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Our ultimate aim is work with Coinbase, Inc to help them understand the user community's concerns and take the correct and appropriate action of allowing users to trade or withdraw the Bitcoin Cash tokens (known as BCH or BCC) that rightfully belong to them following the 8/1/2017 Bitcoin hard fork. However, Coinbase needs to understand that the community is ready and willing to pursue legal action if their BCH tokens continue to be withheld by Coinbase Inc, resulting in tangible and significant financial loss.
Experts have compared the recent hard fork to a stock-split, and compared Coinbase Inc's decision not to distibute the newly forged BCH tokens to a decision by a stock broker to withhold the new stocks from securities holders.
This petition was created as part of the initial effort to work with Coinbase to resolve this issue and allow customer access to Bitcoin Cash. Your signature will help show Coinbase the level of interest their customers have in obtaining their BHC tokens.
Provide Coinbase, Inc. the opportunity to do the right thing by allowing users to withdraw or trade BCH equal to the amount of Bitcoins held in their Coinbase BTC wallets on August 1, 2017.
If the requested course is not taken by Coinbase, this site will serve as a rallying point to bring users who are interested in pursuing legal action. This site will begin collecting basic contact information of users interested in a class-action lawsuit.
Proposed legal counsel will be presented to users who signed up through the site during week two for their vote. Preparations for a Class Action case will begin.
This is not true. Coinbase supports ETH and LTC, and both are considered Alt Coins.
Not according to common law which dictates that products of an asset belong to the owner of the original asset. Furthermore, Coinbase, Inc has not explained what it plans to do with the valuable BCH tokens it acquired following the hard fork. Based on trading during the first day of the fork it is clear that BCH tokens hold value (approximately ฿0.18 on 8/2/2017), and Coinbase is currently preventing users from accessing the valuable assets produced by their existing BTC assets.
This is a false statement. One BCH was created for every BTC at the time of the hard fork, and Coinbase has the ability to full access to as many BCH tokens as BTC coins held collectively in their users' wallets at the time of the fork.
The issue here is not supporting the software, but simply allowing users to withdraw their BCH. While Coinbase, Inc may not obligated to allow users to exchange BCH for other digital or FIAT currencies through Coinbase or GDAX, the company needs to allow users to extract BCH tokens to a destination of their choosing.
This is also false. BCH is valued at ฿0.18 at the time this article was written, and Coinbase may be found additionally liable for any decline in users assets' value below the peak price while tokens are being withheld.
The process of transferring Bitcoin can be complex and potentially very risky even for experienced users. Additionally, creation of a new account or wallet on a different exchange is often a lengthy and difficult process. While Coinbase did suggest to users that they could move their BTC to a different wallet in order to obtain BCH, the procedure can be seen as prohibitive by a significant portion of users. Finally, many users reported slow or non-responsive site when trying to move their BTC from Coinbase prior to the lock-down that preceded the hard fork.