Potential issues?
I got an email from Coinbase a few minutes ago and thought I'd share this with everyone.
This to me is not good news. Coinbase is my primary way of getting access to BTC and ETH easily and with very little restrictions. What this can mean is bad news for the price of BTC as people may be tempted to convert that to ETH or another ALT currency.
If your not familiar with whats going on, check out this link to see in better detail what this is all about.
What are UASF and UAHF?
UASF stands for User Activated Soft Fork.It’s a mechanism where the activation time of a soft fork occurs on a specified date enforced by full nodes; a concept sometimes referred to as the economic majority. A UASF requires a lot of industry support and coordination. The UASF concept was combined with SegWit activation in the BIP148 proposal.
UAHF stands for User Activated Hard Fork.
Developers add a mandatory rule set to change the node software. These changes make previously invalid blocks become valid after a flag day, which does not require a majority of hash power to be enforced. Bitmain, a major mining firm, announced “A contingency plan against UASF (BIP148)” in case UASF is applied.
Right now, 88.3% of miners have signaled support for SegWit2x. It does not look like the Bitcoin blockchain is going to split. Which is great for the stability of the overall cryptospace, in my opinion.
I think it is prudent for such a large exchange to make sure that they have made their position clear prior to the activation date. This signal of a lack of support for the chain split by coinbase could help to solidify support of the consensus.
Man, I really hope that it doesn't split. I mean, I'd be ok with it only if Coinbase was in support of it. Thanks for that information...really makes a difference to know that.
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damn, rip coinbase lmao and btc
Yeah no kidding.
I tried to buy Bitcoin over the years and i could only get Coinbase to work for some reason ....
They are easy to start with...but they have a lot of restrictions to start with. In the beginning, they only allowed me to spend $100 per week. After 3 months, now they have increased me to $2000 per week. But I also had to give them more of my personal info like drivers lic, etc.
I tried several times to send them a photo of my driver licence but the photo was never clear enough ??? I think the information has been worn down from keeping in my wallet for so many years .... I guess I'll never ever be able to get my money out ? I will need to get a new liscence.
Well, if your money is there in USD it's fine. You can transfer that back to your bank without issues. If your money is in BTC, it's still fine. You would just have to transfer that out to a different wallet that is participating in the SetWit.
The issue is always with how much will they allow you to purchase from USD (Fiat) to BTC/ETH. Once you have it there's no more restrictions.
I only invested $100 in Bitcoin so far - that is now worth $150 ... So I'm not too worried about any of this. I'm happy with Coinbase.... so far.
I'm just an amateur trying to understand this....but if I understand this correctly, the problem I see is that your coins will be harder to do business with and may take longer to transfer. It may be harder to do business with other folks because they may only accept BTC using SW. If Coinbase isn't participating, then you can' do business with anyone using SW. Those that are doing business with Coinbase will have way fewer miners and thus your transactions may take longer.
Well ... maybe this will force me to hold my .05 of a Bitcoin for 10 years and be with something some day ?
Yeah, it will be worth a lot I'm sure. But not sure how much it will be worth in Coinbase. I'm still not clear on what happens if they decide not to participate when the rest of the world is participating. Will that create two types of BTC? Maybe a BTC Version 1 and BTC Version 2 (SetWit)? And how is that traded between exchanges?
I don't know enough of that...so I'm simply not keeping any BTC in coinbase. I'm converting them to Steem for now.
I received this too. Moved my Bitcoin to personal wallet so that I don't have to deal with problems on Coinbase.
Yeah, I seriously don't see how they will survive this.