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Topic: Announcements of Exchanges regarding giving bitcoin holders 'their BitcoinCash' (Read 1931 times)

full member
Activity: 266
Merit: 111
Ok, thanks!
Sounds not too bad
full member
Activity: 182
Merit: 100
i'm pretty sure you do not have to trust bitfinex in this matter, just try this (found on reddit)

Quote
I think this was also posted somewhere else on reddit. Sorry don't know who to give credit to.
'Before 1st August You should have BTC in Electrum wallet (Wallet A).
After 1st August Install another Electrum Wallet (Wallet B).
Move all BTC from Wallet A to Wallet B. Wallet A should be empty of BTC, but there should be hidden BCC inside it.
Export seed of Wallet A
Install any BCC wallet (Wallet C).
Import seed of Wallet A into Wallet C. Wallet C should now have BCC amount equivalent to BTC in Wallet B.
From now on, use Wallet B and Wallet C independently.'


as far as you are owner of the private keys, you should be fine with any wallet. If it is not done automatically it doesnt mean you will not get BCC. You are not getting BCC only if you don't have your private keys (eg. exchange wallets or online wallets)

I do have electrum, but i do not plan to shift by BTC around till I'll be sure that it's working correctly Smiley
full member
Activity: 266
Merit: 111
Thanks!


+ oh fuck

Ok, everything back to bitfinex again.
Argh.



Here is countdown to hardfork - 15 hours is right, is it?
https://www.timeanddate.com/countdown/launch?iso=20170801T1220&p0=1440&msg=Bitcoin+Cash+Hardfork&font=sanserif


Can i also do this stupid bitfinex trick?
Without it being a taxable action
full member
Activity: 182
Merit: 100
nope - correction

looks like it does not support it automatically
https://electrum.org/bcc.txt
full member
Activity: 182
Merit: 100
https://www.coindesk.com/bitcoin-cash-101-need-know-tomorrows-fork/

Coindesk says electrum does not support bcc
That is wrong, isn't it?

not sure, but electrum should be able to have both...

# Release 2.9 - Independence (July 27th, 2017)
  * Multiple Chain Validation: Electrum will download and validate
    block headers sent by servers that may follow different branches
    of a fork in the Bitcoin blockchain. Instead of a linear sequence,
    block headers are organized in a tree structure. Branching points
    are located efficiently using binary search. The purpose of MCV is
    to detect and handle blockchain forks that are invisible to the
    classical SPV model.
  * The desired branch of a blockchain fork can be selected using the
    network dialog. Branches are identified by the hash and height of
    the diverging block. Coin splitting is possible using RBF
    transaction (a tutorial will be added).
full member
Activity: 266
Merit: 111
legendary
Activity: 1218
Merit: 1006
Yobit have already added BCC to their user's balance according to bitcoin balance they have in their yobit wallet.

Quote
Btc deps/wds will be disabled in 14-15 hrs.
BCC balances will be added to accounts (same as BTC balance).

https://twitter.com/YobitExchange/status/891789229897986048

Quote
Bitcoin Cash [BCC] trade is open: https://yobit.net/en/trade/BCC/BTC
BCC added to users balances. BTC deps/wds are disabled now.
https://twitter.com/YobitExchange/status/892050834858684417
full member
Activity: 266
Merit: 111
So i sent my bitcoin from Bitfinex to electrum now.
Was that too late?


I guess the worst case is i only get the bitcoin cash from Bitfinex.
It can't be that because my Bitcoin are 'in transit' that i get none, can it Smiley - of course not, BC always have to be somewhere.


Damn i am nervous and happy when bitcoin end up in my electrum (and not just not arrive or something like in a bad dream oh my, i am neurotic)


Ok, now it shows up in electrum as 'Unconfirmed parent'
How long would you guess this takes
What happens when fork happens in this state

Okok, now it's the watch Smiley
i guess all is good

...
ok, done now
legendary
Activity: 1904
Merit: 1002


http://hackingdistributed.com/2017/07/29/bitcoin-impending-accounting-disaster/

that sounds bad

basically bitfin giving people who shorted btc also bitcoin cash


but actually what he is talking about cannot happen i guess because bitfinex writes:
Quote
Due to the net amount of BTC committed in margin positions at the time of the fork, the above methodology may result in Bitfinex seeing a surplus or deficit of BCH. As such, we will be resolving this discrepancy in the form of a socialized distribution coefficient. For example, currently, there are more longs than shorts on the platform, causing a distribution coefficient of ~1.091 (Meaning that for each qualifying BTC a user will receive 1.091 BCH). The actual coefficient will be calculated at the moment of the distribution. Please note that if there are more shorts than longs at the fork event, this coefficient will be less than one. This coefficient can be roughly computed from publicly available information from our API (longs & shorts) and the Blockchain (cold storage).


-> it means i get less bitcoin cash for my bitcoin
because now everyone and his dog shorts, to get more bch

oh my




Yep.  If you don't play the game, but you have BTC on bitfinex then you are paying everyone else who is playing the game.  Bitfinex is retarded and this won't end well for them.
full member
Activity: 266
Merit: 111


http://hackingdistributed.com/2017/07/29/bitcoin-impending-accounting-disaster/

that sounds bad

basically bitfin giving people who shorted btc also bitcoin cash


but actually what he is talking about cannot happen i guess because bitfinex writes:
Quote
Due to the net amount of BTC committed in margin positions at the time of the fork, the above methodology may result in Bitfinex seeing a surplus or deficit of BCH. As such, we will be resolving this discrepancy in the form of a socialized distribution coefficient. For example, currently, there are more longs than shorts on the platform, causing a distribution coefficient of ~1.091 (Meaning that for each qualifying BTC a user will receive 1.091 BCH). The actual coefficient will be calculated at the moment of the distribution. Please note that if there are more shorts than longs at the fork event, this coefficient will be less than one. This coefficient can be roughly computed from publicly available information from our API (longs & shorts) and the Blockchain (cold storage).


-> it means i get less bitcoin cash for my bitcoin
because now everyone and his dog shorts, to get more bch

oh my


full member
Activity: 266
Merit: 111
Bitstamp does not give bitcoin cash.

But Bitfinex does!

https://www.bitfinex.com/posts/212/review
Quote
Bitcoin Cash (BCH) Token Distribution
July 27, 2017

A minority of Bitcoin miners will be forking on August 1st, 2017 to create a new chain called Bitcoin Cash. The fork does not impact Bitcoin balances, but it creates a new token. At the time of the fork, all Bitcoin addresses holding a balance will automatically have equivalent balances in Bitcoin Cash.

There has been a variety of responses by the community about how to handle this new token. After a significant show of interest from our customers, we have decided to take steps to facilitate the distribution of Bitcoin Cash balances to those holding a settled Bitcoin balance on Bitfinex. We may also list markets for this new token, but that decision will be made after the fork event.

Although we see this token referred to as BCC on other platforms, unfortunately, that ticker symbol is already in use on our platform by the chain-split token representing Bitcoin Core. As such, we plan to use BCH as the ticker symbol and “Bcash” as the descriptive name to avoid confusion with Bitcoin.

Although several months ago, we developed a methodology for handling contentious hardforks, we will be applying a different methodology for what we regard as a spurious forking of the Bitcoin project with little mining support. Although we have not supported such Bitcoin UTXO-based distributions in the past (Stellar Lumens, Clams, etc.), we will support the distribution of Bitcoin Cash due to significant customer interest.

Distribution Policy

BCH will be distributed to settled bitcoin wallet balances as of the UTC timestamp of the first forking block, which is expected to occur on August 1st, 2017.

The token distribution methodology will be:

    All BTC wallet balances will receive BCH
    Margin longs in BTC/USD and margin shorts in XXX/BTC will not receive BCH
    Margin shorts in BTC/USD and margin longs in XXX/BTC will not pay BCH
    BTC Lenders will receive BCH

Due to the net amount of BTC committed in margin positions at the time of the fork, the above methodology may result in Bitfinex seeing a surplus or deficit of BCH. As such, we will be resolving this discrepancy in the form of a socialized distribution coefficient. For example, currently, there are more longs than shorts on the platform, causing a distribution coefficient of ~1.091 (Meaning that for each qualifying BTC a user will receive 1.091 BCH). The actual coefficient will be calculated at the moment of the distribution. Please note that if there are more shorts than longs at the fork event, this coefficient will be less than one. This coefficient can be roughly computed from publicly available information from our API (longs & shorts) and the Blockchain (cold storage).

We recognize that this model is not perfect, but given the short time frames imposed upon us, better choices are not available. It would be an undue burden to create negative BCH balances for BTC/USD shorts and XXX/BTC longs. Furthermore, lenders may be locked in for up to 30 days and would be adversely impacted. In the end, we believe that this solution creates the least amount of disruption and facilitates a timely distribution of BCH.

Margin longs who wish to receive BCH should consider either claiming some or all of their position or exchanging and holding BTC collateral in their margin wallet as opposed to other assets. We hope to make withdrawals available soon after the fork, assuming everything is fine with the BCH blockchain.

Once again we want to reassure our customers that your bitcoin is safe and this event will not affect your bitcoin balances, positions, or loans - you will simply be receiving an additional token balance based upon the aforementioned methodology.


So, i'll send my bc to bitfinex for this thing.



When do you think is a good / latest time to send the bitcoins, so they are surely there (with all the confirmation thing that can get clunked up when everybody does it last minute to get bitcoin cash?)
full member
Activity: 266
Merit: 111

I told them to make an announcement and they did Smiley


https://www.bitstamp.net/article/bitcoin-hard-fork-our-position/
Quote
Bitcoin Hard Fork: Our Position
27 JUL 2017

We would like to take this opportunity to let our customers know our plans for the upcoming weeks as we navigate any potential disruptions on the Bitcoin (BTC) network. As always, our focus will continue to be on the safety of our customers and their funds.

In the event of a User Activated Hard Fork (UAHF) on 1 August or thereafter, it is important to clarify that Bitstamp would not be in a position to support Bitcoin Cash (BCC), the coin associated with the Bitcoin Cash proposal. In Bitstamp’s view, BCC is an alt-coin and the decision to list BCC tokens remains at our sole discretion at all times.

If Bitstamp chooses to list BCC, we would decide at our own discretion on what course of action to take with balances deriving from the hard fork. BCC would also be subject to the same due diligence processes as for any other alt-coin, which requires time and careful planning. For this reason, Bitstamp is not in a position to support BCC, nor will Bitstamp be liable for any BCC sent to Bitstamp.

As always, the safety of our customers’ funds remains our number one priority. To this end, as a security precaution, we will be disabling bitcoin deposits and withdrawals on 31 July 2017 at 23:00 hrs UTC to ensure that all BTC funds stored at Bitstamp remain secure. Trading will remain unaffected throughout. Deposits and withdrawals will be resumed only when we deem it safe and prudent to do so.

We will leave it to our customers to decide whether to withdraw their BTC funds from Bitstamp prior to this cut-off date if they would like to access BCC or any other hard fork, and Bitstamp shall not be held liable for any consequences of that decision, from neither a financial, operational nor regulatory standpoint.

To be clear, Bitstamp has no favoured outcome to the resolution of the bitcoin scaling issue. Our sole focus is on our customers and their best interests. As such, we are continuing to monitor developments closely. Please check our Twitter feed, Facebook page and website for the latest news, updates and developments.

Best,
The Bitstamp team
legendary
Activity: 2968
Merit: 1133
legendary
Activity: 3276
Merit: 2442
Why do you care about exchanges anyway?

If everybody withdraws their coins from the exchanges that will create a massive coin sink and exchanges will have to do something about it. If the majority don't give a shit about BitcoinChinaCoins, then the exchanges also won't give a flying fuck.

If you care some much about the extra bucks you'll get from ChinaCoins, just withdraw your bitcoins. (I do personally, It is free money)

This is a free market. If there is demand, there will be supply. Some other exchange will provide the supply if enough people removes their coins.
legendary
Activity: 2968
Merit: 1133
bitcoin.de announced that they will allow withdrawal of Bitcoin Cash ~end of august, if the coin still exists then.
german statement:
https://www.coinforum.de/topic/6679-statement-von-bitcoinde-zu-bitcoin-cash/
legendary
Activity: 2968
Merit: 1133
The only exchange I know that wrote something about bitcoin Cash is "coinfloor". All others only wrote something about segwit stuff, not about bitcoin cash, as far as I know.
http://blog.coinfloor.co.uk/post/163379984881/coinfloors-policy-with-respect-to-bitcoin-and
uki
legendary
Activity: 1358
Merit: 1000
cryptojunk bag holder
Hi there!


Are there any official Announcements of Exchanges regarding giving bitcoin holders 'their BitcoinCash' or just keeping it for themselves?

I sent a question to bitstamp support Smiley
here you have Bittrex statement:
https://support.bittrex.com/hc/en-us/articles/115000761392
 

that has nothing to do with bitcoin cash and their hard fork.
this bittrex support article is explaining their actions regarding BIP91 and the period that SegWit is being activated and blocks not signaling for BIP91 be rejected by miners and orphaned.
Check the last sentence.
legendary
Activity: 2464
Merit: 1145
I do understand your feelings but this is not just an airdrop of some altcoin...

In the case cash somehow gets the majority support it would be the new btc (no matter how neglible the chances are in this case).
legendary
Activity: 2968
Merit: 3684
Join the world-leading crypto sportsbook NOW!
There are a lot of things that exchanges could do, but don't do.  If people had addresses that would have gained CLAM, then they exchanges could have given them out. They could link wallets to Byteball and give out those too. There are lots of airdrops and now we will have a forked alt coin too.

I think the safest bet for an exchange is to say that they won't give out any of the 'bonus' coins, if you want them, then you have to keep them in your wallet.

Include sites wallets too. Actually, I'm surprised that more haven't taken the Coinbase stance that won't give any options to users to access alternative coins. I don't know any site or exchange that has ever given out "airdrops", but many have now promised to support alternative coins should the fork(s) happen. I suppose it's the ethical thing to do, not that that has ever come into play.
legendary
Activity: 1806
Merit: 1090
Learning the troll avoidance button :)
Well at the least it is a pain to keep track of airdrops, but if it is announced a decent time ahead like Stellar they should have a calendar of sorts if people want to move coins out and participate for a period of time.
legendary
Activity: 3122
Merit: 2178
Playgram - The Telegram Casino
There are a lot of things that exchanges could do, but don't do.  If people had addresses that would have gained CLAM, then they exchanges could have given them out. They could link wallets to Byteball and give out those too. There are lots of airdrops and now we will have a forked alt coin too.

I think the safest bet for an exchange is to say that they won't give out any of the 'bonus' coins, if you want them, then you have to keep them in your wallet.

Yeah, with all the airdrop coins and giveaways I also don't expect exchanges to keep up. Of course it would be nice, but the administrative overhead is non-negligible, especially since every alt gets distributed slightly different and it would be kinda pointless to keep the balance of an alt that you don't want to list anyways. Exchanges are for trading, everything else is just icing on the cake. It's not like keeping your coins in a wallet of your own is prohibitively difficult.
newbie
Activity: 159
Merit: 0
Hi there!


Are there any official Announcements of Exchanges regarding giving bitcoin holders 'their BitcoinCash' or just keeping it for themselves?

I sent a question to bitstamp support Smiley

Useful topic. I was also thinking of creating alike thread to stay up to date with the news. I am curious about exchanges and their announcements regarding the split as well.
So far I found out only about Cex.io. https://blog.cex.io/news/important-notice-segregated-witness-possible-chain-split-16390
legendary
Activity: 1848
Merit: 1009
Next-Gen Trade Racing Metaverse


This was probably not best way ever, but i asked bitstamp support being logged in:

---
are these true:

1. On 1. August this could happen:
Next to bitcoin an altcoin 'bitcoin cash' is generated.

2. Everybody who owns bitcoin then will also own the same amount of 'bitcoin cash'

3. If you have bitcoin lieing on bitstamp, then bitstamp does not give you 'your' 'bitcoin cash coins' but keeps it for themselves

Thanks!
---

And i got:
---
Dear

thank you for your request.

Unfortunately I am unable to advise you on the matter. I kindly ask you to keep an eye out for any official statement from our side on the topic of your inquiry.

Should you have other questions, feel free to ask.

Best regards,
---



So, i guess that is a 'we will keep it'

Well obviously the support guy won't be able to give you an answer. Else he can be sued.  Smiley

Nothing to do now but wait.
full member
Activity: 266
Merit: 111


This was probably not best way ever, but i asked bitstamp support being logged in:

---
are these true:

1. On 1. August this could happen:
Next to bitcoin an altcoin 'bitcoin cash' is generated.

2. Everybody who owns bitcoin then will also own the same amount of 'bitcoin cash'

3. If you have bitcoin lieing on bitstamp, then bitstamp does not give you 'your' 'bitcoin cash coins' but keeps it for themselves

Thanks!
---

And i got:
---
Dear

thank you for your request.

Unfortunately I am unable to advise you on the matter. I kindly ask you to keep an eye out for any official statement from our side on the topic of your inquiry.

Should you have other questions, feel free to ask.

Best regards,
---



So, i guess that is a 'we will keep it'
legendary
Activity: 1218
Merit: 1003
forks and updates are part of the exchange buisness that is why they have the duty to give you both coins.

the only way i could agree to your argument is that the tech guys of the exchange are too stupid to manage the fork and tell their customer in advance that they should withdraw balances.

more like too lazy and potentially unwilling to endorse something they want nothing to do with. and if they tell people in advance then i still don't see what the problem is.
There are a lot of things that exchanges could do, but don't do.  If people had addresses that would have gained CLAM, then they exchanges could have given them out. They could link wallets to Byteball and give out those too. There are lots of airdrops and now we will have a forked alt coin too.

I think the safest bet for an exchange is to say that they won't give out any of the 'bonus' coins, if you want them, then you have to keep them in your wallet.
legendary
Activity: 1232
Merit: 1005
Look for their statement, if you don't find then ask the support.

I think it is safer to assume they won't give any fork coins, they say at best they will make "all the efforts", but no warranty
legendary
Activity: 3472
Merit: 10611
Hi there!


Are there any official Announcements of Exchanges regarding giving bitcoin holders 'their BitcoinCash' or just keeping it for themselves?

I sent a question to bitstamp support Smiley
here you have Bittrex statement:
https://support.bittrex.com/hc/en-us/articles/115000761392
 

that has nothing to do with bitcoin cash and their hard fork.
this bittrex support article is explaining their actions regarding BIP91 and the period that SegWit is being activated and blocks not signaling for BIP91 be rejected by miners and orphaned.
legendary
Activity: 1582
Merit: 1064
they have to give users both coins. anything else would be plain theft.

It might be true, but there is nothing contractually binding on them to give you altcoins. They could just say that they couldn't be bothered to list BCC and give you credit for them.
legendary
Activity: 1246
Merit: 1000
First I think BCC needs to show they even have enough miner support to find any blocks to keep their chain alive. If they can't find blocks their fork will be dead before it even became alive. Exchanges can always decide to honor their customers their BCC coins if its chain survives and there is demand for it. Until then I don't see any reason why exchanges would need to give any attention at all to some phantom coin that doesn't exist and might never come to life.
member
Activity: 112
Merit: 10
forks and updates are part of the exchange buisness that is why they have the duty to give you both coins.

the only way i could agree to your argument is that the tech guys of the exchange are too stupid to manage the fork and tell their customer in advance that they should withdraw balances.

more like too lazy and potentially unwilling to endorse something they want nothing to do with. and if they tell people in advance then i still don't see what the problem is.

Not everyone will see those announcements and it opens the door to them taking the forked coins from people and selling it themselves.

They should offer an option for people to withdraw their coins even if they don't want to offer trading in said coins.
legendary
Activity: 1288
Merit: 1087
forks and updates are part of the exchange buisness that is why they have the duty to give you both coins.

the only way i could agree to your argument is that the tech guys of the exchange are too stupid to manage the fork and tell their customer in advance that they should withdraw balances.

more like too lazy and potentially unwilling to endorse something they want nothing to do with. and if they tell people in advance then i still don't see what the problem is.
legendary
Activity: 2464
Merit: 1145
they have to give users both coins. anything else would be plain theft.

coinbase are already thieves then.

there's a lot of administration involved so i don't see why anyone's obligated to do it. if people want them then they should be withdrawing. it's clear enough.

forks and updates are part of the exchange buisness that is why they have the duty to give you both coins.

the only way i could agree to your argument is that the tech guys of the exchange are too stupid to manage the fork and tell their customer in advance that they should withdraw balances.
newbie
Activity: 90
Merit: 0
Hi there!


Are there any official Announcements of Exchanges regarding giving bitcoin holders 'their BitcoinCash' or just keeping it for themselves?

I sent a question to bitstamp support Smiley
Could you please post here bitsamp response or shortly describe it?
Thanks in advance.
legendary
Activity: 1288
Merit: 1087
they have to give users both coins. anything else would be plain theft.

coinbase are already thieves then.

there's a lot of administration involved so i don't see why anyone's obligated to do it. if people want them then they should be withdrawing. it's clear enough.
legendary
Activity: 2464
Merit: 1145
they have to give users both coins. anything else would be plain theft.
uki
legendary
Activity: 1358
Merit: 1000
cryptojunk bag holder
Hi there!


Are there any official Announcements of Exchanges regarding giving bitcoin holders 'their BitcoinCash' or just keeping it for themselves?

I sent a question to bitstamp support Smiley
here you have Bittrex statement:
https://support.bittrex.com/hc/en-us/articles/115000761392
 
full member
Activity: 266
Merit: 111
Hi there!


Are there any official Announcements of Exchanges regarding giving bitcoin holders 'their BitcoinCash' or just keeping it for themselves?

I sent a question to bitstamp support Smiley
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