Can I lose Segwit2 fork coins due to not holding enough bitcoin?

mocacinno

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Quote from: goldchain on November 06, 2017, 05:43:31 AM

Quote from: mocacinno on November 06, 2017, 05:10:13 AM

Quote from: usablehead on November 06, 2017, 05:04:19 AM

ok sounds good.. but suppose I was a buy and hold sort of investor.. In that case, I'd be stuck with keeping the forked coin in the exchange until it's valuable enough to pay transctions fees (if ever)...

And exchanges can be hacked so I don't like leaving BTC in there long. But confirming my thinking here, is that correct?

Nobody is forcing you to keep those coins on an exchange. As a matter of fact, i always recommand to hold your coins on a local wallet, or even a hardware wallet (or paper wallet) if you have a large amount.

Hi Mocacinno,

I got a question about this fork coins thingy. Is fork coins only happens on cryptocurrency exchanges, or it's also available on those bitcoin's wallet, such as blockchain.info, bitcoin core etc?

At a certain blockheight, the fork will happen. At this point, the complete ledger is exactly the same for both forks. At blockheight + 1, there will be differences between both chains.
A fork has nothing to do with witch wallet you're using to manage your private keys and unspent outputs. So, it shouldn't matter where you keep your coins.
However, some exchanges/online wallets/gambling sites/... Will probably either refuse to split your coins, or they'll be lagging behind. So, if you keep your coins at an online wallet/exchange/gambling site/... You're 100% at their mercy.
Some of those exchanges will probably have their own rules, some will act very fast and give you and edge, some will steal your coins.

If you use a local (hardware)wallet, it's 100% up to you wether you split your coins, ignore the fork, take risks, play it safe,... Offcourse, this also means that if you want to split your wallets, you'll have to do this yourself, you can't make a thirth party do all the technical steps for you, altough some hardware wallets usually make it pretty easy to do a split.

stompix

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Quote from: usablehead on November 06, 2017, 04:22:36 AM

Hi all-

I heard from a friend that there's a "gate" for receiving the Segwit2 fork.. That is, if you have a small amount of bitcoin, you don't get anything from the fork!

Your friend has no clue what he is talking about. There is no such thing as a minimum.

Quote from: usablehead on November 06, 2017, 04:22:36 AM

I have a friend who said that this made him lose out on the last fork, since he had only a small amount of bitcoin.

Probably he had only dust, and when he tried to move the coins the fees were just as big as the amount of coins he had.

Quote from: usablehead on November 06, 2017, 04:22:36 AM

Can someone please confirm this, the minimum amount to hold, and the details?

As per above, there is nothing to confirm, there is no minimum required.
You have 0.0000001 you are going to receive 0.0000001 (hope I put the same amount of zeros)

Quote from: usablehead on November 06, 2017, 04:22:36 AM

Also, I'm guessing if my coins are in an exchange, then I'm not affected since the exchange will get it for all their bitcoins? Or not?

You should first tell us what exchange you're going to use to store your coins at the time of the fork.
Or better, check the announcement page of that exchange.

Quote from: TheCoinFinder on November 06, 2017, 05:50:56 AM

It depends on the amount of bitcoin you have in your wallet. Like before bitcoin gold fork, i had 0.2 Btc, i got equivalent amount in bitcoin gold that was exchanged at yobit by $230/BCG.
At that time, i got $45 for my 0.2 BTG. Now same applies to upcoming fork, the more Btc you keep, the more profit you will earn from forked currency that is being happen in november.

No it does not, and please stop posting stupid things like this. You're no help here.

He wasn't talking about the usd value.
He was talking about the amount of coins he is going to receive.
Price is irrelevant for what he is asking.

TheCoinFinder

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Quote from: usablehead on November 06, 2017, 04:22:36 AM

Hi all-

I heard from a friend that there's a "gate" for receiving the Segwit2 fork.. That is, if you have a small amount of bitcoin, you don't get anything from the fork!

I have a friend who said that this made him lose out on the last fork, since he had only a small amount of bitcoin.

Can someone please confirm this, the minimum amount to hold, and the details?

Also, I'm guessing if my coins are in an exchange, then I'm not affected since the exchange will get it for all their bitcoins? Or not?

It depends on the amount of bitcoin you have in your wallet. Like before bitcoin gold fork, i had 0.2 Btc, i got equivalent amount in bitcoin gold that was exchanged at yobit by $230/BCG.
At that time, i got $45 for my 0.2 BTG. Now same applies to upcoming fork, the more Btc you keep, the more profit you will earn from forked currency that is being happen in november.

goldchain

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Quote from: mocacinno on November 06, 2017, 05:10:13 AM

Quote from: usablehead on November 06, 2017, 05:04:19 AM

ok sounds good.. but suppose I was a buy and hold sort of investor.. In that case, I'd be stuck with keeping the forked coin in the exchange until it's valuable enough to pay transctions fees (if ever)...

And exchanges can be hacked so I don't like leaving BTC in there long. But confirming my thinking here, is that correct?

Nobody is forcing you to keep those coins on an exchange. As a matter of fact, i always recommand to hold your coins on a local wallet, or even a hardware wallet (or paper wallet) if you have a large amount.

Hi Mocacinno,

I got a question about this fork coins thingy. Is fork coins only happens on cryptocurrency exchanges, or it's also available on those bitcoin's wallet, such as blockchain.info, bitcoin core etc?

amacar2

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Quote from: usablehead on November 06, 2017, 05:04:19 AM

ok sounds good.. but suppose I was a buy and hold sort of investor.. In that case, I'd be stuck with keeping the forked coin in the exchange until it's valuable enough to pay transctions fees (if ever)...

And exchanges can be hacked so I don't like leaving BTC in there long. But confirming my thinking here, is that correct?

If you just like to sell your bitcoins or forked coin after fork than you can store bitcoin during fork in any of the supporting exchange and than sell them, cashout fiat.

But if you want to store both coins for longer term, than store your bitcoin in electrum or simple paper wallet (main point is that you should have private key of that bitcoin address where you will hold bitcoin during fork). Now you don't have to do anything, when you want to move those forked coin than simply import your bitcoin address in one of the supporting wallet (you will see something similar to electrum after fork).

mocacinno

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Quote from: usablehead on November 06, 2017, 05:04:19 AM

ok sounds good.. but suppose I was a buy and hold sort of investor.. In that case, I'd be stuck with keeping the forked coin in the exchange until it's valuable enough to pay transctions fees (if ever)...

And exchanges can be hacked so I don't like leaving BTC in there long. But confirming my thinking here, is that correct?

Nobody is forcing you to keep those coins on an exchange. As a matter of fact, i always recommand to hold your coins on a local wallet, or even a hardware wallet (or paper wallet) if you have a large amount.

MMysterious

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Quote from: Pursuer on November 06, 2017, 04:43:27 AM

the only loss is loss due to fees.

for example imagine you had 0.02BTC and wanted to get your bitcoin gold tokens.
1. you will have to make a deposit on an exchange before the fork to receive the coins as soon as they are released. you pay a transaction fee here. about 0.0002BTC
2. when you get your BTG you have to sell it for bitcoin and pay 0.2% trading fee. lets say price was 0.04 on average and you sold your equal 0.02 BTG that gives you 0.0008BTC - 0.00000160BTC fee
3. you need to withdraw your bitcoin now so you pay a withdrawal fee to the exchange and that is 0.0008BTC on yobit for example which had BTG at the time.

the total means you lost money instead if you had 0.02BTC.

This. It is possible that some exchanges and other sites won't distribute fork token on wallets that have immaterial balances. At Crypto-Games rule of distribution, people won't receive fork tokens if they have lower than 0.01 btc.

usablehead

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ok sounds good.. but suppose I was a buy and hold sort of investor.. In that case, I'd be stuck with keeping the forked coin in the exchange until it's valuable enough to pay transctions fees (if ever)...

And exchanges can be hacked so I don't like leaving BTC in there long. But confirming my thinking here, is that correct?

Lipe490

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It depends on what amount you have during the chain split. If you have your private keys you can claim your bitcoin (s), but if you have them on an exchange you should look and see what they will do and how they will manage this fork for the users. I think all the exchanges will support segwit2 since it seems to have a good chance of the miners to accept it ( I do not believe it), and of course be careful to who you are sharing your private key, do not fall for scammers websites.

Pursuer

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the only loss is loss due to fees.

for example imagine you had 0.02BTC and wanted to get your bitcoin gold tokens.
1. you will have to make a deposit on an exchange before the fork to receive the coins as soon as they are released. you pay a transaction fee here. about 0.0002BTC
2. when you get your BTG you have to sell it for bitcoin and pay 0.2% trading fee. lets say price was 0.04 on average and you sold your equal 0.02 BTG that gives you 0.0008BTC - 0.00000160BTC fee
3. you need to withdraw your bitcoin now so you pay a withdrawal fee to the exchange and that is 0.0008BTC on yobit for example which had BTG at the time.

the total means you lost money instead if you had 0.02BTC.

Welsh

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Quote from: fiulpro on November 06, 2017, 04:32:20 AM

I have never heard anything like this .

All I know is that people get the same amount of forked coins as the amount of bitcoins that they hold.

Maybe he could have meant that the amount of coins that he received when cashed out were nothing.

If your balance in bitcoins is 0.01 .. then only you should think about the forks.. Because anything less than this won't generate any nice output when cashed out, because the value of forked coins are very small when they are launched.

Well you can be assured that this is not the case hut yes you can hold bitcoins in a big amount to generate profit from this.

Well not really, what ever you own your going to get in alt coins when the chain splits. Anything is going to be worth something even if you have £5 worth. It might not cover the transaction fee, but it will be worth something. There's no minimum except being able to cover the transaction fee of the new coin. (if we are talking about profit otherwise there isn't any limit)

fiulpro

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I have never heard anything like this .

All I know is that people get the same amount of forked coins as the amount of bitcoins that they hold.

Maybe he could have meant that the amount of coins that he received when cashed out were nothing.

If your balance in bitcoins is 0.01 .. then only you should think about the forks.. Because anything less than this won't generate any nice output when cashed out, because the value of forked coins are very small when they are launched.

Well you can be assured that this is not the case hut yes you can hold bitcoins in a big amount to generate profit from this.

alani123

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Holding any amount of unspent BTC to an address of which you control the private key would Grant you access to 2x coins if the fork ever happened. Past forks like Bcash and Bcold had it so, and if 2x happens it should be no exception. Certain exchanges and wallet services have announced that they will be offering coins to customers after the supposed snapshot but that is still trust based.

bitjoin

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As far as i know its not based on amounts. If you have BTC in your wallet you own the same amounts of the forked coin when the fork happens. Maybe there is a different rule is you have money on exchanges.

mocacinno

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Quote from: usablehead on November 06, 2017, 04:22:36 AM

Hi all-

I heard from a friend that there's a "gate" for receiving the Segwit2 fork.. That is, if you have a small amount of bitcoin, you don't get anything from the fork!

I have a friend who said that this made him lose out on the last fork, since he had only a small amount of bitcoin.

Can someone please confirm this, the minimum amount to hold, and the details?

Also, I'm guessing if my coins are in an exchange, then I'm not affected since the exchange will get it for all their bitcoins? Or not?

It's just wrong... If you controll any unspent output on the old chain, you'll controll the same amount on the new chain.
The only thing that can happen is that the value of the unspent output is to small to create a transaction, because it's not enough to cover a decent fee, or because it's considered dust... When holding BTC on an exchange, you are giving full controll to them tough, it's possible the exchange only credits your account if you have sufficient unspent outputs pre-fork, but that's not a technical problem, rather an exchange policy.

usablehead

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Hi all-

I heard from a friend that there's a "gate" for receiving the Segwit2 fork.. That is, if you have a small amount of bitcoin, you don't get anything from the fork!

I have a friend who said that this made him lose out on the last fork, since he had only a small amount of bitcoin.

Can someone please confirm this, the minimum amount to hold, and the details?

Also, I'm guessing if my coins are in an exchange, then I'm not affected since the exchange will get it for all their bitcoins? Or not?

Topic: Can I lose Segwit2 fork coins due to not holding enough bitcoin? (Read 335 times)