Payout proportions and the upcoming Bitcoin Cash fork

[Steve Sokolowski]

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.

[tmopar]

Steve,

I must be like many others here with a small balance of BTC for which I have an exit account with coinbase. I am looking at the prospect of incurring a fee to get this amount moved quickly due to these developments. Can you please waive the fees or at least half them with us for this? I would not be doing this were it not for the lack of support here for coinbase.

Thank you,
Tmopar

[Steve Sokolowski]

Hi tmopar,

Are you saying that you want us to send money to Coinbase today for dollar payouts?

I can ask Chris to do that, but Coinbase has delays of 12+ hours and their prices are falling like a rock. I think it would be in your best interest for you to wait until Wednesday, when we will continue to pay out dollars but you will also receive Bitcoin Cash, since bitcoins are held behind the scenes for dollar payouts.

If you still want Chris to force a dollar payout, you can submit a ticket so it gets brought to his attention and he'll take care of it.

-Steve

[Eyedol-X]

I'm interested in keeping my BCC in a wallet that I'm going to hold -- I haven't had chance to research it yet but I need to find some sort of wallet if Electrum-BTC wallet does not support the BCC chain.

Will I be able to park my BCC here until I figure all that out post fork?

[Steve Sokolowski]

I'm interested in keeping my BCC in a wallet that I'm going to hold -- I haven't had chance to research it yet but I need to find some sort of wallet if Electrum-BTC wallet does not support the BCC chain.

Will I be able to park my BCC here until I figure all that out post fork?

Chris is splitting the BCH now. You'll have to enter a payout address to have it paid to you.

After one month, all users who haven't entered payout addresses will forfeit their BCH. We aren't a bank and don't want to be liable for that money, so please enter a payout address as soon as possible. We'll alert users as time starts to run out.

[Eyedol-X]

I'm interested in keeping my BCC in a wallet that I'm going to hold -- I haven't had chance to research it yet but I need to find some sort of wallet if Electrum-BTC wallet does not support the BCC chain.

Will I be able to park my BCC here until I figure all that out post fork?

Chris is splitting the BCH now. You'll have to enter a payout address to have it paid to you.

After one month, all users who haven't entered payout addresses will forfeit their BCH. We aren't a bank and don't want to be liable for that money, so please enter a payout address as soon as possible. We'll alert users as time starts to run out.

Thanks for going through the trouble to split the coins earned on day of the fork and giving us an opportunity to get them withdrawn.