COINBASE basically said, "Yeah, we'll be stealing your Bitcoin Cash (BCC or BCH) after the fork...steemCreated with Sketch.

in bitcoin •  7 years ago 

Screen Shot 2017-07-28 at 7.26.51 PM.png
Update for customers with bitcoin stored on Coinbase
==============

This post explains what customers can expect from Coinbase in the event of a split (or fork) in the Bitcoin network. You can read more about what a digital currency fork is here.

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.

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7 years ago by

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      ·  7 years ago 

    I like your post:D
    You get my vote,
    will improve your quality,

    if you vote back to me

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    3 votes
    [-]
      ·  7 years ago 

    Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
    https://blog.coinbase.com/update-for-customers-with-bitcoin-stored-on-coinbase-99e2d4790a53

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    [-]
      ·  7 years ago 

    The exchanges are going to make out like bandits with all of this.

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    1 vote
    [-]
      ·  7 years ago 

    Also from Coinbase...

    Wanted to clarify for customers asking if Coinbase is keeping bitcoin cash for ourselves.
    Coinbase does not intend to interact with the Bitcoin Cash blockchain, or to access bitcoin cash (BCC). In order to safely and securely access bitcoin cash, Coinbase would need to undertake a process of designing and testing significant changes to our systems — including hot and cold storage. This is one of the core reasons customers will not be able to withdraw bitcoin cash after the fork on August 1st, 2017.
    If this decision were to change in the future and we were to access bitcoin cash, we would distribute to customers bitcoin cash (BCC) associated with bitcoin (BTC) balances at the time of the fork on August 1st, 2017. Coinbase would not keep the bitcoin cash associated with customer bitcoin (BTC) balances for ourselves.

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    1 vote
    [-]
      ·  7 years ago 

    Yeah, right. I believe coinbase as much as i believe donald trump. They're not going to let that free money sit on the table. They'll ABSOLUTELY take it, probably cash it, then claim it's part of the perks of doing business and tell everyone to stuff it. Then, if you threaten to litigate, they might give a few people a minimal amount of the FCC they've jacked.

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