Tag Archives: Bitcoin Cash

Why does Jihan Wu hate “Bcash”?

At a conference a man refers to Bitcoin Cash as “Bcash” and Jihan Wu gets his panty in a bunch, “Maximum disruption” yelling out “Iss Bitcoin Cash! Not Bcash!”

The question is, WHY Jihan do you really care so much what people call your altcoin? I have a theory.

One of the main reasons Bitcoin Cash is even “a thing” right now is because of it’s parasitic nature, not only does Bitcoin Cash copy Bitcoin’s logo, they also steal the priceless branding that bitcoin and it’s team of developers have built.

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Withdraw Bitcoin Cash from your Gemini account

Great work Gemini!

Today we received notification from Gemini that they’re allowing a 1-time opportunity to withdraw all of your Bitcoin Cash (BCH) to an address of your choosing. They mention the withdrawel would be completed within 5 business days of your request.

Their email:

Bitcoin Cash (BCH) Withdrawals Are Now Available!

A little over a month ago we published an announcement regarding our ongoing engineering efforts to allow withdrawal of bitcoin cash (BCH) for customers who had bitcoin balances at the time of the chain split.

We are pleased to announce that as of Saturday, October 7, 2017, Gemini will allow all customers to view their BCH balance and request a withdrawal via the BCH withdrawal request page. If you choose to request a BCH withdrawal, your entire BCH balance will be transferred to your chosen withdrawal address.

BCH requests are not sent onto the blockchain immediately. The first time we will process all submitted BCH withdrawal requests will be Wednesday, October 11 at 1pm EDT. After that point, requests will be honored within 5 business days from the time of your request. Example: If you request on Saturday, October 21, 2017, your transfer will be executed on or by Friday, October 27, 2017.

Although we do not currently have plans to open order books for BCH trading, we will continue to update our customers as the BCH situation evolves further.

Thank you for your patience and understanding throughout the implementation of this withdrawal feature. If you have any questions, please contact us.

Onward and Upward!

Team Gemini

I withdrew mine ASAP, after withdraw they post this message:

We have received your instructions to send your entire Bitcoin Cash (BCH) balance of XX.XXXXXXXX BCH to >>>>>>>MYADDRESS<<<<<<<<.
The withdrawal should be processed within five business days.

Your balance is calculated based on your Bitcoin (BTC) balance at the “Hard Fork”.

If you have any concerns, please contact Gemini Customer Support.

You can read more about this on their announcements blog here.

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UPDATE about Gemini and Bitcoin Cash (good news)

Great news! August 23rd Gemini posted on their blog about probably allowing for Gemini users to withdraw their BCH within a few weeks. Great to hear about this Gemini & Cameron Winklevoss 🙂

We have been receiving a few questions regarding the custody of our customer’s Bitcoin Cash. Because of Gemini’s fiduciary obligations under the New York Banking Law, which we take very seriously, we are going to great lengths to ensure all of our customers’ assets on a forked blockchain, like “Bitcoin Cash,” are preserved. Under no circumstances will we capture those funds for our own use. Instead, as stated in our August 3rd blog post, we are focusing our engineering resources on (i) ensuring that our customers’ funds are secure and not susceptible to theft (e.g., replay attacks), and (ii) building a withdrawal mechanism.

In the coming weeks, we will open a facility to allow customers to withdraw (probably on an all-or-none basis) their BCC balances to an off-platform address of their choosing. This is conceptually what we did for the ETH/ETC fork as well, which you can read about in a previous post.

Read more about that on their announcement page here.

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No Gemini follow up about Bitcoin Cash

gemini-bitcoin-cash-nothing

Some of us bitcoin holders held bitcoin in Gemini exchange during the Aug 1 fork, we knew Gemini was not supporting Bitcoin Cash, but after the fork and BCH/BCC become quite a valueable coin 99% of non supportive exchanges have since announced they will distribute Bitcoin Cash for their users, some have immediately (Poloniex, Cex, etc), some announced they’ll be distributing later, like Coinbase announced they’ll be distributing in January 2018.

Surely every non-supporting exchange had pressure from users, hoping and requesting they get BCH, Gemini ended up posting this on Aug 3 addressing the BCH forking issue on their blog:

Since the “hard fork” on August 1st, 2017, we have been monitoring the situation closely. Currently, Gemini does not support trading or withdrawals of the newly forked chain (BCC / BCH / BCash). As we first wrote on March 20th, 2017, and later updated on July 26, 2017, we will make every effort to support withdrawals for the chain with less total difficulty (in this case BCC). As a result, we are currently working on a technical implementation for a one-time withdrawal of BCC for our customers. With that said, any modifications we make to our digital asset storage system (including support for a one-time withdrawal), are made with extreme caution and require extensive security review to ensure the integrity of our customers’ assets. We appreciate your patience and understanding as we take the next few weeks to build this functionality in a safe, secure, and responsible manner. We will post material updates when we have them. If you have any questions, please contact Gemini customer support at support@gemini.com.

So it seems like good news, but after emailing them at their above support email, asking for an update on this situation, they responded with this generic response:

Thank you for reaching out. Currently, Gemini does not support trading or withdrawals of the newly forked chain (BCC / BCH / BCash). We have been monitoring the “hard fork” situation closely and are currently working on a technical implementation for a one-time withdrawal of BCC for our customers.

Any modifications we make to our digital asset storage system (including support for a one-time withdrawal), are made with extreme caution and require extensive security review to ensure the integrity of our customers’ assets. We appreciate your patience and understanding as we take the next few weeks to build this functionality in a safe, secure, and responsible manner.

Material updates will be posted on our blog here: https://gemini.com/blog/update-bitcoin-hard-fork-bitcoin-cash/. Please let us know if you have additional questions.

It’s actually copy and pasted from their blog. 🙁

Gemini! It’s August 21! Can you please update us, many of us have been loyal customers and would appreciate an update on this situation.

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Bitcoin Cash (BCC) surprised us all

Bitcoin Cash August 1st, 2017 UASF split Bitcoin into 2, BTC and Bitcoin Cash (BCC/BCH) * causing massive stress, panic, excitement amongst bitcoin holders.

Bitfinex automatically credited about 85% of BCH tokens to users while we were expecting 1:1, the reason why was posted on Bitfinex BCH distribution update here.

The price was almost instantly around $450 usd when I tuned in and sold from $450-680 and it maxed out at $693 yesterday August 2. The price soaring was a shock since most bitcoin enthusiasts believed Bitcoin Cash to be a shitty altcoin that would die ASAP. Reddit had hired posters helping to push the hype. My theory is that Chinese investors $$$ was the probable cause of the huge gains, possibly funded or partially funded by Jihan Wu *, who was a strong supporter of BCC/BCH.

With HitBTC opening BCC/BCH wallets first, and the price going so low as $200 (0.08 BTC) I think this is solid proof that opening wallets on other exchanges will drive the price down of Bitcoin Cash.

List of Exchanges & wallets that supported the token split: Bitfinex, Bithumb, BitstarEx, Bittrex, BTCbox, BTCpop, CoinFloor, Huobi, Korbit, Kraken, MercadoBitcoin, Okex & Okcoin, Toubi, ViaBTC.

You can check the current market rates per supporting exchange at CoinMarketCap Bitcoin Cash page here.

List of Exchanges & wallets that did not distribute tokens: Bitstamp, Bleutrade, Coinbase, Cryptopia, GDAX, Gemini, Poloniex.

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