21
Mar

COINBASE ANNOUNCEMENT ABOUT POSSIBLE HARDFORK ON BITCOIN CHAIN

COINBASE ANNOUNCEMENT ABOUT POSSIBLE HARDFORK ON BITCOIN CHAIN

 

 

While i’m writing, every CoinBase’ user is receiving this official communication from the exchange:

 

“Update for Customers With Bitcoin Stored on Coinbase

We wanted to provide customers notice of how a possible hard fork of the Bitcoin protocol into Bitcoin Core and Bitcoin Unlimited will affect Coinbase accounts.

The only version of Bitcoin supported on the Coinbase platform today is Bitcoin Core, currently represented by the symbol BTC.

We may provide support for Bitcoin Unlimited in the future depending on market conditions and stability of the protocol, but we cannot guarantee whether or when such support may be available. Customers who wish to access both blockchains at the time of the hard fork should withdraw their BTC from Coinbase since we cannot guarantee what will happen during the hard fork or when this access may be available.

If one chain receives an overwhelming majority of support from miners, users, and exchanges, we reserve the right to alter the names of chains or discontinue support for certain chains in the future.

Ensuring the safety of customer funds is our top priority. In the event of a hard fork of the Bitcoin protocol, it is likely that Coinbase will temporarily suspend the deposit and withdrawal of bitcoin from the platform pending our assessment of the technical risks posed by any fork, such as the possibility of replay attacks, network instability, or other factors. Customers should take note that they will not be able to withdraw bitcoin from or deposit bitcoin to Coinbase for a period of up to 24 hours or more following the fork. In the event of a hard fork of the Bitcoin protocol, Coinbase may suspend the ability to buy or sell on our platform during this time.

Coinbase looks forward to working with other exchanges and development teams to ensure the smooth execution of future hard forks with as little disruption as possible. Customers should continue to monitor our support pages and Twitter account for updates regarding our support for digital currencies on the platform.

Update for Customers With Bitcoin Stored on Coinbase was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

READ MORE Coinbase IRS Update

Today the IRS filed a motion in federal court to compel Coinbase to produce customer personal records pursuant to the government’s “John Doe” summons. This filing, which we have anticipated for several weeks, is part of the ordinary process by which the government enforces a John Doe summons against a recipient. As we stated to our customers in November, Coinbase remains concerned with the indiscriminate and over broad scope of the government’s summons and we have produced no records under the summons.

Our legal team is in the process of reviewing the IRS’s motion. We will continue to work with the IRS to assess the government’s willingness to fundamentally reconsider the focus and scope of the summons. If it does not, we anticipate filing opposition papers in court in coming months. We will continue to keep our customers updated as to status.

Coinbase IRS Update was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.”

 

What does it mean and what could be the consequences for CoinBase’ users?

This is the actually situation, you can see how many blocks, in the last 7 days, was mined by Bitcoin Unlimited (green) and Bitcoin Core (yellow)

As you can see, Bitcoin Unlimited is growing fast.

Bitcoin network is going to split its blockchain (nothing sure, but seems inevitable) and coinbase.com (one of the biggest and safest bitcoin and ethereum exchange) declare that it would support official chain (Bitcoin Core).

 

Obviously, this is not unexpected, the “official” blockchain is the Core one, anyway is very likely that the hard fork will cause a mess on EVERY exchange. Why? simply: implement both blockchain could cause difficulties on users’ balance and trade (“on what chain are my bitcoin?”) and prices could be very different between chains (look at Ethereum and Ethereum Classic). Probably some exchange will try to menage both chain, it could be a success or a completely disaster. Our impression is that, in case of fork of Bitcoin Chain, Coinbase will temporarily disable bitcoin withdrawals. In case, it’ll not be a big problem: simply convert your bitcoin in ethereum or withdraw them NOW.

Coinbase has proven to be one of the best exchange out there, so your founds should be safe.

Anyway we truly suggest you to keep an eye on the situation: if the Bitcoin Unlimited hash rate should be near 60% it’s time to move (not sell, move) your money to a wallet that you can controll (your PC). Here you can see how it’s going in real time: https://coin.dance/blocks

Expect lot of official communicates in the nearly future from major exchange, we’ll keep you update.

 

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