PLease help RE Bitcoin Unlimited | Bitcointalksearch.org

equator

legendary

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Quote from: ranochigo on March 18, 2017, 05:02:48 AM

Quote from: Rora on March 18, 2017, 04:27:46 AM

Thank you!

Just so I understand, if I have 10BTC and BTU hard forks would that mean that I now have 10BTC and 10 BTU? Ive tried to find this out via the FAQs.

Yes.

so it means that If i am holding 1 btc in Electrum desktop wallet then will i get the 1 btc BU automatically or i have to do to get 1 bU. is it ok to hold the bitcoins in electrum desktop wallet to claim BU

silversurferd

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should we buy the btu on bitfinex ?

achow101

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Just writing some code

Quote from: LonelyPrince on March 18, 2017, 10:22:14 PM

And if I have 1 BTC in my bitcoin core wallet and hard fork happens what are my actions? How to split BTC and BTU and sell BTU but not BTC for example?

BU will need to implement anti-replay functionality in order for that to work. While you can send and avoid transaction replay, it is fairly difficult as it requires acquiring some coins mined after the fork and sending that with your current coins in order to make the transaction invalid on the other chain. Furthermore, many major exchanges have publicly signed a statement saying that they will not list BU unless they have a way to guarantee that transaction replay is not possible, so you would have to wait until then to even be able to sell.

LonelyPrince

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And if I have 1 BTC in my bitcoin core wallet and hard fork happens what are my actions? How to split BTC and BTU and sell BTU but not BTC for example?

Hatcher

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Quote from: DannyHamilton on March 18, 2017, 06:14:36 AM

Quote from: Hatcher on March 18, 2017, 05:48:11 AM

What hashrate does Bitcoin Unlimited need to have before this becomes urgent?

As long as the Unlimited hash rate is less than 50%, it is definitely NOT urgent. As currently designed, Unlimited isn't currently capable of forking with less than 50% of the global hash power.

If Unlimited has more than 50% of the hash power, you might want to start thinking about what you want to do. Financially it would be extremely risky for any miner or pool to attempt to mine larger blocks while Unlimited still has only 50% to 60% of the global hash power. They could try, but they would risk losing the entire block reward (that's a $12,000 gamble!).

As the Unlimited hash power gets higher than 60% the chances that some miner might try mining a larger block increases. If the Unlimited hash power exceeds 75% you should probably consider it urgent if you haven't done anything yet. It's entirely possible that no miner will risk it until there is over 80% or 90%, but there is a chance that a miner might give it a try below that.

Thanks for the helpful answer. Looks like things are pretty safe for the time being.

DannyHamilton

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Quote from: Hatcher on March 18, 2017, 05:48:11 AM

What hashrate does Bitcoin Unlimited need to have before this becomes urgent?

As long as the Unlimited hash rate is less than 50%, it is definitely NOT urgent. As currently designed, Unlimited isn't currently capable of forking with less than 50% of the global hash power.

If Unlimited has more than 50% of the hash power, you might want to start thinking about what you want to do. Financially it would be extremely risky for any miner or pool to attempt to mine larger blocks while Unlimited still has only 50% to 60% of the global hash power. They could try, but they would risk losing the entire block reward (that's a $12,000 gamble!).

As the Unlimited hash power gets higher than 60% the chances that some miner might try mining a larger block increases. If the Unlimited hash power exceeds 75% you should probably consider it urgent if you haven't done anything yet. It's entirely possible that no miner will risk it until there is over 80% or 90%, but there is a chance that a miner might give it a try below that.

Hatcher

full member

Activity: 369

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But that's obviously only if we possess the private keys, so we should start consolidating our bitcoin into our own wallets when the fork looks likely? What hashrate does Bitcoin Unlimited need to have before this becomes urgent? For instance, I don't want BTC on an exchange when this happens because they might not issue out BTU (like various exchanges didn't issue out ETC).

Thanks for posting the topic OP. I was wanting an "explain it like I'm 5" topic regarding these concerns.

ranochigo

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Crypto Swap Exchange

Quote from: Rora on March 18, 2017, 04:27:46 AM

Thank you!

Just so I understand, if I have 10BTC and BTU hard forks would that mean that I now have 10BTC and 10 BTU? Ive tried to find this out via the FAQs.

Yes.

Rora

sr. member

Activity: 244

Merit: 250

Thank you!

Just so I understand, if I have 10BTC and BTU hard forks would that mean that I now have 10BTC and 10 BTU? Ive tried to find this out via the FAQs.

ranochigo

legendary

Activity: 3038

Merit: 4418

Crypto Swap Exchange

Quote from: Rora on March 17, 2017, 08:24:13 PM

Hi all,

Assuming it does go through what happens to my BTC?

Nothing. Your BTC will remain the same.

Quote from: Rora on March 17, 2017, 08:24:13 PM

Am I awarded the same amount of BTU as I have BTC? How does it work?

When the network splits into two, both of the network have the same transaction history up till the point of fork. After that, whatever coins you mined on the Bitcoin Unlimited chain cannot be reflected on the other blockchain. Hence, whatever you have on Bitcoin Unlimited can only be used on Bitcoin Unlimited chain, and vice versa. You need the Bitcoin Unlimited clients to use Bitcoin Unlimited. Bitcoin Core won't work for Bitcoin Unlimited.

Rora

sr. member

Activity: 244

Merit: 250

Hi all,

I am trying to wrap my head around bitcoin unlimited. Assuming it does go through what happens to my BTC? Am I awarded the same amount of BTU as I have BTC? How does it work?

Thank you!

Topic: PLease help RE Bitcoin Unlimited (Read 1087 times)