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This whole situation involving the BCH fork is honestly one large contamination to the entire cryptocurrency market. I am not saying that this bear market has anything to do with the BCH fork, but it definitely attributes to the current state and the future state of the market. I don't care about what the real bitcoin is, and I can care less about their motive. Bottom line is, this will NOT help adoption, new comers, and bootstrapping crypto to traditional markets. Stop trying to find the details of an event such as this fork. Use common sense! True or fake, any threats towards any cryptocurrency is completely immature and dangerous. There are many reasons that signal a red flag.
Come on people! Fuck the details, fuck the science, and fuck all the niti griti little bullshit detail. Those points above are just a few obvious reasons that is common sense! If you have even the slightest interest in cryptocurrencies, you should NOT support anything to do with bitcoin cash, bitcoin abc, bitcoin sv or anything the roots back to bitcoin cash! I swear I don't give one shit about the "this is the real bitcoin" arguments. This is about respect to the market and respect to ourselves. Since bitcoin cash has came into the picture there has been problems. Okay, we let it slide. But what the actual fuck is wrong with you now? They took it too fucking far.
This looks extremely bad on the entire market. Imagine being a new comer and you bump into that the first day being interest. Newcomers will generalize due to the lack of knowledge and it's not their fault. Imagine being a new institution getting into the market. They'd say "wtf was I thinking?". Imagine not a new institution, they will find an opportunity to make money and fuel this contamination, because it's a quick in and out for them at that point. Imagine being a judge or a commissioner having into approve an ETF and you bump into this shit. Why should that judge or commission even waste their time, when you having a bearish market and a bunch of immature people.
If you like crypto and you want to stop contamination at it's root, then please do NOT support Bitcoin Cash, Bitcoin Cash ABC, and Bitcoin Cash SV. We, the people are the only ones that can stop them. Many of us are more capable than some of us, but none of us is as capable as all of us!
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Dear UEX Users:
To support the upcoming Bitcoin Cash hard fork, UEX will take a snapshot of all BCH balances at 00:40, November 16, 2018 (UTC+8). Deposits and withdrawals of BCH will be suspended from 15:00, November 15, 2018 (UTC+8).
As the Bitcoin Cash hard fork may result in two different chains, Bitcoin Cash ABC (BCHABC) and Bitcoin Cash SV (BCHSV), UEX will halt trading in all existing Bitcoin Cash markets, including BCH/BTC and BCH/USDT, at 00:40, November 16, 2018 (UTC+8). We will prepare for the two potential scenarios below:
Scenario 1: The Bitcoin Cash hard fork does not result in a second coin
In this scenario, UEX will resume trading on all original BCH trading pairs.
Scenario 2: The Bitcoin Cash hard fork results in a second coin being created
In this scenario, UEX will replace all Bitcoin Cash (BCH) balances with BCHABC and BCHSV, distributing each at a 1:1 ratio based on the aforementioned snapshot taken of Bitcoin Cash (BCH) balances. All BCH trading pairs will also be removed from the exchange.
Please note: Deposits and withdrawals will remain closed until we deem the forked blockchains and wallets to be usable and stable.
NOTE:
The final interpretation right of the events belongs to UEX.
Risk Warning: Digital currency is a high risk investment method. Investors are advised to purchase it carefully and pay attention to investment risk. UEX will continue to provide you with better products and better service!
UEX Team
November 15, 2018
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Just like spinoff of companies or stock dividend payout, value shall not be created from thin air. If a stock before dividend payout is at price 10.0 and the dividend is 1.1 then the stock price after dividend payout shall be 8.9 by arbitrage-free condition. There is no airdrop ever.
Same rule applies to chain split. Assume, for example, bitcoin is priced at P before the split and there are three chains after the split. Let P1, P2, P3 be the prices of coins (aka UTXO) only valid in chain1, chain2, chain3. Then it must be P = P1 + P2 + P3. Prices of any coin can be calculated accordingly. For example, by tricks to split the coins and arbitrage-free condition, a coin only valid in chain1 and chain2 must be priced at P1 + P2; craft a transaction with an input coin valid in all chains and one new mined coin of chain3, the input coin is now only valid in chain1 and chain2 because this transaction is invalid in chain1 and chain2 and therefore not consumed in chain1 and chain2 ever. An important fact is that, after the chain split, any two coins recorded in the same chain, being valid in this chain, may possibly have different price because one coin can/will be consumed and recorded in chain2 while the other coin was destroyed in chain2 already. There shall be markets for coins of different groups so a market signal can guide people how to best use these coins. There shall be features for wallets so a consumer can easily pick the coins of a specific group.
The price is proportional to mining energy power in a proof-of-work system. While the three factions agree to disagree or even never talk to each other in a round table, they can simply fork the chain and commit their mining power to their chain. Before the chain split, all the three factions mine on the same chain with total energy power P. After the chain split, each faction commits Pi energy power and P = P1 + P2 + P3. While people jump from one ship to another, sometime P2 > P3 therefore coin only valid in chain2 is higher price than coin only valid in chain3, some other time P2 < P3 therefore coin only valid in chain2 is lower price than coin only valid in chain3. However, the price of coins valid in all chains, aka the price of the coin before chain split, remains. As times goes by, maybe chain1 dies, then chain1's price and energy power P1 moves into chain2 and chain3. Because a zero-price coin has no economic impact, chain1 is omitted. Coins valid in all chain must be coins valid in chain2 and chain3 as well and in addition coins only valid in chain2 and chain3 becomes part of the coins valid in all chains.
So, which coin shall be named bitcoin? With pricing continuity at the split and highest price and stability under the condition of replay benefit, it shall be coins valid in all alive chains. And its coins will evolve and never die.
If Joe understands all above, he may wonder what a nonsense to go for a war while it is all possible to evolve the bitcoin rules in a permission less way and allows multiple chains to flourish by the same network effect; everybody might have already the coin ready for an innovative idea of a crazy guy without notice until the chain is pricy enough and surfaces to the exchange being part of "all alive chains".
