Topic: [Guide] Handling splits: UASFs, BIP148, etc. - page 10. (Read 48567 times)

So, I just finished reading the guide and all the posts over the last couple days.
Thanks for the guide and all the very helpful info !!!

So, from what I gather to date, BIP-91 is confirmed and will be activated, correct ?

I currently have BTC on Coinbase. I just logged into my account and Coinbase has a notice:
BTC Buys/Sells/Withdrawals will be Temporarily Disabled on July 31
Due to a potential fork of the bitcoin blockchain, all BTC buys/sells and withdrawals will be temporarily disabled beginning on July 31.

I do not have a wallet yet to move my BTC to yet, that would allow me to get my private keys.
I have also just purchased a Trezor, which will arrive by Aug. 28th
While waiting for the Trezor, I was going to create a paper wallet, once I transferred my BTC from Coinbase to a new Wallet and retrieved my private key(s).

Do I still have time to download and create a wallet, from posts on this thread, I was thinking either Electrum or Green Address (with double authentication).
I had also watched a video with Trace Mayer about a week ago and he recommended using Armory on top of bitcoin-core, but I don't think I have the time (or HDD space on my laptop) to download bitcoin-core and sync to the blockchain.

Confirmation/suggestions/recommendations would greatly appreciated !!
:-)

Thanks again for all the great info in the guide and all the posts, it's been quite a crash course/education for me over the past couple days.

regards

I have some btc at livecoin.net exchange that I forgot to move (not much only 0.2 btc).Is there still a time to move them?

I want to move my coins from Xapo wallet. I can choose High Priority (6 confirmations) and Standard Priority (2 confirmations) So, is it safe to transfer coins with such number of confirmations? And as I understand, it would be better to choose high priority payment?

IMHO that's a new altcoin being born not a Bitcoin split. You will just start with some altcoins on that chain (if you own your private keys), which you may sell for profit or simply ignore.
Bitcoin will also fork to 2MB blocks later, but it will happen smoothly the same way we saw now with BIP91

I have some btc at livecoin.net exchange that I forgot to move (not much only 0.2 btc).Is there still a time to move them?

I do not fully agree on the


By "fully", I mean: Yes, if you are an inexperienced newbie and want to be on the totally safe side, this is what to do.

From experience with the ETH/ETC split, let me offer an alternative perspective on this, because I think it applies here very well:

At the time of the split, I had ETH at both BTC-e and at Kraken.

While at BTC-e this meant no ETC for me (of the same amount as I had ETH in there), at Kraken, I suddenly had magically ETC and the same ETH.

While the ETH/ETC split was intentional and we do not know if a similar thing will happen to BTC, it may happen and if it does, there are the following scenarios what may happen if you have your BTC at some exchange/bank:

• The Bank will only keep holding what it considers the "major" branch/split/fork of BTC. I.e. the "successor"
• The Bank will automagically provide you with both branches - read: wallets - (a.k.a. BTC and BTC-classic)
• The Bank will provide you only with the - from your perspective - "less desired branch".

It is only the 1st and 3rd scenario where the bank would f** you over and that justifies the precaution of not keeping any funds "at banks".
In the 1st one you lose potentially some assets of an alternate currency that may have quite some value, in the 3rd one you would
lose the majority of your value.

In case your Bank/Exchange will publish a handling policy in case of a non-negligible split that resembles case 2, I think it is not only safe, but also comfortable to keep the funds as is.

Executive Summary: If in doubt, go with the Theymos default. If exporting/selling BTC is a hassle and you trust your bank and it claims it would handle the split like giving you both coins: consider also "doing nothing" i.e. no moving the coins.

Statement on the upcoming Bitcoin activation of Bitcoin Improvement Proposal 91 (BIP 91)

Bitcoin Improvement Proposal 91 (BIP 91, also known as Miner Activated Soft Fork) recently locked in over 90 percent of all mining hash power, signaling majority support for this proposal. BIP 91's lock in effectively makes BIP 148 (User Activated Soft Fork scheduled for August 1) obsolete and nullifies the chances of the Bitcoin network forking through UASF.

At this time, with BIP 91 locked in, we are confident that the Bitcoin network will successfully activate and enforce BIP 91 blocks. Bittrex will be monitoring this situation closely. We do not anticipate any issues with BIP 91 activation. However, Bittrex will close deposits and withdrawals of Bitcoin (including 2nd layer protocol XCP/OMNI and associated assets) 4 hours prior to the BIP 91 activation block 477,120 anticipated to be at July 23, 12am PST (7am UTC). The wallet will remain closed until the majority hash power chain is clearly established. Trading will remain active during this time. In the event of a chain split, Bittrex will take all reasonable steps to ensure that customer funds can be preserved on both chains.

Further information:

BIP 91: Reduced threshold Segwit Miner Activated Soft Fork (MASF)

BIP 148: Mandatory activation of segwit deployment (UASF)

BIP 91 Has Locked In. Here’s What That Means (and What It Does Not)

BIP 91 Locks In: What This Means for Bitcoin and Why It's Not Scaled Yet

UASF/Segwit2x Scenarios and Timelines

I currently see on the news this message: "Due to BIP91, it would starting now be prudent to require 5x more confirmations than usual before trusting transactions." Why exactly 5 confirmations? why not simply one?

How much more time? Is there a timer somewhere?

How much more time? Is there a timer somewhere?

Yes.

Do I still have the time to transfer bitcoin from blockchain to paper wallet?

IMHO that's a new altcoin being born not a Bitcoin split. You will just start with some altcoins on that chain (if you own your private keys), which you may sell for profit or simply ignore.
Bitcoin will also fork to 2MB blocks later, but it will happen smoothly the same way we saw now with BIP91
https://i.imgur.com/yui49gf.jpg