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

But the problem is, we MUST dump the damn segwit2x coins. The only power we have as users are our full nodes and our force in the market. We must exert this force by killing forks with our dumps. The reason Jeff Garzik doesn't want to add proper replay protection is to precisely scare people away from instadumping the segwit2x coin to force miners back into the original chain. It's all part of the attack.

It is a new coin. It's not pre-mined. The Bitcoin UTXO set will be copied, so everyone that holds BTC will receive B2X, much like a dividend to a stock holder. A hard fork of a blockchain creates a new currency out of thin air. Before the fork, there will be a circulating supply of about 16.6 million BTC. After the fork, there will be a circulating supply of 16.6 million BTC and 16.6 million B2X.

So, if we accept B2X as "Bitcoin" then we are effectively doubling the supposedly limited supply of bitcoins. This is one reason why a permanent split with disagreement over what constitutes "Bitcoin" is such a problem.

If you are talking about the 2X coin, no, since it happens in November and so there are no coins.  You might be able to sell some type of future on it.  If you are talking about Bitcoin Cash, yes.  If you are talking about Bitcoin Gold, maybe, some exchanges seem to allow it.

is it possible to sell our forked coin yet?

I don't really get what you're saying here. I think you misunderstood the concept of a replay attack. A replay attack can occur when you send a transaction on either of the chains around the tile the fork happens. By doing this you risk becoming the victim of a replay attack. This meaning your transaction can be rebroadcasted on the other chain. There's no need for chaos. If you keep your bitcoin nice and safe in your wallet you should be fine.

Good post thanks,i ve been reading it could be not safe to transfer btc during fork,becouse btc can be send to 2x and remain unconfirmed.Miners may switch from one chain to another,looks like big chaos

You will receive 1:1 coins on any given hardfork if you are holding the private keys yourself, but I will tell you what... I wouldn't count on any hardfork being a success that reaches an higher price than the original bitcoin blockchain BTC without unanimous consensus.

I think it's safe to keep selling the forked coins for more BTC, I don't see any fork winning any time soon, B2X included.

I see B2X graph looking like BCash: It will get a fake pump triggered by the bribed miners mining at a loss for a while, then once reality kicks in the hashrate will go down and coupled with all the whales that don't want the fork dumping massive amounts of B2X will force miners to stop playing around and mining the original blockchain again, hence the fork is resolved.

The requeriments for a proper hardfork aren't meet with B2X.

Of course, im not a wizard, so I guess the safest bet is to hold both, but as a holder you should pick a side and this side should be to defeat the corporate scammers (B2X), but again, if you don't want to do anything and don't care about Jeff Garzik becoming the main developer, then just hold it.

There really isn't any "point" to it per se... some people don't like how BTC is now, and they want to "improve it". So they're implementing some changes and forking off... essentially, this will create an altcoin... it's possible, the new fork could become the stronger coin with more support in which case, BTC as it is now would like be considered the altcoin, and the new fork as "Bitcoin".


Basically, they just copy the current Bitcoin chain up until Block X, then split off... magically creating copies of all existing BTC. You basically double the number of coins you have. NOTE: not necessarily double the value... just double the total number.... so if you had 1 btc, you end up with 2 coins (1 btc, 1 2x)


No. You can definitely spend both.


Yes... definitely 2 chains. It's a hard fork, they're changing the consensus rules. So we end up with two coins... Now, the real question is... which one will end up being considered the "altcoin"?


Well that depends... there are sort of three scenarios:

1. Bitcoin remains Bitcoin. 2X fails to get support and starts to die. In this scenario the value of the 2X coins will plummet as everyone dumps to get whatever they can before the coin becomes completely worthless.

2. 2X takes over as main "Bitcoin". Bitcoin support fades away and starts to die. In this scenario the value of Bitcoin will surely dump faster than scam ICO. You'll only have limited time to assess what is going on before you BTC is worthless.

3. Bitcoin and 2X both continue on with enough support to continue (a bit like Bitcoin Cash has done). The values will go up and down as speculators start guessing which coin is going to win, before things settle down and the world carries on as "normal"

If you really don't care, you can just hold both coins forever... and again, you CAN sell both.

This is really confusing if you don't know what are the cool features of the new hard fork. Developers are doing what best could be beneficial for investors and everybody. Forks are designed to amend some features of bitcoin that are limited.

I understand that you want more coins. But at least you should pick a side. The fork will help you earn another coin. But I would advise against acquiring coins of those who want to destroy Bitcoin. Bitcointalk is always posting the newest version of the Bitcoin client. Once Bitcoin cash and Bitcoin Gold succeeds. No one will be inclined to develop a newer version of the Bitcoin client. And bitcointalk has nothing to post when it comes new clients because it will cease to exist. FYI Bitcoin cash and Bitcoin Gold is about creating a new paypal which is notorious for freezing accounts. We don't want that to happen to Bitcoin Classic/Core.

You're asking a lot of questions here... I'll try to answer a couple of them, but i'd suggest you try to read up on the concept of hard forks and soft forks.
Basically, during a hard fork, part of the network starts to use incompatible consensus rules that are enforced starting at a certain block height.

In other words: up untill block x, both sides of the fork have exactly the same data in their public ledger, simply because part of the network chose to follow different rules starting at block x.
This means that, if you have an unspent output that funds an address controlled by your wallet, and the funding transaction is confirmed before block height x, the transaction is included in a block before the hardfork. This means that after block height x (after the hardfork), the unspent output is spendable on BOTH sides of the fork.

In other words: if you have 1 BTC pre-hardfork, you'll have 1 BTC and 1 alt-BTC you can BOTH spend post-fork.

However, if the group of people that caused the hardfork didn't implement replay protection, a transaction spending a pre-fork unspent output on one chain, can be replayed on the forked chain... There are ways around this problem, but that's a completely different question.

Im sorry as im sure this is answered but the more I read, the more confused I get with terms about splitting and replay tx's etc.

Can somebody help me understand the specific point of holding 1 btc and then having 1 btc and 1 btc2x after fork?

I understand that if I have 1 btc now and hold private key cold storage and dont transact for a few days around fork time.

But what I dont get is where the 1 btc2x is generated from?  Its not a new coin so its not pre-mined, right?

Is it basically down to me choosing to spend either the 1 btc or the 1 btc2x but not having ability to spend both of them?  This would seem to explain alot of the holes I think i have in my understanding.

After the fork, dont they have to become two seperate chains moving forward thus becoming a new altcoin?  Or am I missing something here that somehow wont turn btc2x and btc into 2 chains with 2 coin types after the fork happens?  Miners will be generating rewards on two chains causing generation of new coins on a new chain so i dont see how it would not be an altcoin after the fork occurs.

Is there a huge money risk here for a long-term btc holder that doesnt intend to stop holding?  I think the answer is no, not any more than usual volatile/high-risk of cryptocurrency.  Am I correct that I dont need to make a decision on my favored fork if Im just a long-term holder?  If some of my above understanding is right about the 1:1 coin holding then i think I simply would hold all my btc / btc2x and in 20 years, i could cashout one or the other from my 1 coin example (but not both).  Theres no decision timeline I need to worry about, right?