Topic: YUNBI’s Position on Possible Bitcoin Hard Fork (Read 391 times)
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Many users asked us how YUNBI will react to the possible bitcoin hard fork.
Here is our position and plan.
1. Which Bitcoin upgrading method does YUNBI support?
We think the future of bitcoin will determined by the market and hash power. YUNBI does not have a subjective view on which upgrading method should BTC follow. YUNBI respect the selection of the market and hash power, and will follow the longest BTC blockchain if hard fork happened.
2.What will YUNBI do if hard fork happened?
If there will be a certain forking block in the future, YUNBI will suspend BTC withdrawal (Even BTC withdrawal is already suspended due to AML regulation requirements, there is a possibility the withdrawal will be resumed before the hard fork). Trading will not be influenced.
YUNBI will make sure there is a snapshot of Bitcoin amount on every user’s account when hard fork happens. Then there would be at least two scenarios:
a. If one of the forked chain quickly failed, then YUNBI will follow the other chain, and there would be only one Bitcoin on the users account.
b. If both of the forked chains survived, and both the the forked coins have been listed on the exchanges, YUNBI will also distribute the forked coins to the users account. YUNBI will only list the forked coin trading after at least 3 famous exchanges listed it in advance.
Risk Notification: During or after the fork, replay attack could happen in any time. If YUNBI can halt the withdrawal service on time, YUNBI will be able to distribute 100% of the forked coin to the user.
We think the single blockchain for BTC will be more valuable than forked blockchains. YUNBI will never list the forked coins in the first place.
Here is our position and plan.
1. Which Bitcoin upgrading method does YUNBI support?
We think the future of bitcoin will determined by the market and hash power. YUNBI does not have a subjective view on which upgrading method should BTC follow. YUNBI respect the selection of the market and hash power, and will follow the longest BTC blockchain if hard fork happened.
2.What will YUNBI do if hard fork happened?
If there will be a certain forking block in the future, YUNBI will suspend BTC withdrawal (Even BTC withdrawal is already suspended due to AML regulation requirements, there is a possibility the withdrawal will be resumed before the hard fork). Trading will not be influenced.
YUNBI will make sure there is a snapshot of Bitcoin amount on every user’s account when hard fork happens. Then there would be at least two scenarios:
a. If one of the forked chain quickly failed, then YUNBI will follow the other chain, and there would be only one Bitcoin on the users account.
b. If both of the forked chains survived, and both the the forked coins have been listed on the exchanges, YUNBI will also distribute the forked coins to the users account. YUNBI will only list the forked coin trading after at least 3 famous exchanges listed it in advance.
Risk Notification: During or after the fork, replay attack could happen in any time. If YUNBI can halt the withdrawal service on time, YUNBI will be able to distribute 100% of the forked coin to the user.
We think the single blockchain for BTC will be more valuable than forked blockchains. YUNBI will never list the forked coins in the first place.
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