You are viewing a single comment's thread from:
RE: Coinbase And Bitstamp Will Not Support BCC - My Thoughts On The Situation
They don't own your private keys. They have the private keys to the wallet which has your bitcoins in it on the exchange (which is their wallet). Doesn't mean they will redeem them though.
The whole point of crypto is so you don't have to worry about "trusting" whether or not some entity or another person that has control over your funds will operate in a manner that is in your best interest. The entire blockchain is a TRUSTLESS concept. Having to think about it means, you have left the concept and returned to "normal" concepts in transactions. If YOU don't have the private keys to to your wallet along with zero other parties -- you don't have control. You can say they don't OWN your private keys and they don't NEED TO.. all they need is CONTROL which obviously they have.
That has nothing to do with the original point. It is obvious if you use a centralised exchange you lose control so I don't see the point in stating the obvious.
My point was.. the same one I made at first, I think they will do whatever they need to do to support Bitcoin Cash and it won't be in support of their customers. Meaning, in my opinion, Coinbase will definitely upgrade or adapt their backend and Coinbase users won't benefit from it. They have no obligation to their users to pass through that benefit or do anything that wasn't already etched in the previous agreement made between its users and the company.
I'm not sure it is worth the time for them but who knows for sure. They may just do it that way to dump BCC and crash the price to make it less likely to gain any traction.