Starting today, Poloniex is offering customers the option to trade two tokens at the center of the debate about the pending Bitcoin Cash (BCH) hard fork: Bitcoin Cash ABC (BCHABC) and Bitcoin Cash SV (BCHSV). We believe the responsible thing to do in this case is remain neutral and allow
The interesting thing about Poloniex doing the futures market for BCashABC and BCashSV is that Poloniex is owned by Circle.
Circle's lead investor in the latest round (Series-E) was Bitmain. ¯\_(ツ)_/¯
Seems messy. Polo must be desperate to attract volume.
Usually this sort of pre-fork trading has been done by bucketshops, but pretty sure this is a first for a regulated US exchange. They're allowing users to withdraw bitcoin for them as well. Should be interesting to watch. https://t.co/VZN5ciOI8C
It's not quite a complete description of their strategy to handle the fork.
I am guessing that on fork day, they will shut down deposits/withdrawals like usual. Then, they will credit every BCH holder with a corresponding equal amount of BCHABC and BCHSV. Once the situation stabilizes, you will then be able to deposit/withdraw independently on each chain.
What they're doing here is allowing people to split their BCH virtually, early on. The only danger here is that one of the two chains becomes abandoned, however, nothing stops them from running a node on an abandoned chain, and broadcasting withdrawals to your address as requested. Both ABC and SV sides have already frozen their rule sets, and so the chains are well-defined even if not yet existent.