Let´s face it crypto exchanges and gatekeepers are the new banks.
And they do the most profit in any case – it does not matter how you do.
You maybe have already noticed what will happening soon with Bitcoin.
It´s forking! To minimum two chains: BTC (current Bitcoin) and BCC (Bitcoin Cash).
But I do not want do write 1000th article about the hardfork and it´s consequences itself.
You can read more on this here, here and here.
I want to show you why this is a good thing for crypto exchanges and gatekeepers and why they will profit from it in any case.
These are the options...
Option 1: Exchanges/Gatekeepers just ignore the fork at all.
For instance Coinbase already announced that they do not support the upcoming new BCC blockchain here.
This is meaning that Coinbase from this moment will own all your BCC.
They can do with it whatever they want. HODLing or selling.
There is no statement that they ethically don´t use the new blockchain at all.
So they can make value with YOUR coins.
Is this a trusful behavior?
Imagine how many cash Coinbase and others can make with this!
They win.
Option 2: Exchanges/Gatekeepers just ignore the fork for now.
Let´s say they do not supporting the new fork for now.
But they decide to do in 6 or more month.
When they jump on the train they have YOUR coins still in the old and new blockchain.
If they do not give you the amount of YOUR coins you had on the old blockchain they will get a gain in two ways:
a) They own your coins
b) They getting fees if you buy the new coin.
Imagine how many more cash this is compared to option 1.
They win.
Option 3: Moving your coins to your own wallet
Many people out there recommend to move your Bitcoin to your own wallet for now.
Let´s say you want to be smart and you do exactly this.
This makes sure that you are able to access your privat keys.
After they fork really happend you can use the private key on both blockchains. Cool, ya?
Not really 100%. But why? Because...
a) You will have to pay fees to the exchanges / gatekeepers (and of course miners) to move your coins to your wallet. And they will do a smoth profit again.
b) You are not able to sell your coins fast if BTC is crashing hard on or after August, 1th.
Hopfuly this will not happen. But what if it happens? Right. You can only HODL.
Again. They win.
Option 4: Exchanges / gatekeepers will give you your coins.
This is the fairest case. Some exchanges / gatekeepers already announced that they will do that. For instance BitFinex and Bittrex.
But even then they will be the winners.
Because they are first movers they will profit from that people what use their services to buy and trade the new currency.
Nothing bad at this. But still they profit a litlle extra.
Again. Even if they are such fair and to it like this: they win.
Option 5: There is no. Yet.
The really best option would be that hard forking blockchain with balance on it is not possible or accepted at all. But there is no consensus. Some go one way and some go the other way. Both with your money in their hands.
All this crypto people always claiming that BTC is the digital gold.
Can we just clone all gold we have on this planet.
Think about it.
Conclusion
Exchanges and gatekeepers actually have not to be worried about what will happen on or after August, 1th.
They will, again, profit from it in any case.
Ask yourself if this is the new wonderworld you want to live in.
What is the difference to banks if they make the rules?
Ask yourself if you really want to keep using services like Coinbase, if they keep what is yours, without announcing they don´t use it for theirself.
From my perspective moves like this are a sign that I can not trust them. It´s just nasty if they keep what is yours.
And, ask yourself if YOU want to support any fork.
They just bring insecurities into the crypto market.
If this hardfork initiators think they do it better then the mass and if they don´t follow the democratic choice of the community, then they can do their own thing.
But from the scratch, starting with 0 balance on that fucking "new" blockchain.
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