OnNovember11thNovemberBitfinexannouncedsupportforBitcoinCashhardforkhappeningonNovember15th.Inthelastdaysithasbeenmoreevidentthattheforkwilllikelyresultintwodifferentchains,BitcoinCashABCandBitcoinCashSV.AtthesametimeourBCHmarketsexperiencedasignificantincreaseofMarginShortpositionsinquantityandsize.TopreventanyriskofmanipulationandhencetomaintainahealthymarketwehavedecidedtousetheChainSplitTokens(CST)approachtogovernthisparticularevent.
BitcoinCashChainSplitTokens
BitfinexisintroducingnewChainSplitTokens(CSTs)thatwillallowtraderstotradetheanticipatedBitcoinCashtokensresultingfromtheBitcoinCashhardforkimplementations"ABC"and"SV"onNovember15,2018.WearedesignatingtheseCSTs"BAB"(ABCimplementation)and"BSV"(SVimplementation).
TheseCSTswilltradeagainstUSDandBTCaspairsBAB/USD,BAB/BTC,BSV/USDandBSV/BTC.Margin/leveragewillbeunavailable.UserswillbeabletocreateordestroythesenewCSTsinanyamountusingtheTokenManagerlocatedintheOrderTypedropdownmenuofthesidebarorderticket,orinthemenuatthetopoftheUI.Uponcreationbyauser,theBCHwillbedebitedfromtheuser'saccountandanequivalentamountofBABandBSVwillbecredited.UserswillbeabletoreversethisprocessatanytimeusingtheTokenManager.
TheseCSTswillprovidepricingcontinuitythroughtheSnapshotEvent.AftertheSnapshotEvent,thesepre-eventCSTswillconvertautomaticallytothepost-eventon-chaintokens.Wewillusethesymbol"BAB"forBitcoinCashABCandsymbol"BSV"forBitcoinCashSVtodesignatethepost-eventon-chaintokens.
BitcoinCashandFinancedPositions
Whenthehardforkoccurs,wewilltakeasnapshotofallBitcoinCashbalancesandpositions.BCHbalanceswillbecreditedbothBABandBSV.AnyonewhoisshortBCHduringtheSnapshotEventwillhaveatheiraccountsdebitedBABandBSV.IfthereisnotenoughBABandBSVintheaccount,theseuserswillhaveanegativebalanceofBABandBSV.AnyonewhoislongBCHduringtheSnapshotEventwillthenhaveBABandBSVcreditedtotheiraccount.Inotherwords,outstandingpositions(includingmarginpositions)willbe“claimed”andconvertedtocurrencybalances.Thiswillhavetheeffectofmarginfundingbeingcanceledandborrowerswillneedtorestoretheiraccounttopositivewalletbalancesinordertocontinueusingtheplatform.Asanexample:Ifauserholds5BCHandhasandactive10BCH/USDlongmargintradingpositionwithabasepriceof500USDattheSnapshotEvent,thisuserwillsee5BABand5BSVcreditedbasedonhis5BCHbalancepriortotheSnapshotEvent.Asaresultoftheactivemargintradinglongposition10BABand10BSVwillbecreditedand-5000USDwillbedebited.
AtthemomentoftheSnapshotEvent(UNIXtime1542300000,i.e.4:40:00PMUTC,November15th),wewillimmediatelyfreezeallBCHbalancesandhaltallBCH/XXXmarkets.ThisfreezewilllastuntiltheBABandBSVaccountingcanbeadequatelypreparedandaddressed.Weexpecttheprocesstobequickandautomated,butwecannotguaranteethatitwillbeimmediate.BCHborrowerscanhedgeorestimatethisliabilitywithnewlylistedCSTs.
TradingandWithdrawals
AnyonewithanegativebalanceresultingfrombeingaBCHborroweratthetimeoftheforkwillneedtobuybackintoBABandBSVbefore31December2018orriskhavingthesystemdoitforthem.Onceallnegativebalanceshavebeensettled,wemay,atoursoleandabsolutediscretion,delistBABorBSVandmakewithdrawalsonlyavailableforalimitedtime.Whilewewanttomakesuchforksavailabletoourcustomers,ourlimitedandtemporarysupportforthemisnotandshouldnotbeconstruedassupportforanyparticularproject.
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