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[Update] Segwit2x statement

Update November 9th:

Because of the cancellation of the segwit2x hardfork, we are suspending our preparations for Segwit2X. This means that we will not halt trading, and keep running as usual. We applaud the decision to cancel this contentious hardfork.

Somewhere between the 12th and the 16th November a new split within the Bitcoin network is expected to emerge, as a consortium of miners intends to raise the blocksize limit to 2MB.

At block height 494,784, a block will be mined with a size exceeding the limit. Everyone who had bitcoins at the time of this fork will subsequently have bitcoins on both separate chains. Because the fork occurs at a specific blockheight, we are unable to give a specific date at this time.

Bitcoin users who wish to gain access to coins on this forked version would have to run new software that supports the changes. In principle this process should work similarly to previous forks like Bitcoin Cash. What does this mean for the availability of BL3P and the bitcoins that are stored with BL3P?

In all likelihood, we will temporarily halt deposits and withdrawals of bitcoin on November 12th, as it does not appear the actors who plan to raise the blocksize limit intend to implement a safe form of replay protection. The consequence of this is that transactions on either chain could be executed by a malicious actor on the other chain as well.

Users who desire to have full control over their coins during this period should withdraw their Bitcoins before November 12th. When considered safe we will re-enable deposits and withdrawals. This depends on whether we are able to implement the necessary precautions to provide protection against “replay attacks” (bitcoin transactions that are copied to the other versions of the network).

We will record a snapshot of every user’s balance at the time of the fork, to enable withdrawals of this coin should this new chain prove to have long-term viability. If this proves to be the case, users with a balance on BL3P would thus gain access to coins on both blockchains.

We do not intend to implement support for trading coins on the Segwit2x chain on BL3P and deposits for this version will not be credited. If however, this new alternative version grows to a larger market share and wider community support, BL3P may re-evaluate its decision. The general principles outlined in our statement on the August 1 situation will apply here as well: Volatility during this period is likely to increase and order books may be thin.

Our official position in regards to this contentious hardfork can be found here. We consider the New York Agreement to have a negative influence on the decentralized nature of Bitcoin. We also consider the time-frame given to users to upgrade their software to be unrealistic and the proposed code changes to have received insufficient time for proper testing.