Thought this article about a possible class action lawsuit against Coinbase was fascinating. Lots of links in this one!
So, you all probably know by now that Bitcoin (BTC) has forked off into Bitcoin Cash (BCH).
Having initially opted out of supporting BCH, Coinbase has reversed its stance and says it will pay, after an uproar involving millions of customers who maintained value in their online Bitcoin wallet did not receive the new cryptocurrency. The initial statement regarding lack of support for BCH came from David Farmer, director of Biz Ops at Coinbase, said Coinbase decided not to back bitcoin cash because "it is hard to predict how long the alternative version of bitcoin will survive."
Although Coinbase stated the company is not keeping customers' Bitcoin Cash for themslves, an activist group threatened a class action lawsuit if Coinbase did not release the cash. As the exchange rate reached a high of $700 on Wednesday, it is understandable. While the backtrack will pacify some Coinbase BTC holders, others are likely to question why it will take months for this to occur, even as other digital exchanges currently support the new currency.
Initial story: http://fortune.com/2017/08/03/coinbase-to-let-users-withdraw-bitcoin-cash-after-outcry/
Coinbase Blog Statements:
https://blog.coinbase.com/update-for-customers-with-bitcoin-stored-on-coinbase-99e2d4790a53
https://blog.coinbase.com/update-on-bitcoin-cash-8a67a7e8dbdf
Coinbase Reversal: http://amp.timeinc.net/fortune/2017/08/02/bitcoin-cash-lawsuit/?source=dam
Coinbase Bitcoin Lawsuit Portal: https://coinbasebch.com/
Coinbase letters to customers:
