UPDATE: Coinbase came out with an update on Segwit2x since this article was written. So, while they stayed silent on Bitcoin Cash during its rise (and Bitcoin’s correction) they did at least offer an update on Segwit2x. Luckily for all, events played out in such a way that Coinbase doing nothing was likely a net benefit for a lot of users (as Bitcoin has since reached new heights and Bitcoin Cash has stagnated). Despite this though, it would have been nice to hear their insights on Cash/Segwit2x sooner.
In other words, Coinbase hasn’t had any updates SINCE THE SEGWIT2x CANCELLATION (which leaves their customers scratching their heads).
Coinbase is the most used exchange in the U.S., so them going silent after the Segwit2x cancellation (upon which Bitcoin’s price began to drop and Bitcoin Cash’s price began to rise) is rather frustrating.
Yes, their Bitcoin Cash page (see also Bitcoin Cash – Frequently Asked Questions) says “We are planning to have support for bitcoin cash by January 1, 2018, assuming no additional risks emerge during that time.”
That is all well and good, but like, it is going to be a long month and a half at this rate. A month and a half of losing customers I assume.
If Segwit2x was never in the cards, but was open to being supported by Coinbase (see Clarification on the upcoming Segwit2x Fork; an article written a few weeks before it was cancelled)… and given that Bitcoin Cash has claimed that it is the Segwit2x replacement (a very continuous claim), it only makes sense that Coinbase either embrace Cash immediately (adding the trading pair BTC/BCH as soon as possible)… or come out and say why not offering that pair.
I fully get not embracing Bitcoin Cash, I fully get not offering a USD/BCH pair, I just don’t get leaving everyone in the dark on this after being so clear on Segwit2x.
Either Bitcoin Cash is safe and Coinbase customers can make their own choices. Or, Coinbase should tell us why they aren’t adding Bitcoin Cash at the moment (and perhaps this will help people make the right choice for themselves).
In other words, whatever position they take is fine. However, if they are going to back BTC only, then they should let everyone know their plans and why they have made that choice.
Its not what they do that matters, it is them saying nothing while the customers migrate to Changelly and Shapeshift or other exchanges to shift into Bitcoin Cash (potentially at their own detriment).
People want to use Coinbase, but they need to understand what is happening.
Coinbase, the market can’t decide if you don’t give them decision making tools (Coinbase must either take a stand against Bitcoin Cash, offer it for trades immediately, or at least write a quick blog post to tell us why they are taking another route).
In my mind any of the above options is fine, but not offering an update on the current situation after the Segwit2x cancellation is a strange limbo to leave their users in.