Last week, the Segwit 2x team indicated in a CCN press release that they were planning to move forward with their proposed hard fork in the coming weeks. Now, Segwit 2x lead developer Jaap Terlouw has confirmed on the project’s website that the team will finally execute the fork on December 28th.
Originally scheduled for November, the development team cancelled the fork amidst controversy and schisms in the community. In an official statement, the team recognized that they had “not built sufficient consensus for a clean blocksize upgrade at this time,” foregoing the fork in an effort to “[keep] the community together.”
The project’s updated roadmap now lists December 28th as the set date for the fork, and in his recent announcement, Terlouw confirmed these developments:
“Our team will carry out the Bitcoin hard fork, which was planned for mid-November,”
Arguing that “[c]ommission and transaction speed within the Bitcoin network has reached extraordinary values,” Terlouw believes that “[i]t is almost impossible to use it as a means of payment.”
In hopes of fixing these issues, the Segwit 2x fork will reduce block times to 2.5 minutes and increase block size to 4MB.
‘Tis the Season to be Forking
Bitcoin already forked four times this year, giving us Bitcoin Cash in August, Bitcoin Gold in November, and Bitcoin Diamond and Super Bitcoin in December. All of these currencies marched into the scene with their own scalability, privacy, and mining centralization solutions.
Shockingly, this list doesn’t even begin to touch the unvetted forks rumored for the coming months, which includes Bitcoin God (yes, really), Bitcoin Silver, Bitcoin Uranium, Lightning Bitcoin, and Bitcoin Cash Plus.
Unlike these unconfirmed forks, however, it seems certain now that Segwit 2x will join the forked fold. For months, only “trading of [2x] futures has been carried out on some exchanges,” according to Terlouw, the most notable being HitBTC. Including HitBTC, Binance, GDax, and BTCC have confirmed their support of the fork.
Come forking day, Jaap Terlouw promises “that all BTC holders will receive not only B2X in the ratio of 1 to 1, but also a proportional number of Satoshi Nakamoto`s Bitcoins as a reward for their commitment to progress.”
I'm really intrigued by this notion of Hardfork.
I was a bit worried about the bitcoin blockchain become obsolete because of transaction times and fees, but it is good to see that people are able to develop and innovate of the BTC platform.
However I do have a question about the B2X that BTC holders will receive.
How do you receive that ? If I have my BTC on coin base or another exchange how would i receive it ?
I noticed that when Bitcoin Cash arrived on the Coinbase platform it mentioned that those that held BTC in August would receive the equivalent in BCC on coin base. (please correct me if i misinterpreted that)
I'm guessing that is the equivalent of what the person was holding during the fork, not what they had when BCC arrived on coinbase?
Would that also mean that Coinbase would have to trade B2X in order for you to receive the ratio of 1:1 share of B2X?
Thanks for posting @zahidzzs, and thanks in advance to the community for their input
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Hey David, you see eager for answers and I'm sleep deprived so thought I'd share some insight...
There is a list here from November where exchanges made various statements. Coinbase for example said they would be supporting B2X, notably they have updated the article to say that the timeframe isn't accurate anymore, but haven't backed down from statements made.
You are correct about BCH when it arrived on Coinbase yes, Coinbase had effectively hodl'd everyone's BCH and released it ironically when BCH was around the price that BTC was in August. So although people received the same amount of BCH, it's value would of been the same as BTC was August.
Your assumption is correct, people received X amount of BTC that they held in August, regardless or whether they sold it after, bought more or otherwise. It was blockchain 'screenshot' that determined it.
Technically Coinbase wouldn't need to open trade (buy/sells/exchange) of B2X for users to receive their 1:1 share, but it's likely they would do as previously planned. However, updates form exchanges and wallet providers currently seem non-existent due to the somewhat last minute re-announcement of B2X.
Finally, it's worth noting that the link references what's known as Segwit2x, whereas the hard fork is now referenced as Segwit2x X11 (unless I'm mistaken) so technically any commitments/statements that exchanges or wallet providers made doesn't necessarily stand for the re-scheduled hard fork. Though if the demand/popularity is the same as it was before you'd hope this would be the case.
You'd probably be interested to know that B2X Futures is currently up 80% today already and previously it's record value was 0.3BTC - would would equate to 30% of the value of Bitcoin.
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Hey man you are awesome !
I would upvote twice if I could, definitely a follow!
That pretty answered all of my questions.
And it's great to know that BX2 is that high.
If I could ask one more that is a bit trickier, based on your last response you seem to really know your stuff.
I recently bought some BTC through coin base by bank transfer but it probably won't come in (pending) until the 30th of december.
Technically I bought it (locked in that price) but it's not actually in the account yet.
Supposing that the hardfork happens on the 28th would you suppose I would be eligible to receive the equivalent in BX2?
Thanks so much for your answers!
We need more people like you here !
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No worries David you're welcome.
You're last question is a good one. You'd definitely hope that if you paid a locked price for Bitcoin then your BTC would be pending release into your account, so that it would make the snapshot, rather than awaiting funds to arrive to then buy BTC.
However, in all honesty I have no idea. It'd be worth contacting Coinbase support (they actually have people who reply to you now) and they should be able to tell you. I doubt they will confirm anything regarding B2X at this point, so you would have to ask on a hypothetical basis, but they should be able to confirm this for you. Bare in mind they are probably VERY busy answering questions about this at the moment!!
I guess your question specifically is whether your bitcoins 'have your name on them', in the sense that they are reserved for you, or whether you paid a fixed price with Coinbase and they will give you BTC when your payment clears, not that the latter makes any sense.
If you do happen to find out ANYTHING re:B2X from Coinbase then please share! It seems nobody knows anything at this point... some people are starting to consider B2X a scam I'm reading, and that some people who have resurrected the project rather than the original Bitcoin Core developers continuing it... or something along these lines.
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Coinbase Website, the post is a bit outdated but it does answer my question.
Kind of bummed about that....
What if my buy order was in progress during the fork?
You will only receive B2X for the amount of bitcoin present in your account at the time of the fork. Pending BTC purchases at the time of the fork will not be granted any B2X.
For example, if you buy 1 BTC on November 16 with a bank account, this purchase will likely be pending for 5 business days as we wait for your funds to be transferred from your bank. In this circumstance, you would receive your 1 BTC after the fork, but would not also be granted 1 B2X.
@dragononcrypto thanks for you help!
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Thanks for sharing, this is useful to know for futures forks which will no doubt occur. The latest article I read I think is quite relevant, that and the lack of articles on crypto-based news websites suggests that this fork isn't quite what people were expecting.
Notably Segwit2x futures has dropped 50% of value which says a lot.
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Thanks!
Yeah i will give them a shout, i imagine they are super busy with that in the coming days .
I have also been seeing people calling it a scam, or that it is not the same currency as it was in november, just a new team using the original name.
Will update this post here if i find anything.
cheers,
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My pleasure
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