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OKCoin to support both coins and Bixin sticks to “one bitcoin only”

The recent downfall of Bitcoin price was attributed to the potential split or hardfork of Bitcoin, as reported by some mainstream financial media like 36kr  and Sina in China. Aside from the lobbying of mining pools, support of exchanges is of critical importance. Although ETC was first traded on Bitsquare, Poloniex was actually the one that resurrects Ethereum Classic with abundant liquidity in the Ethereum hardfork 2016.
So far BTCC and Yunbi have released formal statement regarding the potential fork of Bitcoin network. OKCoin will support both coins if there is a split. Huobi is still studying the situation.
Bixin, aka haobtc,  will stick to the “one bitcoin only” policy and always follow the longest blockchain with 90% hashrate.

As Jerry Chan puts in his open document for: Mitigating Bitcoin Forking Risk during Network Upgrade

The main impetus for this document is the recent suggestions emanating from the Core development community about an implementation of a User Activated Soft Fork or UASF, (one that can be executed with a minority of hashpower supporting it, but with the support of a sufficient number economic nodes) which presents a clear and imminent danger to the stability of the network, especially for the exchanges and businesses that run on Bitcoin.

BTCC, a firm supporter of Bitcoin Core, released a Chinese  and an English  version of statement regarding the , which is signed by a total of 17 exchanges. BTCChina also reiterate its position through Chinese weibo :

1. BTCChina and BTCC support onchain scaling.
2. BTCChina and BTCC doesn’t support two kinds of Bitcoin resulted from consensus-breaking implementation.

“However, none of the undersigned can list BTU unless we can run both chains independently without incident. Consequently, we insist that the Bitcoin Unlimited community (or any other consensus breaking implementation) build in strong two-way replay protection. Failure to do so will impede our ability to preserve BTU for customers and will either delay or outright preclude the listing of BTU.”

btcc 1

Yunbi released a formal statement on the exchange’s position on possible hard fork

“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.”

Yunbi details the likelihood of hardfork and corresponding measures.

“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. 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.”

The Yunbi statement was interpreted as a “neutral standing” and therefore assured by some commentators on weibo.

Two of the “Big Three” exchanges, OKCoin, Huobi are not among the 17 exchanges that signed the statement released by BTCC.
Star Xu, founder of OKCoin, told 8btc:

If there is a fork, we will support both coins. We don’t have preference.

When asked the same question, Huobi told 8btc that

“We are still assessing the situation and no formal statement yet.”

Obviously exchanges prioritize tasks differently. To comply with regulatory requirement is more imminent than dealing with the potential split or fork for the big exchanges.

Haobtc, recently rebranded as Bixin, will stick to the “one bitcoin only” policy and always follow the longest blockchain with 90% hashrate. The statement https://bixin.com/post/bixin321/ was released later today, in which three arguments were given to explain that the situation happens to Ethereum might not be applicable to Bitcoin after hard fork.

1. Minority blockchain cannot survive difficulty adjustment period.
2. Minority blockchain cannot handle network transaction.
3. 51% attack. It’s the most vulnerable part of minority blockchain.

 

COMMENTS(8)

  • hl5460
    9 months ago hl5460

    The recent downfall of Bitcoin price was attributed to the potential split or hardfork of Bitcoin, as reported by some mainstream financial media like 36kr  and Sina in China. Aside from the lobbying of mining pools, support of exchanges is of critical importance. Although ETC was first traded on Bitsquare, Poloniex was actually the one that resurrects Ethereum Classic with abundant liquidity in the Ethereum hardfork 2016.So far BTCC and Yunbi have released formal statement regarding the potential fork of Bitcoin network. OKCoin will support both coins if there is a split. Huobi is still studying the situation.Bixin, aka haobtc,  will stick to the “one bitcoin only” policy and always follow the longest blockchain with 90% hashrate.http://news.8btc.com/okcoin-to-support-both-coins-and-bixin-sticks-to-one-bitcoin-only

  • NorrisK
    9 months ago NorrisK

    Even one big exchange supporting both coins will lead to the same situation as with ethereum and classic. Chaos and profit taking around the board. Traders will love it because it is very likely that the sum of both coins will be bigger than the value of the original coins. I’m not a fan of this, but I guess the exchanges dominate what happens in the end. I see no way to get around this in case a fork does occcur.

  • hl5460
    9 months ago hl5460

    Quote from: NorrisK on March 21, 2017, 11:02:37 AM
    Even one big exchange supporting both coins will lead to the same situation as with ethereum and classic. Chaos and profit taking around the board. Traders will love it because it is very likely that the sum of both coins will be bigger than the value of the original coins. I’m not a fan of this, but I guess the exchanges dominate what happens in the end. I see no way to get around this in case a fork does occcur.

    Bitcoin might not fork like ethereum.

  • JanpriX
    9 months ago JanpriX

    Quote from: hl5460 on March 21, 2017, 10:36:12 AM
    The recent downfall of Bitcoin price was attributed to the potential split or hardfork of Bitcoin, as reported by some mainstream financial media like 36kr  and Sina in China. Aside from the lobbying of mining pools, support of exchanges is of critical importance. Although ETC was first traded on Bitsquare, Poloniex was actually the one that resurrects Ethereum Classic with abundant liquidity in the Ethereum hardfork 2016.So far BTCC and Yunbi have released formal statement regarding the potential fork of Bitcoin network. OKCoin will support both coins if there is a split. Huobi is still studying the situation.Bixin, aka haobtc,  will stick to the “one bitcoin only” policy and always follow the longest blockchain with 90% hashrate.http://news.8btc.com/okcoin-to-support-both-coins-and-bixin-sticks-to-one-bitcoin-only

    This is just an additional information. I got a notification from Bitfinex that they are having a test run (though test run is not the word that they used) in their exchange to have BTC and BTU, as a contingency plan if BTC will be going for a hard fork. I logged in to my account and already saw that some of the people there are already trading those, I must say, “tokens”. On the other hand, I emailed the devs of “Bitcoin Wallet” (an android wallet app) and asked about their plans if there will be any hard fork and this is their answer:Bitcoin Wallet always follows the chain with the most “proof of work”(aka “the longest chain”). What happens to your coins depends on thespecific rules of the fork.

  • LeChatNoir
    9 months ago LeChatNoir

    What about futures contracts at okcoin?How will they settle in a coin split event?

  • andrei56
    9 months ago andrei56

    Quote from: hl5460 on March 21, 2017, 10:36:12 AM
    The recent downfall of Bitcoin price was attributed to the potential split or hardfork of Bitcoin, as reported by some mainstream financial media like 36kr  and Sina in China. Aside from the lobbying of mining pools, support of exchanges is of critical importance. Although ETC was first traded on Bitsquare, Poloniex was actually the one that resurrects Ethereum Classic with abundant liquidity in the Ethereum hardfork 2016.So far BTCC and Yunbi have released formal statement regarding the potential fork of Bitcoin network. OKCoin will support both coins if there is a split. Huobi is still studying the situation.Bixin, aka haobtc,  will stick to the “one bitcoin only” policy and always follow the longest blockchain with 90% hashrate.http://news.8btc.com/okcoin-to-support-both-coins-and-bixin-sticks-to-one-bitcoin-only
    It seems the exchanges are preparing for the possibility the fork is not a rumor and instead  they treat it as almost a certainty, even if it does not happen I like the fact they are being cautious about it.

  • hl5460
    9 months ago hl5460

    Quote from: LeChatNoir on March 22, 2017, 06:12:55 PM
    What about futures contracts at okcoin?How will they settle in a coin split event?

    Uncertain about the futures contract, might be against the regulations.

  • pooya87
    9 months ago pooya87

    the fork is not going to happen and even if it does it is highly unlikely to see two chains. and in case it happened all the exchanges will list both of them and any of them who says otherwise is full of it because they look for money and having another market means more money for them, nobody hates that.

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