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David McBee
http://www.breitbart.com/tech/2017/12/20/bitcoin-coinbase-surprise-launch-bcash/ 1/15
12/26/2017 The Bitcoin Community Is Furious with Coinbase's Surprise Launch of 'BCash' - Breitbart
NYT said it, WSJ said it, Ars says it, every academic had been
calling it out. There's a big change and it's not good for Bitcoin.
twitter.com/binarybits/sta…
9:43 AM - Dec 20, 2017
20 36 108
Men, You Don't Need The Blue Pill
if You Do This
Bitcoin advocates attack BCH for what they perceive as misrepresentation — piggybacking
TestoUltra
off the popularity of BTC instead of trying to build up their project on its own merits. Ver
often makes statements conflating the two projects’ identities, such as: “Bitcoin Cash is the
true Bitcoin.” He went even farther Wednesday afternoon:
Roger Ver
@rogerkver
Critics believe that BCH is trying to capitalize on confusion, receiving money intended for
Bitcoin; for instance, the official Bitcoin.com mobile app creates a Bitcoin Cash wallet
instead of a BTC one by default. A recent, unverified anecdote from a Bitcoin fan claims
that he witnessed someone lose money trying to buy Bitcoin at an ATM, not realizing that
the wallet he created with Ver’s app could not receive it.
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12/26/2017 The Bitcoin Community Is Furious with Coinbase's Surprise Launch of 'BCash' - Breitbart
Ben Slaney
@BenedictSlaney
I'm at a bitcoin atm in Athens. Literally just saw a kid buy some
BTC and accidentally give it a bcash address because of
bitcoin.com's confusing iOS wallet UI in 5 minutes of being here.
Money lost.
TAKE A LOOK
6:40 PM - Dec 8, 2017
• Prayer Changes Your Brain in 4
61 183 377 Simple Ways
• These 5 Things Activate Cancer In
Your Body
What is Coinbase?
• The Jesus Question: Will He Ever
Return?
Coinbase is one of the biggest companies for people in the English-speaking world to • Arthritis Drugs Kill More People
convert their fiat currency into digital currency. Most “cryptocurrency” exchanges do not Than AIDS, Doctor Warns
allow users to convert U.S. dollars, thanks to strict regulatory requirements, but Coinbase • These 7 Things Activate Alzheimer's
and its real-time trading platform GDAX have made the process simple enough for many in Your Brain
users who are not technologically savvy. Until Tuesday, Coinbase only exchanged fiat • 3 Signs You're Dangerously Close to
a Heart Attack
currency for Bitcoin, Litecoin, and Ethereum.
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MOST POPULAR
Mansour: How Christmas Has Shaped
Our History and Values
3,715 comments - 5 hours ago
Before we get further into the story, consider my biases: I am a Coinbase/GDAX Nikki Haley Announces $285 Million
user. I have converted less than $100 into the three digital currencies they sold before Reduction to U.N. Funding
Tuesday: Bitcoin, Litecoin, and Ethereum. I use and have written positively about other 26,253 comments - 15 hours ago
exchanges, too, such as Uphold. I am not a Bitcoin “maximalist” — people who invest only
Pope on Christmas: Bethlehem trek’s
in Bitcoin and aspire to use only Bitcoin for all of their financial transactions. I see merit in
like today’s migrations
other digital currencies and decentralized apps for various uses, but I do want Bitcoin to
9,889 comments - 1 day ago
succeed in the long term and tend to agree with Bitcoin maximalists’ criticisms of Bitcoin
Cash. Seeing how its big backers react to the nickname “BCash” makes me concede that it WATCH: Christians Now Freed from
appears BCH’s growth depends almost entirely on another coin’s established brand name. Islamic State Control in Mosul
Celebrate Christmas
http://www.breitbart.com/tech/2017/12/20/bitcoin-coinbase-surprise-launch-bcash/ 3/15
12/26/2017 The Bitcoin Community Is Furious with Coinbase's Surprise Launch of 'BCash' - Breitbart
2,322 comments - 8 hours ago
Why are people angry with Coinbase?
Actual Newsweek Headline: ‘Trump
Bitcoin fans perceive Coinbase is stacking the deck against BTC so that it can boost and the Nazis Stole Christmas’
demand for “altcoins,” which it can sell more profitably while Bitcoin’s mining fees are 2,425 comments - 8 hours ago
abnormally high. They cite Forbes’ 2017 profile of Coinbase’s CEO Brian Armstrong, which
Christmas Message: Pope Francis Calls
reveals that he owns more Ethereum than Bitcoin. They feel the company is dragging its
for Two-State Solution in Israeli-
feet on integrating SegWit, a code upgrade to reduce the cost and speed of BTC
Palestinian Conflict
transactions which will also enable the use of an upcoming upgrade called Lightning.
1,727 comments - 7 hours ago
The general reaction to Coinbase’s BCH launch appears to be a widespread lack of trust Archbishop of Canterbury Uses
and allegations of incompetence — or worse, market manipulation/crimes. Christmas Address to Lash Out at
Populists
1,501 comments - 9 hours ago
KP [DELETE CONBASE] Man Who Sent Manure to Treasury
@_Kevin_Pham
Secretary Steven Mnuchin Identified as
Let me get this straight: Child Psychologist
5,374 comments - 14 hours ago
Coinbase's main problems are keeping the exchange servers up
and dealing with high BTC fees.
2 31 105
62% Yes
32 51 68
James Jimmerson
@bigjim6464
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12/26/2017 The Bitcoin Community Is Furious with Coinbase's Surprise Launch of 'BCash' - Breitbart
47 400 904
“Insider Trading”
Coinbase launched its trading capability for Bitcoin Cash around 8:20 EST, with an
announcement on GDAX’s status page about 75 minutes beforehand. Several critics
pointed out that trading volume on other exchanges — and thus the BCH price — curiously
spiked in the hours before Coinbase made its announcement. That led to widespread
accusations of “insider trading.”
D3leteC01nbase [HODL]
@bitcoinization
14 1,057 1,105
Ronald Reagan on
Christmas Day
1981: ‘Americans
Have Always Tried PM Netanyahu:
to Follow a Higher ‘Very Proud’ Israel
Light’ ‘Says Merry
119 Comments Christmas,’ Come
Whalepool Next Year and ‘I’ll
@whalepool Be Your Guide’
683 Comments
Very strange accumulation and pump on Bcash in the hours
leading up to the @Coinbase BCH add. If I didn't know better, I'd
think that was potential insider trading activity. @GDAX 'ed?
#bitcoin #bcash #bch
4:39 AM - Dec 20, 2017
AP Names Trump
114 640 1,321 vs. NFL As the Top
Sports Story of the
Year
255 Comments
Samson Mow
@Excellion
http://www.breitbart.com/tech/2017/12/20/bitcoin-coinbase-surprise-launch-bcash/ 5/15
12/26/2017 The Bitcoin Community Is Furious with Coinbase's Surprise Launch of 'BCash' - Breitbart
Advice to exchanges: when trying to tank #Bitcoin to pump an
altcoin (eg #Bcash), at least try to look like you're not colluding or
engaging in insider trading WHILE leaving a huge trail of anti-
Bitcoin sentiment WHILE promoting every single contentious fork.
8:03 AM - Dec 20, 2017
bch news was clearly leaked around 2:30pm CST to certain parties.
this qualifies as insider trading. Hope you enjoy the incoming
complaints.
4:34 AM - Dec 20, 2017
Justin
@TheJustinWade
1 26 55
Year-End: What
Congress Passed,
Armstrong vowed to internally investigate the matter in a blog post published mid- Did Not Pass
maelstrom: “If we find evidence of any employee or contractor violating our policies — 340 Comments
directly or indirectly — I will not hesitate to terminate the employee immediately and take
appropriate legal action,” he wrote. Armstrong claimed that employees and contractors
were forbidden from trading Bitcoin Cash on any exchange or disclosing the company’s
plans, even to “friends and family” — “over a month ago.”
Yet given the semi-anonymous nature of BTC/BCH, it appears almost impossible for a
private company to effectively investigate insider trading or enforce non-disclosure rules.
Bitcoin exchanges without fiat support do not require identity verification, so we may
never discover who acquired Bitcoin Cash right before the Coinbase launch. Bitcoin
maximalists mocked Armstrong rather mercilessly for his statement.
John Carvalho
@BitcoinErrorLog
Brian, you don't have the power to fire @rogerkver ... Did HE know
about the listing beforehand?! twitter.com/coinbase/statu…
10:27 AM - Dec 20, 2017
19 26 169
Richard Jenkins
@rjenkins_atl
Brian, how many companies in the world that have been found
guilty of fraud, market manipulation, insider trading, etc have had
written policies that allowed them to do so?
10:09 AM - Dec 20, 2017
1 2 51
ɃitConsultants
@BitConsultants
1 4 49
Vortex
@theonevortex
32 250 664
pic.twitter.com/9BYSCvR3k6
10:18 AM - Dec 20, 2017
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1 24 138
Failure to Launch
Even as most traders were caught off guard by the launch, it seems Coinbase and GDAX
were not prepared, either. The site quickly halted the ability to buy and sell BCH — after
only four minutes of trading, according to GDAX’s status updates.
The sudden activation of BCH trades seemed to contradict multiple public statements
from the company. Coinbase VP Dan Romero wrote just days before the BCH launch that
“We are prioritizing security and performance over new features,” promising customers
that the company was more focused on integrating SegWit than adding new products to
the service.
“In terms of our engineering priorities, securely storing customer funds remains our top
priority,” Romero said. “Our next priority is to ensure that our platform remains
performant during periods of peak volume. Following security and performance, we are
focused on adding new features for our customers.”
Four days after publishing this blog, Coinbase launched a new feature that inarguably
choked its performance.
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12/26/2017 The Bitcoin Community Is Furious with Coinbase's Surprise Launch of 'BCash' - Breitbart
Jameson Lopp
@lopp
60 260 1,088
In addition, most users expected the company to limit Bitcoin Cash functionality to
withdrawals for at least a brief time period. Romero published a blog post on August 3,
several days after the creation of Bitcoin Cash, promising to give users access to their
forked coins by January 1, 2018. He seemed to suggest that trading support would come
“at a later date” — after the creation of BCH wallets for all Coinbase users. That
expectation was reinforced by a “road map” displayed on Coinbase’s website just days
before the launch (as seen in a December 13 archive here).
Andrea Disperati
@Andrea_Dispe
61 396 1,034
SafteyFirst
@mononokeSnow
Don’t forget they posted THiS on coinbase less then 5 days ago! Is
he suggesting they didn’t know about there own $BCH launch 5
days ago? pic.twitter.com/biZWouJ0jG
10:40 AM - Dec 20, 2017
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4 6 129
LAUNDERS × BOXR
@launders
you had this plan a month ago? you launched 12 days early,
changed your faq and introduced BCH trading when you
specifically listed it would only be withdrawls. you want trust? lol
start with doing what you say.
10:29 AM - Dec 20, 2017
6 18 330
Coinbase did not respond to an email from Breitbart News asking why the company
launched trading with almost no advance notice — instead of first giving users time to
withdraw and manage the BCH they gained during the August fork, then announcing a
future date when trading would begin. Coinbase did not answer whether an apparent leak
of BCH functionality in their API accelerated the decision to activate Bitcoin Cash trading.
At the time of this writing, the Coinbase website is still using placeholder images on the
page containing its instructions for BCH purchases.
Ezra Dulis
@ezradulis
How rushed was this launch? Coinbase's page titled "Buy Bitcoin
Cash" only loads graphics instructing people to convert USD to
Litecoin: coinbase.com/buy-bitcoincash
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12/26/2017 The Bitcoin Community Is Furious with Coinbase's Surprise Launch of 'BCash' - Breitbart
“Price Manipulation”
After Coinbase and GDAX disabled Bitcoin Cash trades, users posted several screenshots
of the interface showing the coin’s price spiking way above $9,000, while on virtually all
other exchanges it hadn’t cracked $4,000. The Twitter account of a CNBC program used
one of these screenshots to tease an interview with Roger Ver on Wednesday.
#BitcoinCash
6:53 AM - Dec 20, 2017
BCH critics expressed concern that the appearance of such a dramatic price pump would
give unrealistic expectations for investors.
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akira
@0xa59a2d
16 62 210
Makram Kamaleddine
@makramkd
1 1
Saurav Shrestha
@realsshrestha
Kinda weird timing man. Now tomorrow Roger Ver showing CNBC
a screenshot of BCH at 8500 on CB app so when holiday shoppers
with dispensable income and cryptolust see its 3k they’re gonna
jump on the “deal”.
10:06 AM - Dec 20, 2017 · Centreville, VA
7 26 212
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12/26/2017 The Bitcoin Community Is Furious with Coinbase's Surprise Launch of 'BCash' - Breitbart
The morning after, that spike was no longer visible on the site’s price chart for Bitcoin
Cash.
-rockin
@Cryp_walkin
funny how they are scrubbing right now trying to get rid of all the
evidence pic.twitter.com/ltWkAH9Bmc
8:22 AM - Dec 20, 2017
14 43 208
At the time of this writing, Bitcoin’s price has dipped to around $16,400 per full unit,
down from a high earlier this week of about $20,000 but roughly the same as it was one
week ago. Bitcoin Cash is currently trading about $4,000 per full unit, according to
CoinMarketCap.
BOYCOTT
The Bitcoin community is doing everything it can to make Coinbase feel the heat for the
events of the past 24 hours — with many of the company’s critics urging others to boycott
or delete the app and promoting a rival exchange called Gemini.
Boycott Coinbase and put these scum out of business. Use Gemini
instead. #BoycottCoinbase
7:20 AM - Dec 20, 2017
9 92 327
WarriorPoets
@SurlyBull
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35 266 610
Adam Selene
@green18bean
6 30 106
Personally, I’m not sure that I will stop using Coinbase’s GDAX platform — which allows
me to exchange small amounts of USD for Bitcoin without any fees. And I doubt that a
Twitter campaign will make a noticeable dent in the company’s bottom line; it has millions
of users and processes billions of dollars in assets. But Coinbase users, like anyone buying
from digital currency exchanges, should exercise extreme caution and make sure
that you own your Bitcoin. The whole point of the technology is to have trustless exchange
— and it’s becoming clearer that any centralized store or exchange of assets should not
automatically be trusted. Always remember to store your assets offline if possible, in
hardware or paper wallets, or on a device that is only connected to the Internet when you
need to use it.
This article should not be considered financial advice or a recommendation to buy or sell
any assets as investments.
Ezra Dulis is Deputy Managing Editor of Breitbart News. Follow him on Twitter or on
Steemit.
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