Question: What happens with mastercoin and colored coins if bitcoin forks ?
They will disappear or we will have two from each of them ?
They will disappear or we will have two from each of them ?
Mastercoin can exist independent of the Bitcoin blockchain. It chooses to use the Bitcoin blockchain because that is easier than creating a new blockchain like the approach taken by protoshares. Since Mastercoin can run on any blockchain if Bitcoin were forked then it could choose the friendlier to Mastercoin version of Bitcoin and implement itself on that.
ColoredCoin is also platform/blockchain independent. It can run on any blockchain as well. So this is a non-issue for either of them but it would set both projects back because it would require they spend time making the switch.
Those who acquired mastercoins or colored coins would loose their coins in such a case when the underlying blockchain is switched ?
