Topic: Aug 1 summary - page 24. (Read 96452 times)

If they're doing this with pocket money why not. The problem is people putting real money into crypto without any understanding of what they are.

And not realizing that any crypto related service can disappear from one day to the next due to various reasons, something that wouldn't happen with stock trading or forex trading.

I don't see the price of BCH going anywhere but down anytime soon. Most of us have trouble with moving large multisig funds to dump it. If they had a working Electrum fork + Copay fork, the price would be sub $10.

Well said!  I find that, for my N00b friends, buying, selling & trading on an exchange is the simplest way to go, by far.  Learning curve is 1/10 what it is in the Wild West.
I have many friends who are interested in BTC but have 0 techie aptitude. Exchanges are the way on on-board these peeps & BTC merchants.

there are way to dump the privatekey in prune mode?

What will happen if I receive some BTC to the "old" wallet, which private keys was imported to new BCash wallet?

My btc core wallet held 1.09 more btc than both the bitcoin and bitcoin cash blockchains showed. I sent all of them to the blockchain.info wallet successfully, so I know they were there. I don't have an explanation, assuming I'm telling the truth is there any?

You mentioned in the original post that: generate a new wallet in Core and send your BTC there first.
It is only required if HD key generation is enabled in Core right?

Keeping coins on exchange is a risk that gives you rewards.

Risks: exchange gets hacked, exit scam, loss of funds due to network disruptions from problematic forks, etc. etc.

Reward: being able to trade without delays, access to limited markets.

The decision is always yours, if you are unsatisfied with advises from other people, than do your own research.

My btc core wallet held 1.09 more btc than both the bitcoin and bitcoin cash blockchains showed. I sent all of them to the blockchain.info wallet successfully, so I know they were there. I don't have an explanation, assuming I'm telling the truth is there any?

Executive summary

Bitcoin is working fine and you can use it as you were before, possibly with slightly more reorg risk for a while.

The BIP91/BIP148 split didn't occur

As had been expected for the last week or so, the big potential split which caused all of the Aug 1 hubbub didn't happen, due to BIP91/BIP148 succeeding. There's a small chance that this split could still happen sometime between now and around Aug 10, but it looks very unlikely at this point.

Bcash split, creating an altcoin

If you had some number of BTC as of approximately 14:00 UTC, and if these bitcoins were secured by private keys controlled by you or in a Bcash-supporting online wallet, it is now possible for you to claim the same number of Bcash coins (BCH/BCC). Bcash is an altcoin based on Bitcoin; since it split, it is now 100% independent from Bitcoin other than the carried-over balances.

Bcash claims to have replay protection, but this is only a Bcash miner policy. Any Bcash miner could still replay transactions. Therefore, you can't safely rely on it.

Instructions for safely splitting your BCH from your BTC

Here are general split instructions. If your wallet software gives different instructions, use those instead.

These are the best instructions I could come up with quickly. Maybe someone will eventually come up with a more convenient way of doing it. Note that while I believe these instructions to be safe and reasonable, you are solely responsible for your safety here.

 1. Decide whether you want to bother splitting your coins at all. Is it actually worthwhile to remove your coins from cold storage (or whatever)? If you take no particular action and continue using Bitcoin as normal, then your BCH is likely (but not guaranteed) to remain associated with the current private keys due to BCH's pseudo-replay-protection; you could therefore maybe claim your BCH later on if you want. If you want to claim your BCH now, continue to the next steps.
 2. Create a totally new logical wallet with a new mnemonic, etc. Just creating new addresses is not sufficient: the new wallet needs to be completely separate from the old one. The new wallet's private keys should be under your personal control just in case your transaction is replayed or something else goes wrong. Make sure you have backups of the new wallet.
 3. Send all of the BTC in your old wallet to your new wallet, and wait until this transaction has 30 confirmations. (If you are really itching to get your BCH, it would not be totally crazy to wait for as few as 3 confirmations, but there is some risk with that.) Note that sending all of your BTC in a single transaction is likely to be harmful to your privacy; if you care about this, you might want to send it in several smaller transactions to several different addresses on the new wallet.
 4. On a separate computer that you wouldn't too much mind being compromised, install a BCash wallet such as one of the ones listed on bitcoincash.org. (Warning: some Bcash wallets are known to overwrite important files belonging to their Bitcoin counterparts.) Or use a Web-based exchange/wallet supporting Bcash. Import the private keys from your old, now-empty Bitcoin wallet into this Bcash wallet. Now you have BCH which you can handle as you wish. Note that BCH transactions may be very slow to confirm for a couple of days.

Continuing risks

Although I am giving a general "all clear" at this point because the risk of serious issues has dropped substantially, some turbulence is still possible due to BIP91/BIP148 and the rollout of SegWit:

 - If you are using a full-node wallet (eg. Bitcoin Core), you should require 30 confirmations for high-value, untrusted incoming transactions until SegWit locks in around Aug 10. Although seemingly quite unlikely at this point, it is possible that miners could fail to enforce BIP91/BIP148, which could cause very long reorgs (ie. confirmations could disappear, allowing double-spending). This seems unlikely enough that I probably wouldn't require extra confirmations for "normal" transactions, but if you absolutely cannot tolerate any particular transaction being reversed, then waiting for 30 confirmations would be most prudent.
 - If you are using a lightweight wallet, you should require 30 confirmations for all untrusted incoming transactions until SegWit locks in around Aug 10, and again for a couple of weeks after SegWit finally activates around Aug 24. Long reorgs or even persistent splits are possible if miners fail to properly enforce the rules of BIP91, BIP148, or SegWit, and lightweight wallets are particularly poor at handling such things because they will blindly accept invalid, probably-soon-to-be-orphaned blocks.
 - I don't recommend putting much BTC on hosted wallets / exchanges generally. Exactly how the above risks would be translated to these services will vary depending on how each service handles deposits, reorgs, and double-spends.

Managed to get them on bittrex using the electron cash wallet, but I am short the 1.09 btc that I had in my btc core wallet well before 7/31. I have no idea how that could have happened, so much for crypto being mathematically sound. Something like this makes the whole scene suspect to me.

You're wrong. But we can't check since you don't give any real information.

Then it's a bummer. I have 8333 port forwarded in the router to a Bitcoin fullnode machine, which means that running a BCC node on another machine on the same network is out of the question 

It's still using the same port, though they really should delegate a new one, as BTC clients and BCH clients really have no reason to talk to each other anymore.

i read it somewhere that it is 50012

Which port is BCC network using by default (8333 being Bitcoin)?

Which port is BCC network using by default (8333 being Bitcoin)?

I just want to get them on bittrex, I will wait for the pump to dump them. 

I didn't get any BCH from any websites where I had my Bitcoins.

So I "intentionally" bought BCH at Bittrex to see and witness the ^power^ of this so-called Cash coin but guess I committed a mistake after buying it at such a high price of BTC0.21. Do you think it will prove disastrous for my capital or will get pumped back to those high levels of BTC0.48 or should I get out at some other levels? Any suggestions?

Which port is BCC network using by default (8333 being Bitcoin)?

My btc core wallet held 1.09 more btc than both the bitcoin and bitcoin cash blockchains showed. I sent all of them to the blockchain.info wallet successfully, so I know they were there. I don't have an explanation, assuming I'm telling the truth is there any?

As a new fork starting with the same full difficulty as the legacy chain, I think it's doing quite well to date. Am I deciding nothing bad can happen from now on based on three days history? Not at all. But I'm also not writing its obituary, especially considering it has experienced no real problems so far.

If I'm wrong, and you have specific incidents to demonstrate this, please educate me. I'm here to learn.