【Before SegWit2x Fork】Don't loose your money

iluvpie60

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Quote from: algernonen on November 06, 2017, 12:41:44 PM

If you keep bitcoins at a wallet, it's very high risky to deposit the bitcoins from your wallet to any exchange as long as the replay protection is not added after fork. Adding replay protection may take very long time, e.g., a few weeks or a few months.

Usually, the coin price will drop quickly after fork. That being said, you will loose a lot of money compare with keeping coins at a third party exchange. Because the bitcoins in an exchange can safely claim bitcoin2x very soon and it is able to trade within a few hours after fork, even if the reply protection is not ready.

I recommend you guys keep bitcoins at an exchange in order to have an earlier bitcoin2x claim, and sell earlier than who keeps coins at a wallet.

Having coins stored on an exchange because they make it easier for you to split coins(EG, that you don't have to do it yourself for the splitting process) is very dangerous.

Trusting exchanges with your hard earned cryptocurrency is a mistake.

BTC-E had issues where the govt raided it and took a bunch o fpeople's crypto. MTGOX lost a ton of bitcoins, like 800,000... Other exchanges like Bitfinex get hacked. I think coinbase was hacked too at one point.

Don't keep it at an exchange. Keep it in a wallet you control the private keys to and you can split the coins yourself later when a guide comes out.

darkangel11

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Don't let others control your BTC -> self custody

Quote from: algernonen on November 06, 2017, 05:53:00 PM

Not sure why exchanges is able to claim BTG, SegWit2x very quick after hard fork vs. the hardware wallet, i.e., Ledger Wallet?

Any thoughts?

Most exchanges are trading futures without having full access to coins. For instance have you asked yourself why Bitcoin Cash was available for trading on the first day, but it took exchanges close to 2 weeks to enable deposits? They are also using widely available software wallets and need to test the code first to avoid security issues. Such wallets for BCC were available fairly quick but the situation is different with BTG, that's why deposits are still disabled even though some exchanges allowed trading even before the fork.

fanbeila

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Quote from: rainbow169 on November 06, 2017, 04:26:14 PM

Technically you will not loose any coins but the opportunity to trade timely. But chose the exchange itself is bet as well, some has claimed that they will follow the long chain as BTC, some might not support 2X at all, some will always call the original chain BTC. So having it in exchange you might have the same thing called BTC in one place and B2X in other place, not sure how cross exchange transfer or exchange to wallet transfer will work after that. It will be a mess for sure, but I might keep some money in the exchange but I will be very careful to select the exchange though.

Exactly don't know whether segwit 2x would gain more miners support or not.If it only fails to get enough support,hard fork would occur.In such a case,i would like to hold it in an exchange which supports segwit 2x.But i would not hold it in coinbase even if it supports segwit 2x since it has delayed a lot in issuing the free BCH coins and BTG coins still not given.So,i would go with some other reputed exchanges.Even after getting free segwit 2x coins,i would still hold my bitcoins and bitcoin segwit 2x coins until replay protection is available.

Spendulus

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Quote from: algernonen on November 06, 2017, 12:41:44 PM

...
I recommend you guys keep bitcoins at an exchange....

This is bad advice.

Of course if I owned an exchange I...

No, actually, if I owned an exchange I would not advocate this. At all.

JMAHH

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Quote from: Racial Slur on November 06, 2017, 04:25:06 PM

Let's face it a lot of people are going to be staying up and then sell all the alt coins as soon as they can.

I have been paying a lot of attention to the forum and it seems like if everybody is crazy and afraid of losing their money or their free coins, and this fork is very risky for the sellers and for the buyers, there is no middle term with this one.
Of course that i would hold my coins on my default wallet, and i will keep them in there until i am able to sell them for free money, if there is no replay action,then i would not sell them, and it is simple as that.

algernonen

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Not sure why exchanges is able to claim BTG, SegWit2x very quick after hard fork vs. the hardware wallet, i.e., Ledger Wallet?

Any thoughts?

rainbow169

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Technically you will not loose any coins but the opportunity to trade timely. But chose the exchange itself is bet as well, some has claimed that they will follow the long chain as BTC, some might not support 2X at all, some will always call the original chain BTC. So having it in exchange you might have the same thing called BTC in one place and B2X in other place, not sure how cross exchange transfer or exchange to wallet transfer will work after that. It will be a mess for sure, but I might keep some money in the exchange but I will be very careful to select the exchange though.

Racial Slur

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Let's face it a lot of people are going to be staying up and then sell all the alt coins as soon as they can.

Lieldoryn

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Quote from: MiningSensei on November 06, 2017, 04:09:18 PM

Yes, this is a very interesting thread and everybody should read this, this fork is a real mess and dissaster, i dont know why they are going to develop a fork that is going to make bleed the whole system.
Do you know when the fork is going to be released EXACTLY? It is going to be done on the 11th or later? i am a little bit outdated with this, if you can help my out, then you are welcome.
I am so worried about my coins too.

What exactly are you afraid of losing? If you are afraid of losing the dollars to sell bitcoins had last week. Maybe even this week will rise in price. Then do not miss the moment for sale. Once the fork happens you will need to keep the coins in any place where you usually do until there is no confirmation that everything is in order. Maybe it will be longer than last time. Define your selection now.

MiningSensei

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Yes, this is a very interesting thread and everybody should read this, this fork is a real mess and dissaster, i dont know why they are going to develop a fork that is going to make bleed the whole system.
Do you know when the fork is going to be released EXACTLY? It is going to be done on the 11th or later? i am a little bit outdated with this, if you can help my out, then you are welcome.
I am so worried about my coins too.

algernonen

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Don't loose your money

algernonen

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Activity: 196

Merit: 100

If you keep bitcoins at a wallet, it's very high risky to deposit the bitcoins from your wallet to any exchange as long as the replay protection is not added after fork. Adding replay protection may take very long time, e.g., a few weeks or a few months.

Usually, the coin price will drop quickly after fork. That being said, you will loose a lot of money compare with keeping coins at a third party exchange. Because the bitcoins in an exchange can safely claim bitcoin2x very soon and it is able to trade within a few hours after fork, even if the reply protection is not ready.

I recommend you guys keep bitcoins at an exchange in order to have an earlier bitcoin2x claim, and sell earlier than who keeps coins at a wallet.

Topic: 【Before SegWit2x Fork】Don't loose your money (Read 411 times)