Topic: Bitfinex - Conversion from BT2-> B2X & BT1->BTC At The Time Of The Fork (Read 396 times)

According to Bitfinex' announcement, they say there will be continuous trading:

"We have a responsibility to foster, maintain, and support orderly markets that trade continuously 24/7/365. With a hard fork that lacks clear community consensus, we cannot suspend operations and wait for a winner to emerge. Leveraged trading requires that our markets operate continuously. On operational requirements alone, we must designate such forks as new assets."

but NOT CONTINUOUS DEPOSITS/WITHDRAWALS:

"At the moment of the fork, all deposits and withdrawals for both BTC and B2X will be halted until we are able to: 1. ‘taint’ our customers’ bitcoins to ensure withdrawals cannot be replayed on both chains; and, 2. ensure that we can properly credit deposits in the event a transaction is replayed on both chains. We expect this process to require at least 24 hours, and potentially significantly longer. If the the event happens, announcements will be made throughout the process to keep everyone up to date."

I sent these questions to Bitfinex support, but haven't gotten a response yet. Hoping some people know the answers on here:

Question 1a) Assuming I had split my BTC into BT1 & BT2 tokens well in advance using the Token Manager, and assuming both chains will exist, when the first Segwit2X block #494784 is mined, how soon do my BT1 and BT2 tokens get converted respectively to BTC & B2X, and can begin trading them? (For example, one exchange says they may take up to 24 hours to resume trading for BTC & B2X, I'm hoping Bitfinex has this process automated with minimum downtime). My goal is to make sure I am able to trade both BTC & B2X as soon as the fork occurs.

Question 1b) What is faster - just holding a BTC balance right before the fork, and waiting until Bitfinex credits me with 1:1 BTC:B2X, or will it be faster/smoother to use the token manager in advance, and wait until Bitfinex automatically converts the BT1 & BT2s into BTC/B2X respectively?

When you say ensure "Continuous trading" for BT2/B2X chain, does it mean that as soon as the fork happens- block #494784 is mined- the BT2's are automatically converted to B2X, or will you likely have to freeze trading and make sure the fork went smoothly?

Thanks I hope my questions make sense, please really try to answer them with consideration.