The BitcoinCash fork of Bitcoin is already showing promise on ViaBTC exchange, where it is trading at roughly 1/6 of bitcoin's marketcap with over a week before the fork even takes place.
Coinbase has already announced that they will not recognize the fork and won't allow their users to withdraw coins from the BitcoinCash fork.
What this means for you if you have bitcoin on the Coinbase exchange:
Let's say you currently have 1 BTC on Coinbase. To make the math easy, let's assume that Bitcoin is exactly $3000 on Aug 1. Let's also say that on Aug 1, BitcoinCash fork gets 20% of hashpower (a very conservative estimate). Investors will price based on the hashpower ratio, so in a 80/20 split, Core Bitcoin will be $2400, and BitcoinCash will be $600 (2400+600=3000).
So in that scenario, your bitcoin at Coinbase would drop from $3000 to $2400, and you wouldn't be allowed to withdraw or use the $600 coin that should be yours.
Already, people have figured out that this amounts to theft, and have started withdrawing from Coinbase. As more and more people withdraw, Coinbase loses money on exchanges. How much are they gonna let it bleed before they put on the brakes and you start seeing "withdrawal pending" statuses go on for days, and then weeks?
Don't be the one holding the bag. If I had coins at Coinbase I would remove them NOW.
There have been warning for weeks to prepare for a possible fork by only storing bitcoin in wallet where you control the private keys. So, I would suggest if you have bitcoin in any exchange to withdraw it now to your own wallet.
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I agree!
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Lol.
But yeas, it's always best to keep your coins on your own wallets.
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Exchanges are going to use this event to profit any way possible.
Just like the mining pools profited from the higher transaction fees and did not trickle down to the miners handling those transactions.
Agreed pull your money out of exchanges during these unstable times.
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our cryptos
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@ancap47
Beautiful writeup!Thanks for sharing.
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To do list :
buy ink and paper for paper wallets
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