BitMEX Tells Traders to Ditch "ShitCoin2x"

BitMEX writes a scathing blog about SegWit2x, calling it "ShitCoin2x" and suggesting that investors should sell their coins for US dollars as soon as they get their hands on them.

With the November SegWit2x hard fork of Bitcoin drawing near, many parties have decided to take part in the drama, the latest of which is BitMEX, an exchange that offers derivative products layered on top of the Bitcoin ecosystem.

In a blog post, titled “Trading ShitCoin2x”, they have announced that they will not be including any B2X (SegWit2x) coins in their offers. Moreover, they further derided the fork by saying that investors should quickly sell any B2X coins as soon as they get their hands on them.

“A few exchanges (Coinbase & Bitfinex) have already announced that they will disperse B2X to all holders of Bitcoin on the ex-date in a 1:1 ratio. Therefore, once the spread is put on, the physical Bitcoin purchased as a hedge should be sent to any exchange that will split the coins for you. This allows you to sell any B2X received immediately. He who sells first, sells best,” the blog reads.

The blog adds that most exchanges will not offer B2X coins to their customers, remaining steadfast on the Bitcoin wagon.

The SegWit2x fork has seen its share of friction from various exchanges, mainly because they do not have a consensus on which blockchain should take precedence when deciding on which Bitcoin is “real”.

Coinbase, for example, has decided to award the ticker to the blockchain that has the greater difficulty. But this may conflict with the preferences of users, who might want to use the other blockchain for various personal reasons (including the speed of transactions).

Other events over the course of this month have made the adoption of SegWit2x even shakier. The mining pool F2Pool has stopped signaling the new blockchain, making it difficult to tell whether real consensus could be achieved by the hard fork’s “due date”, which is somewhere around November 20.

All we know is that we’re in for a very interesting ride in November as we watch these events play out in real time. If Bitpay, XAPO, Coinbase and Blockchain shift their support over to SegWit2x, we’ll be swimming in a cauldron of uncertainty as the community attempts to settle the matter.