- Steve Sokolowski
- Archived posts: 4559
- Joined: Aug 27, 2014
Payout proportions and the upcoming Bitcoin Cash fork
We will be providing more information on the Bitcoin Cash fork tomorrow, but there are a few things we know for sure now and I want to get out to customers.
First, we will split Bitcoin balances owed and users will obtain both coins. You don't have to worry about losing money.
Second, we won't guarantee Bitcoin payouts on August 1 because we anticipate that every block will be full in the morning. What we don't want to happen is that the transaction for so much money is stuck in the mempool and never gets mined until after the fork, causing unforeseen consequences. Instead, we'll hold the Bitcoin, split it, credit user balances, enable Bitcoin Cash as a payout coin, and then resume normal payouts on both chains on August 2, or later in the day on August 1 if Chris can do it in time.
Third, Coinbase announced they will not support Bitcoin Cash, which means that customers who have Coinbase payouts could have lost money. Coinbase is also backed up with withdrawals for many hours, and we don't want to take a risk of their not processing our withdrawals. We will be ceasing all operations with Coinbase tomorrow, so there will be no dollar payouts for a few days. We will make dollar payouts on August 2 after the fork has finished. Because of Coinbase's plans, we expect the value of bitcoins on Coinbase to begin to fall and diverge from other exchanges as early as today.
Fourth, Poloniex announced they will not guarantee Bitcoin Cash credits to customers, so we will cease trading with Poloniex for a few days. The most direct effects of this will be that users who are asking to be paid in coins that only exist at Poloniex will end up being paid in their other payout coins, or in litecoins if all of their payouts coins are only traded at Poloniex. If you are being paid in payout coins that are only offered at Poloniex and don't want to earn litecoins, then change your payout proportions today.
First, we will split Bitcoin balances owed and users will obtain both coins. You don't have to worry about losing money.
Second, we won't guarantee Bitcoin payouts on August 1 because we anticipate that every block will be full in the morning. What we don't want to happen is that the transaction for so much money is stuck in the mempool and never gets mined until after the fork, causing unforeseen consequences. Instead, we'll hold the Bitcoin, split it, credit user balances, enable Bitcoin Cash as a payout coin, and then resume normal payouts on both chains on August 2, or later in the day on August 1 if Chris can do it in time.
Third, Coinbase announced they will not support Bitcoin Cash, which means that customers who have Coinbase payouts could have lost money. Coinbase is also backed up with withdrawals for many hours, and we don't want to take a risk of their not processing our withdrawals. We will be ceasing all operations with Coinbase tomorrow, so there will be no dollar payouts for a few days. We will make dollar payouts on August 2 after the fork has finished. Because of Coinbase's plans, we expect the value of bitcoins on Coinbase to begin to fall and diverge from other exchanges as early as today.
Fourth, Poloniex announced they will not guarantee Bitcoin Cash credits to customers, so we will cease trading with Poloniex for a few days. The most direct effects of this will be that users who are asking to be paid in coins that only exist at Poloniex will end up being paid in their other payout coins, or in litecoins if all of their payouts coins are only traded at Poloniex. If you are being paid in payout coins that are only offered at Poloniex and don't want to earn litecoins, then change your payout proportions today.
