So basically, if I understand correctly, this is a hack that favours the miners.
And obviously, miners would be motivated to make a fork happen.
Am I correct?
Topic: [Guide] Surviving the fork, or How to double your bitcoins (or save fiat) - page 9. (Read 9931 times)
August 20, 2015, 06:22:58 AM
August 20, 2015, 06:21:46 AM
Do we know what the big players are planning to do in the event of a fork?
For example is it sensible for an exchange to offer trading in both coins?
For example is it sensible for an exchange to offer trading in both coins?
August 20, 2015, 06:21:18 AM
The question in my mind is: how do you get coins on exactly one chain immediately after the first big block is mined?
You need to generate a lot of low-fee transactions that will be included into 1+ MiB blocks of XT but won't be included into the original Bitcoin. Once you get at least one such transaction confirmed in XT you need to generate a block with a contradicting transaction in Bitcoin. Only pool owners can do such the trick with high reliability. More info is available on http://bitcoin.stackexchange.com/questions/4942/what-is-a-finney-attack. Obviously, it's almost impossible to do that right after the first block.
August 20, 2015, 06:09:57 AM
Well, in that case that's an issue that has to be sorted out before the deadline.
Is there a proposal on how to prevent such attack?
Is there a proposal on how to prevent such attack?
No.
August 20, 2015, 06:09:43 AM
yep. i saw this written here before and it sounds correct to me. Love to hear anyone's dissenting facts or logic tho.
So far ... not much thought happening here.
The question in my mind is: how do you get coins on exactly one chain immediately after the first big block is mined?
Remember the coinbase coins can't be used until 100 blocks have passed. Anyone who can make this work sooner will spend their coins twice.
August 20, 2015, 06:07:30 AM
It won't work.
If XT is adopted, XT wins, there's no other chain, or at least there's no other chain with value.
You may find someone that lived in a cave for the past year and scam them using the abandoned chain, but that's not something you'll want to brag about, I think...
It will work. That would be the case of reaching complete consensus with the economic majority.If XT is adopted, XT wins, there's no other chain, or at least there's no other chain with value.
You may find someone that lived in a cave for the past year and scam them using the abandoned chain, but that's not something you'll want to brag about, I think...
AFAIK 75% (needed by XT) will cause a noticeable split, and thus this can be achieved. The guide is sound, and should work.
August 20, 2015, 06:06:15 AM
It won't work.
If XT is adopted, XT wins, there's no other chain, or at least there's no other chain with value.
You may find someone that lived in a cave for the past year and scam them using the abandoned chain, but that's not something you'll want to brag about, I think...
If XT is adopted, XT wins, there's no other chain, or at least there's no other chain with value.
You may find someone that lived in a cave for the past year and scam them using the abandoned chain, but that's not something you'll want to brag about, I think...
Since the losing chain value doesn't drop to $0 in 0 seconds, there's a chaotic time during which the op's scenario may unfold.
August 20, 2015, 06:04:52 AM
Well, then a fork does not occur, no problem...
It will occur in this scenario and some miners will be mining Bitcoin while the others will be mining Bitcoin XT. Those who pick the right side will get increased income during some period of time.
Well, in that case that's an issue that has to be sorted out before the deadline.
Is there a proposal on how to prevent such attack?
August 20, 2015, 06:03:41 AM
Fork doesn't occur under those conditions.
People's choice will be clear and every service will update software in proper time if a fork does occur..
People's choice will be clear and every service will update software in proper time if a fork does occur..
There is no way to know if a miner really supports Bitcoin XT or just pretends so to give a lesson to the tandem and to show that "one does not simply mess with the blockchain" and future attempts will fail too.
Well, then a fork does not occur, no problem...
Wut?
If they say they vote for xt, a fork will occur.
Then they don't actually mine big blocks....
August 20, 2015, 06:00:42 AM
Well, then a fork does not occur, no problem...
It will occur in this scenario and some miners will be mining Bitcoin while the others will be mining Bitcoin XT. Those who pick the right side will get increased income during some period of time.
August 20, 2015, 05:51:10 AM
Fork doesn't occur under those conditions.
People's choice will be clear and every service will update software in proper time if a fork does occur..
People's choice will be clear and every service will update software in proper time if a fork does occur..
There is no way to know if a miner really supports Bitcoin XT or just pretends so to give a lesson to the tandem and to show that "one does not simply mess with the blockchain" and future attempts will fail too.
Well, then a fork does not occur, no problem...
August 20, 2015, 05:48:03 AM
Fork doesn't occur under those conditions.
People's choice will be clear and every service will update software in proper time if a fork does occur..
People's choice will be clear and every service will update software in proper time if a fork does occur..
There is no way to know if a miner really supports Bitcoin XT or just pretends so to give a lesson to the tandem and to show that "one does not simply mess with the blockchain" and future attempts will fail too.
August 20, 2015, 05:42:43 AM
if you can double your bitcoin in any way i'm sure the price will tank to 50% of current price long before you can do anything
In this case a rational person will do as written in the guide to save as much money as possible.
August 20, 2015, 05:40:10 AM
if you can double your bitcoin in any way i'm sure the price will tank to 50% of current price long before you can do anything
what happen if both chain hold 50% of the network?, it's like having a bitcoin with half the network and a new altcoin that want to be bitcoin 2.0
It won't work.
If XT is adopted, XT wins, there's no other chain, or at least there's no other chain with value.
You may find someone that lived in a cave for the past year and scam them using the abandoned chain, but that's not something you'll want to brag about, I think...
If XT is adopted, XT wins, there's no other chain, or at least there's no other chain with value.
You may find someone that lived in a cave for the past year and scam them using the abandoned chain, but that's not something you'll want to brag about, I think...
what happen if both chain hold 50% of the network?, it's like having a bitcoin with half the network and a new altcoin that want to be bitcoin 2.0
Fork doesn't occur under those conditions.
People's choice will be clear and every service will update software in proper time if a fork does occur..
August 20, 2015, 05:35:13 AM
if you can double your bitcoin in any way i'm sure the price will tank to 50% of current price long before you can do anything
what happen if both chain hold 50% of the network? it's like having a bitcoin with half the network and a new altcoin that want to be bitcoin 2.0
It won't work.
If XT is adopted, XT wins, there's no other chain, or at least there's no other chain with value.
You may find someone that lived in a cave for the past year and scam them using the abandoned chain, but that's not something you'll want to brag about, I think...
If XT is adopted, XT wins, there's no other chain, or at least there's no other chain with value.
You may find someone that lived in a cave for the past year and scam them using the abandoned chain, but that's not something you'll want to brag about, I think...
what happen if both chain hold 50% of the network? it's like having a bitcoin with half the network and a new altcoin that want to be bitcoin 2.0
August 20, 2015, 05:25:13 AM
It won't work.
If XT is adopted, XT wins, there's no other chain, or at least there's no other chain with value.
If XT is adopted, XT wins, there's no other chain, or at least there's no other chain with value.
XT win lose or draw will never have value, maybe price v USD but it'll never be anything of value.
August 20, 2015, 05:23:30 AM
If XT is adopted, XT wins, there's no other chain, or at least there's no other chain with value.
This is very arguable, but I won't argue, let's stick to the topic without derailing it.
August 20, 2015, 05:22:39 AM
So, why doesn't someone send his coins to himself with the hopes of them being included in only one chain?
This may work too, but probability is very low because your first transaction will be kept in memory pool if not already included into a block. Good timing and extraordinary skills are required for such trick.
August 20, 2015, 05:21:23 AM
It won't work.
If XT is adopted, XT wins, there's no other chain, or at least there's no other chain with value.
You may find someone that lived in a cave for the past year and scam them using the abandoned chain, but that's not something you'll want to brag about, I think...
If XT is adopted, XT wins, there's no other chain, or at least there's no other chain with value.
You may find someone that lived in a cave for the past year and scam them using the abandoned chain, but that's not something you'll want to brag about, I think...
August 20, 2015, 05:19:01 AM
... miners or guys who managed to get their transaction not included into the other chain.
Well, I doubt that there will be miners that will give your the coins they can take advantage of.
So, why doesn't someone send his coins to himself with the hopes of them being included in only one chain?
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