BTCC Backtracks From Segwit2x Longest Chain

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One of bitcoin’s biggest exchange, currently handling $52 million in trading volumes, has clarified, or more correctly ambiguified, their position on Segwit2x. Stating:

“BTCC currently considers “BTC” to be the pre-fork bitcoin (BTC) coin. BTCC considers “1MB” to be the post-fork coin of the bitcoin blockchain that has a non-witness blocksize of one megabyte.

BTCC considers “2MB” to be the post-fork coin of the bitcoin blockchain that has a non-witness blocksize of two megabytes.

From the time of the Nov. 16 hard fork until at least Nov. 24, BTCC will consider one BTC to be equivalent to one 1MB plus one 2MB.

After Nov. 24, BTCC will consider which of 1MB and 2MB to name as bitcoin based on market feedback and adoption.

After the Nov. 16 hard fork, BTCC will continue allowing trading of both one-megabyte and two-megabyte non-witness blocksize coins.”

They are in effect splitting bitcoin into 1MB and 2MB, but how that would work exactly is not very clear unless they are simply trading them against fiat, with the BTC ticker off the chart for a week, which would be quite a problem if they have any altcoin trading against BTC on their exchange.

The above statement is quite a bit different to their previous announcement that they were to follow the longest chain, with the exchange then stating:

“After the fork, we will consider the version of bitcoin that has the most proof-of-work behind it as bitcoin (BTC).”

Now, it appears they are to have a week-long transition before deciding which chain to label as BTC based on the price action that may follow during that week.

In a way, it is a somewhat neutral method where the market decides through price action. Not least because miners, so being profit motivated, follow the market.

But while segwit2x appeared to be in a strong position just a few days ago, it now seems to be in far shakier grounds, with just two weeks left for bitcoin’s final decision on scalability.

 

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