[2017-10-22] Two South Korean Bitcoin Exchanges Announce Hard Fork Plans

[bbc.reporter]

Coinone and Cointest of South Korea have already declared their intentions to make Segwit2x the altcoin. I hope the rest of the exchanges in that region follow soon so that we all avoid any kind of confusion on November.



Coinone’s bitcoin trading volume has recently surpassed another leading South Korean exchange, Korbit, according to Coinmarketcap. The platform has gained more popularity since it launched a physical exchange early last month. Citing the “possibility that a new virtual currency will be derived from the existing bitcoin,” the exchange wrote:

Coinone will do its best to support the creation of a new virtual currency, which is generated from a hard fork in the existing blockchain in the future, and to quickly support deposits and withdrawals.

The exchange currently ranks fourth by bitcoin trading volume in the country, according to Coinhills. However, its volume is about one-third of Korbit’s and less than a quarter of Coinone’s at the time of writing. In its announcement on Thursday, Coinnest CEO Kim Byeong-hwan said:

We have completed the technical preparations for the hard fork for the first time among the domestic exchanges.

Read in full https://news.bitcoin.com/south-korean-bitcoin-exchanges-hard-fork-plans/

[LuanX3]

This is hugely brought about by the situation with what happened with Bitcoin cash. Before bitcoin cash, a lot of exchanges did not even want to talk about bitcoin cash, but due to the huge demand from the users to give them their bitcoin cash it was eventually given to them. Well, why wouldn't the users want those free money right? It's like worth 25% of your bitcoins why would you not want it at the time?

[vit05]

I think it would be great to Bitcoin if both alt coins fail in less than one month. If this doesn't happen, more people will try fork Bitcoin and claim that they are the real deal.

Bitcoin gold is just a scam. And should be treated this way. Bitcoin 2x is an attack on the core team. This just confuses new users and make all the community look bad.

[buwaytress]

It's already an altcoin by definition... alternative cryptocurrency, as is any fork of Bitcoin. So they're just doing the logical thing =)

I think it would be great to Bitcoin if both alt coins fail in less than one month. If this doesn't happen, more people will try fork Bitcoin and claim that they are the real deal.

Bitcoin gold is just a scam. And should be treated this way. Bitcoin 2x is an attack on the core team. This just confuses new users and make all the community look bad.

They won't fail, since they will take any measure of success as objective achieved. Even Bitcoin Cash trading at 6% of Bitcoin value will be considered a success, given Bitcoin's incredible value range now. As long as miners make profit, they'll continue hashing at forks, and they'll keep on trading indefinitely. Regardless of the outcome, the good news is these forks no longer threaten Bitcoin, but strengthen it. BCH already set the precedence, so I foresee more future forks, each with less magnitude of "success".

[bbc.reporter]

I think it would be great to Bitcoin if both alt coins fail in less than one month. If this doesn't happen, more people will try fork Bitcoin and claim that they are the real deal.

Bitcoin gold is just a scam. And should be treated this way. Bitcoin 2x is an attack on the core team. This just confuses new users and make all the community look bad.

True. I reckon the scammers in the cryptospace will now try to pivot from ICOs to forking known and legitimate cryptocoins on 2018. So coins like Monero, Litecoin and others should be ready to fight this to avoid splitting their community and their coin's market capitalization.