Coinbase is one of the most trusted exchange in the US for buying Bitcoins, Ethereum or Litecoin until today. The most controversial forked crypto currency bitcoin cash was introduced by Coinbase all of a sudden without any notice to their customers and starting trading which went up-to $8500 on GDAX exchange.
This has created confusion and anger within the Bitcoin communicity since Bitcoin Cash was a forked currency which was not supported by major companies such as coinbase until yesterday. Adding Bitcoin Cash also shows that coinbase was possibility behind the fork and wanted the bitcoin’s value to go down. In other words, coinbase supported controversial currency to devaluate bitcoin by not believing in it.
By adding bitcoin cash, coinbase not only attracted the critics but also triggered itself supporting the idea of devaluating the bitcoin as a currency. It also will possibly trigger SEC of insider trading and the way coinbase playing in the grey line.
There were some great points discussed by Bitcoin reddit community which remains unanswered by Coinbase :
- Coinbase launched Bitcoin Cash by disabling sell button.
- Bitcoin Cash was trading more than 30% hours before the launch.
- Coinbase denied of bitcoin cash in the past and how all of a sudden they credited this to their customers. This also raises a point that if they didnt launch bitcoin cash then they would have kept the profits without even informing the customers
- Bitcoin Cash launch was not informed to its customers by email or whatsoever means before the launch.
- Later the CEO publishes about employee policy on Dec 19th on their coinbase website.
Many in the community have even believe that Coinbase founder Brian Armstrong is making ever attempt to put down Bitcoin and support alternate currency. Hence only time will tell to check the reason behind this sudden rise in bitcoin cash and possibly answer the above questions.
