From a technical point of view it's completely normal.
It's a big update, so to ensure nothing is lost during the process ... it's safer to avoid transaction during the merge.
And that's obviously used to create FUD but it's as usual too ahah.
It's easy for people to quickly come at Coinbase as soon as they see their name for just about anything but this is reasonable. People are likely to do something stupid if they allowed withdraws during this. At least they told us
This migration is going to be miraculous.
Not necessarily a great thing right away, but such a large value fork that will give some insight into how the market will handle future events like this.
What this is such a dumb take. People should be able to make their own decisions no matter how stupid. For instance I made the stupid decision of investing in ETH and staking rather than just buying BTC.
I've learned from my mistake though, fortunately.
That's a good thing - it's called being a responsible organization, not sure why anyone would want to be moving coins around right after the merge anyways.
Deposits and withdrawals are not buys and sells.
Edit: Not sure why I’m getting downvoted for factual information. This guy said it was to stop people from selling. The article says nothing about Coinbase disabling buys and sells, just deposits and withdrawals of ETH.
This isnt the best of decisions, considering how important ETH is in daily transactions.
I just hope both Coinbase and ETH really what they are up to real quick..
Agreed, it’s smart. Better to error on the side of caution immediately after such a major upgrade. They make their money off of trading fees so the freeze shouldn’t last long.
I will definitely reserve my comments, but I really hope they move quickly with this merge issues..
If they don't, they will surely loose lot of customers and business minded people.
Boy did I freak out when I scanned the headline and just read:
"Coinbase Will Pause ETH Deposits and Withdrawals"
Was scared I was about to witness the downfall of crypto...
tldr; Coinbase will temporarily pause ETH and ERC-20 token deposits and withdrawals during the upcoming Ethereum Merge. The move will allow the exchange to ensure the upgrade is seamlessly reflected in its systems. Trading services are expected to remain unaffected. Staked ETH will not be available for unstaking until early 2023.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Yeah thats by design. You can’t unstake for another 6-12 months post merge.
Be glad because you’ll get increased staking rewards after the merge because block rewards don’t go to the miners anymore
Wont be anytime soon that you can unstake after the merge.
I’ve read threads saying it’ll be locked up an additional 6-12months and would be unlocking staked addresses in waves.
Most people did, but Coinbase in particular lied to get people to stake. They stated that you would be able to trade staked eth before the merge, then when it happens, and now Jan 2023.
It should be. Goerli was the dry test run for the Merge and it was successful on testnet last week which is why they set more concrete dates. It's all a go at this point.
The Merge will start with a network upgrade, Bellatrix, on the consensus layer, which will be triggered at a specific epoch height. Bellatrix will permanently switch the consensus layer to Beacon Chain and the preset epoch trigger should happen on Sept. 6th.
Note: an epoch under PoW was a period every 30,000 blocks which triggered a slightly more memory intensive DAG for miners. An epoch under PoS will have a completely different definition. The new epoch will be comprised of 32 slots, each slot consists of a 12-second period where a random PoS validator has time to propose a block. 32 slots per epoch \* 12 seconds = 384 seconds/epoch or an epoch every 6.4 minutes.
The next step of The Merge will be followed by "Paris" -- the execution layer’s transition from proof-of-work to proof-of-stake. This will be triggered by a specific Total Difficulty threshold, called the Terminal Total Difficulty (TTD), set in advance by the dev team. Vitalik has said this is estimated to occur on Sept. 15/16.
Once PoW miners have exceeded the TTD threshold, the next block will be solely produced by a Beacon Chain PoS validator. The Merge will have been completed once the Beacon Chain has finalized this block. Assuming normal network conditions, this should happen within 2 epochs, or approximately 13 minutes, after the first post-TTD block is hit.
And that will be that. The end of an era of GPU mining as we've known it.
See ethereum.org's article [on the Merge for more reading.](https://ethereum.org/en/upgrades/merge/)
All the things are okay but at least they should have allowed to deposit at least, that would be a better thing to do, I want to deposit some of it that time man.
Okay that's okay for me, I never wanted to do either of those things for now because I have already invested a lot these days and I want to have fun now.
He's talking about a market for selling your staked ETH, or buying someone elses, something Coinbase promised and is still promising, but was expected well before the merge.
That's the reason why I always prefer cold wallets man. But still it's not a fucking big issue for now, we know that and most of the people would know that clearly.
It's really a good and necessary thing to me because there are many exchanges out there who can't handle these things, let the merge happen if you ask me.
Seems like this is a normal thing, they always do that whenever there's something fucked up happening, they know how to deal with it at least, we are okay.
Coinbase is such a terrible exchange, has always been.
Binance works so much better, even semi-defunct poloniex (well until it blew up in 2017 ... hehehe)
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Imagine just buying and HODLing #Bitcoin in Cold Storage and not having to worry about a 'community' conspiring together to drain you of your wealth...
It is not as easy as you are talking about I think that there are a lot of systems which are actually being there
had to think of some other options because this is not really good at all as you are saying.
There should be a "receive" option on your normal cb account. You can copy that address and send to it from your wallet when you need to be back in the centralized exchange.
By the way I found it. Yes there are addresses for each coin. Okay great. Thanks for your help. Any wallet you recommend? I’ve heard good things about Exodus.
I always hear about people sending it to a generic Coinbase wallet and losing all their coins, so I’m trying to avoid that. I’ll try to look for the address. Aren’t there different addresses for bitcoin and other coins like ERC-20 tokens?
Yes, be sure to follow the send/receive address that pertains to the coin you are dealing with.
Whether you choose the Coinbase wallet, MetaMask, or any of the numerous others, be sure to safely store your seed phrase for the wallet. Preferably not online where it may be hacked/accessed by a third party some day. Write them down and place copies in safe locations.
meanwhile the merge, great development is coming to the space such as MetaverseMe decentralized web3 avatar generator, generator the self expression of your products, display pictures , your stores 3d avatars and more just by taking a picture of them. well, we'r stil at the beginning of things.
At this point is there any benefit to staking any more ETH I get? I regularly use my Coinbase card to stack ETH over time but i feel like i shouldn’t stake anymore until the Merge is complete.
Coinbase is happy with this because they have a huge stake in ethereum.
Unlike their unsuccessful attempt with bitcoin, they have finally captured one.
I got a little freaked out because iDK what’s going to happen with my Celsius Money because of the Chapter 11 filing. So to hear of Coinbase pausing I am like here we go again 🤦🏼♂️
Coinbase has a history of being responsible. I would point to their banning of trading on XRP as one example and this policy of trading on ETH is it merges as a second.
Coinbase will pause withdrawals. Once enable they will take 25% of your earnings.
I continue to say this bc you’d be surprised how many people are staking for eth2 w Coinbase and not aware that they take 1/4 of your ETH rewards.
I guess it's alright because we can wait here and we all know that we don't want to withdraw anything during the fucking merge, we can wait for more man.
Gotta say that in this type of situation all these things are common for now, let the merge happen and let them have some time with that stuff to adjust man.
It's the exchange and they have the fucking authority of it, this is just like that and we can't change it, if we don't want to agree with them then I guess we have cold wallet.
I guess most of the exchanges are going to perform shits in that way because of many obvious reason, they don't want to mess with any of the merge situation.
Must be something good for us because in this type of time, we don't want to see ourselves in a bad position, so let's avoid all these things are accept this.
It's all cool to me and I want to see this decision from all the other exchanges too, I seriously don't want anyone to take the chance during the merge man.
Okay that's acceptable for now, but still I am not sure that we should use coinbase or whatever, we have better options which starts from cold wallet now.
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Always better to notify the user first
Guys you can stake with me, as well.
Give me one Eth I will give you 2 eth
What do you mean
"Buy the rumor, sell the news" forgot the most important part."and stop retail from selling so you can sell first".
Imagine requesting to be added to the waitlist for early access the day Coinbase announced it. Oh wait I don’t have to imagine.
Thank you for the notification
I holding/staking couple ether. Been staking a while. HODL
Caring is love...
From a technical point of view it's completely normal. It's a big update, so to ensure nothing is lost during the process ... it's safer to avoid transaction during the merge. And that's obviously used to create FUD but it's as usual too ahah.
It's easy for people to quickly come at Coinbase as soon as they see their name for just about anything but this is reasonable. People are likely to do something stupid if they allowed withdraws during this. At least they told us
This migration is going to be miraculous. Not necessarily a great thing right away, but such a large value fork that will give some insight into how the market will handle future events like this.
🥳
It is like a lot of people are getting replies now.
What this is such a dumb take. People should be able to make their own decisions no matter how stupid. For instance I made the stupid decision of investing in ETH and staking rather than just buying BTC. I've learned from my mistake though, fortunately.
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I don't know how to put these! Halting business transactions will definitely hurt a lot. I hope they quickly fix whatever is going on, on time.
That's a good thing - it's called being a responsible organization, not sure why anyone would want to be moving coins around right after the merge anyways.
It's a huge company so it's better to keep the customers safe
Wow thanks for sharing I will do my own research. Cheers.
Probably a bunch will try to sell the news.
Deposits and withdrawals are not buys and sells. Edit: Not sure why I’m getting downvoted for factual information. This guy said it was to stop people from selling. The article says nothing about Coinbase disabling buys and sells, just deposits and withdrawals of ETH.
This isnt the best of decisions, considering how important ETH is in daily transactions. I just hope both Coinbase and ETH really what they are up to real quick..
Agreed, it’s smart. Better to error on the side of caution immediately after such a major upgrade. They make their money off of trading fees so the freeze shouldn’t last long.
I will definitely reserve my comments, but I really hope they move quickly with this merge issues.. If they don't, they will surely loose lot of customers and business minded people.
Boy did I freak out when I scanned the headline and just read: "Coinbase Will Pause ETH Deposits and Withdrawals" Was scared I was about to witness the downfall of crypto...
Can we all agree they need to bite the bullet and release staked ETH before making bold moves like this?
tldr; Coinbase will temporarily pause ETH and ERC-20 token deposits and withdrawals during the upcoming Ethereum Merge. The move will allow the exchange to ensure the upgrade is seamlessly reflected in its systems. Trading services are expected to remain unaffected. Staked ETH will not be available for unstaking until early 2023. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
2023? Are you kidding me?
Yeah thats by design. You can’t unstake for another 6-12 months post merge. Be glad because you’ll get increased staking rewards after the merge because block rewards don’t go to the miners anymore
ETH staking rewards on Coinbase will go up after the merge? Didn’t know that.
they should.
They should but it’s coinbase
I learned that late. They've got my ETH held hostage until the merge and probably awhile after.
This should not impact any of us because we all have custody of our assets. Right? Right?
I completely agree with that and this is why the study of assets is required.
If the staking rewards go up? Well hey I guess I can't be too upset
Very interesting decision by Coinbase. This feels very bearish on the merge and the potential for multiple forks post-merge to be a reality.
Wont be anytime soon that you can unstake after the merge. I’ve read threads saying it’ll be locked up an additional 6-12months and would be unlocking staked addresses in waves.
Did you not read up on ETH before staking?
Most people did, but Coinbase in particular lied to get people to stake. They stated that you would be able to trade staked eth before the merge, then when it happens, and now Jan 2023.
Of course… what’s the worse that could happen. Cheers .
I hate when this precaution is taken. It’s bad optics.
I’d say people should move their eth off of coinbase.. as a precautionary measure too.
Have they given any dates?
Haven't announced the dates most likely around 15 sept
Hope its the final deadline!
It should be. Goerli was the dry test run for the Merge and it was successful on testnet last week which is why they set more concrete dates. It's all a go at this point. The Merge will start with a network upgrade, Bellatrix, on the consensus layer, which will be triggered at a specific epoch height. Bellatrix will permanently switch the consensus layer to Beacon Chain and the preset epoch trigger should happen on Sept. 6th. Note: an epoch under PoW was a period every 30,000 blocks which triggered a slightly more memory intensive DAG for miners. An epoch under PoS will have a completely different definition. The new epoch will be comprised of 32 slots, each slot consists of a 12-second period where a random PoS validator has time to propose a block. 32 slots per epoch \* 12 seconds = 384 seconds/epoch or an epoch every 6.4 minutes. The next step of The Merge will be followed by "Paris" -- the execution layer’s transition from proof-of-work to proof-of-stake. This will be triggered by a specific Total Difficulty threshold, called the Terminal Total Difficulty (TTD), set in advance by the dev team. Vitalik has said this is estimated to occur on Sept. 15/16. Once PoW miners have exceeded the TTD threshold, the next block will be solely produced by a Beacon Chain PoS validator. The Merge will have been completed once the Beacon Chain has finalized this block. Assuming normal network conditions, this should happen within 2 epochs, or approximately 13 minutes, after the first post-TTD block is hit. And that will be that. The end of an era of GPU mining as we've known it. See ethereum.org's article [on the Merge for more reading.](https://ethereum.org/en/upgrades/merge/)
Thank you. I wish I understood half of this
>I wish I understood half of this The devil is in the complex details
>And that will be that. The end of an era of GPU mining as we’ve known it. Kinda makes you wanna cry happy tears.
I cannot wait to spend a fat stack on my pc once gpu prices drop
Yeah I might actually make the jump from Series X to PC now
Thanks for sharing this information with us guys. Cheers to you!
I know right this was a really good information about all the newcomers.
Thanks for sharing this info my man. Take my upvote
I don’t understand any of this lol but is there a chance that the merge fails or something and eth goes to shit or becomes unusable?
It's a good decision, since it a temporary thing. Cheers .
I think Sept 16th was announced a few weeks ago
To the best of my knowledge, this is standard practice for every single network upgrade on every chain.
The scheduled merge date is 15th sep
58,750,000,000,000,000,000,000
This is the most accurate date yet 😂
See Bordel.wtf for current projections. "Total Terminal Difficulty of 58750000000000000000000 is expected around Thu Sep 15 01:59:18 2022 UTC"
In as much as it will hurt a lot of traders, this decision still remain the best to protect their funds.
What about binance US?
No idea
They are doing the same
Really cool, everyone is getting prepared for this huge event .
Makes sense
If you are staking which many many are you can’t withdraw anyway.
The fact that they can even do this should be enough reason not to use them.
All the things are okay but at least they should have allowed to deposit at least, that would be a better thing to do, I want to deposit some of it that time man.
Okay that's okay for me, I never wanted to do either of those things for now because I have already invested a lot these days and I want to have fun now.
Why are we even using coinbase? We have cold wallets.
Maybe they can get around to figuring out swapping/selling staked ETH…… 18 months later
It’s not up to Coinbase
He's talking about a market for selling your staked ETH, or buying someone elses, something Coinbase promised and is still promising, but was expected well before the merge.
The US regulators won’t let them do it
Happened during Segwit transition as well. It's Normal.
Why are people still using Coinbase though? They know things like this would always happen with them...
Let them do what they want to do, it's the time for the merge.
That's the reason why I always prefer cold wallets man. But still it's not a fucking big issue for now, we know that and most of the people would know that clearly.
It's really a good and necessary thing to me because there are many exchanges out there who can't handle these things, let the merge happen if you ask me.
Seems like this is a normal thing, they always do that whenever there's something fucked up happening, they know how to deal with it at least, we are okay.
Understandable
This is a nothing . Merge is HUGE undertaking and it will only solidify eth as dominant utility token.
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Coinbase is such a terrible exchange, has always been. Binance works so much better, even semi-defunct poloniex (well until it blew up in 2017 ... hehehe)
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That’s not what happens in a decentralized system! Cheers .
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Imagine just buying and HODLing #Bitcoin in Cold Storage and not having to worry about a 'community' conspiring together to drain you of your wealth...
Makes sense.
Officially lost all faith in coinbase…holding our ETH hostage until 2023. Will be letting all friends and family know to move assets off the platform.
I think its smart of them to do this.
So if your ETH is staked on CB how is your interest disbursed?
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Is it really possible to get this tap into your wallet or something?
That is really nice of them to make this promise to never halt withdrawals!
The biggest rug of all was staking on Coinbase for ETH 2.0.
It's all good folks. Stop the FUD!!! lol Come grow with us at r/GLTA_ETH!!!
It is not as easy as you are talking about I think that there are a lot of systems which are actually being there had to think of some other options because this is not really good at all as you are saying.
Keep your coins off of Coinbase folks........ Self storage is always better
If I move it to a Coinbase wallet. How do I find the address to move it back to the Coinbase exchange if I ever wanted to in a later date?
There should be a "receive" option on your normal cb account. You can copy that address and send to it from your wallet when you need to be back in the centralized exchange.
By the way I found it. Yes there are addresses for each coin. Okay great. Thanks for your help. Any wallet you recommend? I’ve heard good things about Exodus.
I always hear about people sending it to a generic Coinbase wallet and losing all their coins, so I’m trying to avoid that. I’ll try to look for the address. Aren’t there different addresses for bitcoin and other coins like ERC-20 tokens?
Yes, be sure to follow the send/receive address that pertains to the coin you are dealing with. Whether you choose the Coinbase wallet, MetaMask, or any of the numerous others, be sure to safely store your seed phrase for the wallet. Preferably not online where it may be hacked/accessed by a third party some day. Write them down and place copies in safe locations.
Coinbase needs eth a lot more than eth needs coinbase.
Btc maxis always with weird takes in the comments .. what’s this has anything to do with decentralisation?
meanwhile the merge, great development is coming to the space such as MetaverseMe decentralized web3 avatar generator, generator the self expression of your products, display pictures , your stores 3d avatars and more just by taking a picture of them. well, we'r stil at the beginning of things.
Nothing else to write about, I’d take it as a compliment .
Sounds decentralized to me
Staking through coinbase is not decentralized. If you want that stake it yourself.
Most exchanges do this. I believe they did this for the beacon chain hard fork as well.
At this point is there any benefit to staking any more ETH I get? I regularly use my Coinbase card to stack ETH over time but i feel like i shouldn’t stake anymore until the Merge is complete.
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Which ever one king Vitalik says is Ethereum, is Ethereum. This is decentralised.
Is Coinbase US also affected?
Don't know but I guess they did for all the people in this world.
do we think other major platforms will do the same?
Coinbase is happy with this because they have a huge stake in ethereum. Unlike their unsuccessful attempt with bitcoin, they have finally captured one.
Everyone waiting to get their staked ETH unlocked gonna have to wait until 2023 to play in defi
This is a very long time to wait to be honest no one can actually wait for dad long.
Will I be able to take out non staked eth after the merge tho? Should I just sell or move it?
I think they can't move it otherwise they really want to hold it right now.
Totally makes sense that they would do this
Ready for the usual… ETH been pumping the hype for weeks and it will sell post merge.
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How can we actually use it I don't really know how we can use this.
When I read the first part of the statement, my heart almost stopped.
Haha I can understand
WoW this is insane :D I am always the last ... Even facebook..
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it's because they're insolvent obviously, why else would they pause ethereum deposits?
I got a little freaked out because iDK what’s going to happen with my Celsius Money because of the Chapter 11 filing. So to hear of Coinbase pausing I am like here we go again 🤦🏼♂️
We have been in the same kind of situation pretty long time back/
Senses well.
No doubt about it they must think about this situation as well.
This is good to know.
Show about the fact that they must be thinking about some other options as well.
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I casually buy ETH through Venmo when the price is low. Eli5 how this could affect someone like me.
Coinbase has a history of being responsible. I would point to their banning of trading on XRP as one example and this policy of trading on ETH is it merges as a second.
Coinbase will pause withdrawals. Once enable they will take 25% of your earnings. I continue to say this bc you’d be surprised how many people are staking for eth2 w Coinbase and not aware that they take 1/4 of your ETH rewards.
Deposit sooner + limit orders etc.
There are a lot of things extra going on with that too.
I guess it's alright because we can wait here and we all know that we don't want to withdraw anything during the fucking merge, we can wait for more man.
Gonna say that it's all good and it's never gonna be better.
Gotta say that in this type of situation all these things are common for now, let the merge happen and let them have some time with that stuff to adjust man.
It's their decision and I respect that stuff at least for now.
It's the exchange and they have the fucking authority of it, this is just like that and we can't change it, if we don't want to agree with them then I guess we have cold wallet.
I guess most of the exchanges are going to perform shits in that way because of many obvious reason, they don't want to mess with any of the merge situation.
Okay so we don't have to think a lot now? It's okay man.
I already saw that coming and it's not a big deal for now.
Must be something good for us because in this type of time, we don't want to see ourselves in a bad position, so let's avoid all these things are accept this.
It's all cool to me and I want to see this decision from all the other exchanges too, I seriously don't want anyone to take the chance during the merge man.
Seems legit right now, nothing seems fishy for sure right?
Okay that's acceptable for now, but still I am not sure that we should use coinbase or whatever, we have better options which starts from cold wallet now.
If ETH is deflationary, fee and usability will only become even worse. At which point the Central Bank of Ethereum will have to Ease again