Hong Kong Gatecoin will not support SegWit2x

Hong Kong cryptocurrency exchange Gatecoin is not to support SegWit2x
23 October 2017   2467

A popular Hong Kong cryptocurrency exchange, Gatecoin, announces its plans regarding SegWit2x hardfork. According to the company, it will not be supporting the upcoming SegWit2x (B2X) har fork in November "due to the lack of two-way transaction replay attack protection coded into this proposed software upgrade”.

As detailed by the exhchange, not supporting B2X means that Gatecoin will:

  • NOT distribute any B2X to the clients
  • NOT process any B2X sent to the Bitcoin wallet addresses
  • NOT list any B2X coin on the exchange

Therefore, Gatecoin clients hoping to claim newly minted B2X coins equivalent to their Bitcoin holdings at the time of the hardfork, will need to withdraw their Bitcoin from the exchange at least 12 hours before the hardfork occurs at block 494,784 (expected sometime in November, exact date TBC).

We will however be running B2X nodes in case the software’s developers decide to add replay attack protection in the future.

Gatecoin team

The company also sheds light on the two-way transaction replay attack protection, that prevents you from “double spending” your coins after the hardfork. Thus, without replay protection, new transactions will be equally valid on both the Bitcoin blockchain and the B2X blockchain as they will be identical to one another. This means that any new Bitcoin or B2X transaction can be copied or “replayed” from one chain to the other, hence the term “replay attack.”

To prevent this from happening, B2X should update their software so that new transactions are valid on one chain but not the other. This would be known as replay attack protection. For instance, Bitcoin Cash successfully implemented this as part of their chain split in August and is why Gatecoin was able to support it.

CME Group Won't Launch BTC Deliverable Futures

Since the launch of bitcoin futures, CME has attracted more than 3,300 individual investors, processed 7000 contracts for 35k BTC totally
02 October 2019   155

Confirming its intention to launch options on bitcoin, the Chicago Mercantile Exchange (CME Group) noted that it would not follow the path of a competitor in the form of the Bakkt platform and would refuse to trade in deliverable futures. The director of alternative investment products CME Group Tim McCourt said this in an interview with Markets Media.

Since we launched bitcoin futures in December 2017, the number one demand from customers has been for options on our futures.

Tim McCourt

Global head of equity index and alternative investment products, CME Group

CME Group conducts calculations on bitcoin futures in fiat, and the company will follow the same approach with respect to options. As McCourt noted, guided by the needs of customers when developing new products, the company does not plan to launch supply contracts for bitcoin.

Since the launch of bitcoin futures, CME has attracted more than 3,300 individual investors. This year, on average, the company processed about 7 thousand contracts for a total of 35,000 BTC.

The institutional interest in bitcoin is growing but they need time to become familiar with the market and get approval to use new products.

Tim McCourt

Global head of equity index and alternative investment products, CME Group

Also, according to McCourt, new options can use existing technology, an application matching engine and clearing mechanisms. Currently, the exchange is conducting standard instrument testing procedures.