Coinbase will not support the forked Bitcoin on August 1st

JV1999 said:

Sounds a lot like coinbase is scaring jihan and anyone else who plans to thwart the soft fork.

They're saying htat DGAX and Coinbase, two huge exchanges, aren't going to support the hard fork, and that they'll support the soft fork.

LOL CRYPTO POLITICS.

IMHO this is more fun than irl politics. U get these whack jobs trying to thwart segwit by turning signaling off . And it's so cool cuz it's all legal while the drama is all over there. Loving it! Like an underground world of politics that isn't pointless like in RP videogames.

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I smell rats here. Big possibility of dump and pump by coinbase. They could be buying BTC while it is going down and after 1 Aug pump it. Typical wall street game.

I have no fucking clue. I say we wait until august 2nd and then pick up this thread

honestIM said:

I smell rats here. Big possibility of dump and pump by coinbase. They could be buying BTC while it is going down and after 1 Aug pump it. Typical wall street game.

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If it's a soft fork, BTC won't go down. . .

JV1999 said:

If it's a soft fork, BTC won't go down. . .

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I am not saying that BTC is going down. I am saying that coinbase could be creating market fear to drive down the pricing so that they can buy on the cheap using leverages. AVAFX provides such leverages up to 10 times. Meaning,an increase of 100% after the confirmation on the fork will mean an increase of 1,000% profits to coinbase. And AVAFX provides immediate liquidity meaning Coinbase can cash out immediately in USD/EUR.

Example, current BTC about $2,300. After uncertainties regarding fork removed, the price could appreciate further to maybe $5,000.
So the profit to coinbase if they were to buy at $2,300 is around $2,700.

With leverage from AVAFX, $2,700 x 10= $27,000 per BTC.

If Coinbase invested $1million at price of $2,300. They will get about 4350 BTC (rounded up) with leverage of 10 times from AVAFX
And to sell at $5,000 with immediate liquidity, they would pocket $2,700 x 4350 = $11.74 million USD easily from this market confusion using only $1million as capital.

See my point?

itz_styx said:

who uses coinbase anyways..

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I do. Make is easy for me to buy and withdraw straight to my bank or just sell and leave the money there in the US wallet.

TheKingGeek said:

I do. Make is easy for me to buy and withdraw straight to my bank or just sell and leave the money there in the US wallet.

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Yeah, if ur legit and have ID and SSN, coin base is painless and the fees aren't super bad.

Damn. Bye-bye coinbase.