Bitcoin SegWit2X Hard Fork this December 28th - We will Keep Ours on Binance


On December 28th, specifically on block 501451 the Segwit2X Bitcoin fork will occur. The exact time of the fork will occur on block 501451, which is expected to be December 28th. To look up the exact block we're currently on you can view that here: https://blockchain.info/

OUR PLAN TO RECEIVE $B2X: -

We're keeping our Bitcoin on Binance.com. To participate in the fork, one has to be holding bitcoin **before** block # 501451 takes place. This is basically air-dropped free money that your account will be credited with.

The space has matured significantly since the August 1st hard fork of Bitcoin & Bitcoin Cash. Simply put: Exchanges don't want you to transfer your Bitcoin off their platform and risk the opportunity cost that you'll trade elsewhere. Both Binance & Gdax.com along with some other exchanges like HitBTC have already announced their intent to credit client accounts with any future Bitcoin fork has been Binance - see image below ( source )


To be fair, Bittrex did credit my account in both Bitcoin Cash & Bitcoin Gold...but Bittrex is not accepting new registrations at the current time of writing this. So our formal suggestion for those who want to capitalize off this fork is to use Binance.

If you want to keep to the American side of the fence then you can deposti your Bitcoin on Gdax.com which is Coinbase's trading exchange. Simply storing your Bitcoin on Coinbase will most likely not qualify to get $B2X...so you'll need to log-in to your Gdax account (owned by Coinbase) and deposit your Bitcoin in there. Per their October 23 announcement, our understanding is that Gdax will support $B2X. See here: https://blog.gdax.com/clarification-on-the-upcoming-segwit2x-fork-c30df26b2744

Note in our previous post on the dynamics of hard fork:

Note: Doubling of coins does not mean doubling of value, because after a hard fork, the value of both versions of coins are determined based on user sentiments and demand/supply in the market. So keeping that point in mind

So if you owned 10 BTC then you still had your 10 BTC and then out of nowhere you also had 10 Bitcoin Cash as well. As we remember, BCC opened around the $200 range and then went up to as high $1400 on some exchanges. We sold our BCC short around $850. Still a very strong gain for being airdropped free Bitcoin Cash.

As we had also discussed that the most assured way to benefit from a hard fork was to maintain your own private keys in your own Bitcoin wallet and that from there, you could follow said fork's instructions on how to retrieve the forked coins , and that leaving your Bitcoin on Coinbase or any other 3rd party exchange was a risky idea, due to the fact that exchanges such as Bittrex & Coinbase, are custodial services with no obligation to credit your account with the split coins....and although many still don't...many others have stepped up to do what's right and honor their client's right to a fork.

In short, we're electing to keeping our Bitcoin temporarily on Binance for this specific hard fork.

ALTERNATIVE WAYS TO PARTICIPATE:

As shown & explained on SegWit2X website, you can store your bitcoin on a Segwit2x partner such as Free Wallet



BINANCE.COM

https://support.binance.com/hc/en-us/articles/115002466071-Binance-s-Contingency-Plan-for-the-Upcoming-Hard-Fork

https://support.binance.com/hc/en-us/articles/115003484031-Fork-Questions

GDAX.COM

https://blog.gdax.com/clarification-on-the-upcoming-segwit2x-fork-c30df26b2744

LIST OF (potential) SUPPORTING EXCHANGES:

https://blog.coinigy.com/2017/10/comprehensive-list-of-exchange-segwit2x-stances/


Some of the greatest pearls shared by Jesse Livermore:

“Money is made by sitting, not trading.”

“The desire for constant action irrespective of underlying conditions is responsible for many losses in Wall Street even among the professionals, who feel that they must take home some money everyday, as though they were working for regular wages.”

“Buy right, sit tight.”

“Nobody can catch all the fluctuations.”

“There is a time for all things, but I didn’t know it. And that is precisely what beats so many men in Wall Street who are very far from being in the main sucker class. There is the plain fool, who does the wrong thing at all times everywhere, but there is the Wall Street fool, who thinks he must trade all the time. Not many can always have adequate reasons for buying and selling stocks daily – or sufficient knowledge to make his play an intelligent play.”

“It takes time to make money.”

“Don’t give me timing, give me time.”