SurBTC leaves SegWit2x agreement

Yet another cryptocurrency exchange, Chile's SurBTC, leaves SegWit2x agreement
12 October

Yet another cryptocurrency exchange leaves SegWit2x agreement.

This time this is the Latin American Bitcoin exchange, SurBTC, refused to support SegWit2x just a month before the planned November hardfork. 

The company claims that the new hardfork could be unsafe and is not supported by the Bitcoin Core developers. Indeed, Bitcoin.org has just published a “blacklist” of websites that continue to support the SegWit2x hardfork, arguing that storing any BTC on such services is strongly not recommended. 

We’ve always loved SegWit and we see a small increment (2mb) in the size of the block as a good idea as it would relieve pressure, lower fees and give some time to other more definitive scaling alternatives such as the Lightning Network to develop. Nevertheless, we can’t pretend to be bitcoin “scaling experts”. We don’t believe in trying to force a change bitcoin’s core developers don’t feel safe with.
 

Agustin Feuerhake
SurBTC team

The company also highlights that they haven’t seen proper support and they "don’t like what they currently see on the btc1 code repository in terms of technical considerations and open source collaboration".

SurBTC argues to be defending the interests of a growing Latin American user community that feels strongly against a new contentious hardfork. Thus, if the hardfork does happen, the exchange could eventually list both assets but will allow for sure its users to at least withdraw both. Due to practical reasons, SurBTC will continue to list BTC, and they will incorporate B2X (or the names that catch on among the industry) later.

LedgerX launched first long-term Bitcoin option

Fresh born New York exchange now supports new interesing Bitcoin related offers
20 November

New York swap exchange LedgerX offered long-term options for bitcoins at a price of $10,000 and expiration on December 28, 2018. This is reported by the CoinDesk.

Under the terms of the deal, the buyer has the right to buy bitcoin at a price of $10,000 at that date, or almost a 30 percent premium on today's price.

In an interview, LedgerX CEO Paul Chou said that such investments speak of the "growing up" of the crypto-currency market and will attract even more institutional investors.

There will be, I expect, a lot more trades down the line. This is the first one, but it at least gives you the first guess from different institutional traders as to what bitcoin's dynamics will look like from now until 2018.
 

Paul Chou

CEO, LedgerX

Two large investors immediately became interested in new options a day after the launch, which surprised even the CEO of LedgerX.

Under the terms, the buyer agreed to a price of $2,250.25 for the trade, meaning the seller collects that money if the price is less that $10,000 by the end of next year, and the buyer gets to purchase bitcoin at the strike price if it is higher.

Unlike a futures swap however, the buyer is not obliged to purchase the asset.

If the price goes to zero, you don't have to pay $10,000 for it. But if a year from now it's at $20,000, then you can exercise your options.
 

Paul Chou

CEO, LedgerX

Based on LedgerX's own researches (made using the Nobel-prize winning Black-Scholes financial markets model), the startup believes there is a 25 percent chance that bitcoin will reach that level in the allotted time.