Well that was fast... Coinbase decides to reverse course and support Bitcoin Cash?
Coinbase is now stating they will support Bitcoin Cash.
You don't say?!
Funny what a few potential lawsuits will do to get you to change your mind about things...
Sometimes people just need a good kick in the shorts before they start doing things the right way.
That and perhaps seeing that Bitcoin Cash is a multi billion dollar market and one of the top 5 cryptocurrencies might have had something to do with it.
Timeline of Events.
Several weeks ago Coinbase originally stated that they would not support Bitcoin Cash and didn't have any intention to once it began trading.
As you can imagine their customers were not happy.
In fact, claims of fraud and scam even started to be uttered by coinbase customers as they were thinking Coinbase would be keeping the Bitcoin Cash for themselves.
Which, considering they are one of the largest Bitcoin exchanges on the planet would make for quite a windfall.
That was soon put to rest by a spokeswoman from Coinbase when she stated that if Coinbase ever decided to support Bitcoin Cash, then all of the customer Bitcoin Cash that was obtained would be sent out to their customers.
More about that can be read here:
That helped things die down slightly, but it wasn't enough.
During this time, most Coinbase customers either moved their Bitcoin to personal wallets or other exchanges in order to take advantage of the Bitcoin Cash split (cough cough dividend).
Coinbase gave plenty of notice so customers would have time to do this.
However, when the code was actually forked and Bitcoin Cash came into existence and it's price soared to over $700 per coin, Coinbase's remaining customers were rightfully pissed off.
I would imagine they wouldn't be making such a stink about it if Bitcoin Cash was currently trading for $1 per coin, but that is a topic for another day.
Things escalate.
What first started out as anger and annoyance quickly turned in the direction of legal action as the price of Bitcoin Cash continued to climb.
Groups started to threaten to file suit against Coinbase in regards to Bitcoin Cash.
More about that can be read here:
https://steemit.com/cryptocurrency/@jrcornel/on-it-s-second-day-of-existence-bitcoin-cash-is-soaring
Apparently that was the kick in the shorts that Coinbase needed, because...
Coinbase decides they will support Bitcoin Cash.
In news out this morning Coinbase has done a 180 and completely changed their mind about supporting Bitcoin Cash.
Here is a quote from them about it:
"We've examined all of the relevant issues and have decided to work on adding support for bitcoin cash for Coinbase customers. We are planning to have support for bitcoin cash by January 1st, 2018, assuming no additional risks emerge during that time."
Do you hear that Coinbase customers, you will get your Bitcoin Cash after all!
All you have to do is wait till 2018...
Better late than never I guess. Let's just hope Bitcoin Cash isn't trading for under a dollar by then...
Stay informed my friends!
Sources:
Image Sources:
https://www.coindesk.com/even-miners-hate-bitcoin-cash-might-want-mine/
https://cmureadme.com/2015/10/02/boehner-run-out-of-town-by-angry-mob-of-far-right-congressmen/
http://lofficiel.es/sin-categoria/5-motivos-los-beber-champagne/
Follow me: @jrcornel
I don't think BCash will be a top 5 crypto for long...
Just the commissions they would get from people selling their bitcoin cash would have made sense for them to support this. Public outcry made it even more obvious to support it.
LMAO, all of these exchanges regret not supporting bitcoin cash because it had so much success. sucks for them, they missed out on a lot of volume
Yeah... and "meh."
I got the email this morning and scratched my head... having gone to considerable trouble to move ALL my BTC off Coinbase a few weeks ago. Not a huge financial issue... but the annoyance factor leaves me with a bit of a sour taste in my mouth.
So, Coinbase:
pissed off their clients who wanted to trade Bitcoin Cash with them from the offing;
then they pissed off the ones who heeded their warnings and wasted their time and energy moving things out so that they'd be able able to get it from somewhere else;
and now they've (Coinbase) got egg on their face.
Is there anyone in this scenario that could be described as having been immune to any displeasure here regarding?
Nope, none.
OMG i get to eat something other then beans... mind fucking blown... I forgot about my coinbase before the fork and had like 1.5btc in there! WOO
Maybe, we will see what Bitcoin Cash is trading for at the time :)
Lol, they had no other option than allowing trade bitcoin cash. With the hard fork, its important to make it availabe on platform and coinbase has a great customers line, they had to to do for sure. But then they didn't, people got mad and now they have to do it out of emergency. But great decision by them :)
All it takes is the threat of a lawsuit to make a company straighten up sometimes apparently. The Jan 1st hedge is interesting - they think price will be lower at that time?
I'm never a fan of Coinbase despite they being one of the top exchanges out there. Simply for the reason, they are charging a whopping 1.49% fee. But yes if I were their user I would have the exact same doubt.
It was just posturing and I think Coinbase and most of the other exchanges will try to push BCH out the door over the next 6-12 months. It will definitely be interesting to watch...