I perfectly recall the March 2013 hard fork.
Not only I didn't panic, I even went "all in" with all the money I had previously planned to invest gradually in Bitcoin... And I did thank the panickers by heart.
Topic: Does anyone remember when Bitcoin was hard forked? (Read 2164 times)
Not all hard fork necessarily heal, there are currently 3 full-time developers working on Bitcoin, if this monetary system would be developed by say, Oracle, with +200 programmers working on it fulltime we wouldn't have that risk.
Only 3 full-time developers for the future of money. This fact is an indication of just how early in this game we are...No, it's an indication of how a 8 billion market is being operated by people lacking basic business skills.
No, you make it sound like a central "company" is responsible for Bitcoin, and that is not the case.
Sadly, the Bitcoin Foundation is paying the devs, are those the "people lacking basic business skills" who you are referring to?
fill me in on the details?
The March 11, 2013 hardfork.
- http://bitcoin.org/chainfork.html
- http://bitcoinmoney.com/post/47048259653
- http://endthelie.com/2013/03/13/financial-crisis-revealed-and-resolved-in-the-world-of-bitcoin
legendary
Activity: 2884
Merit: 1115
Leading Crypto Sports Betting & Casino Platform
I saw that Vericoin was hard forked in response to a successful attack on Mintpal's system and I remember seeing somewhere that Bitcoin was hard forked once. I'm too new to Bitcoin to remember the circumstances, so could someone fill me in on the details?
The first hard fork was way to early for me to remember it but from the second hard fork I remember that it was a new client that was not compatible to the old one, so people were told to revert or stay on the older Bitcoin client and that became the main chain.
There were a few double spends but it went fairly smoothly considering the problems that occurred there.
Not all hard fork necessarily heal, there are currently 3 full-time developers working on Bitcoin, if this monetary system would be developed by say, Oracle, with +200 programmers working on it fulltime we wouldn't have that risk.
Only 3 full-time developers for the future of money. This fact is an indication of just how early in this game we are...No, it's an indication of how a 8 billion market is being operated by people lacking basic business skills.
Woah, Bitcoin was hard-forked? NO WAY! That killy a crypto! Why would anyone do this? What are we paying the developers for???
you pay the developers?
seems you must be the only paying member of the bitcoin foundation left
i do love the over use of the term "we" where in most cases the sentance where the 'we' is used doesnt include the person saying it, in reality
Not all hard fork necessarily heal, there are currently 3 full-time developers working on Bitcoin, if this monetary system would be developed by say, Oracle, with +200 programmers working on it fulltime we wouldn't have that risk.
Only 3 full-time developers for the future of money. This fact is an indication of just how early in this game we are...
I found the Cryptocoinnews article about this. The vericoin developers essentially pushed a checkpoint that did not include the transaction.
This should not be able to happen with Bitcoin unless more than 50% of the hash-power is controlled by one entity. When Bitcoin developers push checkpoints, they are generally thousands of blocks deep.
Edit: looks like vericoin makes "minting" to cold wallets impossible:
(Bold, Emphasis mine)
"Cold storage" is actually actively discouraged.
This should not be able to happen with Bitcoin unless more than 50% of the hash-power is controlled by one entity. When Bitcoin developers push checkpoints, they are generally thousands of blocks deep.
Edit: looks like vericoin makes "minting" to cold wallets impossible:
Quote from: Vericoin
Network stake-dependent interest is the mechanism in which the amount of coins minted during the proof-of-stake phase occurs. Instead of a flat 1% interest, Vericoin's interest rate can range from 0% to just under 3%. The practical range of interest is between 1.5-2.5%. Based upon the number of coins being staked (occurs when the wallet is open and unlocked), the interest rate varies. The more coins staked, the higher the interest rate. This provides incentive for keeping the client open and unlocked, further securing the network. The additional security ensures that the blockchain is not compromised and forked. In addition, it provides incentive for owners of the coin to use it as a savings vehicle as it earns interest at a more reasonable rate and more representative of a real economy.
-http://www.vericoin.info/interest.html(Bold, Emphasis mine)
"Cold storage" is actually actively discouraged.
Woah, Bitcoin was hard-forked? NO WAY! That killy a crypto! Why would anyone do this? What are we paying the developers for???
I still dont really understand what a fork is 
'Hard Fork'
When there are a sufficient number of bitcoin clients on the network that disagree on the rules about how blocks are created and recorded in the blockchain. It leads to a split in the chain, one set of bitcoin clients follow one branch and another set follows the other. To fix hard forks some action must be taken by us.
I still dont really understand what a fork is
I remember that day and it was handled pretty rapidly. Lots of brix were shat though.
Not all hard forks are equal.
If a hard fork is due to a bug or introduction of a new function, it's one thing, it's understandable and will be accepted by most sensible investors.
If a hard fork is due to some exchange being hacked and then major players agree to hard fork to revert the consequences of the hack - it's centralization of power, opposite of the purpose of crypto currencies.
If a hard fork is due to a bug or introduction of a new function, it's one thing, it's understandable and will be accepted by most sensible investors.
If a hard fork is due to some exchange being hacked and then major players agree to hard fork to revert the consequences of the hack - it's centralization of power, opposite of the purpose of crypto currencies.
Indeed I do remember it quite well. It was handled in a good manner.
That was a long late night of staring at blocks being mined. Slight panic set in, but it was one of the great roller-coaster rides of Bitcoin.The quantity of dedicated developers matters here, if there were enough skilled developers the hardfork would be detected before it occurred.
You do realize that it had to be hard forked once, and that it was intentional? At the very begging right?An error in the code would cause the coin to start forking on it's own.
As far as I know the second hardfork was done by mistake.
The quantity of dedicated developers matters here, if there were enough skilled developers the hardfork would be detected before it occurred.
You do realize that it had to be hard forked once, and that it was intentional? At the very begging right?An error in the code would cause the coin to start forking on it's own.
Not all hard fork necessarily heal, there are currently 3 full-time developers working on Bitcoin, if this monetary system would be developed by say, Oracle, with +200 programmers working on it fulltime we wouldn't have that risk.
What are you trying to say? That the quantity of developers matters here? Something could go wrong even if we had not 3, not 30 but 300 people working on it.The problem is that people panic when a hard fork is about to happen/happens. Else it should/could go smooth.
@OP Why is this relevant? This gives some people even more reason to spread FUD.
The quantity of dedicated developers matters here, if there were enough skilled developers the hardfork would be detected before it occurred.
Bitcoin has hard forked twice. I was not around for the first one, but I panicked during the second.
Wasn't around, either but from what I can tell, it actually went pretty smoothly and essentially fostered people's trust in Bitcoin. If Bitcoin survives such a hiccup, it is likely to survive minor things or another fork as well!
It was March 11, 2013. Details here:
https://bitcoin.org/en/alert/2013-03-11-chain-fork
Price dropped ~25%, but then recovered within a day.
https://bitcoin.org/en/alert/2013-03-11-chain-fork
Price dropped ~25%, but then recovered within a day.
It recovered fast for sure, but back then bitcoin network was much smaller, and it was much easier to fork it.
If something is to happen now, and that hard forking is needed, we would have to begg the allmighty ghash.io to allow it, since they are only ones in the place to make such decisions.
That's why i hate bitcoin ever since asics came to life.
Not all hard fork necessarily heal, there are currently 3 full-time developers working on Bitcoin, if this monetary system would be developed by say, Oracle, with +200 programmers working on it fulltime we wouldn't have that risk.
What are you trying to say? That the quantity of developers matters here? Something could go wrong even if we had not 3, not 30 but 300 people working on it.The problem is that people panic when a hard fork is about to happen/happens. Else it should/could go smooth.
@OP Why is this relevant? This gives some people even more reason to spread FUD.
Jump to: