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Bitcoin Cash [BCH] pre-fork trading announced on Bitfinex: Exchange takes a neutral stance in heated hash war

Anirudh VK

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Bitcoin Cash [BCH] pre-fork trading announced on Bitfinex: Exchange takes a neutral stance in heated hash war
Source: Unsplash

Bitfinex announced support for the Bitcoin Cash [BCH] hard fork around 2 days ago, and followed it up with a recent report that detailed how they would react to the upcoming chain split. The exchange platform has decided to adopt a solution that they call Chain Split Tokens or CSTs in order to “prevent any risk of manipulation”.

Citing the need to “maintain a healthy market” Bitfinex has decided to designate two CSTs known as BAB, for the ABC implementation with the backing of Bitmain, and BSV, for the Satoshi Vision implementation backed by Craig Wright and Coingeek. While doing so, the exchange also stated:

“While we want to make such forks available to our customers, our limited and temporary support for them is not and should not be construed as support for any particular project.”

Users of the platform can redeem these tokens by debiting their Bitcoin Cash balance, upon which they will receive an equivalent amount of BAB and BSV tokens. This process can be reversed by users at any time using the Token Manager utility on the platform.



Proceeding the fork and the snapshot event following it, the CSTs will be converted into on-chain coins, with trading continuing under the BAB and BSV ticker symbols respectively.

Bitfinex also stated that their BCH margin markets experienced a significant increase in short positions. They have now released trading for these tokens in 4 pairings, namely BAB/USD, BAB/BTC, BSV/USD and BSV/BTC. Margin and leveraged trading will not be available on these pairs. BCH markets will be frozen at UNIX time 1542300000, or around 4:40:00 PM UTC on November 15th, clarified Bitfinex. They went on to say:

“Once all negative balances have been settled, we may, at our sole and absolute discretion, delist BAB or BSV and make withdrawals only available for a limited time.”





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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.

Bitcoin

Bitcoin’s [BTC] security is 100 times more than that of Bitcoin Cash’s [BCH], says Litecoin creator

Priya

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Bitcoin's [BTC] security is more than a 100 times than that of Bitcoin Cash [BCH], says Litecoin creator
Source: Unsplash

Charlie Lee, Creator of Litecoin [LTC] and Managing Director of Litecoin Foundation, spoke about projects that allocate mining rewards to developers, in an interview with Laura Shin for Unchained Podcast. He also opined about whether Litecoin’s vision still remained the same or not.

On projects that allocate a percentage of the block reward to developers, Lee stated that it was “okay” as long as the project developers were transparent on this subject, adding that in some cases, this was “needed”. He further stated that it was hard to find developers for Litecoin since, there were not enough funds to pay these developers.

[…] we work on raising money and using money to pay for developers but unlike ICOs or other projects we just don’t have millions sitting from selling our ICO tokens to fund these developers. So, yeah I think projects that do that it’s kind of needed […]”

However, Lee stated that for cryptocurrencies such as Bitcoin and Litecoin that really want to become decentralized money, there cannot be any centralized actions like using mining rewards to pay developers.

This was followed by Lee speaking about Litecoin’s vision and the coin’s use case. On this, Lee stated that the current vision was still “very similar” to the old one, seeing Litecoin as a complement to Bitcoin. He added that Litecoin’s raison d’être was not to replace Bitcoin, unlike some other coins that claim to be the better version of Bitcoin.

“[…] I think it’s trade-off. So, a lot of people don’t talk about the trade-offs people talk about how they have fees are cheaper […] people in support of Bitcoin Cash constantly talk about how Bitcoin Cash transaction fees are like a hundredth of that of Bitcoin but, you get what you pay for right […]”

He further added that Bitcoin’s “security was more than hundred times” that of Bitcoin Cash, irrespective of the hash rate being more or not. Lee remarked that one cannot “attack Bitcoin,” whereas Bitcoin Cash could be “eas[ily] be attacked,” adding that this factor was very important and also the reason for cheaper fees.



“[…] same for Litecoin alright. Litecoin is cheaper and the security is less than Bitcoin […] so people who actually move lots of money they would want to use Bitcoin and I think that’s fine like Litecoin can compliment Bitcoin perfectly fine […]”

Lee stated that this was the reason he agreed with Lightning Network, arguing that it was good for both Bitcoin and Litecoin. He stated that Lightning not only helps them scale, but also enables cross-chain atomic swaps, allowing people to swap two different coins instantly and easily in a decentralized manner.





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