Coinbase Message - I don't know what it means...

[Deanna]

Hi guys, I just got an email from Coinbase and I honestly don't have a clue what it means or if it affects me. Can anyone help with translation? When I do a payout I send the money from Blockchain to my US address in Coinbase so it's always deposited in Coinbase as US dollars, never bitcoin. Thanks in advance, Deanna (If I posted this in the wrong place, I'm sorry)

Dear Coinbase Customer,

The User Activated Hard Fork (UAHF) is a proposal to increase the Bitcoin block size scheduled to activate on August 1. The UAHF is incompatible with the current Bitcoin ruleset and will create a separate blockchain. Should UAHF activate on August 1, Coinbase will not support the new blockchain or its associated coin.

The User Activated Soft Fork (UASF) is a proposal to adopt Segregated Witness on the Bitcoin blockchain and could result in network instability. It is scheduled to activate at the same time as the UAHF.

To ensure the safety of customers’ funds, we will temporarily suspend bitcoin deposits, withdrawals, and buy/sell starting approximately 4 hours before activation of either fork.
• If you currently have bitcoin in your Coinbase account, and do not wish to have access to UAHF coins or have immediate access to your bitcoin, you are not required to take any action.
• If you wish to have access to UAHF coins or you wish to have immediate access to your bitcoin, you should send your bitcoin from Coinbase to your external address by July 31.

For more information on how to send bitcoin from your Coinbase account, please refer to this article:

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.

Thank you,
Coinbase Team


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[labeled]

I googled to try to get a better understanding and... I am more confused than before.

 

[weesie]

Absolutely no clue what it means but I will be following this thread for more information.

Thanks for posting it!

 

[cj1990]

Maybe I can help a bit.

In the recent months there have been a lot of bitcoin network related issues, as part of this there have been proposals on how to fix the issues.

The implementation of a new Bitcoin Fork is what coinbase is warning you about, they are also saying they will not support it.

Basically if you plan to gamble 30th - 2nd don't use Bitcoin. I plan to take a break those days, or use litecoin.

Just one of the many articles about it:

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TBH its kind of hard to keep up with this kind of news unless you are integrated in the community and know what to look for.

 

[weesie]

So, even to the point of not using say, Blockchain?

If I get some before those days and move it to blockchain, it won't be safe and/or

usable from there either?

Thanks for your input!

 

[butterflyboogie]

Same Email

I received this same email (or one close) from the Bitlio network. This is what it says (not verbatim) ...There is a potential Bitcoin network disruption scheduled on or around August 1st. The disruption is due to the upgrade to the latest version of the blockchain protocol software, referred to as the "chain split" or fork. It says that some bitcoin nodes run on software that are no longer compatible with existing nodes. According to Bitlio (and I guess coinbase as well) they are ceasing all customer transactions including bitcoin, trades, withdrawals and deposits on July 30th at 1 am PST and according to Bitlio it will last appx 72 hours. They (Bitlio) said this is a approximation and could be extended due to necessary changes. They (Bitlio) highly recommed that customers withdraw the bitcoin funds from the system before the disruption commences on July 30th.

Just from what I read I believe it would be wise to not have any funds in the network during this time and only proceed to continue usage with these wallets after the transition has taken place.

 

[kahntrutahn]

It looks like the bitcoin split will be avoided. However, it is a good idea to hold onto your coins and keys yourself. If you keep your coins on Coinbase for example, and bitcoin splits, you may only get half the value of your coins (i.e. getting only one set of the split bitcoins). It's a bit complicated, but the short answer here is to own your own coins and your own private keys. To do this, use a wallet that you control such as electrum. Or, even better, get yourself a hardware wallet like a Trezor or a Ledger Nano S.

 

[cheetahwind]

Essentially to simplified matters, there are 2 different software upgrade options to Bitcoin that were being considered. Yet all of the major mining pools met in New York and agreed to to go with one technology versus the other.

As of my writing this time there only seems to be on pool opting not to perform the software upgrade, and they may cause a small bit of trouble for the total upgrade of Bit Coin. Yet they also have until Aug 1st to completely perform said upgrade.

What the e-mail was warning you about was Coinbase had decided to go with the New York agreement and any other pools not going with that agreement. Were not going to have there coins accepted by Coinbase. So if you didn't want to participate in the New York agreement, basically they were saying you had until July 30th to move you coins out.

The average user of Bit Coin who doesn't get into the technical side of it, other than basically use it for gambling and move there coins around. This won't affect the majority of them. There's only a very, very, small percentage right now that might get effected varying on what your gambling site decides to do with said agreement.

I realize this may cause some confusion, yet remember a few months back people were upset that transactions were taking days and weeks to finally see 1 confirmation? This upgrade is suppose to fix said problem, that way folks can have a smoother transaction experience. This way we don't have to worry about forking out $5 plus to send $20 across the network, or blame a casino for not sending enough of a fee for a cash out.

 

[kahntrutahn]

I realize this may cause some confusion, yet remember a few months back people were upset that transactions were taking days and weeks to finally see 1 confirmation? This upgrade is suppose to fix said problem, that way folks can have a smoother transaction experience. This way we don't have to worry about forking out $5 plus to send $20 across the network, or blame a casino for not sending enough of a fee for a cash out.

In all fairness to bitcoin, it was being spammed. Spammed HARD. People with an agenda were creating tons of transactions on the blockchain in order to slow it down to force a software upgrade and in order to ramp up miners fees for a while. It did show us a chink in the armor of bitcoin. Something that will surely be remedied with future software upgrades.

 

[weesie]

Higher Value

Hi,

I wanted to post this in the thread where someone, can't remember who, was talking about selling

off their BTC.

Well, if you still have it, I was just on coinbase, and it is over $3300.00 right now.

SELL!

(I really don't know if that is good, but it looks high to me!)

 

[kahntrutahn]

Hi,

I wanted to post this in the thread where someone, can't remember who, was talking about selling

off their BTC.

Well, if you still have it, I was just on coinbase, and it is over $3300.00 right now.

SELL!

(I really don't know if that is good, but it looks high to me!)

Currently at ~3,900. After peaking at $4,400 a week after your sell call at $3,300. This thing is unpredictable and unlike any other asset classes. The beta (volatility) is extremely high. Be careful