Topic: Bitcoin Fork November. BTC and BCH (Read 3384 times)

It's like a father(BTC) having two children (Bch and B**) where the second child(B**) will only receive his blessings from his father(Btc) and not from his brother(Bch).
What ever you receive is from Btc, and you will receive the new coin if your wallet support the fork.

I know MtGox scandal. I was thinking Binance and Bittrex actually. I have alts at the moments and not touching them but i would invest 2BTC for new alts. I thought it would be wise to wait for a couple of days, BTC rises a bit and since alts are dropping, it would make a good entry point for them.

Thank you for your answer. Do you recommend Offline or paper wallet in that case?

No. Maybe you are somewhat a new user and have not experienced the MtGox scandal. It is NEVER safe to keep your coins in an exchange unless you are trading with them or funding a loan for someone. There are a lot of things that could happen to exchanges when forks happen.

1. If ever there is a new coin created during the fork, you will never have access to those currencies. Why? These exchanges will not give it to you.

2. If something goes wrong with the fork, some shady exchanges can just say "Oh, we lost your funds blah blah blah".And that my friend is reality.

There are a lot more factors that has been mentioned by the post above me and all those are true.

Nope, that's pretty risky.  First you have to hope that your preferred exchange even recognises your preferred fork and allows you to access coins on that chain.  Then you have to hope that the exchange doesn't get hacked, go bankrupt, get raided by their local government law enforcement or shut down by local regulators.  Theres's a lot that can potentially go wrong.  You have to place a huge amount of trust in a third party when Bitcoin wasn't designed to work that way.

It's generally accepted that if you don't have full and sole control of your private keys, you don't have control of your funds.  You have some IOUs.  A bit like fiat.  A figure stated on a screen that may or may not represent actual value.  At any given time, you have no assurance that the exchange you're using has adequate funds to keep everyone whole if there were a crisis in confidence and everyone decided to withdraw at once.

If you feel that you have to use exchanges, don't put all your funds on there.  That's how plenty of people have lost everything they had.  Learn from their mistakes.  Only gamble what you can afford to lose.

As far as i understand, the least risky way is to keep BTC in Exchange. If doing new investment for alts, better to wait for the after-fork. If you have better advise, you please shed light.

I think constant fork on btc will cause a lot of panic and frustration on persons holding and managing their btc and even the success of bitcoin in the future.

I wish they would get on and stabilise things. I'm still running 0.14.1 until things get sorted out.

I think we should look at something like BlockSquash   Once the history has been "agreed" by conformations the data is then compacted somehow say 1 week of 1 month at a time that the data could then have some signature that allows checking of the history to make sure it is accurate.

I agree though blocksize only works in the short term and will put home node owners out of the picture as the space required to run one goes up and up.

Exactly this. Some people have lost coins they were holding for years due to the BCH fork. The risk reward ratio isn't worth it for a lot of people who got multiple bitcoins locked away for the upcoming years.
I just hope we don't fork at all but if we do I hope the other chain loses support and dies off. We really don't need 2 altcoins with bitcoin in their name.

Any links where I could read that? I can't claim what the size of block is from experience because I don't mine Bitcoin, but everywhere I read it was stated it will increase to to 2MB.

The problem with just increasing the blocksize is eventually we will need 1GB blocksizes. lol

The better solution is lightning network. One where small, insignificant transactions are not clogging up the important ones on the network. We need it asap!

Wasn't the Bitcoin Cash fork only in August? I was under the impression the next one was Bitcoin Gold at the end of this month.

Why do people repeat this 1mb to 2 mb?
We are already past the old 1 mb limit
Segwit is 4x the old limit. We have already blocks that is bigger than 1 mb

Forks are normal part of blockchain evolution. They'll never "finish". In future community will start to accept them as something completely normal and forks won't affect the market that much anymore.

And to clarify about the fork date. There will be two hard forks this autumn. First will be on 25 October and we will get new coin Bitcoin Gold. The other one should happen in November as part of the Segwit 2x upgrade. It will upgrade block size form 1MB to 2MB. As with any hard fork, some miners could decide to remain mining the old fork, so theoretically another new Bitcoin forked coin is possible.

when will new forks or fork news finish?
forks delay the rise of btc and altcoins.
i want no fork and then btc will go to the moon:)

Such crazy market cap (so much money in BTC) and yet all this money doesn't change how shit PR is... We have this fluid dates and fluid info, wish this was more public and transparent. As long as I have to resort to forums and haunt for info (work my ass off to keep my self updated on the matters) I will remain sceptic and avoid putting any more money in to BTC.

Don't get me wrong, I believe in BTC for what it stands for and I want it MOON af, but these developers made me sold everything a while ago at 4480 USD and invested in some alt coins instead. This drama... the feud between developers, miners etc. doesn't give me any positive impressions :S

when btc forks into segwit2x
wich fork will keep the original bitcoin name, and how is this decided?

I'm not going to speculate about this, it's better to wait for a reliable notice so we stay calm in the face of any conditions.

Its only risky moving BCH if you still have your BCH on Same addresses as your BTC.
You can first Split your coins into two wallets, then you are Safe to move your coins as you wish.

The user- ctivated hard fork will take place on October 25 at 00.01 but the full network launch is scheduled for November 01. Concerning the OP question, is still unsure if the fork will anyway because the BTG team seems not to be stable.

I think part of the reason bitcoin cash has not crashed is a lot of coins are in cold storage. And is risky moving them - and the risk is not worth the 10% reward for a lot of people.

I am amazed that we did not see a crash in the price, something tells me with all the difficulty manipulation carry-on and forks that are happening, threats posted then deleted from twitters who knows when this baby's going to crash but ill tell you one thing for free.. It's not going to be pretty!

And the carnage will be worse than a juggernaut hitting a wall at 90!

Forks are methods to delay the mooning of $btc, as the panic will help crash price

Yeah when you put it like this it's actually quite amazing btc is drifting between 4-5k.

Probably 18 or 19 November.

I agree these forks are becoming a joke.  Because BCC did one now everyone is going to want to fork off and do their own thing.

At some point in time, there is going to be one epic attack or an epic fail of one of these forks and it could cause chaos to the crypto world and destroy everything that the community has worked towards for many years.  Now bitcoin is being adopted in the mainstream its in the media constantly do we really want to risk it all now because developers have split and decided to do different things?

I also think these things need to be made more public. It's not user-friendly having people hunting forums to find out whats going on with this there should be a website that documents and has the up-to-date picture of where we are with things like forks.. countdown to blocks ect ect.  Its not good for new users who are joining bitcoin after the price hike to see that in fact there's a bunch of fighting and counterproductive thinking going on.

I will revert to this when it happens...

Don't fix what ain't broke!

Any idea when in November this might happen? like beginning or end? this would really help.

sad to see all these forks from BTC. Seems like BTC is turning into fiat i a sense that we would just print new bills as much as the forking group wants. It's probably the downside of a decentralized system though, there will always be factions not agreeing to a certain change in status quo. ETH/ETC, BTC/BCH and God knows what other forks are coming in the next few years.

Thank you for the link
I find if this is actually going to happen, then there's a chance to get free new B-Forked coin.

As per my knowledge you will be receiving the free coins on basis of what btc you are holding in btc wallet and not for bcc/bch coins. So you will get only btc value of coins in 2nd fork.

You will receive only 0.5 NEWBTC. Because this will be the BTC fork, not the BCH.
BCH lives its own separate life. And it has nothing to do with BTC.

There could be as many as four cryptocurrencies bearing the bitcoin name if a small group of miners and developers carry out a planned fork of the blockchain.

If the fork occurs, what is the safest way to extract these coins for dumping?  Similar to the BCH situation, or how would one go about it, considering the lack of replay protection?  If one were to leave the S2X coins alone on the forked chain, would there still be a danger?  I'm going to see if I can find a good explanation of transaction replay because I want to make sure I am understanding the issue correctly.

It will not be related to bch but it's all in bitcoin so you only get 0.5 but 25th of October I recommend you look for investment to increase the bitcoin you have up to date. October 24th you transfer the whole bitcoin there about wallet is ok

Replay attacks go both ways. Let's say you only run a Core node. Your funds on the legacy chain are safe, but when you send a transaction, the funds on the forked chain may be lost. The converse is also true. If you run a Segwit2x node, your funds on the Segwit2x chain are safe, but your funds may be replay attacked on the legacy chain.

Users should take care when trying to extract Segwit2x coins (e.g. to dump them). If there is no replay protection, you might lose your BTC in the process if you aren't careful.

These forks are generally not based on a date, but rather a block number where the change in specification begins to be applied.

I am reading the block number that has been coded for the fork is 494,784.  So it would then be the first divergent block (that would be accepted as valid by SegWit2x nodes but rejected by non-SegWit2x nodes) added to the blockchain on or after that block.  Block number as of the time I'm writing this post is 487,281 and there are on average 6 blocks created per hour.  So, about 52 days from now, which would be November 18-19.

One thing about this upcoming fork that people need to clearly understand is that one of the parties that is forking the code off from the Core bitcoin code is not taking steps to implement "replay protection".  Simply put, this could cause any value stored on the split chain (the side that is forked away from Core) to be able to be spent by others.  I do not believe there is a danger to the value on the Core blockchain, but if I am mistaken please correct me.

Any time a split like this happens, it's probably a good idea to move any funds you have into fresh wallets on both chains.  This must be done after the split has been completed -- doing it before will not protect your funds.

Again, if I am incorrect in anything I just stated about the consequences for stored value due to a completed fork, please correct me as I am just trying to explain things as I understand them and do not want to contribute to FUD if I am mistaken.

Does anyone actually no the actual date?

this ^^ is correct,
there is a non-technical workaround tough:

* You have 0.5 BTC and 0.5 BCH.
* Exchange 0.5 BCH on an exchange and receive 0.055 BTC.
* Make sure you withdraw this 0.055 BTC to a local wallet that allows you to export your private keys BEFORE the day of the fork
* Once the fork happens, you now have 0.555 BTC + 0.555 B??
* If you really want to have BCH, deposit 0.055 BTC  to an exchange and exchange it back to BCH.
* You now have 0.5 BTC + ~0.5 BCH + ~0.555 B?? (minus exchange fees, which can be nulled by buying at a dip and selling on a peak)

The fork is going to happen on the bitcoin network (BTC) so you will get that amount in SegWit2x and that's all (It may not happen though as some services are deciding to no longer support it: http://segwit.party/nya/)

This is simple to understand. The only duplicated coins are the ones that share the same blockchain. It's exactly like copying a file and start working on both copy at some point. You share the same history but every new change is made on only one file, not both.
So if there is a fork from BTC, you'll only have this one duplicated, since BCH as nothing to do with the new fork and doesn't share the same history since it happened.

Hello

I have a question about the next fork, that could probably come in November 2017.
When the first fork happened, I was holding 0.5 BTC and got the same in BCH (nice fork )

So now I have 0.5 BTC and 0.5 BCH.
What happens on the next fork?
Will I get 0.5 BTC of that new third coin, or will I get 1 coin?
Basically, am I getting only new coins for the BTC I hodl or also for the BCH?
Sorry for my noob question, but I could not find any answer to this yet.
Thank you!