Bitcoin cash coinbase and the conspiracy theory
I need a morning after pill! But my non-existent BCH holdings have significant value! This means that even if I have no desire to save or spend the new coin, I no longer have the option to liquidate my forked asset. I am disappointed in my lack of initiative, but I have only myself to blame.
After all, they warned me! They have already acknowledged to conspiracy theorists that they will not keep the forked BCH, in the event that they create a conversion mechanism. In that case, they will allow withdrawal by the owner of the associated BTC. Now that they see dramatic fractional value, how could they not complete the fork?!
It was staring me in the face and I passed it up. At least I draw comfort in my confidence that Coinbase will complete the fork. Let me tell you how I view the risks of failing to remove my coins before August 1… Coinbase was clear in warning that BTC withdrawals would be frozen before and after a fork. No problem…I had no immediate need to access my coins. All functionality will be re-enabled shortly afterwards. Network is unusable If support for the fork remains at current levels or decreases, the Bitcoin2x network will be unusable.
Coinbase will not support withdrawals or trading as it will not be possible to move these assets. Currently we believe this is the most likely scenario.
If the network gains support at a later date, we will enable Bitcoin2x withdrawals from the platform. Network is usable If transactions are being confirmed at a reasonable speed and miner support is strong, we will allow Coinbase customers to withdraw Bitcoin2x. We will not immediately enable buys and sells as previously stated, but we may enable them at a later date.
These people have gone apeshit. As someone who WRITES software, I can assure you they stopped testing the minute they called it off, and probably well before that, as the announcement came after they decided not to proceed. Email from Coinbase Re: Just wanted to share this email from coinbase: