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There is also a Machiavellian path where an exchange executes a devastatingly well-timed series of sales of its customers' holdings of the alternate version of
by sowbug 9y ago
There is also a Machiavellian path where an exchange executes a devastatingly well-timed series of sales of its customers' holdings of the alternate version of the currency, thereby tanking the value and ensuring that its preferred outcome comes to pass. What it does with the minuscule revenue from that is probably irrelevant, but it'd make sense to credit to its customers' accounts as BTC.
As you say, Coinbase is a respectable firm, and it seems unlikely it would choose this tactic. But it would be consistent with a strategy to ensure the fork fails to thrive.
- runeks 9y agoSimple solution: Coinbase adds "convert BCC to BTC" button, which does exactly what you say, but charges a fee for this service. I can't see how the BCC price can go anywhere but down if all Coinbase customers suddenly gain this ability ("Do you want extra BTC. Yes/no?").
- JoshTriplett 9y ago> Simple solution: Coinbase adds "convert BCC to BTC" button, which does exactly what you say, but charges a fee for this service. That's exactly what I want. (That or a "convert BCC to cash" button, they're equivalent.) They already charge transactions fees. Just write a careful announcement saying something like "due to the nature of the fork, anyone with 1 BTC at time X is entitled to 1 BCC as well, and we're providing a service to cash in that BCC for you".
- mirimir 9y agoSeveral exchanges are auto-converting their users' BCC to BTC, I've read.[0] 0) https://steemit.com/bitcoin/@kingscrown/if-you-were-not-aware-in-4-days-you-can-have-14-more-of-btc-for-free https://steemit.com/bitcoin/@kingscrown/if-you-were-not-awar...
- Double_a_92 9y agoYou can't just "convert" them. You still have to sell them to someone, can't force that. Even if you could that would pull the price down extremely. Easiest thing is to just give the user access to the new chain and it's "parallel"-coins. Then he can decide when and how to sell them.
- cma 9y ago> Even if you could that would pull the price down extremely. That was the point.