Quebex Response to User Activated Hard Fork

avatar Quebex Fintech Inc.
Jul 28, 2017

As you may have already heard in the news, there is likely to be a User Activate Hard Fork (UAHF) on August 1st.

Bitcoin will continue to exist. A new cryptocurrency will emerge called Bitcoin Cash (BCC), and the general consensus amongst exchanges has been to refuse to list this new currency.

The original driving force behind BCC was the largest manufacturer of Bitcoin mining hardware (Bitmain). The biggest risk of buying in to the new BCC currency relates to a 50% attack. If BCC has less hashing power than the main Bitcoin network, its at the mercy of the miners on the main Bitcoin network. They could at any time switch over to BCC and destroy the coin.

There is of course a solution to that problem... buying more mining hardware from Bitmain.

If users want to get access to BCC coins generated from the fork, they are free to withdraw their coins before the fork (e.g. to a wallet they control on a trezor device or a full bitcoin node running on their computer).

Quebex does not intend to list BCC on the exchange, and users will not be credited with a BCC balance post-fork.

Quebex intends to shut down deposits and withdrawals July 31st. They will remain shut down until it is clear how the battle between Bitcoin and BCC resolves, and only once we are confident we can operate safely.

We value the security of our operations and the safety of user funds over everything else, which in this case means some degree of unavoidable downtime.

Enjoy your weekend!