After 5 years of being a staunch supporter, I am officially directing people away from Coinbase. I think they are deliberately using their position to suppress network growth. SegWit or shut up about fees.

This is my email to them:

Network fees have grown substantially in the past few months with increased adoption and usage. Coinbase was quick to support a hardfork to update every node on the network within a matter of just a couple of weeks.

Now, months later, Coinbase is still not allowing users to use SegWit, which will lower fees and increase the network capacity substantially. As I am sure your priority is to help your customers and give them the best and lowest cost experience (If I am to believe the years of bickering over a hard fork) you are doing everything in your power to get it implemented right away. Libbitcoin has recently updated to include SegWit in their tool set, making it easier than ever to implement this capacity increase on your platform. Please, if you actually care about Bitcoin's success and usability, if you care about your customers and staying at the top of the bitcoin exchange industry, implement SegWit so we can get greater capacity and lower fees for use of Bitcoin as global sound money, and prepare for the many other upgrades and advantages that come with this improvement.

I implore you. Read your CEO's own arguments regarding how important increased capacity and lower fees are, and implement SegWit.

I truly wanted to believe that this wasn't on purpose. I have been a Coinbase apologist for a long time, as they have always been a great service in my experience. But at this point, and after months of their statements and feet dragging, It makes absolutely zero sense why they haven't done the very thing that would double the network capacity as the largest platform for buying and selling Bitcoin.

Not only do I think they have no interest in doing so. I think they are deliberately avoiding it to support their investment and change of focus toward ETH and other alts. Then using their large market share to prevent Bitcoin from gaining the capacity that they screamed for so long was a network killing requirement.

This is gross negligence and just outright being a stubborn ass at this point. There is no testing being done, there is no work being done. He dodges questions, every Twitter post is followed by a list of 100+ replies asking about SegWit, then he absurdly claims no one is asking for it.

I have recently discovered how easy it is to use Localbitcoins to buy and sell bitcoins. I was always supportive of, but never needed the platform, as Coinbase was always a trusted and reliable option for me. Now, I will be doing everything I can to remove my reliance on an obviously adversarial company and CEO. This goes beyond negligence at this point. It is clearly deliberate and based on an astounding level of belligerence.

• Coinbase does not contribute anything to development.

• Coinbase complains and argues about development, high fees, and low capacity constantly.

• Coinbase has promoted and pushed alternatives. Perfectly acceptable IF they are not simultaneously and deliberately preventing upgrades to Bitcoin… which they clearly are.

• Coinbase has deliberately ignored the tens of thousands of requests to implement SegWit and done so in an insultingly dismissive way.

• Coinbase has gone from a great platform and introduction into the cryptocurrency ecosystem, to being the biggest obstacle to Bitcoin's growth and success.

I will never recommend Coinbase again. And of the 40-50 people I have directed toward them over my 6 year involvement in the Bitcoin space, I will be encouraging them to leave their platform and directing to the next best alternatives. (Square cant get here fast enough) Any suggestions on other services to try in the US would be greatly appreciated. I intend to try them all so I have the best place to direct the people that come to me on a regular basis, asking about Bitcoin and crypto.

I encourage everyone to do the same.

submitted by /u/Cryptoconomy
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Bitcoin – The Currency of the Internet

A list of all the BU supporter concocted conspiracies that turned out to all be true of Bitmain and BU.

I would hate to have to deal with the contradiction after spending months repeating made up ulterior motives over and over that turned out to be true of the side I was supporting! Granted r/btc is mostly just attacking that Greg called it an "exploit." They get to laser focus on the "fact" that its just an "optimization" and Greg is being disingenuous.

They would never stop to think that there is now a provable motive to show that their poster child of BU support was doing so for so many of the reasons they have hated, derided, and absolutely lambasted Blockstream for.

So, Blockstream is holding back bitcoin scaling so they can profit from their centralized product?

• Nope, that was Bitmain

So, SegWit is just overly complex code to sneak in discounts for Blockstream's "products"?

• Nope… that was Bitmain realizing SegWit negated their already profitable discount and ruined their product.

So Blockstream wants the bitcoin market to be centralized through a few central companies and hubs?

• Nope, that was Bitmain that wanted to maintain centralization of mining hardware and hashing power through their company and hubs.

So, Blockstream is centralized development and wants everyone to run the code that makes their company valuable?

• Nope, it is Bitmain that supports any competing client, regardless of the effect on Bitcoin, in order to maintain the code that is specifically profitable for them and them alone.

When you hate a group so vehemently and with such astounding blind stubbornness for so long I imagine it would be very difficult to sit back and seriously consider the implications of what information was revealed today…

This revelation shows that Bitmain has a fundamental conflict of interest in rejecting SegWit that has nothing to do with the technical merit, or how good it may/may not be for Bitcoin. Both their continued mining profit and the hardware that they sell are at direct odds with a very important Bitcoin upgrade.

It shows that every single thing they have supported aligns perfectly with their greed to continually dominate and control the code run on the network to maintain their market status and power.

TL;DR – Turns out, Bitmain is Borgstream.

submitted by /u/Cryptoconomy
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Bitcoin