Topic: Confused about 2x and the 1:1 coin ownership after fork (Read 1856 times)

I understand the confusion you have in your mind because many of us are already facing same problem. Many of the users have already answered you, i will try to make it more simple for you to understand.
If you are holding the BTC before the hardfork so you will have both original BTC as well as the alt(e.g B2x) and both are spendable, the B2x will be credited you for free with respect to your holding BTCs.
You are right there are two different chains after the fork but the community's support will decide which one is the king and which one will be treated as an alt, one which will not able to get enough support as compared to the other will be treated as an altcoin.

2x was canceled. Bitcoin Gold, Bitcoin Diamond, Bitcoin Cash, etc. are completely different things.

when is btc2x fork taking place? i see BCD is already gaining lot of attention although supply volume is massive than BTC core.

thank you all...

yes you will get equal ammout of 2x if you hold your coin and if you have your private keys.
See almost all the exchanges out there hold your private key.
So if you have money there its up to the exchage if they want to give you the 2x or not.
Better shift 2x to wallets like electrum and have confirmed b2x.

While I commend their willingness to put skin in the game, I don't think any of that is meaningful. 25,000 BTC may look like a lot to plebs like us, but it could easily be absorbed by the OTC or exchange markets. It's a drop in the bucket. Like someone said up-thread, the diehard #No2x crowd is louder and likely holds more coins than diehard #2x supporters. But I think they are both just loud minorities anyway. What matters is the meat of the ecosystem, and I wish I knew of good metrics to analyze just how economically relevant the NYA companies are.

In any case, I don't think that Coinbase, Gemini, Bitpay, Blockchain, Xapo, Shapeshift and the other NYA signers are economically irrelevant. If they are calling a different network "Bitcoin" and moving their economic activity to that network, that is significant value leaving Bitcoin. We could be talking about amounts of money that make 25,000 BTC bets look silly.


There are no legal precedents here. I suspect that Coinbase has very competent legal counsel, and that as long as they provide their customers with both coins and ample opportunity to make use of both coins, that there will be no grounds for lawsuits.

There are way many bitcoins at stake that are pro-1MB legacy chain that those who are willing to sacrifice their 1MB legacy coins for segwit2x chain coins. Just take a look at the bets on twitter. Gmaxwell, Adam Back, Trace Mayer and so on, were talking about making bets as high as 25,000 BTC. Roger Ver was too scared to take it.

About Coinbase users, they can easily lawsuit them no matter how many "terms of conditions" Coinbase comes up. That will waste resources on them.

Don't assume good intentions.

No, I wouldn't make that analogy at all. And due to the decentralized nature of the protocols and markets, there is no peg, of course. The ratio (price) is whatever someone else is willing to pay. Currently, B2X contracts are trading at ~15% value and BTC contracts at ~85% value -- these percentages refer to value in a coin split scenario.

People on both sides will be incentivized to support their chain and dump the other. I'm worried that both chains will suffer from the increasing difficulty as we approach the fork. Between the market's exuberance and the rising difficulty into a contentious fork, I'm getting nervous.

No. That's not how it works at all... The two values are completely independent. Look at what happened with BTC and BCC... The value of BCC plummeted from initial trading and in recent days even went up without affecting BTC value at all

Is it fair to think about the fork as a different "share class" that many companies have in the market ? And that the price of the coins will always be pegged at 2:1 ratio ?

Judging by the low volume of the BT1/BT2 market, I'm not sure that's true. I'm sure that diehard supporters of the legacy chain will dump the 2x coins, and I'm sure diehard supporters of the 2x chain will dump legacy coins. And I think there are more of the former than the latter. But that doesn't mean there's enough supply to continually drive the price of B2X down. We don't know that at all.


Well, it doesn't matter whether their users are "supporting" 2x. What matters is their share of network activity, and their custody of user coins. Their users can't verify whether they are using Bitcoin, but currently they are. If they leave the Bitcoin network, that will surely be a big hit to network value per Metcalfe's Law.

I don't expect that, which is why I expect 2x to fail, since people that matter (holders) are going to dump their coins in order to stop the fork, which will force miners to stop mining the 2x chain unless they want to go bankrupt.


Im talking about users that matter (holders that run their own nodes to control what their transaction is doing). These users care about not turning Bitcoin into Paypal 2.0, which is why they will fight forks to no end, and believe me, there's billions worth of BTC ready to fight corporate takeovers such as the 2x one. If you don't do anything, then I guess you don't care if some day corporations come up with a fork that will raise the 21 million limit, for example.


Which is why SPV users aren't part of Bitcoin. Coinbase and co can't claim their users are supporting 2x (which is what Coinbase, Xapo, and all these crooks are saying) when they don't know what any of this means.

Segwit 2x will be activated in november by majority of miners who had already signed the NYA that it would be activated within six months.Earlier,there was around 95% of miners support.So,it was considered that segwit 2x would be a success.But now,F2Pool has withdrawn its support and now it has 85% of miners support.

If segwit 2x succeeds in getting more support,then it would replace the bitcoin and there would be no air drop and no free coins.In such a case,surely bitcoin price would skyrocket.

If segwit 2x fails to get more support,then there will be a split in the chain and free coins would be available along with bitcoin.

Either you would get bitcoin as well as free coin otherwise,you would get only bitcoin but its price would trigger very high.

so keeping the funds in Electrum is safe mate?
or shud i keep them in blockchain.info?
I want both the coins to be accessible for myself.

I'm choosing to hold both. If miners follow through and switch chains, then block time on the legacy chain could become untenable; we could be forced to change POW in the worst case scenario. At the same time, 2X is rightfully viewed as a corporate takeover attempt of the protocol, and I think a lot of bitcoiners would dump it because of that.

I'm not confident enough in the outcomes to bet on any one contingency. In theory, I would like to dump the B2X coins, but I can't risk being wrong and killing my portfolio's value because of it. I can live with a dip in dollar value. I can't live with losing BTC value if B2X emerges victorious from this.


Both chains would be compatible with Electrum. Supposedly the latest version of Electrum can detect forks among servers, and will prompt you to choose which chain you want to transact on. I haven't read into the details too much, though.

https://www.bitsonline.com/bitcoin-wallet-ready-hard-fork-august/


Somebody sent me this article which also helped clarify the scenarios that had me confused about prices and double coin holdings etc - anybody have any other articles along same lines that help the btc simpleytons understand the scenarios?

Ive so far absorbed about half the responses and will do the rest tonight but thank you guys!!! I am beginning to fill the holes of my understanding and now see why a new coin can be generated and why both couns are spendable. 

Honestly, im leaning towards holding both coin types for a while as it seems like the safest bet for a novice like me who doesnt feel comfortable gambling on one or the other.  I randomly bought into btc on a gut feeling at around 80 bucks and told myself to hold it no matter ehat the price does until either im rich or my investment goes belly up.  I have to say the sane approach is the only one i feel comfortable with at this point.

Can i ask what side u guys are choosing to go with for thise who strongly favor one chain over the other?

Also, one more question but do you guys know if electrum made any announcements about handling this?  Since two chains will exist and i will have teo coin type private keys, i assume each wallet will roll out some way to deal with this?  Or will we see a new 2x wallet where you cn import btc priv keys to hold your 2x coins?

In the immediate term, i use electrum to store a few coins and have a cold storage paper wallet of priv keys for most of my couns in bank box.  Would you guys think it wise to clear out my electrum wallet to hold all paper priv keys til the dust settles?  Anybody have an example of a wallet that speaks to their dealing with this hard fork?  Ive seen alot from coinbase but i dint use that type of wallet.  Does core wallet have documentation on exactly what steps to take after fork to holdand use the 2x coins?

Thanks again all - i was misunderstanding alit of stuff before you set me straight.

I always thought forks were only to be worried about for devs and for miners to vote via concensus but see that your average end user should be well versed in this sort of thing as well

Meh. You're expecting people to put ideology before their finances. That's not a rational expectation. I noticed that the everyone who was promoting BIP148 is now promoting NO2X. Given how little visible support BIP148 had (nodes, major economic nodes, miners), I believe that both sides are just very loud minorities, at least with regard to what users want.

Given the S-curve of technology adoption, most users don't even understand Bitcoin. It's absurd to think that most users therefore have a strong opinion about contentious forks and will automatically dump the 2X coins. The culture of hodling is strong, especially considering that most people make terrible traders.

I think that most people would hodl both coins given the chance. And even though I'm opposed to 2X, I would never ideologically dump coins. My primary life goal right now is to accumulate BTC; I'm not going to risk being on the wrong side of the market. I'm a trader/investor, not a warrior or a shill.


I think it's because they need to leverage SPV users in order for the fork to be relevant. Web wallets and SPV wallets like blockchain.info represent a lot of users on the network.

You are wrong actually 2x is a new coin the 2x coin already trading in hitbtc ,
but those are future markets only.
Yes you get your ammout of 2x coins if and only if you hold your coin until the snapshot block.
Keep a eye on the announcement section you will find every info there.

Yes the bitcoin will split again in November. So if you are holding one bitcoin you will get 1 b2x. It will be distributed to all bitcoin holders on the 1:1 basis. To cashout from btc2x you need a compatible wallet, there is no one at the moment. Also the b2x has no replay protection, so don't send any bicoins or b2x on that day, because when you send btc you are also sending b2x, this is a little bit tricky. As a newbie you should just wait and see what other holders are doing.