Holy SHIT! I am actually a fan of Coinbase, despite being extremely critical of everything they do. I think they are handling the possible hard fork horribly, and doing something potentially very shady, but I think they largely are trying to avoid coming under any money laundering charges by the US government. They likely do stuff like this as a precaution in that matter. It sucks that it happened, thanks for sharing and pointing this out to us. Coinbase should be used as a gateway to buy and sell bitcoin and move fiat to and from your bank. Store your own coins in your own wallet!
You are viewing a single comment's thread from:
Yes that is exactly why. They need to keep in good standing with US regulators to keep their fiat off-ramps. What are they doing so terribly regarding Bitcoin and the August 1st date in your opinion?
They have put out a statement saying outright that if a hard fork occurs, they will not support both blockchains. If you control private keys on one blockchain and a fork occurs, those private keys control the bitcoin on both blockchains, separately. By stating that coinbase won't support both chains, they are effectively saying that they will decide which chain you will have access too. What will they do with their access to the other chain? I do not know, that is left to speculation. All I care about is that if a hard fork occurs, I am in control of my bitcoins on both blockchains.