BitMEX Says No to Bitcoin Cash, Poloniex Says Maybe, Bitcoin.com Says If

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Learning nothing from the Coinbase debacle which has sent its exchange, GDAX, down to 11th position in bitcoin trading volumes, BitMEX, an unregulated futures exchange that lists all sorts of coins and futures markets, has stated:

“BitMEX will not support the split or distribution of Bitcoin Cash, nor will BitMEX be liable for any Bitcoin Cash sent to BitMEX. Therefore, it is up to our users to withdraw from BitMEX prior to August 1st if they wish to access Bitcoin Cash tokens or any other hardfork.”

Whether they are liable or not for what could be appropriation of property belonging to others is for a court to determine rather than BitMEX themselves, but the clarity is welcomed.

On the other hand, Poloniex, an unregulated exchange which lists all sorts of coins you’ve never heard of, appears to be somewhat unsure about much of anything.

“We cannot commit to supporting any specific blockchain that may emerge if there is a blockchain split. Even if two viable blockchains emerge, we may or may not support both and will make such a decision only after we are satisfied that we can safely support either blockchain in an enterprise environment,” they say.

Enterprise environment?

Bitcoin.com’s statement on Bitcoin Cash is interesting. Firstly, they will allow miners to support Bitcoin Cash on their pool, so joining ViaBTC and BTC.TOP which has said they will portion their hashrate between the two chains based on market price demand.

“Due to significant demand from our users, the Bitcoin.com Pool will give mining customers the option of supporting the Bitcoin Cash chain (BCC) with their hashrate,” bitcoin.com said, followed by:

“In the unlikely event that the 2MB block size increase portion of Segwit2x fails to activate, Bitcoin.com will immediately shift all company resources to supporting Bitcoin Cash exclusively.”

That would be interesting because it suggests they would direct their users to the BitcoinABC client or some other Bitcoin Cash client as the bitcoin main node.

But it’s not clear what they mean by “the 2MB block size increase portion of Segwit2x fails to activate.” The segwit2x client has the hardfork part in the code so it will activate. The question is whether miners will go ahead with it, which many big blockers think is unlikely as they will probably back out.

Just Bitfinex and BTCC stating they would brand the Bitcoin Core chain, regardless of hashrate support, as BTC, as they have said, while some other exchanges, like Coinbase, state they would brand the longest chain as BTC, as they have said too, would probably be sufficient for the majority of miners to renegade.

Because then no one would know what exactly is BTC and its chain as it would be a different thing on different exchanges. For those reasons and others, no mining majority for a hardfork has been gained in the past two years, with it reaching a high of just 40%.

So it’s not clear why anyone expects it to be any different in three months just because they signed a piece of paper which is identical to the one signed in February 2016 and was discarded by Bitfury, BTCC, and some other miners.

Big Blockers expect that to repeat, so they are forking on August 1st. As such, all bitcoiners who would like their Bitcoin Cash, currently valued at some $400-$500, should withdraw to a wallet where they control their private keys or, as an inferior alternative, to an exchange which has stated they will allow Bitcoin Cash withdrawals.

 

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