Forking Blockchain for lost keys - page 2.

byt411

hero member

Activity: 798

Merit: 1000

Quote from: andy10000 on March 02, 2014, 10:09:16 AM

I've heard this "bitcoin would die" but I don't understand why? Why would rescuing 7% of the coins be such sacrilege? Given that there are 127000 users that have lost coins.

Because once it happens, it will repeat itself. We cannot fork bitcoin multiple times just to save coins because a lot of people were stupid and stored their coins online. It is their own fault.

andy10000

newbie

Activity: 29

Merit: 0

I've heard this "bitcoin would die" but I don't understand why? Why would rescuing 7% of the coins be such sacrilege? Given that there are 127000 users that have lost coins.

dexX7

legendary

Activity: 1106

Merit: 1026

Quote from: ivroer on March 02, 2014, 08:19:57 AM

Quote from: andy10000

... would it be technically possible to fork the blockchain to move those coins to a new wallet with a known key?

Technically, yes.

I'll bite. How?

Injecting or changing whatever transaction would invalid the whole chain.

cr1776

legendary

Activity: 4214

Merit: 1313

Quote from: dreamspark on March 02, 2014, 08:39:33 AM

Yes its possible.

Bitcoin would be dead.

Bitcoin would be fine. Goxcoin would be dead - we could stick a fork in it. Wink

dreamspark

hero member

Activity: 798

Merit: 1000

Yes its possible.

Bitcoin would be dead.

ivroer

member

Activity: 89

Merit: 14

Quote from: andy10000

... would it be technically possible to fork the blockchain to move those coins to a new wallet with a known key?

Technically, yes.

Quote from: andy10000

What would bet the issues for the reputation and ethos of the bitcoin movement?

Really there are 2 possibilities here
1) Hardly anyone would notice or follow this "gox fork", thus Bitcoin would continue unaffected.
2) Mainstream media would pronounce Bitcoin "dead", again; "gox fork" would probably die off quickly, Bitcoin unaffected.

You probably want to refer to some of the other threads talking about this very issue:
https://bitcointalksearch.org/topic/gox-stash-recoverable-by-wallet-update-492724
https://bitcointalksearch.org/topic/calling-gavin-andresen-and-others-possibility-of-restoring-mtgoxs-coins-494140
https://bitcointalksearch.org/topic/bounty-offered-a-fork-of-the-bitcoin-network-that-goes-back-to-block-219200-488186
... and so on, use your search function.

andy10000

newbie

Activity: 29

Merit: 0

This is a newby question:

If Gox have lost the keys to their cold storage, would it be technically possible to fork the blockchain to move those coins to a new wallet with a known key?

Is it technically possible? Can it be done in a way that's secure?
What would bet the issues for the reputation and ethos of the bitcoin movement? Especially in the context that this is for 7% of the BTC economy, and not just Joe who lost 20bucks worth.

Thanks for explaining this to me.

Topic: Forking Blockchain for lost keys - page 2. (Read 1962 times)