The strange thing is people celebrate this, unbelievable! :) What is going to happen if BCH climbs to 0.5 or 1:1 or even 2:1 and you lose money due to your right of choice being taken away from you! Something doesn't smell right to me.
It seems Bitmex are not supporting Bitcoin Cash. All they did was sell the Bitcoin Cash which users are entitled to and gave them an equivalent of Bitcoins in exchange at a ratio 0.17 to 1. In reality, they did not give any BCH to their users. I do not consider this fair. All this time they were holding their users BCH. Not cool! We need decentralized exchanges.
Most likely they are practicing fractional reserve cryptocurrency and never actually had all the BTC they had sold to people. So the exchange never received the BCH to begin with so they settled in cash to the detriment of their clients. They are exposed by this maneuver not exalted. (same thing happened to CoinBase) LETS HOPE THAT WHEN YOU CHEAT AT CRYPTOS YOU GET EXPOSED.
I doubt this was the case, you can always look up blockchain.info if you wanted to see the BTC they received prior to the snaphot, although admittedly that wouldnt be a pleasant task, but achiveable nonetheless, thats the blockchain prevent the fractional reserve aspect. There is no way Bitmex would risk that. All users were instructed what they needed to do prior to the snapshot, so in essence, Bitmex is going out of thier way to honour the owners of the BTC. Thats my take anyway.
I dont understand the concept of favoring owners of BTC, its in their interest to do what they can to keep exsiting customers happy, you could argue that they are"favouring" Crypto currency holders (Hodlers ;-)).
Hard forks are no guarantees that any existing holder will get a forked off token if they themselves don't do any due diligence or even make an attempt to claim the token.
In my opinion, as any smart business would do, they would try to please thier customers to survive. If you were a btc holder pre-fork, you were by default a future BCH owner.
If you didn' do what was recomended and move your BTC to a personal offline wallet prior to the snapshot, then I'm afraid there is no one else to blame. What would you call an exchange that didnt
do anything after the fork and left it totally up the the crypto holders to do what they needed to do if they needed to claim thier BCH token? Most exchanges advised that they would not be supporting the BCH claiming or listing of BCH
post Aug 1.
Pardon my ignorace again but how can you fractional reserve a proof of work based decentralised cryto currency? Just no sure what you mean? do you mean some sort of lending of fiat ( which you can frantional reserve) currency tethered to BTC? if thats what you mean,
thats been going on for quite a while with the "tethered tokens" i.e USDT etc.
Re: "I don't understand the concept of favoring owners of BTC..."
I'm trying to understand that point of view. You seem to take it as a foregone conclusion that B-Core is the true Bitcoin. Yes, that idea has been heavily promoted and the counterpoint position deliberately (and unscrupulously) suppressed. But the facts of the matter beg to differ. Perhaps you don't agree BlockStream et all have been trying to destroy BTC? And that the BCH fork is an attempt to save it?
And it is the EXCHANGES that are practicing fractional reserve crypto by not purchasing all the tokens they sell. They are just data entries on the exchange. Capiche.
I neither agree or disagree, I'm playing devils advocate to you comments. Do you have any evidence to your comments?
re: " Perhaps you don't agree BlockStream et all have been trying to destroy BTC? And that the BCH fork is an attempt to save it?"
yes I have heard this and its good to have conspiracy theories. Jeff Berwick is convinced that Blockstream is run by the banking cartel etc..reason for this? it's because, impplementing segwit is a stpe closer for lightening network, wich can create a hub and spoke network, and may cause centralisation, but there really isn't any hard evidence to any conspriracy theories that banking orgniasations or the illuminati thought about that long ago in an attempt to centralise, to me thats all they are conspiracy thoeries . To counter this, increasing block size that bch has done also can more easily lead to centralisation by reducing POW rewards and just favour powerful nodes. Question for you, where is the segwit adoption? and who usues it, once you answer that to yourself then ask how far and how well the BTC destruction is going. Also ask yourself if BTC is destroying itself with or with out segwit. Anyway, thats my two cents, like i said it is healthy to have a conspitacy theory. You stand on the fence and do not support either, but less likey support the increase in blocksize purely based on that its not innovative..
As you said @deang that this is the CURRENT value and there is an assumption here that everybody accepts to get it in BTC which is not correct and probably there is a bigger game here. So even the ratio goes to .3, you lose and BITMEX profits(assuming they keep it, at least partially) huge amounts considering the number of tokens involved and considering we are in BTC bear market. Really smells something bad here!
Agreed. I think it's partiality, favoritism and even demagoguery in favor of B-Core. It's the old corporate culture of play to win at all costs with no regard for truth or fair play. But under the new 21st Century paradigm Truth will tend to win over falsehood.
The strange thing is people celebrate this, unbelievable! :) What is going to happen if BCH climbs to 0.5 or 1:1 or even 2:1 and you lose money due to your right of choice being taken away from you! Something doesn't smell right to me.
It seems Bitmex are not supporting Bitcoin Cash. All they did was sell the Bitcoin Cash which users are entitled to and gave them an equivalent of Bitcoins in exchange at a ratio 0.17 to 1. In reality, they did not give any BCH to their users. I do not consider this fair. All this time they were holding their users BCH. Not cool! We need decentralized exchanges.
Most likely they are practicing fractional reserve cryptocurrency and never actually had all the BTC they had sold to people. So the exchange never received the BCH to begin with so they settled in cash to the detriment of their clients. They are exposed by this maneuver not exalted. (same thing happened to CoinBase) LETS HOPE THAT WHEN YOU CHEAT AT CRYPTOS YOU GET EXPOSED.
I doubt this was the case, you can always look up blockchain.info if you wanted to see the BTC they received prior to the snaphot, although admittedly that wouldnt be a pleasant task, but achiveable nonetheless, thats the blockchain prevent the fractional reserve aspect. There is no way Bitmex would risk that. All users were instructed what they needed to do prior to the snapshot, so in essence, Bitmex is going out of thier way to honour the owners of the BTC. Thats my take anyway.
Yes but you mean FAVOR the owners of BTC.
Coinbase also had the same (fractional reserve) "business plan," the reason they told us in advance they would not cover.
I dont understand the concept of favoring owners of BTC, its in their interest to do what they can to keep exsiting customers happy, you could argue that they are"favouring" Crypto currency holders (Hodlers ;-)).
Hard forks are no guarantees that any existing holder will get a forked off token if they themselves don't do any due diligence or even make an attempt to claim the token.
In my opinion, as any smart business would do, they would try to please thier customers to survive. If you were a btc holder pre-fork, you were by default a future BCH owner.
If you didn' do what was recomended and move your BTC to a personal offline wallet prior to the snapshot, then I'm afraid there is no one else to blame. What would you call an exchange that didnt
do anything after the fork and left it totally up the the crypto holders to do what they needed to do if they needed to claim thier BCH token? Most exchanges advised that they would not be supporting the BCH claiming or listing of BCH
post Aug 1.
Pardon my ignorace again but how can you fractional reserve a proof of work based decentralised cryto currency? Just no sure what you mean? do you mean some sort of lending of fiat ( which you can frantional reserve) currency tethered to BTC? if thats what you mean,
thats been going on for quite a while with the "tethered tokens" i.e USDT etc.
Re: "I don't understand the concept of favoring owners of BTC..."
I'm trying to understand that point of view. You seem to take it as a foregone conclusion that B-Core is the true Bitcoin. Yes, that idea has been heavily promoted and the counterpoint position deliberately (and unscrupulously) suppressed. But the facts of the matter beg to differ. Perhaps you don't agree BlockStream et all have been trying to destroy BTC? And that the BCH fork is an attempt to save it?
And it is the EXCHANGES that are practicing fractional reserve crypto by not purchasing all the tokens they sell. They are just data entries on the exchange. Capiche.
I neither agree or disagree, I'm playing devils advocate to you comments. Do you have any evidence to your comments?
re: " Perhaps you don't agree BlockStream et all have been trying to destroy BTC? And that the BCH fork is an attempt to save it?"
yes I have heard this and its good to have conspiracy theories. Jeff Berwick is convinced that Blockstream is run by the banking cartel etc..reason for this? it's because, impplementing segwit is a stpe closer for lightening network, wich can create a hub and spoke network, and may cause centralisation, but there really isn't any hard evidence to any conspriracy theories that banking orgniasations or the illuminati thought about that long ago in an attempt to centralise, to me thats all they are conspiracy thoeries . To counter this, increasing block size that bch has done also can more easily lead to centralisation by reducing POW rewards and just favour powerful nodes. Question for you, where is the segwit adoption? and who usues it, once you answer that to yourself then ask how far and how well the BTC destruction is going. Also ask yourself if BTC is destroying itself with or with out segwit. Anyway, thats my two cents, like i said it is healthy to have a conspitacy theory. You stand on the fence and do not support either, but less likey support the increase in blocksize purely based on that its not innovative..
https://www.tradingview.com/chart/BCCUSDT/d7m43D2Y-Surprise-of-the-new-year/
No. That is not correct. The users are getting .17 bitcoin for each bcash they were owed. 0.17 btc is the current value of bcash.
As you said @deang that this is the CURRENT value and there is an assumption here that everybody accepts to get it in BTC which is not correct and probably there is a bigger game here. So even the ratio goes to .3, you lose and BITMEX profits(assuming they keep it, at least partially) huge amounts considering the number of tokens involved and considering we are in BTC bear market. Really smells something bad here!
Agreed. I think it's partiality, favoritism and even demagoguery in favor of B-Core. It's the old corporate culture of play to win at all costs with no regard for truth or fair play. But under the new 21st Century paradigm Truth will tend to win over falsehood.