Coinbase users, ETC replay attack might have drained lots of funds. - be safe withdraw from coinbase
I havent confirmed all the details, but better safe than sorry:
GDAX appears to be toast and indirectly coinbase might also be at risk. If you have any significant amounts in coinbase, it would be safest to move it to a local wallet. Even a centralized exchange that is solid might be better until things are sorted.
James
If true this is huge. I thought Coinbase had a load of venture capital funds they could draw on, to cushion them against problems?
I dont think coinbase itself would go insolvent over $6 mil in losses, but it is not clear the amount of loss and who knows what sort of new "security" measures they will adopt, ie if they are running fractional reserve they could make it very difficult to withdraw.
so if you have any significant amount on coinbase, my advise is to withdraw to safer place. maybe it is a false alert or maybe it is the next gox, cryptsy, etc
They should have more than 100mn USD in VC funding...
http://www.coindesk.com/bitcoin-venture-capital/
...but the rule in such cases is better safe than sorry.
especially if ETC does 10x from here and coinbase is exposed. $6 mil can turn into $60 mil pretty fast. Kind of ironic that in order to rewrite history and erase the $50 mil DAO hack, ETH hardfork ends up creating almost as big a problem via ETC. And this is before the lawsuit and all the govt requests for hardforks each time anybody any govt doesnt like ends up with a lot of ETH
thanks for the hot news @jl777
i don't use coinbase but is good to know the issues anywhere in cryptoland 8]
this is just an issues or what? i have btc on coinbase but not much
if it an amount you wont miss, then no worries
hmmm, not good. Will keep an eye on this, thanks for the alert.
I can confirm that it took an unusually long amount of time for my withdraw to occur. Almost 5 hours. Has never happened before. Still it did finally confirm.
not a good sign. that is how the fractional exchanges start showing the problems. small withdraws work fine, the big ones are delayed or need many manual confirmations.
only keep on coinbase what you dont mind losing, just get a local pruning wallet, it wont eat much disk space
RUN!
...bank run (them)! :P
I remember we had a discussion on the bitcointalk forum, when theorizing about possible bitcoin forks in the future, and I was saying that in case of a potential fork people should actually withdraw their coins from the exchanges as to have control of them in both coins. Otherwise exchanges would be ideally placed to confiscate the amounts on one of the chains they would consider "invalid". That was when I proposed a bank run on the exchanges if forking scenarios come closer to reality. Well I guess, with all that is happening with the ETH forking and the replay attacks, it wasn't far fetched.
Paper wallet all the things!