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Bitcoin has seen many forks through its eight years, but BCH took the novel step of duplicating every user’s existing balance — if you owned 3. 3 Bitcoin at the time of the fork, you owned 3. 3 units of Bitcoin Cash after. Right now, sending Bitcoin is very slow and expensive because people are performing transactions much faster than the network can confirm them. BCH fans say that their coin can handle Bitcoin’s transaction volume without high fees or long wait times because of the larger size of blocks in its blockchain. NYT said it, WSJ said it, Ars says it, every academic had been calling it out. There’s a big change and it’s not good for Bitcoin.
Bitcoin advocates attack BCH for what they perceive as misrepresentation — piggybacking off the popularity of BTC instead of trying to build up their project on its own merits. Bitcoin Cash is the true Bitcoin. Bitcoin Cash wallet instead of a BTC one by default. A recent, unverified anecdote from a Bitcoin fan claims that he witnessed someone lose money trying to buy Bitcoin at an ATM, not realizing that the wallet he created with Ver’s app could not receive it.
I’m at a bitcoin atm in Athens. C5qSYMoby’s confusing iOS wallet UI in 5 minutes of being here. Coinbase is one of the biggest companies for people in the English-speaking world to convert their fiat currency into digital currency. Coinbase and its real-time trading platform GDAX have made the process simple enough for many users who are not technologically savvy. Until Tuesday, Coinbase only exchanged fiat currency for Bitcoin, Litecoin, and Ethereum.
100 into the three digital currencies they sold before Tuesday: Bitcoin, Litecoin, and Ethereum. I use and have written positively about other exchanges, too, such as Uphold. Why are people angry with Coinbase? Bitcoin’s mining fees are abnormally high. They cite Forbes’ 2017 profile of Coinbase’s CEO Brian Armstrong, which reveals that he owns more Ethereum than Bitcoin. So instead of integrating Segwit, they add BCash and make both problems worse. BCash trading gains with news cycle spin control?
Coinbase launched its trading capability for Bitcoin Cash around 8:20 EST, with an announcement on GDAX’s status page about 75 minutes beforehand. Several critics pointed out that trading volume on other exchanges — and thus the BCH price — curiously spiked in the hours before Coinbase made its announcement. If this is not inside trading, I don’t know what is! If I didn’t know better, I’d think that was potential insider trading activity. CMEGroup you agreed to certain rules.
BCH, it appears almost impossible for a private company to effectively investigate insider trading or enforce non-disclosure rules. Bitcoin exchanges without fiat support do not require identity verification, so we may never discover who acquired Bitcoin Cash right before the Coinbase launch. Bitcoin maximalists mocked Armstrong rather mercilessly for his statement. Did HE know about the listing beforehand? Brian, how many companies in the world that have been found guilty of fraud, market manipulation, insider trading, etc have had written policies that allowed them to do so? Where have I heard this before?
The responsible thing to do is announce to all in advance when trading will being instead of trying to hide information that can easily be capitalized on. Even as most traders were caught off guard by the launch, it seems Coinbase and GDAX were not prepared, either. The site quickly halted the ability to buy and sell BCH — after only four minutes of trading, according to GDAX’s status updates. The sudden activation of BCH trades seemed to contradict multiple public statements from the company. Our next priority is to ensure that our platform remains performant during periods of peak volume.
Following security and performance, we are focused on adding new features for our customers. Four days after publishing this blog, Coinbase launched a new feature that inarguably choked its performance. In addition, most users expected the company to limit Bitcoin Cash functionality to withdrawals for at least a brief time period. Romero published a blog post on August 3, several days after the creation of Bitcoin Cash, promising to give users access to their forked coins by January 1, 2018. Coinbase Roadmap published 4 days ago. You just lost a shit ton of trust.