Coinbase Adds Bitcoin Cash - Chaos Ensues
95 - 95Shares
As of about an hour ago, Bitcoin Cash went live on Coinbase. If you had Bitcoin in your Coinbase wallet on August 1, 2017 you finally have access to it.
As of writing this Bitcoin Cash is sitting at $9,500 last trade on GDAX. Bitcoin Cash is still trading in the low $3,000 range on Bittrex.
Interestingly, GDAX allowed brief trades before halting trading due to lack of sufficient liquidity. Why some trades were briefly allowed to happen is still not known.
The feedback on the rollout so far has been highly negative on most social media platforms. Coinbase has a couple of tweets so far with many negative replies, including this one stating that Coinbase employees are prevented from trading for several weeks, leading many to wonder how Coinbase would even enforce the rule in a decentralized market.
Coinbase maintains a strict trading policy and internal guidelines for employees. Coinbase employees have been prohibited from trading in Bitcoin Cash for several weeks.
— Coinbase (@coinbase) December 20, 2017
Charlie Lee, the face of Litecoin and former Coinbase employee had this to say:
In hindsight, Coinbase should have listened to me. It was operationally very hard to launch on Coinbase and GDAX at the same time. Now with GDAX halted and Coinbase never opened, everyone is seeing a ridiculous price of $9500. 🤦♂️ tons of support tickets and upset customers.
— Charlie Lee [LTC⚡] (@SatoshiLite) December 20, 2017
Bitcoin, Ethereum and Litecoin both took a hit briefly but have since seemed to recover. Bitcoin dropped below $15,000 a coin before settling back in the high $16,000s.
Regardless of how the rollout goes, the battle between Bitcoin and Bitcoin Cash just got a lot more intense.
Update: As of 3 hours after the last trade GDAX now looks like this:
Per GDAX Twitter:
[status] Monitoring: All BCH markets will remain cleared and offline until 9am PST 12/20/17. At that time, BCH mark… https://t.co/em9E3MKsrU
— Coinbase Pro (@CoinbasePro) December 20, 2017
95 - 95Shares
Topic tags:
