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Our policy on the measures we plan to take on the Bitcoin “SegWit2x” hard fork *updated on November, 17

important notice

 

[Please note that the following is an English translation of the original Japanese version, prepared only for the convenience of non-Japanese speakers concerned. In case of any discrepancy between the translation and the Japanese original, the latter shall prevail.]

Original text: https://coincheck.com/blog/4535

 

We have changed our policy on how to deal with SegWit2x as its activation date was postponed.

 

■What was changed

• Distribution of cryptocurrency: Will not occur
• Repayment obligation: Will not occur
• Deposit and withdrawal: There is a possibility that transferring of BTC to a wallet other than Coincheck will not be available temporarily. Transferring funds between Coincheck wallets and deposit to Coincheck wallet will be available as usual
• Buying and selling: Will be available as usual

 

We appreciate your understanding in advance.

 

Contents above are updates on November 17, 2017.
The following is our policy before the update.

 

At block 494,784 (expected to be reached on November 15, 2017), SegWit2x hard fork is highly likely to occur. We would like to let you know what we plan for this fork.

 

Introduction

 

Regarding the SegWit2x hard fork, it has not been announced yet whether Replay attack countermeasures will be implemented and “Bitcoin” and “SegWit2x” will evolve. There are many uncertainties as to how SegWit2x will be implemented. Our utmost priority is to protect our clients’ assets and the stability of our services. Therefore, we may change our planned measures according to the evolution of the situation in the near future. If it’s the case, we will inform the change on this blog, our official SNS, etc. separately. We kindly ask your understanding about this notice.

 

The blockchain that will be generated due to the hard fork is referred to as “B2X” and the existing blockchain is referred to as “BTC”. It should be noted that these designations do not intend to mean which community we support, neither relate to any of the opinions or ideas on this issue. (Therefore, the designation and currency codes may be changed later accordingly.)

 

Reference:https://segwit2x.github.io/

 

 

Our planned measures

 

Our plan is that the B2X generated will be distributed. It is expected that the distribution of B2X may include repayment obligation of the same amounts as “BTC short positions for the leverage transaction” and “BTC loaned by credit transaction.” Please read this article carefully.

 

If the following cases occur and we judge that it is difficult to protect your assets or provide our stable services, we might avoid the distribution of B2X.

 

・ If it is confirmed that the countermeasures against replay attack are not sufficient.
・ If the number of miners is not enough for a stable generation of the blocks.
・ If any vulnerability is found but no countermeasures is taken.
・ If we judged that it is not appropriate to assign B2X for any other reasons.

etc.

 

When we will distribute B2X?

 

The distribution will be done after we confirm the safety and stability of B2X. Therefore, the schedule of the distribution has not been fixed yet. We would like to ask for your understanding.

 

Details of distribution

 

The same amount of B2X will be distributed according to your remaining balance when the last common block shared by Bitcoin and SegWit2x will be generated.

The actual distribution may be carried out by exchanging B2X into another currency. The exchange rate will be determined by us referring to the actual market rate.

 

How much we will distribute?

・The same amount of BTC owned on your “exchange account”. (positive distribution)
・The same amount of BTC owned on your “Coincheck payment account”. (positive distribution)
・The same amount of BTC owned or loaned on your “Coincheck lending account” (positive distribution)
・The same amount of BTC for long leverage position (positive distribution)
・The same amount of BTC for short leverage position (negative distribution)
・The same amount of BTC loaned via credit transaction (negative distribution)

 

Examples

 

・In case you owned 1 BTC on your “Coincheck Exchange Account” → we will credit you 1 B2X.
 We will credit you as many B2X as BTC you own. (positive distribution)

 

・ In case you owned 1 BTC on your “Coincheck payment account” → we will credit you 1 B2X.
 We will credit you as many B2X as BTC you own. (positive distribution)

 

・・In case you owned 1 BTC on your “Coincheck lending account” → we will credit you 1 B2X.
 We will credit you as many B2X as BTC you own. (positive distribution)

 

・In case you loaned 1 BTC on your “Coincheck lending account” → we will credit you 1 B2X.
 We will credit you as many B2X as BTC you own. (positive distribution)

 

・In case you applied for loan one of your BTC through your “Coincheck lending account” → we will credit you 1 B2X.
 We will credit you as many B2X as BTC you put for loan. (positive distribution)

 

・In case you had a long leverage position of 1 BTC → we will credit you 1 B2X.
 We will credit you as many B2X as BTC you bought for your long position. (positive distribution)

 

・In case you had a short leverage position of 1 BTC → we will debit you 1 B2X.
 We will debit you as many B2X as BTC you were selling on your short position. (negative distribution and possible repayment obligation)

 

・In case you loaned 1 BTC in credit transaction → we will debit you 1 B2X.
 We will debit you as many B2X as BTC you were loaning from us. (negative distribution and possible repayment obligation)

 

Regarding repayment obligation

 

In the following cases, the B2X distribution will include “repayment obligation in B2X equivalent to the amount of BTC owned.” :

 

・In case you have a leverage transaction with BTC short position.
・In case you loaned BTC by credit transaction.

 

・If repayment obligation in B2X occurs, withdrawal in Japanese yen and all cryptocurrencies owned on your Coincheck accounts will be frozen until the repayment is completed.
・If the remaining balance of B2X is not enough for the repayment, it can be repaid in a currency other than B2X. In such a case, the exchange rate will be determined by us referring to the actual market rate.
・The timing of B2X repayment will be determined by us and informed later.

 

Conclusion

 

Our planned measures for the SegWit2x hard fork will be different from the ones taken for the Bitcoin Gold one. As explained in the “Introduction” above, it has not been certain yet whether any measures will be taken for replay attacks. The influence from the community pushing the SegWit2X hard fork is big. Therefore, a large impact on the Bitcoin price is to be expected. Under these circumstances, we would like to take measures that allow us to provide our clients with deals as fair as possible.

 

We will do our best to minimize your inconvenience. Your understanding and cooperation will be much appreciated. Please note that the Bitcoin hard fork will increase the risk of sudden change in price. You must take extra caution when exchanging cryptocurrencies at that moment.

 

 

* The times described here are all Japan times.

Coincheck Cryptocurrency Exchange

Notice: About transferring funds after buying cryptocurrencies with a credit card

important notice

Thank you for using Coincheck.

 

Starting from October 30, 2017, transfer of cryptocurrencies purchased with a credit card will be restricted for seven days.

 

 

【Buy coin with credit card】

Buy coins with credit card:https://coincheck.com/card_payments

Choose a cryptocurrency you want to buy from the link above.
 

 

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■Restriction Start Date

October 30, 2017

 

■Affected Services

• Sending coins
• Withdrawing JPY

 

■About funds you can transfer

 

【A】The total funds at the time you are using affected services
= (Your cryptocurrencies balance × their current price in JPY) + your JPY balance

 

【B】
(The total amount of quick deposit during 7 days starting from you started using affected services) +
(50 % of deposit through convenience store during 7 days starting from you started using affected services) +
(The total amount of deposit through a credit card during 7 days starting from you started using affected services)

 

【C】 Amount of funds you can transfer = 【A】 ー 【B】

 
————————————–

 

We currently lift restriction by receiving customer’s bankbook. However, we will no longer do that. Resume date is undecided.

 

Please be aware that transferring funds bought through a credit card during 7 days from a restriction start date will be prohibited as well.

 

 

【Relevant blogs】
About transfer of funds deposited through convenience stores
Notice: Resumption of quick deposit (Japanese)

 

 

Thank you for your understanding in advance.

 

*The English translation is to be used solely as a reference. Only the Japanese text is effective.
https://coincheck.com/blog/4519

 

Coincheck
https://coincheck.com

 

 

Coincheck Cryptocurrency Exchange

About Bitcoin Gold split likely to happen on October 25, 2017

important notice

Latest update on Bitcoin Gold (October 24, 2017)

We would like to announce that the bitcoin split expected on October 24, 2017, has been advanced. We added the information that the distribution amount of Bitcoin Gold is decided based on a user’s Bitcoin balance and the number of positions at the time 491406th block is created, which is right before the split.

On October 25 24, 2017, Bitcoin Gold an upcoming Bitcoin split will likely to take place. We are going to deal with this as follows to protect customers’ assets. We are not planning any suspension of services at this point.

Please refer to the following link for more details about Bitcoin Gold.

Bitcoin Gold

http://btcgpu.org/

About Bitcoin Gold split

We are planning to provide Bitcoin Gold if a Bitcoin gold split occurs. However, if any of the following happens and we determine it’s difficult to protect customers assets or difficult for us to provide stable service we may not be able to provide Bitcoin Gold.

– In a case when we judge replay attack protection is not sufficient.
– When there’s not enough miners and process of block creation is unstable.
– In a case when there’s vulnerability, and there’s no adequate measure for it.
– In a case when we decide listing of Bitcoin Gold is inappropriate.

Bitcoin Gold distribution date

We are planning to distribute Bitcoin Gold after we confirmed its security and stability. We haven’t determined the specific date and time yet.

About Coincheck service operation

We are not planning any suspension of service. All services will be running as usual.

Details about Bitcoin Gold distribution

We will calculate an amount to be distributed base on a balance as of a creation date of last common block of Bitcoin and Bitcoin Gold.
Distribution of Bitcoin Gold will be determined when the split actually occurs. Bitcoin split may happen when block heights reach 491407 blocks (expected to happen on October 25, 2017).

We will provide Bitcoin Gold as follows to users who own Bitcoin (BTC) at the moment when the Bitcoin split occurs.

However, as explained in above when we determine it’s difficult to protect customers assets or difficult for us to provide stable service we may not provide Bitcoin Gold.

Subjected users and amount to be distributed

Bitcoin Gold will be distributed to users who have “Trading account”, “Coincheck payment account”, or “Coincheck lending account.” Also, the calculation method of actual distributed quantity varies depending on a condition of each account. Also, we may convert Bitcoin Gold into other currencies. In such case, we will determine conversion rate based on market rate.

Trading account

Bitcoin Gold to be distributed = ( (Amount of Bitcoin you own) + (Amount of long position you hold) – (Amount of short position you hold) – (Amount of Bitcoin you’re borrowing) )

We will not provide Bitcoin gold if Bitcoin Gold to be distributed is negative.

Coincheck payment account

Bitcoin Gold to be distributed = (Amount of Bitcoin you own) * Distribution coefficient.

Coincheck lending account

Bitcoin Gold to be distributed = ( (Amount of Bitcoin you own) + (Amount of Bitcoin you’re applying for lending) + (Amount of Bitcoin you’re lending) ) * Distribution Coefficient

Distribution Coefficient

Amount of Bitcoin Gold to be distributed is not same as an amount of Bitcoin you own. We will calculate it by multiplying users transaction conditions and distribution coefficient.

Distribution Coefficient = 1 – (1) / (2)

(1) = Total amount of liabilities due to margin trading + Total amount of leveraged short position
(2) = Total amount of Bitcoin in trading account + Total amount of Bitcoin in Coincheck lending account + Total amount of Bitcoin in Coincheck Payment account + Total amount of leveraged long position

Bitcoin Gold distribution example

User A: Trading account
BTC owned: 80 BTC, Amount of long position: 4BTC, Amount of short position 2BTC, BTC borrowed due to margin trading: 1BTC

User B: Trading account
BTC owned: 1 BTC, Amount of short position 2 BTC, BTC borrowed due to margin trading: 4 BTC

User C: Payment account
BTC owned: 1 BTC

User D: Lending account
BTC owned: 4 BTC, Amount of Bitcoin you’re applying for lending: 2 BTC, Amount of Bitcoin you’re lending: 1 BTC

Distribution coefficient example
1 – (2 + 1 + 2 + 4) / (80 + 4 + 1 + 1 + 4 + 2 + 1)
≒ 0.903

Amount of Bitcoin Gold provided to User A:
(80 + 4 – 2 – 1) * 0.903 = 73.143 Bitcoin Gold

Amount of Bitcoin Gold provided to User B:
1 – 2 – 4 = -5 Bitcoin Gold
Since the amount of Bitcoin gold is less than 0, Bitcoin gold will not be provided.

Amount of Bitcoin Gold provided to User C:
1 * 0.903 = 0.903 Bitcoin Gold

Amount of Bitcoin Gold provided to User D:
(4 + 2 + 1) * 0.903 = 6.321 Bitcoin Gold

When we provide Bitcoin Gold

After split occurs, we will determine rather we distribute Bitcoin Gold or not. After our evaluation, we will add a new column that shows the distributed amount.

How we support Bitcoin Gold

We have not made any policy regarding deposit/withdrawal, and trading of Bitcoin Gold at this point. We will announce it once we decide details.

We will separately announce about Segwit2x at a later date.

We appreciate your understanding in advance.

* Time mentioned here is all in JST.

Coincheck Cryptocurrency Exchange

About transfer of funds deposited through convenience stores

important notice

Thank you very much for using Coincheck.

 

We announce that from October 12th 2017, 50% of the funds deposited through convenience store deposit will not be transferrable for a period of seven days.

 

To deposit JPY/USD:https://coincheck.com/deposits
Select “Convenience Store”

 

————————————–
 

■ Beginning period

October 12th 2017

 

■ Affected services

・Send coins
・Withdraw JPY
・Transfers to leverage account

 

■ About funds you can transfer

 

【A】Total of funds you own
= (Your cryptocurrencies balance x their current price in JPY) + your JPY balance

 

【B】
(Total funds you deposited through quick deposit since 7 days) +
(50% of the funds you deposited through convenience stores since 7 days)

 

【C】 Total of funds you can withdraw/transfer = 【A】-【B】

 
————————————–

 

 

 

【Related Link (Japanese): https://coincheck.com/blog/3952】
クイック入金再開のお知らせと入金後の資金の移動につきまして

※ Currently, transfers to leverage account after a quick deposit or convenience store deposit are available after seven days.
 

 

 

 

 

Coincheck
https://coincheck.com/

 

 

Coincheck Cryptocurrency Exchange

Coincheck Lending feature and Simplified Chinese is now available on the iOS app!

blog_image_eng

 

Thank you very much for using Coincheck.

 

 

Coincheck iOS app was updated! Coincheck Lending feature and Simplified Chinese is now available on the app.

 

 

What’s New

 

—————————————-
1. Coincheck Lending feature became available on the app
2. Supports simplified Chinese
—————————————-

 

 

1. Coincheck Lending feature became available on the app!

 

Starting from this update, you can use Coincheck Lending feature on the app. If you use Coincheck Lending, you can switch an account from a trading account by tapping account type on the upper left corner.

 

* Only users who have Coincheck Lending account can switch an account.
* You can create the Coincheck Lending account on Coincheck web site.
https://coincheck.com/lending

 

Image uploaded from iOS Image uploaded from iOS (1)

 

Image uploaded from iOS (4) Image uploaded from iOS (2)

 

Image uploaded from iOS (3)

 

 

 

 

2: Now the iOS app supports simplified Chinese!

 

Now you can use Concheck iOS app in Chinese! You can download Chinses version if you use AppStore in Chinese speaking regions.

 

 

【Relevant blog】
Coincheck now supports Simplified Chinese!

 

 

Image uploaded from iOS (1)

 

 

 

Please update and enjoy new features!

 

 

 

 
 
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