BitMEX is one of largest margin trading services with no ID verification that i have been trading and suggesting here since long time.
They said they dont honor any forks but due to BCH getting its place in crypto-sphere and good prices they did exception, took their stash, dumped and paid to users eligible today.
To verify if you got coins after logging in click "account". Then you will see it as "Transfer" from today.
BitMEX Markets
Keep in mind their competitor SimpleFX gave actually BCH away and you can deposits and withdrawal those too.
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@kingscrown - while given that BCH had considerably corrected in recent days, it was rather unethical of BitMex to sell off what their users held without their consent. I certainly would never trust an exchange like that which would take decisions without my consent.
I disagree. If the customer has the theoretical possibility to withdraw the BTC compensated and buy BCH for it, then the customer bears no harm for it. Except that the BCH/BTC-ratio may grow significantly during the time from the exchange starts dumping until the customer can withdraw BTC, and except that the costs and fees on moving the bitcoin funds and trading it on another exchange can be significant.
Anyway, the exchanges basically has five options on how to deal with forks:
The latter is the only truly unethical option, as I see it.
Certainly they didn't have the BCH to begin with because they didn't have all the BTC that they SOLD. (Fractional Reserve Crypto and part of their business plan - CoinBase too) They are exposed by their actions. It happens. When we are caught cheating our friends and clients we have egg on our face and it is embarrassing for everyone. The only thing to do at that point is admit it and try determinedly to earn their trust back.
Remember Hanlon's razor and all that ... but it's not even needed to include "stupidity" in the equation, it's perfectly reasonable that it takes time and resources to move tons of liquidity from cold storage to the exchanges.
Excellent point, and thanks for Hanlon's razor.
In this case, the most sensible thing for them would be to include BCH in their trading platform and yield the BCH to the customers there. Most likely many customers wouldn't withdraw it.
Seems equally valid.
The actual truth of the matter is beyond my pay grade. The only thing I might add is the observation that when, due to circumstances, we find we have neglected, shortchanged or actually cheated our friends and clients in the marketplace we have to earn their trust back one step at a time. But when we govern we are not usually held accountable for our actions and the neglect, injustice and hypocrisy can reach astronomical proportions. When corrected early by the Invisible Hand, a tiny spark cannot become a devastating blaze.
Coinbase did the same thing with BCH holding it for 6 months.
I think if BTC is going to become more useful, the name has to be taken away from the Bitcoin Foundation. Simply put: When you fork, keep calling yourself Bitcoin and let the world decide who is right. At the moment, miners have control due to fee structures and POW. That can change in a fork and improve on the structure to return power to the people.
I agree that the miners are the people, just not all of them. The other side of that is the users and HODLers. And the current structure of BTC mining gives an incentive to combine efforts into large, centralized mining pools which not only creates points of failure in the network but also gives undue power to a few people regarding what fees to accept when processing a block.
The miners are the people. Though some people can afford to mine more than others, the power is still in the people.
THE MINERS ARE THE PEOPLE!
Perhaps the market price of BCH will appreciate now that their sell-off is completed.
How would that lead to appreciation? Bittrex was holding that position. Now the users can dump BCH. Help me understand your take.
Bittrex users? Their BCH has already been dumped, and they have been credited with BTC equivalent of the value of BCH. That's fair game, one way out of four to handle such a fork (the other three being to ignore the fork, credit the user with their BCH and to sell the BCH without crediting the users. The latter can arguably be classified as "theft")
Many "smallblockers" were dumping their BCH right after the fork. Bittrex was holding quite much BCH and has been quite late in the game dumping it. Their dumping of BCH has for sure caused quite much supply of BCH in the market. Price goes down with supply and up with demand - if the demand is constant and Bittrex stops dumping BCH, of course that will push the price of the BCH upwards.
I'm fairly bad at predicting the future, of course there are many other things influencing the market price, of course the assumption that the demand will stay constant is just an assumption. I wouldn't be surprised if the price will continue slumping.
I half expect most of these places to shut down and steal all my money, so that's awesome
nice one! keep it up!
Ooops, never knew about this exchange. Glad i get to know about from you. Will surely check it out. Thanks for the info.
Good! more exchanges should follow this example!
Kraken is locked up tighter than a clam's asshole, no one is getting in, they are trying to storm the door holding wads of cash...
Lets have our exchange completely ignore the 4th largest cryptocurrency by market cap. Sounds like they run a real tight ship.
Very unprofessional of BitMEX to force this politically-motivated decision on their users. When did BitMEX management decide that every single client doesn't want their BCH coins?? Did they take a survey or what?
I'd say its a business descision if they dont anticipate a futures maket for Bitcoin cash right? has anyone created any Bitcoin Cash derivatives? and also who knows they havent been thinking about looking into Bitcoin cash derivatives in the future? What is the political motivation? Just trying to see both sides here.
I've always said that BCH is over hyped. If Bitcoin has a problem is leaving the family better than finding the problem of the root? They made a huge mistake and I see BCH plunging down into rivers soon if they don't attend to their mining issues.
I prefer BCH much more than BTC and I hope it will soon dethrone King Bitcoin as the principal crypto currency.
Over the weekend, I made 2 purchases, one with BTC and one with BCH. The Bitcoin transaction cost me $40.00+ in transaction fees and took 6 hours for confirmation. The BCH transaction cost me $0.03.
Enuff said.
Given enough time, BCH will have the same issue with blockk sizes filling up. Added to this, if you know how blockchains work well enough you will know that bigger block sizes lead to centralization with the people with the most powerful computer nodes having more control. BCH really did take the easier way out by increasing the block size. Look into segwit and segwit wallets, this should help you out with the transactions. Food for thought.
The hard coded block size limit is 32 MB in Bitcoin Cash. This may prove to be an issue at some point in the future - and exponential growth of the block chain may indeed become an issue. At the other hand, given enough time, there are lots of optimizations on the BCH roadmap reducing the implact of bigger blocks - and if Lightning really does prove to work out, there is no problem to roll it out on Bitcoin Cash, too.
what a pile of bullcrap.
hahaha. Ignorance really is bliss. whatever makes you sleep at night my friend.
I am not even going to try to move my remaining BTC. I fear the last amounts of BTC that I have will become dust and will one day just be a way to get airdrops for new altcoins.
I wonder if these BCH lows are more sustainable being caused by real selling of BCH on to the market..
In general, if you have lots of "dust" in one wallet, it may be smart to try to consolidate it into one UTXO - that is, send everything in the wallet to yourself with the lowest possible fee.
If the wallet does not support transactions with artificially low transaction fees and RBF, it may be smart to export the wallet seed (or private keys) into a wallet supporting it, i.e. electrum. Try to send with 72 satoshi/byte in transaction fee - there is a non-zero chance that the transaction will go through during the weekend or the next.
You will not lose the "airdrop"-quality of bitcoins even if you have stuck unconfirmed transactions.
Yes, but fees are falling now. I think bitcoiners are more accepting of altcoins now. We can use the bitcoin blockchain for buying houses and new cars.
They Both as in, together eat away at central banking’s authority, right?
Cool, just checkin. 😉
The hard coded block size limit is 32 MB in Bitcoin Cash. This may prove to be an issue at some point in the future - and exponential growth of the block chain may indeed become an issue. At the other hand, given enough time, there are lots of optimizations on the BCH roadmap making the implact of bigger blocks - and if Lightning really does prove to work out, there is no problem to roll it out on Bitcoin Cash, too.
edit: sorry, this reply ended up on the wrong place in the thread. Will try to repost it.
Feel free to accidentally upvote me any time, looks just like a real one! Haha. Stop by, you might like what you see.
Right ✔
the problem with bitcoin-core is that it doesnt want to solve its problems. Raising the block size is something they could do at any moment... If they wanted to still go with lightning network, they could do both... But they dont.
Blockstream wants bitcoin core to be broken so they have an excuse to centralize it through lightning hubs.
Correct and Ripple will now eat their lunch. Beware of Banker takeover.
Its not decentralised, the banks can keep Ripple if it helps them sleep at night.
Do you mean you wouldn't mind if Ripple becomes the new Reserve Currency and The Gold to broken BTC's fools gold?
I'm saying that I don't care what happens to Ripple as it is not a decentralised currency nor is it actually crypto currency. Its just another gimmick that they can get excited about. Ripple labs own about 80% odd and can place into the market whenever they like.
Segwit 2x is a mojor challenge, politically (worth researching) and technically, not just as simple as changing "1" to "8" in the codebase, and 2x itself ain't good solution either (still back to the blocksize)
Both of the solutions come with challengers that really need careful consideration.
Not a good argument. It's not about finding solutions, it's about agreeing to theses solutions (temporary and permanent). Take for example, segwit 2X fork which almost happened. It was simply an upgrade to 2mb while the lighting network is being worked on. This the community could not agree on. Now Bitcoin fees are extremely high while other blockchains are scaling nicely.
Agreed! It was a huge fight over nothing. Would of been a short term solution till lightening
It was a huge (and successful) resistance for nothing, I'd say.
With SegWit2X activated, we probably wouldn't have had such congestion issues on the blockchain. Probably the average transaction fees for sending bitcoins would still have been a bit too high for coffee-sized-transactions, but it's a great difference between "high" and "insanely high". Probably there would have been sufficient idle capacity that "stuck transactions" wouldn't have been a problem. There would have been enough on-chain capacity to allow for lightning channels to be established and closed. And the roadmap would still be the same, with Lightning hailed as the scaling solution. Bitcoin would probably have remained strong, dominating the total crypto market cap (today it's below 40%). Had SegWit2X become reality, Bitcoin Cash would have gained much less traction.
Flipsides? I see two:
well written, good information. I recently posted a reply to someone who was complaining about the slow transaction fees, I asked him for the tx id, and what will i do with it, turns out they had no idea of the existance of the ledger and blockchain.info. I showed the details and the low fee they opted to pay. I didn't get as little as an upvote for providing some insight, but just more complaints about the fees in general. I am definately upvoting people with good information.
Good points!
I thought that Segwit 2X had already been passed. The lighting patch is still in test
I blogged about it earlier: https://steemit.com/bitcoin/@doctorvee/successful-lightning-bitcoin-transaction-test
Segwit was pushed through but segwit 2x was not
If you're not 100% sure about Segwit2x, I don't understand why you are 100% sure about the misguided conclusions in your original comment.
Segwit 2x recently just become a failed fork.
Nice post, beautifully presented and explained. detail oriented with nice pics. thank you for sharing this with us, Upvoted
Check my latest post in my blog @kingjan
can i get some upvotes for no reason
Good Bitmex BCH info thanks
happy new yeae my friend best wishes for you.
I wont go near anything Bitcoin, they are now too heavily manipulated. BCH could easily dip back to $1000 or less or be speculated up to 10k. who fucking knows. I'd suggest looking for underpriced alts with good use cases and leave bitcoin to the whales and the noobs
Even if you were still supporting Bitcoin, the growth potential is now certainly much lower, and a number of the newer altcoins hold more promise.
Dont leave Bitcoins to the noobs, at least not noobs. 😥
So they dumped Bcash?
You mean they really dumped Bcash?
Wait a minute, what will happen to Bcash now?
price run panic sell ;) haha only joking
If Bcash gets dumped, literally means it could fall and drop in value, things like this influence the prices on cryptos especially Bitmex being one of the most largest trading services.
a dump followed by a boom as BCH wont be manipulated by exchanges dumping anymore
Am I understanding that correctly, you’re only getting .17 to 1 instead of 1:1?
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.
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.
That's great news - Its good to see that there are honest people that are loyal to their users and give them what is theirs, when they could keep it all to themselves and no one could do anything about it :/
and with the market prices surging down - it would have been a good thing if they sold it all and gave them cash instead:)
thanks for the update!
They weren't exactly honest otherwise they would have given their users the BCH due to them. They instead sold BCH at their determined exchange rate and credited the equivalent BTC amount to their users.
Well, you have made a good point. I checked and they do have BCH trading at their platform so it's not so fair. but at least they gave them their money in BTC and that's better than nothing.
Good one, very informative, keep it up you won my vote
Very helpful information I became interested in this opportunity. Make me curious and want to be involved to be able to enjoy the benefits.
Thank you for the information you provided
great news for cryptoxurrencey thank you good information
Hello @kingscrown
Its very informative blog sharing for steemian community. They get update from your article. I really appreciated and good work on crypto market.
Keep sharing and resteem
Bitmex is so great :-)
Everyone should do this, we should be given a part of the profits that we are using. @kingscrown
Nice
Excellent Job sir.Nice information.Your news is very imporyant to us.I can know something about BTcoin on your post....Thanks
Resteemed
That was a good move on their part in my opinion! A lot of their users should be happy about this! I haven't used BitMex, but it sounds like people should look into it since there is no verification of identification!
It was wrong pf BitMex to withhold the property of their customers. That's centalism at its finest.
You are correct. They should have never held it in the first place!
Value information, thanks
👍👍👍
Thanks for the Info :)
Good job. Very well explained
Well I guess that is one way to get your alt coin value. All these forks and so few places allow you to sit your coins in there to get access to them. Im still waiting to get access to a number of my BCH
I want bitcoin's rate to be always above because it is very important for our steemit members
Could you explain please?
Great analysis i am using bitcoin but now i will think about bch
Great post, thanks for the awesome post
Too bad they did it now and not at $300 ;)
Atleast BitMex paid all of their users. I really don't understand why they create so many forks of bitcoin blockchain instead of perfecting the main blockchain issues, this only confuses new users more and more.
Between has anyone used exodus windows desktop app for wallets? Also can I buy ethereum/bitcoin from coinmama.com once I have verified my account with credit card?
Awesome Post 👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻
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This coin is tight
It is worth great mine to observe the system properly before making commitment!
BCH = Lol
BTC=Ponzi
On one hand I respect that BitMEX actually credited their customers. On the other, I'm surprised more BCH fans aren't complaining about this.
I guess they assume customers will just buy BCH with their credits if they want to own some.
That's why you can't expect centralized exchanges to make decentralized operations ;). Given this, as long as clients agree on their policies...well, they can't get upset
I think its horrible the split generated a 1:1 ratio weather they support the coin or not they still made a huge profit once the split happned and for them to decide to give their members that little is horrible they better come up with some advancements in their site and better servers bandwith whatever because exchanges make a Fk Ton after splits if they know what their doing,. you sither support the split or you dont. take slush pool for example they are on ly a mining pool but they have alot of coins in their wallets that generated bch at the split so they also made a pretty penny now imagine an exchange where people use them as their bank to make trades they made alot and not giving their members a 1:1 is stealing flat out . follow me for more real truth in crypto
BCH. Bcash. LOL.
Man, that is the shittiest of the shitcoins. Nice profits for those who procrastinated.