Loud and clear: Withdraw your funds from Coinbase!

in #bitcoin7 years ago

I just received this memo from Coinbase:

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-bitcoin-fork-cba07fe73ef1.

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

So check with your exchange to make sure you maintain your share in the Bitcoin network.

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sure ..they will not support the BCC but having bitcoins - you will automatically have the same amount of BCC and coinbase (having the privet key of your bitcoin) will become the owners of the BCC you own.

I have an account on coinbase and i buy bitcoins ETH and litcoins from them I also convert crypto currrencies to cash and send it to my bank thru them - obviously they charge me for that (nice for them) but my balance in coinbase is 8$ ...specially in these times

There are numerous ways to store your btc in ways that give you the private key. I'm holding any btc own of exchanges. If you don't hold the private key, it's not really in your control. Good that they made this clear, but I wonder what they do with all the forks that they will be holding?

probably, coinbase will put the bitcoin cash in their pocket and laugh all the way to the bank
lol

Coinbase is shady, they kicked me out a long time ago!

To me it sounds logical as long as they don't plan on supporting the new fork. A lot of people will be unaware what the exchanges will do and risk being diluted. It sure calls for interesting outcomes.

You are right, it is logical, probably very confusing to a lot of people, adds a bit of risk all around!

Sure does. Had a look at Poloniex and they stay silent. Which I find more disturbing than the statement from cb.

Great Idea... did this several days ago. Hope people will not forget :)

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Coinbase has always been something... Even when I left cryptocurrency world back in 2013, and only now just got back into it. I was shocked to find they of all people are still around.

Rubbish, I've bought btc on Coinbase since Jan, 2016 to the tune of over $15k. Three months ago they blocked my account from purchasing btc at all. After over a hald dozen emails with B,S. answers they finally acknowledged that service is no longer available to me. This is spite of all my KYC doc were in order, and there was no incriminating transactions on my account. To what did I do? I tell people you're going to regret using coinbase period. With their litigation with the IRS under way I simply don't trust them. I have friends who have had their account locked, and the btc isn't accessible. Highway Robbery!

You don't get it. This isn't about your relation to Coinbase. It is about the hardfork and how to relate to it. Coinbase has the guts to say get out of the exchange. I have yet to see Poloniex say something to this effect.

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