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rated:
With the upcoming BTC hardfork, Coinbase says they mayn't honor both. What does it mean to someone holding BTC in Coinbase wallet?
What to do to be safe.

Thanks
-VA 

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rated:
You will be forked.

rated:
I haven't heard about the fork, but existing bitcoins should not be at any risk--they'll show up in both ledgers after a fork. What you may want to avoid are transactions until the fork is settled and coinbase is on board with the winning side. Your transaction could be on the wrong one and then you might be out of luck--depends on how coinbase handles the situation.

rated:
wpgabriel said:   I haven't heard about the fork, but existing bitcoins should not be at any risk--they'll show up in both ledgers after a fork. What you may want to avoid are transactions until the fork is settled and coinbase is on board with the winning side. Your transaction could be on the wrong one and then you might be out of luck--depends on how coinbase handles the situation.
  
This is 100% correct.  Hold your own coins and they will exist on both blockchains.  

rated:
reddit.com/r/bitcoin or bitcointalk.org are the best place to ask this question.

That being said, the direct answer to your question is that you will hold coins on both chains. If that doesn't mean anything to you, then go to the above two sources to ask for elaboration.

rated:
Coinbase has stated that they do not favor Bitcoin Cash(BCC). If you want access to the altcoin resulting from the fork you will need to move your BTC before the deadline.

Recent Coinbase Email:
"The User Activated Hard Fork (UAHF) is a proposal to increase the Bitcoin block size scheduled to activate on August 1. The UAHF is incompatible with the current Bitcoin ruleset and will create a separate blockchain. Should UAHF activate on August 1, Coinbase will not support the new blockchain or its associated coin.

The User Activated Soft Fork (UASF) is a proposal to adopt Segregated Witness on the Bitcoin blockchain and could result in network instability. It is scheduled to activate at the same time as the UAHF.

To ensure the safety of customers’ funds, we will temporarily suspend BTC deposits, withdrawals, and buy/sell starting approximately 4 hours before activation of either fork.

If you do not wish to have access to UAHF coins, and do not wish to access your BTC during the fork, you are not required to take any action.
If you do wish to have access to UAHF coins or access your BTC during the fork, you should send your BTC from Coinbase to your external address by July 31. "

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I would recommend transferring coins out of coinbase this weekend, to your own wallet. Coinbase is too ambiguous on how it will handle the hard fork.

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The fork happens in about a day. Contrary to what Coinbase says, I can't see them keeping your Bitcoin Cash. They're probably going to do what happened with ethereum. They let their customers withdraw their ethereum classic, but not immediately. Then customers could sell it or keep it.

I don't know the total amount of bitcoins they hold for customers, but it must be a lot. If Bitcoin Cash ends up having a good amount of value come August, Coinbase would instantly pocket maybe hundreds of millions of dollars. The issue is, those bitcoins aren't theirs. They're beneficially holding those assets for their customers, like stock you may hold in a brokerage account. If you own stock in XYZ in your Merrill Lynch account and it splits, Merrill Lynch can't keep the split shares for themselves.

Anyway, if you're concerned that Coinbase will steal your Bitcoin Cash bitcoins, withdraw your bitcoins now.

rated:
burgerwars said:   The issue is, those bitcoins aren't theirs. They're beneficially holding those assets for their customers, like stock you may hold in a brokerage account. If you own stock in XYZ in your Merrill Lynch account and it splits, Merrill Lynch can't keep the split shares for themselves.
I'd say that's fundamentally not true.  There is no regulation or rule requiring them to act that way.

They are holding BTC on behalf of their customers, not BCC.  They can pocket the BCC after the hard fork as long as they maintain the BTC balances.  Companies did that on the Ethereum split, so there's no reason to believe that some won't do the same with Bitcoin.

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sechs said:   burgerwars said:   The issue is, those bitcoins aren't theirs. They're beneficially holding those assets for their customers, like stock you may hold in a brokerage account. If you own stock in XYZ in your Merrill Lynch account and it splits, Merrill Lynch can't keep the split shares for themselves.
I'd say that's fundamentally not true.  There is no regulation or rule requiring them to act that way.

They are holding BTC on behalf of their customers, not BCC.  They can pocket the BCC after the hard fork as long as they maintain the BTC balances.  Companies did that on the Ethereum split, so there's no reason to believe that some won't do the same with Bitcoin.


The futures market for BCC is indicating about $300. It's anybody's guess what it will be initially valued at, but if it's $300, and not $1, Coinbase is not keeping it. There would be street riots outside their San Francisco headquarters if they did.

Coinbase is using their size and influence to talk down BCC, in hopes it becomes another useless altcoin. After this settles out in the coming weeks, I feel it's an easy bet they'll let customers withdraw their bitcoin cash. They did not keep the classic ethereum, so there's a history of what they've done previously. I still have a couple of those in my Jaxx wallet that I didn't sell.

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