[2017-07-19]Most Chinese Bitcoin Exchanges Announce Pre-plan for Potential Fork

[hl5460]

All major Chinese Bitcoin exchanges announce pre-plan for the potential fork of the multi-billion dollar network. Most will suspend Bitcoin withdrawal and deposit around the potential forking time and promise to distribute forked assets to users if there is any. Users are advised not to send or receive BTC around 1 August. Some exchange may even rollback trading data in extreme cases.
Debate for bitcoin scaling has been brewing since 2013, when the topic was officially raised by the development team raised during the bubble. The network congestion reached its peak in Q1 and Q2 2017 while most community members have picked their side between “Segwit” and “Bitcoin Unlimited”. Situation has changed dramatically after the New York conference, where most mining pools agree to launch the “Segwitx2”, or “Segwit first, 2M later” scaling proposal.
According to BTC.com, almost all mining pools are signalling support for “NYA” and 80% for “Segwitx2” at press time, which is in line with BTCC’s announcement:




http://news.8btc.com/most-chinese-bitcoin-exchanges-announce-pre-plan-for-potential-fork

[1Referee]

I seriously hate it whenever exchanges plan to *potentionally* reverse trades if things don't go according to their plan. If things are about to get serious, and they don't think they will have everything in full control, then just halt trading temporarily. Reversing trades is a shameful practice. That being said, I like how Huobi explicitly states that people will be given full access to every alt as result of a chain split. I think every exchange should be doing this, but obviously, the motives of the exchanges not doing so are clear. And as expected, BIP91 signalling has gone over the 80% level, but not yet (according to coin.dance/blocks) in a stable manner to keep it above 80%. Give it a day or two, and it won't drop below 80% anymore.

[hl5460]

I seriously hate it whenever exchanges plan to *potentionally* reverse trades if things don't go according to their plan. If things are about to get serious, and they don't think they will have everything in full control, then just halt trading temporarily. Reversing trades is a shameful practice. That being said, I like how Huobi explicitly states that people will be given full access to every alt as result of a chain split. I think every exchange should be doing this, but obviously, the motives of the exchanges not doing so are clear. And as expected, BIP91 signalling has gone over the 80% level, but not yet (according to coin.dance/blocks) in a stable manner to keep it above 80%. Give it a day or two, and it won't drop below 80% anymore.

It's up to the exchange to rollback trades. It's up to you to choose which exchange to trade.