How are you hedging the upcoming Segwit2x fork? - page 2.

ChromaticStar

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Quote from: hgmichna on October 04, 2017, 11:13:14 AM

By having sold bitcoins for gold and fiat.

As soon as it becomes clear that Segwit2x will do no major harm and the future looks bright again, I will buy back.

Segwit2x bears the risk of a major disruption of the bitcoin economy. See how much damage b.cash has done and how much worse it could have been with just a little bit of more bad luck. Segwit2x is much more dangerous.

Of course there is also a good probability that bitcoin keeps a reasonably high hash rate and that users stay with bitcoin and shun Segwit2x. But even then there is the missing replay protection and possible attacks against bitcoin.

Just today Segwit2x inserted code into their client that camouflages it to make it look like a bitcoin client, with the intention to break down certain bitcoin defenses against the hard fork. And this could be just the beginning of damaging behavior, for example to increase the damage done by replay attacks.

I cannot take that risk and fortunately I don't have to, so I am bailing out. I would much prefer a continuously prospering bitcoin economy, but apparently that is not always easy to achieve.

Bitcoin has been around long enough for me to believe it will probably make it through this. It would be helpful to have some clarity from the exchanges as to whether they will/still support 2x. If Coinbase and Bitpay drop out, it will probably be another worthless alt with minimal impact.

hgmichna

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By having sold bitcoins for gold and fiat.

As soon as it becomes clear that Segwit2x will do no major harm and the future looks bright again, I will buy back.

Segwit2x bears the risk of a major disruption of the bitcoin economy. See how much damage b.cash has done and how much worse it could have been with just a little bit of more bad luck. Segwit2x is much more dangerous.

Of course there is also a good probability that bitcoin keeps a reasonably high hash rate and that users stay with bitcoin and shun Segwit2x. But even then there is the missing replay protection and possible attacks against bitcoin.

Just today Segwit2x inserted code into their client that camouflages it to make it look like a bitcoin client, with the intention to break down certain bitcoin defenses against the hard fork. And this could be just the beginning of damaging behavior, for example to increase the damage done by replay attacks.

I cannot take that risk and fortunately I don't have to, so I am bailing out. I would much prefer a continuously prospering bitcoin economy, but apparently that is not always easy to achieve.

greenclub09

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I think it's going to be like bitcoin cash. The king is still the bitcoin king, it will show its worth. After segwit2x, it is likely that bitcoin will be worth more than now. In the near future there will be a strong surge as most users will store bitcoins to receive new bitcoins. We should not worry anymore because the pre-release of a new bitcoin bit does not affect the bitcoin even it increases the bitcoin price so this is also the same. Grin

Board-Room

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Quote from: Minecache on October 03, 2017, 09:44:09 AM

Now I'm out of altcoins. Only 15% btc and 85% teether USD. I'm planing to buy btc just before 25 October and make good profit Cool

I'd be a bit careful about keeping too many eggs in one basket, in this case tether, especially during a time when we can expect increased volatility. See this thread for example:

https://bitcointalk.org/index.php?topic=2221521.new#new

Minecache

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Now I'm out of altcoins. Only 15% btc and 85% teether USD. I'm planing to buy btc just before 25 October and make good profit Cool

Board-Room

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In terms of timing, at the current rate it looks the hard fork will be sometime mid/end-November; it's at block number 494,784.

More info in this article, for example:
https://www.coindesk.com/block-494784-segwit2x-developers-set-date-bitcoin-hard-fork/

wxa7115

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Quote from: g4r1n1m on September 26, 2017, 10:01:40 PM

What is this? why it is neccesary??
in 20 years there will be 20 forks ? or what?

You do not understand, anyone can create their own fork that is the thing with open source projects, anyone can take that code and change it and try to create something new, that is what happens with Linux and all its variants, however a coin more than anything needs the support of the people so as long as people keep supporting bitcoin then those other coins have no future.

fragout

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Quote from: Raxitto on October 02, 2017, 08:30:48 AM

Bitcoin Gold intends to completely change the mining algorithm that currently exists in Bitcoin. The idea is to exit the SHA256 algorithm, which requires ASIC supercomputers to be processed, for Equihash, which will require GPU-type computers.
With this, BTG proponents believe that it will be possible to keep the mining process more decentralized. That is, the verification and validation of the transactions in the network can be done by less sophisticated processors and, consequently, by more technology users. The original Bitcoin mining is currently dominated by large mining companies because of the scale required to perform this type of activity and is about 80% concentrated in the hands of Chinese entrepreneurs.

Didnt Litecoin do that a looong time ago. Forked bitcoin and used scrypt. Why are BTG making a big deal about this new coin as if it is the lightbulb answer to the chinese miner dominance.

Raxitto

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BTG has nothing to do with another probable coin that will also come up in November, on 23rd, Bitcoin 2X, which will be the result of the hard fork occasioned by the SegWit2X developers. Bitcoin Gold intends to completely change the mining algorithm that currently exists in Bitcoin. The idea is to exit the SHA256 algorithm, which requires ASIC supercomputers to be processed, for Equihash, which will require GPU-type computers.
With this, BTG proponents believe that it will be possible to keep the mining process more decentralized. That is, the verification and validation of the transactions in the network can be done by less sophisticated processors and, consequently, by more technology users. The original Bitcoin mining is currently dominated by large mining companies because of the scale required to perform this type of activity and is about 80% concentrated in the hands of Chinese entrepreneurs.

Samarkand

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Quote from: alyssa85 on September 26, 2017, 01:16:56 PM

...

Also, something that hasn't been touched on - a lot of Japanese miners are going to come onstream starting in October and no-one knows what they think about segwit2x at all, so the uncertainty is huge.

I highly doubt they will start mining as soon as October. These are big companies where
projects like this take a lot of preparation and they haven´t even started to develop
their 7nm ASICs. The development of these ASICs will take many months and
setting up warehouses with all the hardware is also a strenuous process.

I´d argue that they probably won´t enter the mining scene until at least
late 2018 or early 2019.

g4r1n1m

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What is this? why it is neccesary??
in 20 years there will be 20 forks ? or what?

wxa7115

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Bitcoin is GOD

Quote from: ChromaticStar on September 22, 2017, 08:08:58 PM

Quote from: wxa7115 on September 22, 2017, 06:30:24 PM

First of all there is not going to be a legacy BTC, it is simple BTC, the original chain that is all, segwit2x is just another altcoin that is all, and if they decide to make that suicide move then I will enjoy the free coins that I will get and sell them no need to do anything else.

Quote from: thejaytiesto on September 22, 2017, 06:38:36 PM

You know the drill, dump the segwit2xcoin when the opportunity presents itself. This shit can't win, if it does im quitting bitcoin. If bitcoin can be coerced by bribing miners and exchangers with fiat money what's the fucking point? it's over. I guess I would just stick around in case someone comes up with a true bitcoin killer that can't resist vector attacks such as segwit2x and any other hardforks of similar nature. I would need a strong bitcoin to buy that tho, so lets hope the price doesn't go to hell.

I think segwit2x will end up like BCash. If bitcoin's immune system is strong it should get rid of it.

Hard to see in as just another altcoin. Currently, the New York Agreement (Segwit2x) has 95% support among the hashing power:

https://blockchain.info/charts/nya-support

I think day one BCH had only something like 2% of hashing power.

2x will be the clear winner for miners and many exchanges. I don't know what can really be done or what else to say, but we are definitely headed for another fork. Cryptos are here to stay, so if we don't want this, then we need to find another coin to support and hedge.

That 95% is not correct, the F2Pool withdrew from the NYA some weeks ago, they are still signaling support for segwit2x since they need to restart their servers, or at least that is what they said, and since they control something close to 20% of the hash rate that immediately puts that 95% to 75% if another big pool comes out of the agreement then situation is not as clear as you make it seem.

babsjoe

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I think it is too early to start worrying about November folk! One advice i have though is to stay through to what you believes are about bitcoin. I believe bitcoin should be free of any inteference, it should be autonomous and completely decentralized

Suqreme

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just going to ride it out and hope it restabilizes

dolan564

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i always hedge a certain % for anything to mitigate risk. Especially for forks, it can't hurt to slightly minimize profits in the event things go south.

alyssa85

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I've kept all my Bitcoincash coins, "just in case". I figure if the segwit2x split is nasty, then BCH might benefit. As long as I come out of it with my overall funds holding their value I'm not fussed.

Also, something that hasn't been touched on - a lot of Japanese miners are going to come onstream starting in October and no-one knows what they think about segwit2x at all, so the uncertainty is huge.

FiiNALiZE

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Quote from: ChromaticStar on September 22, 2017, 02:00:26 PM

It is probably a baked in reality at this point the we will have 3 Bitcoins in a few months after BTC forks again into a Legacy BTC and 2x BTC. This fork is looking to be more tumultuous than the BCH fork and we don't even know the details of any upcoming fork yet.

How are you going to hedge this event? Buy LTC? ETH? XMR? DASH? maybe BCH?

I hate all this childish bickering, but we should all start to place our hedges.

I am just going to ride it out because I don't really care for all that stuff. Bitcoin will still cost the same when sending to another BTC wallet holder.

limopc

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Quote from: ChromaticStar on September 22, 2017, 09:52:47 PM

Quote from: limopc on September 22, 2017, 09:08:58 PM

I am completely new and not that techie, so will appreciate your guidance.

In November, which coin wil split or fork, is it bitcoin, or Bitcoin Cash?
Will it be another SegWit, or an increase in the block size?

There will be a new currency I understand. It wil be like the previous split and holders of bitcoin BTC wil receive an equal amount of the new currency? Or the holders of Bitcoin Cash will receive the new currency?

Sorry if I am asking “silly” questions, I am just a few days old with crypto.

Don't feel too bad, I can't fully understand why there is a disagreement in the first place. Considering neither side wants to back down, I'm at a loss and clearly missing something big.

The current BTC will fork in November into two chains that have different consensus; BCH is unaffected by this. One will use the current BTC consensus rules and continue as normal, the other will adopt Segwit2x and use a different chain with a common history.

If you own BTC you probably don't have to do anything. I would recommend you withdrawal all your BTC to an address for which you control your private key. You will automatically have coins on both chains in this case. If you leave them on an exchange, it is up to them which coins you get; you may get just one chain or both. You may need to be extremely careful about how you send them though in the early days of a fork. When ETC forked (or whatever you want to call it) from ETH, there were replay attacks and some users lost coins. If it forks similar to BCH, there was good replay protection and everyone was fine. Just be careful, follow developments and you should be fine.

Thanks a lot for helping me understand more.

limopc

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Quote from: suppersz on September 22, 2017, 09:59:40 PM

Quote from: ChromaticStar on September 22, 2017, 09:52:47 PM

Quote from: limopc on September 22, 2017, 09:08:58 PM

I am completely new and not that techie, so will appreciate your guidance.

In November, which coin wil split or fork, is it bitcoin, or Bitcoin Cash?
Will it be another SegWit, or an increase in the block size?

There will be a new currency I understand. It wil be like the previous split and holders of bitcoin BTC wil receive an equal amount of the new currency? Or the holders of Bitcoin Cash will receive the new currency?

Sorry if I am asking “silly” questions, I am just a few days old with crypto.

Don't feel too bad, I can't fully understand why there is a disagreement in the first place. Considering neither side wants to back down, I'm at a loss and clearly missing something big.

The current BTC will fork in November into two chains that have different consensus; BCH is unaffected by this. One will use the current BTC consensus rules and continue as normal, the other will adopt Segwit2x and use a different chain with a common history.

If you own BTC you probably don't have to do anything. I would recommend you withdrawal all your BTC to an address for which you control your private key. You will automatically have coins on both chains in this case. If you leave them on an exchange, it is up to them which coins you get; you may get just one chain or both. You may need to be extremely careful about how you send them though in the early days of a fork. When ETC forked (or whatever you want to call it) from ETH, there were replay attacks and some users lost coins. If it forks similar to BCH, there was good replay protection and everyone was fine. Just be careful and follow developments and you should be fine.

This forum will be spammed by people trying to figure out how to get their 2x coins, and a bunch of them will be told they already ruined their chances when they already sent it to exchanges and their 2x is gone. I guess thats a good thing for those of us who can do it correctly, less supply means higher prices

Thanks for the warm welcome

suppersz

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Quote from: ChromaticStar on September 22, 2017, 09:52:47 PM

Quote from: limopc on September 22, 2017, 09:08:58 PM

I am completely new and not that techie, so will appreciate your guidance.

In November, which coin wil split or fork, is it bitcoin, or Bitcoin Cash?
Will it be another SegWit, or an increase in the block size?

There will be a new currency I understand. It wil be like the previous split and holders of bitcoin BTC wil receive an equal amount of the new currency? Or the holders of Bitcoin Cash will receive the new currency?

Sorry if I am asking “silly” questions, I am just a few days old with crypto.

Don't feel too bad, I can't fully understand why there is a disagreement in the first place. Considering neither side wants to back down, I'm at a loss and clearly missing something big.

The current BTC will fork in November into two chains that have different consensus; BCH is unaffected by this. One will use the current BTC consensus rules and continue as normal, the other will adopt Segwit2x and use a different chain with a common history.

If you own BTC you probably don't have to do anything. I would recommend you withdrawal all your BTC to an address for which you control your private key. You will automatically have coins on both chains in this case. If you leave them on an exchange, it is up to them which coins you get; you may get just one chain or both. You may need to be extremely careful about how you send them though in the early days of a fork. When ETC forked (or whatever you want to call it) from ETH, there were replay attacks and some users lost coins. If it forks similar to BCH, there was good replay protection and everyone was fine. Just be careful and follow developments and you should be fine.

This forum will be spammed by people trying to figure out how to get their 2x coins, and a bunch of them will be told they already ruined their chances when they already sent it to exchanges and their 2x is gone. I guess thats a good thing for those of us who can do it correctly, less supply means higher prices

Topic: How are you hedging the upcoming Segwit2x fork? - page 2. (Read 1721 times)