

Now, there will be some big !@#$% whales doing this the moment they have BCC in hand. Whales that make the biggest player you know look like a minnow. They will be flooding those exchanges with BCC in an effort to get the earliest and best returns, and, as some here have said, the price of BCC will crash. Have you ever seen whalebots fighting with each other to be the lowest price, and you can't get a sell order in edgewise because the price is dropping so fast? We might be seeing that on Aug. 1 with BCC.

How will that even work, if almost everyone is a seller?

Of course any return at all is a profit. Just saying if you're looking at the current futures trading and licking your chops at the thought of getting that much free BTC for every BCC on Tuesday, well, it might be a disappointment. By the time the whales are done driving the price down with their bots, and you can get sell order in that stands a chance of being accepted, it might be 10% or less of the initial sales. Still, any tidbit of BTC is better than none.

Bitcoin too will see a price drop, I expect, when people who sold their alts to get more BTC (and now have more BTC than before) will buy back into their favorite alts. Others have already said this in these threads, but it bears repeating. The best alts will rise (some may not recover, in this culling process) and BTC will temporarily drop during this shopping spree. But BTC will bounce, and I hope to continue making use of that volatility.


That is half of it. There is talk about big money behind BCC who might use BTC 2x hard fork to pump BCC and dump BTC big time. A lot of people will likley dump BCC come 1 Aug and this will give the big guys an opportunity to get control of a huge amount of the BCC supply. If/when BTC fails to hard fork in Nov BCC promoters may dump tons of BTC and then claim the masses have chosen BCC as the de facto bitcoin (over BTC). Wild conspiracy perhaps ... but not impossible in this space.

So couple the above, with the fact that I can have very low buy orders for tens of thousands of QRLs or PIVs, while also retaining the BCC if I have the BTC on Bittrex at the exact snapshot time, and the volatility may trigger some low buy orders, and if it doesn't then I at least end up with BCC during the volatility. I will hold the BCC just in case the above theory comes to fruition. I'm not trying to flip the BCC on Bittrex or another exchange just to maximize my BTC position. I am hedging in case the BCC ends up becoming the dominant chain (even though this is unlikely).
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Re: coinbase and bcc

Postby XFactor » Sun Jul 30, 2017

I hope you guys are willing to loose money on this deal. There's nothing honest about cryptocurrencies. Just my opinion. People are going to wake up after the fork and realize hey wait where did my money go?

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Re: coinbase and bcc

Postby SilverDoge » Sun Jul 30, 2017

XFactor wrote:I hope you guys are willing to loose money on this deal. There's nothing honest about cryptocurrencies. Just my opinion. People are going to wake up after the fork and realize hey wait where did my money go?


As I've stated several times, I'm willing to lose every crypto dollar I have because I believe in the technology and the promise of what crypto brings to the table. And I'm willing to put my money where my mouth is.

This type of opinion is why I can't wait for smart contract betting like Wagerr to become a reality. When we have a decentralized smart contract betting exchange, people can then put their literal money where their mouth is and not worry about the other party not fulfilling their end of the bargain. Similar to how I got Javitz'd for $5k when a user here lost a well publicized bet. Now instead imagine a smart contract was issued, where each party had to front the money (in crypto form to a smart contract) where the winner of the bet was publicly available information and the smart contract is programmed to dispense the proceeds to the real winner. That would alleviate counterparty risk of having to trust that the other party won't renege on the bet (an obvious real risk), and would allow all the many prognosticators who think that bitcoin is going to zero to put some real money where there mouth is.

Of course, it is all tripe and almost every person here claiming bitcoin will fail and is going to zero will inevitably not put a single dollar towards their "belief" in its failure. I wonder why?
Last edited by SilverDoge on Mon Jul 31, 2017, edited 1 time in total.
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Re: coinbase and bcc

Postby XFactor » Sun Jul 30, 2017

I don't think bitcoin is going to zero. I do think that with 900 of them out there a couple of them will stand the test of time and be forged by fire. I do agree that the central banks have had too much power for too long, and things should be more fair and balanced. What worries me is that any programmer can start some type of crypto, crowd fund it, and what, I'm supposed to trust this? A lot of these people are from other countries where life and liberty is not the main objective for society, we are at a time where people just want to get rich by any means necessary. Now, I'm not highly educated, and don't understand everything about the block chain or smart contracts but when the smartest people I know have been studying this for years and still don't get it, somethings wrong here.

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Re: coinbase and bcc

Postby dae2dae » Sun Jul 30, 2017

so I guess the bottom line is just keep my sh*t in coinbase and if they end up doing bcc I get it, and if not, oh well.
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Long John
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Re: coinbase and bcc

Postby Long John » Sun Jul 30, 2017

Coinbase has stated flat-out, if you want to receive Bitcoin Cash, move your Bitcoin somewhere else. I don't see them changing their minds in the next couple days.

I don't think I will be part of the dumping circus. Imagine going to a flea market to sell your collection of Star Wars DVDs, only to find that every dealer already has tables full of them, and everybody piling out of their cars is carrying boxloads of Star Wars DVDs to sell. That's what I imagine the BCC market will be like Tuesday, on the exchanges that trade them.

Since I have little confidence in my chances of success in a market that is almost all sellers, the contrarian view is to just hold the BCC and see what happens. Who knows, maybe it will gain traction and be a viable fork, like Ethereum Classic.

Of more interest to me is how this will affect the Bitcoin and alt markets in the short term (it already has), and what I can do about that. Maybe I would be better off to just continue doing what I have been doing lately: use USDT to protect my position and then buy back BTC cheaper if there is a drop. I lose the Bitcoin Cash that way, but maybe it's the safest option. Choices, choices... Good luck to all, whatever you decide.

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Re: coinbase and bcc

Postby Silversaving » Sun Jul 30, 2017

All my btc have been moved to my trezor (which will support and give me my bcc). Like Long John mentioned above, I also have a position in USDT for after the fireworks. Unlike about everyone (or so it would appear), I will be a big buyer of bcc after the split...especially if everyone dumps it down to nothing. I'll put my faith in the miners, exchanges, and the largest holders of btc, over the social justice warriors of Blockstream.

Goodluck to all, no matter what your plan for this turbulent event is. Exciting times!

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Re: coinbase and bcc

Postby silverpv » Sun Jul 30, 2017

XFactor wrote:I hope you guys are willing to loose money on this deal. There's nothing honest about cryptocurrencies. Just my opinion. People are going to wake up after the fork and realize hey wait where did my money go?


Let it burn!

Hang on guys!


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Re: coinbase and bcc

Postby SilverDoge » Mon Jul 31, 2017

dae2dae wrote:so I guess the bottom line is just keep my sh*t in coinbase and if they end up doing bcc I get it, and if not, oh well.


You're just trolling us now right? :clap:
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Re: coinbase and bcc

Postby dae2dae » Mon Jul 31, 2017

SilverDoge wrote:
dae2dae wrote:so I guess the bottom line is just keep my sh*t in coinbase and if they end up doing bcc I get it, and if not, oh well.


You're just trolling us now right? :clap:

I'm not trolling my own thread.
I asked very simply for someone to help walk me, and others probably, who don't understand transferring and where to transfer to in order to be able to receive their bcc.
I dont have some external wallet thing and barely understand what in the fluff bitcoin is for but I bought it several years ago based on the advice of several people I respect advising a purchase.
none of this happened, except for you quoting me asking if I am trolling instead of just providing the help requested.
much appreciated. :thumbdown:
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Re: coinbase and bcc

Postby SilverDoge » Mon Jul 31, 2017

dae2dae wrote:
SilverDoge wrote:
dae2dae wrote:so I guess the bottom line is just keep my sh*t in coinbase and if they end up doing bcc I get it, and if not, oh well.


You're just trolling us now right? :clap:

I'm not trolling my own thread.
I asked very simply for someone to help walk me, and others probably, who don't understand transferring and where to transfer to in order to be able to receive their bcc.
I dont have some external wallet thing and barely understand what in the fluff bitcoin is for but I bought it several years ago based on the advice of several people I respect advising a purchase.
none of this happened, except for you quoting me asking if I am trolling instead of just providing the help requested.
much appreciated. :thumbdown:


Nobody suggested leaving your bitcoin at Coinbase, and some implied Coinbase was even stealing peoples BCC, so when your conclusion after all the posts in this thread was to "just keep your $hit in Coinbase, I wrongly assumed you were jester trolling (your reputation precedes you).

A hardware wallet is best, but if you don't have one, then...

silverpv wrote: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/


Or go here: https://jaxx.io/

and download the wallet and transfer your bitcoin from Coinbase to this Jaxx wallet (where you control your keys).



Or transfer it to Bittrex and you will automatically be credited with the BCC (BCH) if you have bitcoin in your wallet at 12:20 UTC on 01 AUG. Transfers to Bittrex will be halted 24 hours before that time though.
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SilverDoge
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Re: coinbase and bcc

Postby SilverDoge » Mon Jul 31, 2017

XFactor wrote:I don't think bitcoin is going to zero. I do think that with 900 of them out there a couple of them will stand the test of time and be forged by fire. I do agree that the central banks have had too much power for too long, and things should be more fair and balanced. What worries me is that any programmer can start some type of crypto, crowd fund it, and what, I'm supposed to trust this? A lot of these people are from other countries where life and liberty is not the main objective for society, we are at a time where people just want to get rich by any means necessary. Now, I'm not highly educated, and don't understand everything about the block chain or smart contracts but when the smartest people I know have been studying this for years and still don't get it, somethings wrong here.


To address your concerns, I suggest you read this post (and entire thread) here: http://bullionstacker.com/viewtopic.php?f=108&t=28126#p539932

Then this post: http://bullionstacker.com/viewtopic.php?f=108&t=27586&start=860#p536912

Then this whole thread: http://bullionstacker.com/viewtopic.php?f=108&t=28104

Then come back and ask some additional follow up questions. What don't your smart friends get? Read the book The Internet of Money and tell me you still don't get it.... I dare you ;)
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Re: coinbase and bcc

Postby dae2dae » Fri Aug 04, 2017

Dear Coinbase customer,

We wanted to give our customers an update on the recent Bitcoin hard fork. You can read more about what a digital currency fork is here:

https://www.google.com/url?hl=en&q=http ... _5fKEN6U7w

Forks enable innovation and improvements to digital currency and we believe that we will see an increasing number of forks in the future. We expect this to be a vibrant and innovative community.

When a digital currency forks, it creates a new digital asset. Adding new digital assets to Coinbase must be approached with caution. Not every asset is immediately safe to add to Coinbase from a technical stability, security, or compliance point of view.

Our top priority is the safety of customer funds and we spend extensive time designing, building, testing and auditing our systems to ensure that the digital asset we support remains safe and secure. We may not always be first in adding an asset, but if we do, you can be sure that we’ve invested significant time and care into supporting it securely. We believe this is the best approach for us to maintain customer trust.

In the case of bitcoin cash, we made clear to our customers that we did not feel we could safely support it on the day it was launched. For customers who wanted immediate access to their bitcoin cash, we advised them to withdraw their bitcoin from the Coinbase platform. However, there are several points we want to make clear for our customers:


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.
We operate by the general principle that our customers should benefit to the greatest extent possible from hard forks or other unexpected events.
Over the last several days, we’ve examined all of the relevant issues and have decided to work on adding support for bitcoin cash for Coinbase customers. We made this decision based on factors such as the security of the network, customer demand, trading volumes, and regulatory considerations.

We are planning to have support for bitcoin cash by January 1, 2018, assuming no additional risks emerge during that time.

Once supported, customers will be able to withdraw bitcoin cash. We'll make a determination at a later date about adding trading support. In the meantime, customer bitcoin cash will remain safely stored on Coinbase.

Thank you,

Coinbase Team


https://www.google.com/url?hl=en&q=http ... _5fKEN6U7w
“Paper is poverty, it is only the ghost of money, and not money itself.” Thomas Jefferson
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Re: coinbase and bcc

Postby Silversaving » Fri Aug 04, 2017

I guess good on them for not screwing their customers over....but really? they need 5 months to give it back?

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SilverDoge
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Re: coinbase and bcc

Postby SilverDoge » Fri Aug 04, 2017

Silversaving wrote:I guess good on them for not screwing their customers over....but really? they need 5 months to give it back?


Haha, yeah I know right!?!? Coinbase has its pros and cons. Acting swiftly isn't one of them.
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Re: coinbase and bcc

Postby Brick's » Fri Aug 04, 2017

Well, now that I've been brought up to speed (as much as I can be brought up to speed) and have read how you all have dealt with the process, I can honestly say "isn't that interesting".

I'm for anything that decentralized the power held by the elite. In this case the democratization of money. Am I willing to put my hard earned in support? Not yet. I'd like my math, cyber and security minded son to be more exposed to the future of money by his peers and mentors in college and then give me his thoughts. So I've got some time.

But I like the idea.


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