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/biz/ - Business & Finance

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5356232 No.5356232 [Reply] [Original]

It turns out Coinbase has MILLIONS of dollars worth of BTC trapped in tiny amounts that would cost more to move than they are worth.

https://twitter.com/LaurentMT/status/943624312304611329

https://twitter.com/TraceMayer/status/944211624960897029

https://twitter.com/MrHodl/status/944196554965028864

LEAVE COINBASE AS SOON AS YOU CAN.

This is not FUD, this is simple truth. It now makes sense that Coinbase has been jumping on every opportunity to destroy Bitcoin.

Why other exchanges don't have this problem?
They batch txs and consolidate UTXOs. Coinbase neglected to do this. Only significant blocksize increase would save them.


Remember, this is fresh news, it will get more exposure, don't be the last one to escape.

>> No.5356361

bump

>> No.5356396

>>5356232
>trapped in tiny amounts that would cost more to move than they are worth.
why is this? why would they do this? explain this to a brainlet pls.

>> No.5356416

>>5356232
This is why I went with Gemini.

>> No.5356435

>>5356396
Cause they give out free BTC with referrals, but its only 10 dollars worth.
Costs 30 dollars to make a transaction.

>> No.5356436

pls be happening

>> No.5356484

>>5356396
this is a nice analogy from twitter:

"fedex has your money divided in millions of small packages, delivery fee for each package is more than the money inside. you had the chance to ask fedex to combine them in larger packages when fees were lower but you were lazy."

>> No.5356490

>>5356435
shit. maybe this was the real operation dragon slayer. Kill btc in the yes of the normies, for this only exists in our hearts and minds

>> No.5356518

>>5356436
this is still fresh, but news sites will start to cover and we will have a bank run

>> No.5356535

>>5356396
Because they're incompetent.

>> No.5356540

>>5356232
>MILLIONS of dollars
Millions! Wow, Thats a lot of money!
How will this enormous bank cope with losing millions of dollars?

>> No.5356556

>>5356435
i got 5+ people with referrals.
never saw a dime of btc for it.
even setup 2 of them myself for the boomer senpai.
lmao.

>> No.5356595

>>5356556
Stop referring paupers. Its 10 dollars free after they spend 100 dollars.

>> No.5356596

This is so good, coinbase is shit and needed to be destroyed anyway

>> No.5356638

>>5356484
Okay, that sounds retarded. Why setup such an stupid system?

>> No.5356707

>>5356232
Any good european ecxhange, I used gdax, and gemini isn't avaiblable>

>> No.5356733

AAAAAAAAAAAAAAAAAAAAAAAAAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAH


Ive been up for 30 hours and the happenings aint stopping

Truly a christmas miracle

COREKEKS UTTERLY FUCKING BTFO

>> No.5356746

This wouldn't be a problem if BCH was king

>> No.5356757

>>5356540

Brian Armstrong will cope by wiping his ass with 50s instead of 100s tonight.

>> No.5356790

>>5356707
>used gdax
>doesn't know it's coinbase

>> No.5356815

>>5356746
this

Flippening almost fully confirmed now

Core getting justed to hell and back

>> No.5356846

>>5356733
>Celebrating the death of the crypto market
Why? Do you even understand the implications? Every single coin is fucking done. Every purchase since may is a bag now. Good fucking job cashies. Congrats on this, seriously

>> No.5356863

should have used the real bitcoin and any of those retards would be trapped with a "store of value" that is worthless

>> No.5356889

>>5356815
Fucking finally, I went all in for the CB listing news and I've been getting judged non stop since then.

This is truly a Christmas miracle.

>> No.5356904

>>5356846
good coins are fine so far

>> No.5356906

>>5356638
Because they didn't realize that fees were going to be $30. $3 delivery fee on a $10 transaction didn't seem so bad, but look where we are now.

>> No.5356939

>>5356846
See you next month when everything except for BTC is x2 the current prices.

>> No.5356944

>>5356904
DOPE, POT, XRP all fine

>> No.5356953

>>5356846
Lol look at this holier than thou corecuck. Core dying will be fantastic for the market

>> No.5356965

>>5356232
>LEAVE COINBASE
More like leave BTC
This is exactly why BTC is worthless

>> No.5356970

>>5356232
What are you guys planning in order to take abuse of the Coinbase fuck up? Binance here

>> No.5356986

>>5356953
everything will die with Bitcoin except maybe Ripple, it hasn't crashed and it will have real world usage.

>> No.5357004

>>5356232
So... basically get your coins off coinbase if you have any as soon as you can and send to a private wallet?

>> No.5357036

>>5356556
I saw my 10$ worth every time.

True story

>> No.5357038

>>5356846
Im celebrating the death of the core devs who are to blame for ALL of this since they stopped BTC from on chain scaling as a stopgp until LN could be implementen.

Core forced Bitmains and the other bitcoin businesses hand into forking BCH
Core didnt care fees were exploding
Core didnt care mempool was filling

Now their slow shitcoin will suffer.

You can wait for lightning to be usable in 2019 but by then their incompetence will have ended BTCs marketshare.

This is on Core and the reddit cucks that mindlessly put up with the censorship of the block debate

bigblockers told them for 2 fucking years this shit would happen.

Now its too late

Serves them right and everybody that supported 1MB

>> No.5357058

How does this hurt Coinbase? The investors are stuck

>> No.5357073

>>5357004
yes

all their moves in the past months have been VERY VERY DESPERATE. They were planning to support segwit2x even after it was canceled. I thought Brian was butthurt but it turns out he's trying to save his ass.

>> No.5357129

>>5356986
No, BCH will become bitcoin because it is the true bitcoin.

>> No.5357131

>>5356232
this is actually true. that's why binance only lets you trade whole numbers. they keep the fractions to make money for themselves

>> No.5357158

>>5357058
>how does it hurt a bank to be insolvent

>> No.5357163

>>5356733
this.
lost 40$ today but it was worth it in happenings

>> No.5357184

This is actually huge lol

>> No.5357185
File: 2.78 MB, 1920x938, wifn.png [View same] [iqdb] [saucenao] [google]
5357185

>>5356232
WoooaOOOOOooOOooOOoOAAAAAAHHHH three MILLLION DOLLARS?!?!?!?! That's sooo much money. Fuck off.

>> No.5357205

>>5357185
which we know of

>> No.5357209

Are my BTC safe on cuckbase or are they finna disappear

>> No.5357212

>>5357129
people will lose faith in the market if they see the top 10 year old coin failing

>> No.5357255

>>5357185
they have many other wallets like this.

>> No.5357339

>>5357212
its inevitable now. It has been for a while. the sooner we get rid of the BTC problem the better

We need a #1 that actually works on remaining functional at all times and cares about merchant adoption.

>> No.5357390

>>5357158
that doesn't answer the question. The fact that clients money is stranded doesn't hurt the bank

>> No.5357392

>>5357212
to be clear i dont care which coin it is. Money skelly is fine too. Just stop letting BTC represent the crypto space with its crippled tx issues they rcreated on purpose or out of ignorance.

>> No.5357421

>>5357339
We do and it just got added to CB this week. Wait until Q1 and everything will switch. About to see bch pairs on exchanges.

>> No.5357438

>>5356232
Should have stuck with the real Bitcoin.

>> No.5357459

>>5357390
1) it will stop making money
2) it will be sued for the stranded money

>> No.5357481

>>5356986
Lol, that's some serious core delusion man. All that money is just gonna flow into the usable bitcoin, BCH.

This will all be hilarious by spring. We'll joke about how we used to pay $30 fees to send $5 and thought it was the future.

>> No.5357519

Ok fuckers. I’m a few weeks into this. I bought on cuckbase and sent everything to binance but how can I get more coin without cuckbase? No one ever responds when I ask.

>> No.5357542

>>5357481
mark my words. corecucks will vanish and the entirety of /biz/ will pretend they were with BCH from the getgo

>> No.5357552

>>5357212
After it flows into BCH people will simply think of BCH as the good ol BTC

>> No.5357565

Direct large deposits in to adressess with small amounts. Consolidate those addresses once fees are manageable in relation to the amount moved.

>> No.5357573

>>5357481
retard, not even gigabyte blocks per second would cover a fraction of the the world transactions. BCH is not the future. You need to scale off chain.

>> No.5357582

>>5357519
gemini if you are USA

>> No.5357584

>>5356435
That BTC worth $10 then is now worth hundreds of dollars you blithering cretin.

>> No.5357616

It is small amounts, they can't be sued because they are stopping customers from taking out their money, it just cost more in commissions than it's worth. They arnt losing customers because the customer is already broke.

>> No.5357622

Wtf - bch taken off cuck base

>> No.5357631

>>5357573
big blocks can work just fine for 2-3 years of nice growth
Thats the time we need to implement Lightning, Graphene, sharding....

Time core was unwilling to buy with 2MB blocks

>> No.5357639

>>5357542
Yeah and I'm sure we'll see a huge shift on plebbit as well.

I don't give a fuck though, I've hedged properly and now stand a very good chance of coming out on top of this steaming shit pile of a market right now. I'm just wondering when it will start mooning now.

>> No.5357677

>>5357622
waaat

>> No.5357678

>>5357519
why do you want to do that? Pick another exchange, but you still have to pay the piper
t.coinbase

>> No.5357708

>>5357573
I'm more concerned about today and tomorrow, not 2 years down the road. BCH will at least work in the meantime, they can developed other solutions while having a fully functional coin.

>> No.5357718

>>5357677
Go look. I will hold my BCH with an iron fucking fist. Maybe they sold out?

>> No.5357721

>>5357639
it will take a while before anything will moon imho.
Many are just now waking up to the crash. Theres too much news right now for a push

>> No.5357758
File: 2.27 MB, 179x320, 1477015930174.gif [View same] [iqdb] [saucenao] [google]
5357758

>>5356232
I withdrew my Ether, worry intensifies.

>> No.5357782

>>5357718
gdax still seems to trade

>> No.5357784
File: 134 KB, 953x988, 1462463470759.jpg [View same] [iqdb] [saucenao] [google]
5357784

>>5357718
>Maybe they sold out?

>> No.5357796

>>5357622
It's true>>5357622
, it's not showing now on the dashboard

>> No.5357823

>>5356232
>MILLIONS of dollars worth of BTC
Don't worry, it'll only be worth thousands in a few days

>> No.5357826

>>5356232
i would IF I COULD

>> No.5357830

BCH BTFO!

>> No.5357839

>>5357631
you can't unbloat the chain after you bloat it. it would take weeks to sync a new node and bandwidth in some areas is very expensive


There will be a blocksize increase, but it will bundled with new features, the less hardforks the better.

>> No.5357844

>>5357796
yep i tried selling mine yesterday but they literally locked it.

>> No.5357900

the locks have been going on and off due to volume, but it's not even a ghost option now

>> No.5357901
File: 24 KB, 390x390, Ogpx1Zwg.jpg [View same] [iqdb] [saucenao] [google]
5357901

out of all possible exchanges it was coinbase that was mtgox 2.0

>> No.5357904

>>5357823
>Don't worry, it'll only be worth thousands in a few days

That's what Coinbase is hoping for. All their actions make sense now.

>> No.5357924
File: 287 KB, 1080x2220, Screenshot_20171222-115545.jpg [View same] [iqdb] [saucenao] [google]
5357924

>>5357830
I think it's the opposite. Was taking off nicely again withoht eu/BCH or btc/BCH pairs.

>> No.5357932

>>5357839
8MB for a few years is nothing in the grand scheme of things.
You realize the plan is to run BTC for well over a hundred years? Your response is a non-argument

>> No.5357961

>>5357519
Gemini, Bitstamp, or kraken

>> No.5357982

>>5357932
Core is ok with 8 mb. They just don't want to waste a hardfork for just a blocksize increase. There are many new features being implemented and will be bundled with the blocksize increase.

>> No.5358016

FLIPPENING has commenced.

BCC is going up. BTC is going down.
Don't miss this chance morons.

>> No.5358051

>>5357038
You pajeets are in full force today

>> No.5358079

FWIW coinbase is FDIC insured assuming you're in usd

>> No.5358176

>>5356232
Bitcoin was DESIGNED to behave this way from the beginning.
Who do you think created it?
You really think it was a lone genius hackerman who wanted to throw off the shackles of the banking system?
The banks were behind it FROM THE BEGINNING.
There are MULTIPLE ways that it is designed to fail.
This is one of them.

https://en.wikipedia.org/wiki/Planned_obsolescence

>> No.5358186

>>5358079
RU sure

>> No.5358242

>>5357631
>>5357708
>HEH DUMB COREKEKS BTCH IS THE FUTURE
>Wants to kick the can further down the road.
Let's be honest Bcash has all of the downsides but none of the positives of BTC.

>> No.5358259

BCH is back on Coinbase, just a glitch

>> No.5358263

>>5358176
>hurr durr ((((they)))) invented bitcoin and designed it to fail with utxo

you are beyond deluded with that statement.

>> No.5358284

>>5358263
this

>> No.5358297

>>5356232
suddenly it all make sense.

I was wondering why the fuck would they risk their reputation like that just to push a fucking altcoin

>> No.5358300

>>5356232
I'm a nocoiner so probably have no idea how it works, but in the past when I've used bitcoin for a couple transactions there were no fee's required. Is the fee just to speed up the transaction and they could wait a longer period of time to move the bitcoins or is it required now?

>> No.5358313

>>5358263
There there. Keep watching the dancing shadows on the cave wall, friendo.

>> No.5358322

>>5358242
nobody here knows what advantages/downsides you are talking about

>> No.5358336
File: 2.64 MB, 400x225, 1504492438086.gif [View same] [iqdb] [saucenao] [google]
5358336

Wew, bch gambit is beyond genius. it's actually working this well.

>> No.5358363

wish someone made a new fitting meme for virgin vs chad in relation to the current bitcoin fiasco

>> No.5358364

this is true. I have one of such accounts. Set up long ago when fees were almost 0. account is now worth $2, yay!

>> No.5358437

>>5358186
Yup, its also why despite all the shit talk, they're the only ones ill trust sending money to

Find me any other exchanges with fdic insured usd wallets

>> No.5358482

what the fuck? bitcoin was recovering fast, about to pass the resistance at 13500 and then out of nowhere trading is closed.

it resumes with a 130btc sellwall at the very front that wasnt there when it closed trading.

the banks are terrified of crypto. they thought they killed it today and then panicked when it started to recover fast.

they are desperate. dont let them win

>> No.5358495

>>5356232
Coinbase is not the only exchange that has this problem. Turns out BTC at this point is completely dysfunctional as people have been pointing out for months

>> No.5358524

>>5358242
What downsides? And what positives is it currently lacking, Mr. Big Brain?

>> No.5358541

I never really understood UTXO, the rate is different per account? But if you send keys that have huge UTXO? transaction logs how do you lower that on a different wallet?

>> No.5358572
File: 325 KB, 1080x1920, Screenshot_2017-12-22-09-59-19.png [View same] [iqdb] [saucenao] [google]
5358572

According to one of the twitter isers who called this it seems to be a problem with all the exchanges.

Who knew?

>> No.5358596
File: 71 KB, 750x586, 6A0517D2-35C7-4D4C-B0A6-0577F4D8C127.jpg [View same] [iqdb] [saucenao] [google]
5358596

Guys?

>> No.5358617

>>5358596
big if true

>> No.5358618

>>5358596
its over bcash fags. sorry. billions just dumped onto the market.

>> No.5358652

pendant closing on BTC, big move coming soon, don't know which way

>> No.5358669

>>5358300
You can do this with BCH, core removed that cuz jews

>> No.5358690

>>5358482
The banks don't give a shit about crypto. The only reason you hear them talk about it is because idiot reporters looking for a scoop badger them until they get a statement to publish. The statement is always the same "I don't care, it's a stupid bubble, leave me alone I'm busy doing something. "

The reporters publish this, the crypto folks spin it as "omg we got them on the ropes!" To shill more and keep the bubble going. In other words, you're being played.

>> No.5358761

>>5358300
Are you sending them actually over a blockchain or through some 3rd party service?

>> No.5358818

>>5358313
you are clueless stop posting

>> No.5358826

>>5358690
Big money cares now because it got to be real money and they didn't have a piece of it. They do now with futures contracts

>> No.5358831

>>5358690

This, you think the bankers are worried about plebs making a few thousand dollars chasing pump and dumps? They're yucking it up while they make millions every day in the big boy markers. Not to say crypto won't eat them for breakfast in the long run but right now they view it more as a joke or a curiosity then a real threat.

>> No.5358866

>>5358761
I don't own any bitcoins, just curious about it, in relation to the problem coinbase is having

>> No.5358874
File: 522 KB, 828x810, Untitled-1.png [View same] [iqdb] [saucenao] [google]
5358874

Hey guys, how come nobody is talking about pic related? Could this have something to do with the price crash and Coinbase/GDAX going down?

https://www.financemagnates.com/cryptocurrency/news/ultimate-comeback-bitcoins-segwit2x-fork-scheduled-december-%E2%80%8E%E2%80%8E28/

Not a single thread in the catalog about this....

>> No.5358877

>>5356707
Bitstamp

>> No.5358879
File: 60 KB, 409x409, 1513216855514.jpg [View same] [iqdb] [saucenao] [google]
5358879

Usually the smaller the broker / wallet the better they function in times of chaos

>> No.5358891

>>5358831
having a lot of plebs suddenly become rich can't be a good thing for them, so there's reason from a broader perspective for them to be against it at least

>> No.5358946

>>5358874
This is relatively old news actually

It was getting posted 24 - 48 hours ago

>> No.5358955

>>5358891
Of course they hate goyim and they hate when goyim get rich. We are their slave chattel.

>> No.5358969

>>5358866
Ignore the OP. It doesn't effect Coinbase, it effects thousands of anons that have 2 burgers in their account. It is a non-contraversy

>> No.5358975

>>5358690
Bingo. Banks will own crypto in the long-run.
It will be yet another financial technology absorbed into the system.

>> No.5359001

>>5358946
>This is relatively old news actually
>It was getting posted 24 - 48 hours ago

Yeah....right when the crash began. So is this related to the crash at all? I know B2X futures can be bought/sold.

>> No.5359003

>>5358818
t. guy who desperately doesn't want it to be true

>> No.5359023

crypto is going down hard. people can't move coins and the coins they can move they can't cash out because coinbase is always down. only way out is tether.

>> No.5359086

>>5358874
its too late to save bitcoin now. another fork will only add to the distrust. the brand name is tarnished. it's over.

>> No.5359148

>>5358874
>>5359086
if it's real, coinbase will definitely support it. it's about survival for them.

>> No.5359166
File: 36 KB, 400x301, fudracker.jpg [View same] [iqdb] [saucenao] [google]
5359166

>>5359023

>> No.5359187

>>5358874
Nobody is gonna give a fuck about this 2X at this point is a joke.

Also the people behind it are some scammers.

>> No.5359246

>>5359187
did you start yesterday or something? you're so wrong it's hilarious. people will pile in and pump BTC up for this fork, yet again, like they have time and time before.

go ahead and sit to the side while everybody else makes money.

>> No.5359359

>>5359246
Yeah like Bitcoin Silver or Bitcoin Super or Bitcoin God

At a certain point forks don't have a meaning anymore

>> No.5359426

>>5359246
It's a bargain, see, two Bitcoins for the price of one!

>> No.5359508

>>5359359
those were shitforks, and even those shitty ones saw small pumps even though everyone and their mother knew they were garbage.

segwit2x is actually a big deal. this is biggest fork since bcash.

>> No.5359557

>>5359508
Why is it a big deal? 2MB is pointless at this point.

>> No.5359605

>>5357131
No faggot they make money off fees
Do you fucking think that your coins are actually sitting in a wallet just for you???? Kek

>> No.5359634

>>5359557
okay. so don't be holding on the 28th then. I'm sure you won't miss out on anything :)

>> No.5359650
File: 461 KB, 955x924, SmartSelectImage_2017-12-22-12-40-26.jpg [View same] [iqdb] [saucenao] [google]
5359650

>>5358874
This is the one that redistributes Satoshi's wallet amount. Let that sink in.

>> No.5359656
File: 85 KB, 856x784, ncoin-products.jpg [View same] [iqdb] [saucenao] [google]
5359656

Meanwhile NCoins are doing just fine.
Feels good to be alive.

>> No.5359719

>>5359166
Babby's first meme

>> No.5359734

This sounds like a reaso to buy BTC to get lots of Segwit2x coins, and then sell BTC for S2X

Am I wrong?

>> No.5359758

>>5356556
Your friends are poorfags

>> No.5359770

>>5359734
it's definitely a reason to buy and hold BTC up to the 28th.

what the winning strategy is after that, time will tell... there are a lot of ways you could play it.

>> No.5359916

Newcoiner here. Where should I go to open up a new account? Coinbase is shitting the bed right. Poloniex seems like the next best option.

>> No.5359929

Assuming this is all true (and we are not experts, so let's take it with a grain of salt), im not worried about my coinbase $ because their hot wallet is insured and their 98% cold storage has no reason to fragment (right?)

>> No.5360038

>>5359916
Gemini is good.

>> No.5360043

>>5359916
it's just being fudded a lot right now. cb is fine.

>> No.5360053

>>5359929
when bitfinex's bitcoin wallet got hacked, the losses were socialized, even to USD lenders who have nothing to do with the hack.

I'm not saying coinbase is as bad as bfx, but partial failure tend to affect everything.

>> No.5360224

>>5359650
I'm slow, explain please. Which will be the real Bitcoin then. scary meme BTW

>> No.5360986

>>5356416
i got to the identity verification with Gemini and they asked for ssn. can they be trusted?

https://discord.gg/CFReXH2

>> No.5360990

>>5357565

its this exactly. Its a simple math problem really...

>> No.5361078

>>5356540
Yeah, they probably hold tens of billions in assets, few million is literally nothing for them.

>> No.5361488

>>5356416

Nevermind, did more research to find out why they need ssn (they're backed by NY trust company and need it as required by law).

>> No.5361582

>>5360986
>i got to the identity verification with Gemini and they asked for ssn. can they be trusted?
All of this info will be public one day somewhere on the Internet.

>> No.5361740

>>5358874
> accent grave over one O in Nakamoto's name
> a french character, in a japanese name
Journalists should be purged

>> No.5361828

>>5356953
>>5357481
lol, Coinbase supported BCH and was the reason why BTC crashed and BCH skyrocketed
with Coinbase out of the picture, that won't be happening again

>> No.5362019

can I sell my BTC on binance for USD?

>> No.5362056

>>5361828
Coinbase isn't leaving anytime soon bucco

>> No.5362110

COINBASE: "Here a new product, $BCH, it's worth 0.28 $BTC, +everyone holding Bitcoin gets some!"

USERS: "That's cool, but I prefer BTC--can I just trade it for 0.28 BTC then?"

COINBASE: "...No!" **disables BCH/BTC trading, repeatedly resets sell orders, bans BCH/€ till Jan**

>> No.5362124
File: 72 KB, 1280x720, all according to plan.jpg [View same] [iqdb] [saucenao] [google]
5362124

>bitcoin crashes due to BCH goys
>takes altcoins with it
>only Ripple survives
>(((banks))) go just as planned

>> No.5362219
File: 154 KB, 681x710, lucas.jpg [View same] [iqdb] [saucenao] [google]
5362219

>>5362124
This guy gets it.

>> No.5362697

Dont tell me there isnt a way for them to technically fix this and reemburse customers.
They could offer to convert it to litecoin for free and put it into the their accounts.

>> No.5362827

>>5359650
Explain what that means. How can it access and distribute the 1M coins that only Satoshi's private key has access to? If that really happens then it's game over for BTC. There won't be any reason to hold it anymore.

>> No.5362883

>>5356232
you idiot, the buttcoins arent trapped, the holders can simply sell any amount at any time.

dont be a faggot

>saged

>> No.5362925

>>5362883
t. pic related

>> No.5363074

>>5362697
>They could offer to convert it to litecoin for free
yeah but any solution is going to cost them money buying the LTC
problem is that if fees never recover, any single address with < required fee is basically dead.
Even 2nd layer solutions like LN will still require an on chain funding tx.

So unless fees recover, any coins in addresses worth less than the min fee are DEAD.