BitMEX Urges Users to Cash Out SegWit2x Immediately Post Hard Fork

A Cautionary Tale from BitMEX

In a bold move, cryptocurrency trading titan BitMEX has advised its users to dump their SegWit2x Bitcoins without delay following the impending hard fork scheduled for November. They didn’t hold back, labeling SegWit2x as a “shitcoin” – a term that certainly doesn’t come with a glittery reputation.

The Strategy Unwrapped

In their latest trading strategy blog post, BitMEX suggests, “He who sells first, sells best.” This isn’t just some whimsical advice thrown into the wild; they’re referencing the impending tax on holding non-Core coins. As for the critical ex-date of around November 20, BitMEX promises a 1:1 ratio of B2X coins, which are strongly encouraged to be converted into USD pronto. Naturally, the sentiment is that futures will likely be trading at a discount – two words no trader ever wants to hear.

No Love for 2x Coins

BitMEX has declared, loud and clear, that their index won’t include 2x coins at all. As we sit in this holding pattern, with the snapshot date still weeks away, Bitcoin’s price surge seems to be running parallel to the resistance against SegWit2x. Bobby Lee, the CEO of BTCC, conducted a poll to reveal the community’s thoughts on the rising Bitcoin prices, with many attributing it to the “failure” of SegWit2x to gather any real momentum. Isn’t it fascinating how fortunes change in the crypto universe?

Community Speculations

• Price Breakthroughs: Some speculate that Bitcoin’s climb over $6,000 is a preemptive strike against the upcoming hard fork.
• Resistance Reflections: The community’s resistance to SegWit2x harks back to its core values, with many unwilling to embrace what they view as a flawed path.

The Risk for Exchanges

BitMEX forewarns that many Bitcoin exchanges are unlikely to acknowledge SegWit2x balances. They argue that exchanges involved in margin trading won’t require short sellers to endorse or cover B2X. The potential chaos of forcing shorts to cover in an underdeveloped B2X market could lead to catastrophic outcomes—an exchange nightmare!

Other Exchanges in the Game

While BitMEX takes a staunch stance against SegWit2x, not all exchanges are playing the same tune. For example, HitBTC has jumped into the arena, offering SegWit2x futures contracts. On a different note, Xapo has expressed a willingness to label the 2x chain as ‘BTC’ if it manages to rally a solid backing. Talk about a healthy dose of optimism or sheer desperation!

Final Thoughts on the Fork

The cryptocurrency market never sleeps, and in this case, those quick on their feet could stand to gain. Yet as always, a wise trader must evaluate the landscape—between a “shitcoin” and a hard place, the choice is up to you!