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Bitcoin Cash BCH and Coinbase

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I have to admit, I'm stupid.  I left some Bitcoin on Coinbase before the fork.  The reason why,is they did let users have their Ethereum Classic, after that fork last year, although it was months later.  I wasn't concerned, as what I was owed was about equal to some McDonald's combo meals.  With Bitcoin Cash, it's a different matter.  I just noticed Bitcoin Cash has crossed $900 per coin (but currently pulled back a bit).   Coinbase says they don't support Bitcoin Cash, but possess the private keys to all Bitcoins for their online wallets.  I have no idea how long they'll drag their feet on this matter, or even provide the ability to withdraw your Bitcoin Cash coins, as they did with Ethereum Classic.

I don't know what is the total amount of Bitcoin Cash coins Coinbase holds for their customers, but since they're one of the biggest Bitcoin exchanges, it must be in the hundreds of millions of dollars.  It could be a billion dollars.  Customer support isn't reachable.  Saying they don't support Bitcoin Cash I feel is not an excuse to hold these coins hostage.  Any suggestions?  If they keep these coins for much longer, lawsuits are sure to follow.

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rated:
You knew this was coming, You knew the implications of holding coins during a split.. what exactly do you want from us? Keep calling support, keep emailing.. theres no magic bullet here. You even admit you did it knowing eventually you'd get your coins. Be patient and maybe by the time you get your coins they won't be worth 0 which really.. i mean it's crypto currency so theres always that possibility. Good lesson i guess, do your due diligence next time.

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IMO the statement that they won't hand over the forked coins was for legal reasons. They got bit with ETC because of replay attacks, although that shouldn't have been an issue this time. I'm thinking if BCH continues to show value they will have no other option than disperse the coins.

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At this moment Bitcoin Cash is trading at 19.5% of the value of Bitcoin.

Give it time. I think as more people figure out that the fork gave them Bitcoin Cash, and that there actually is an exchange that will allow them to trade it, it will drop further. Then your anxiety will be moot.

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That's also an interesting point, right now the exchanges aren't accepting deposits so they are all isolated from each other. What will happen to the price when people are able to deposit their BCH? It will most likely drop. It's hard to say what the price will be, it will probably reflect the percentage of big blockers in the BTC community, 10 to 20% of Bitcoin?

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cyiwin said:   That's also an interesting point, right now the exchanges aren't accepting deposits so they are all isolated from each other. What will happen to the price when people are able to deposit their BCH? It will most likely drop. It's hard to say what the price will be, it will probably reflect the percentage of big blockers in the BTC community, 10 to 20% of Bitcoin?
  
There are rumblings about legal action:  Class Action Page (I'm unsure if it's legitimacy at the moment). 
and This also came up as a legal practice investigating. 

There's also the legal issue of Coinbase releasing the coins at a later date (which I think they will based on ethereum). When they do, they've denied customers the ability to sell their coins at an earlier date. If Bitcoin Cash maintains its value or goes up, that won't be an issue. If it goes down to $1, then it will.

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They could not have been any more transparent about how they were not going to support BCH. They sent out multiple notices to get your coins off of coinbase if you wanted BCH.

They are under no obligation to support any and every bitcoin fork that is or ever was.

This is squarely on you.

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cyiwin said:   That's also an interesting point, right now the exchanges aren't accepting deposits so they are all isolated from each other. What will happen to the price when people are able to deposit their BCH? It will most likely drop. It's hard to say what the price will be, it will probably reflect the percentage of big blockers in the BTC community, 10 to 20% of Bitcoin?
  
Their hash rate is less than 2%

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Coinbase did not allow me to withdraw my btc in the hours before the split so I was stuck leaving my btc in my Coinbase wallet . So knowing they weren't going to give me the bitcoin cash I'm entitled to before the split was irrelevant since they wouldn't let me send my btc to a wallet that didn't rob their customers of the coins they are entitled to. Why Coinbase made a stupid decision to do so I don't know but I'm sure , and I surely hope, they will pay in the end .

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Even if you had gotten your BTC out of Coinbase before the fork, you would be having trouble selling it right now.

Folks are having trouble depositing the forked coins into any of the few exchanges that are trading them. You would have had to have had bitcoin in a fork ready exchange to be able to sell them before they lose value.

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Coinbase announces they will support bitcoin cash: https://blog.coinbase.com/update-on-bitcoin-cash-8a67a7e8dbdf

I had no doubt that they wouldn't distribute bitcoin cash and just keep it all as a bonus for themselves. January 1st is the date they'll support it. Maybe they'll allow withdraws sooner, but who knows. I'm the meantime, I'm a long term investor in the handful of bitcoin cash tokens I have there. If it behaves like ethereum classic has, that might be a good thing, but I can't predict the future.

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Oh that's to bad. I moved my BTC over to Hashnest before the fork and so ended up with some BCH. I didn't hold it though; did a quick swap for BTC then converted that to LTC. We'll see how things go market wise.

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Wow, a financial institution that holds billions of dollars of assets and has no functional customer support?

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