It's not the end, but..... | Bitcointalksearch.org

we are in for some turbulence.

here are two posts captured on reddit. It looks like the waters may get tricky to navigate so keep a watchful eye peeps. I actually see the price of btc going lower, much lower, within the next few weeks, but I am going to remain bullish! If that happens, I will buy, buy buy!!!!

"[–]bradfordmaster 1 point an hour ago
This is where it is useful to have a bit deeper in an understanding of how Bitcoin transactions work. I don't go into it in detail here, but there is no such thing as "bitcoins". The network is a global ledger of all transactions. When you "buy bitcoins" from an exchange, you give them money and then a transaction is created which routes some amount of BTC from someone else's wallet to your wallet. You don't "get" anything really, instead you control a wallet which the world now agrees has the ability to transact a certain amount of BTC. With an exchange, the exchange controls the wallet and gives you access (which is why it may be safer to send the coins to a wallet which only you control).
Now, with a fork, there may (although it is pretty unlikely) be two sperate chains. Any BTC "in" your paper wallet would automatically be valid on both chains, sice the transaction that puts them there exists before the split. Keep in mind that a chain is just an ordered list of transactions. Both chains will have the same transactions up until the "split" where different transactions may exist on different chains.
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[–]Domrada 1 point 53 minutes ago
In the event of a hard fork, IF both chains survive (unlikely), then you will need to split your coins into different addresses that you control. Once they are split, you can send the Corecoins to an exchange and sell them. If you don't split your coins, then you are vulnerable to replays. You do this using two wallets, one that follows the core chain, and one that follows the BU chain. 1) import the private key from your paper wallet into both wallets. 2) generate a receiving address in each wallet. The receiving addresses will be different from each other. 3) Create a transaction in each wallet to transfer all funds to the newly generated receiving address. Submit the two transactions simultaneously. 4) verify that both transactions are confirmed in the next respective blocks. If they are, you are done! your coins are split, and safe to send to an exchange. In the event that after several blocks one transaction is confirmed and the other is not, it is possible that the confirmed one was replayed. In this case, dump the private key for the receiving address on the confirmed transaction, import it into the other wallet, and go back to step 2 and try again."

Topic: It's not the end, but..... (Read 611 times)