Bitcoin Forum

Hi there!


Are there any official Announcements of Exchanges regarding giving bitcoin holders 'their BitcoinCash' or just keeping it for themselves?

I sent a question to bitstamp support :)

they have to give users both coins. anything else would be plain theft.

Hi there!


Are there any official Announcements of Exchanges regarding giving bitcoin holders 'their BitcoinCash' or just keeping it for themselves?

I sent a question to bitstamp support :)

coinbase are already thieves then.

there's a lot of administration involved so i don't see why anyone's obligated to do it. if people want them then they should be withdrawing. it's clear enough.

forks and updates are part of the exchange buisness that is why they have the duty to give you both coins.

the only way i could agree to your argument is that the tech guys of the exchange are too stupid to manage the fork and tell their customer in advance that they should withdraw balances.

more like too lazy and potentially unwilling to endorse something they want nothing to do with. and if they tell people in advance then i still don't see what the problem is.

they have to give users both coins. anything else would be plain theft.

here you have Bittrex statement:
https://support.bittrex.com/hc/en-us/articles/115000761392
 

more like too lazy and potentially unwilling to endorse something they want nothing to do with. and if they tell people in advance then i still don't see what the problem is.

This was probably not best way ever, but i asked bitstamp support being logged in:

---
are these true:

1. On 1. August this could happen:
Next to bitcoin an altcoin 'bitcoin cash' is generated.

2. Everybody who owns bitcoin then will also own the same amount of 'bitcoin cash'

3. If you have bitcoin lieing on bitstamp, then bitstamp does not give you 'your' 'bitcoin cash coins' but keeps it for themselves

Thanks!
---

And i got:
---
Dear

thank you for your request.

Unfortunately I am unable to advise you on the matter. I kindly ask you to keep an eye out for any official statement from our side on the topic of your inquiry.

Should you have other questions, feel free to ask.

Best regards,
---



So, i guess that is a 'we will keep it'

Hi there!


Are there any official Announcements of Exchanges regarding giving bitcoin holders 'their BitcoinCash' or just keeping it for themselves?

I sent a question to bitstamp support :)

There are a lot of things that exchanges could do, but don't do.  If people had addresses that would have gained CLAM, then they exchanges could have given them out. They could link wallets to Byteball and give out those too. There are lots of airdrops and now we will have a forked alt coin too.

I think the safest bet for an exchange is to say that they won't give out any of the 'bonus' coins, if you want them, then you have to keep them in your wallet.

There are a lot of things that exchanges could do, but don't do.  If people had addresses that would have gained CLAM, then they exchanges could have given them out. They could link wallets to Byteball and give out those too. There are lots of airdrops and now we will have a forked alt coin too.

I think the safest bet for an exchange is to say that they won't give out any of the 'bonus' coins, if you want them, then you have to keep them in your wallet.

that has nothing to do with bitcoin cash and their hard fork.
this bittrex support article is explaining their actions regarding BIP91 and the period that SegWit is being activated and blocks not signaling for BIP91 be rejected by miners and orphaned.

Bitcoin Hard Fork: Our Position
27 JUL 2017

We would like to take this opportunity to let our customers know our plans for the upcoming weeks as we navigate any potential disruptions on the Bitcoin (BTC) network. As always, our focus will continue to be on the safety of our customers and their funds.

In the event of a User Activated Hard Fork (UAHF) on 1 August or thereafter, it is important to clarify that Bitstamp would not be in a position to support Bitcoin Cash (BCC), the coin associated with the Bitcoin Cash proposal. In Bitstamp’s view, BCC is an alt-coin and the decision to list BCC tokens remains at our sole discretion at all times.

If Bitstamp chooses to list BCC, we would decide at our own discretion on what course of action to take with balances deriving from the hard fork. BCC would also be subject to the same due diligence processes as for any other alt-coin, which requires time and careful planning. For this reason, Bitstamp is not in a position to support BCC, nor will Bitstamp be liable for any BCC sent to Bitstamp.

As always, the safety of our customers’ funds remains our number one priority. To this end, as a security precaution, we will be disabling bitcoin deposits and withdrawals on 31 July 2017 at 23:00 hrs UTC to ensure that all BTC funds stored at Bitstamp remain secure. Trading will remain unaffected throughout. Deposits and withdrawals will be resumed only when we deem it safe and prudent to do so.

We will leave it to our customers to decide whether to withdraw their BTC funds from Bitstamp prior to this cut-off date if they would like to access BCC or any other hard fork, and Bitstamp shall not be held liable for any consequences of that decision, from neither a financial, operational nor regulatory standpoint.

To be clear, Bitstamp has no favoured outcome to the resolution of the bitcoin scaling issue. Our sole focus is on our customers and their best interests. As such, we are continuing to monitor developments closely. Please check our Twitter feed, Facebook page and website for the latest news, updates and developments.

Best,
The Bitstamp team

Bitcoin Cash (BCH) Token Distribution
July 27, 2017

A minority of Bitcoin miners will be forking on August 1st, 2017 to create a new chain called Bitcoin Cash. The fork does not impact Bitcoin balances, but it creates a new token. At the time of the fork, all Bitcoin addresses holding a balance will automatically have equivalent balances in Bitcoin Cash.

There has been a variety of responses by the community about how to handle this new token. After a significant show of interest from our customers, we have decided to take steps to facilitate the distribution of Bitcoin Cash balances to those holding a settled Bitcoin balance on Bitfinex. We may also list markets for this new token, but that decision will be made after the fork event.

Although we see this token referred to as BCC on other platforms, unfortunately, that ticker symbol is already in use on our platform by the chain-split token representing Bitcoin Core. As such, we plan to use BCH as the ticker symbol and “Bcash” as the descriptive name to avoid confusion with Bitcoin.

Although several months ago, we developed a methodology for handling contentious hardforks, we will be applying a different methodology for what we regard as a spurious forking of the Bitcoin project with little mining support. Although we have not supported such Bitcoin UTXO-based distributions in the past (Stellar Lumens, Clams, etc.), we will support the distribution of Bitcoin Cash due to significant customer interest.

Distribution Policy

BCH will be distributed to settled bitcoin wallet balances as of the UTC timestamp of the first forking block, which is expected to occur on August 1st, 2017.

The token distribution methodology will be:

    All BTC wallet balances will receive BCH
    Margin longs in BTC/USD and margin shorts in XXX/BTC will not receive BCH
    Margin shorts in BTC/USD and margin longs in XXX/BTC will not pay BCH
    BTC Lenders will receive BCH

Due to the net amount of BTC committed in margin positions at the time of the fork, the above methodology may result in Bitfinex seeing a surplus or deficit of BCH. As such, we will be resolving this discrepancy in the form of a socialized distribution coefficient. For example, currently, there are more longs than shorts on the platform, causing a distribution coefficient of ~1.091 (Meaning that for each qualifying BTC a user will receive 1.091 BCH). The actual coefficient will be calculated at the moment of the distribution. Please note that if there are more shorts than longs at the fork event, this coefficient will be less than one. This coefficient can be roughly computed from publicly available information from our API (longs & shorts) and the Blockchain (cold storage).

We recognize that this model is not perfect, but given the short time frames imposed upon us, better choices are not available. It would be an undue burden to create negative BCH balances for BTC/USD shorts and XXX/BTC longs. Furthermore, lenders may be locked in for up to 30 days and would be adversely impacted. In the end, we believe that this solution creates the least amount of disruption and facilitates a timely distribution of BCH.

Margin longs who wish to receive BCH should consider either claiming some or all of their position or exchanging and holding BTC collateral in their margin wallet as opposed to other assets. We hope to make withdrawals available soon after the fork, assuming everything is fine with the BCH blockchain.

Once again we want to reassure our customers that your bitcoin is safe and this event will not affect your bitcoin balances, positions, or loans - you will simply be receiving an additional token balance based upon the aforementioned methodology.

Due to the net amount of BTC committed in margin positions at the time of the fork, the above methodology may result in Bitfinex seeing a surplus or deficit of BCH. As such, we will be resolving this discrepancy in the form of a socialized distribution coefficient. For example, currently, there are more longs than shorts on the platform, causing a distribution coefficient of ~1.091 (Meaning that for each qualifying BTC a user will receive 1.091 BCH). The actual coefficient will be calculated at the moment of the distribution. Please note that if there are more shorts than longs at the fork event, this coefficient will be less than one. This coefficient can be roughly computed from publicly available information from our API (longs & shorts) and the Blockchain (cold storage).

http://hackingdistributed.com/2017/07/29/bitcoin-impending-accounting-disaster/

that sounds bad

basically bitfin giving people who shorted btc also bitcoin cash


but actually what he is talking about cannot happen i guess because bitfinex writes:


-> it means i get less bitcoin cash for my bitcoin
because now everyone and his dog shorts, to get more bch

oh my

Btc deps/wds will be disabled in 14-15 hrs.
BCC balances will be added to accounts (same as BTC balance).

Bitcoin Cash [BCC] trade is open: https://yobit.net/en/trade/BCC/BTC …
BCC added to users balances. BTC deps/wds are disabled now.

https://www.coindesk.com/bitcoin-cash-101-need-know-tomorrows-fork/

Coindesk says electrum does not support bcc
That is wrong, isn't it?

I think this was also posted somewhere else on reddit. Sorry don't know who to give credit to.
'Before 1st August You should have BTC in Electrum wallet (Wallet A).
After 1st August Install another Electrum Wallet (Wallet B).
Move all BTC from Wallet A to Wallet B. Wallet A should be empty of BTC, but there should be hidden BCC inside it.
Export seed of Wallet A
Install any BCC wallet (Wallet C).
Import seed of Wallet A into Wallet C. Wallet C should now have BCC amount equivalent to BTC in Wallet B.
From now on, use Wallet B and Wallet C independently.'