Topic: Blockchain split of 4 July 2015 - page 20. (Read 45630 times)

I have skimmed through all the posts in tis thread so far and cannot find much information to help those using multibit wallets. The two posts below are all I could find.

If I start my multibit wallet will it corrupt it if it connects to a node mining invalid blocks?

Will I have to download all the headers again if it gets corrupted?

Most normal Bitcoin users will be using light weight wallets like multibit, not Bitcoin core, so it's important we get some knowledgeable advice posted for light weight wallet users.

From this day forward I would say all web based wallets and smart phone wallets are NOT safe.

Anyone on SPV wallet question?

ARE SPV wallets (i.e. Multibit) safe?

never said they did

You obviously don't have any idea, what you are talking about. Mt. Gox didn't lose all their Bitcoin because of transaction malleability.

No, no, no, I'm  not using Bitcoin core. I'm using MultiBit
I just curious about this issue  

So, after all this discussion, are the SPV wallets (i.e. MultiBit) safe for now?

Every one calm the fuck down. The problem is not fixed but right now its not a problem.

Here are the events leading up to this.

This is what happened; large mining pools in china found out many months/years ago that they could make more money if they didn't wast any time adding transactions to the blocks they mined. You see adding transactions to blocks takes extra time, time they could have been mining. This allowed them to broadcast their found blocks just a little bit faster. Giving them a slight 1% edge over other miners the same size. But then to save even more time they stopped checking the authenticity of blocks coming in from other miners they felt were trusted.

Now do you remember the whole Bitcoin transaction malleability scare? The one Mount' Gox said caused them to lose all there bitcoins? That event was fixed with a patch but this patch would
only be implemented if 75% of the network agreed to it. Tonight one of the mining farms in china got a bad block that didn't meet the requirements in that patch but broadcast that block saying that it did.  Other Chines mining farms took the block without checking to see it was in fact au8thentic and started building/mining with it/off it/on top of it... Causing a very large orphaned chain.  

Could it happen again? yes unless something changes. It fixed itself tonight but in the future with fewer and fewer full nodes around the world and larger and larger blocks this will only get worse. The larger the blocks the slower the network.

I'm using v0.10.2, and I received the alert.

I saw someone else mentioned it on this thread:That's what I saw, too.

Yes - Gavin used the alert key to put out a warning for all old versions of bitcoin core.
This happens rarely, because its only used for serious situations, and you can get rid of it by updating to the newest version.

Of course the system corrected itself, after 6 blocks the wrong chain was overtaken by the correct one.
The fixing and updating of old miners is not needed for bitcoin to work, but for them to still be able to earn money.

Even though double spending is for sure easier during a fork, remember that the transaction you receive is probably fine for both chains. So even if the confirmations people see from the wrong chain are not valid, its not like every tx sent will just be rolled back or disappear, the miners on the right chain will have heard about your tx as well and even if its not included yet they will likely reject conflicting transactions.

Bitcoin-Qt gave me some warning/alert I'd never seen before. Was it related to this blockchain split?

Oh, shit !

No the system didn't correct itself. It required those pools updating their software in order to mine blocks properly.

i think bitcoin system made it's own back choosing for the valid chain

Just relax. Why would you panic at all? Obviously you're that kind of person, so how about you just pause everything related to Bitcoin for a day or two?
You don't buy Bitcoin from merchants, but rather on exchanges. Even if something does go wrong I'm pretty sure that Bitstamp would reimburse you.

We just need someone to confirm this. I think that everything is fine now, however I can't be sure.

OMG WTF please read carefully before getting panic. Everything is settled, those who using Bitcoin core older than 0.10 and was receiving payment during fork period should wait at least 30 confirmations.

OMG WTF guys? I`m getting scared.

So if i just send now a transaction, then i lose my bitcoins and it doesnt get to the other end?

Also what if i buy now bitcoin with € do i get fake bitcoin if the merchant is on wrong chain?

This could be a serious problem. No FUD intended but seriously, i`m starting to panic/   

https://bchain.info/BTC/

Problem solved?