Topic: What if the fork will split bitcoin blockchain? (Read 579 times)

Hey guys.
Once again the right answer is cold storage.
Here they explain you why:
 https://m.reddit.com/r/Bitcoin/comments/398p8y/how_to_avoid_losing_coins_duringafter_the_fork/
Be your own bank.
Thanx for your posts.

I thought input scripts for coins moved before the fork would be identical so the coins could be moved from one fork to the other. The blockchains for both forks would be identical up to the block where the fork occurred and the blockchain is where the information for the input scripts comes from. Without doubt input scripts for coins moved after the fork would be different so those coins couldn't be moved from one fork to the other.

Although they use same nodes to be supposed but what about input script they will have, i think those input and output script will be different making it impossible to move bitcoin between two types.

I think if you leave your Bitcoins in an address before a fork and don't move them then you could send Bitcoins from one chain to the other one provided both chains used the same nodes. After you had moved your Bitcoins they would only be accepted by one chain, and rejected by the other. If both chains used different nodes then you couldn't send Bitcoins from before the fork from one chain to the other.

This is what people mean when they say that early adopters took on a lot of risk. For bitcoin's entire existence there has always been the very real possibility that disagreements, bugs, and other events could result in a huge loss (or simply a lack of growth, which is an opportunity loss) of whatever value you stored in it.  Those that are willing to take that risk are rewarded with significantly higher exchange rates in the future if it succeeds and continues to grow.

Bitcoin is an experimental concept and you should never hold so much value in bitcoin that you would be devastated to lose it.  Instead, if you have some extra cash laying around that you won't mind losing, and you want to take a chance that bitcoin will continue to succeed, you could hold that value as bitcoins.

Personally, I feel that the quotes that you posted are alarmist, misleading, exaggerations, and not entirely accurate.

If you hold some bitcoins now, and a few years from now this whole blocksize debate is settled without any disasters, how high do you suppose the exchange rate will be when the public has much more faith in bitcoin's long term potential?

Fortunately, bitcoin is a consensus based system.  It is impossible to change it without the consensus of the users.  So, its rather unlikely that the users will continue to accept a disastrous decision over the long term.  Eventually users will either abandon the system (which will make it easier for the remaining users to improve it since there are less users that need to consent), or users will agree on improvements to the system.  You'll notice that in either of those two scenarios, the system is eventually improved.

Amph is right. However, I don't know if will be possible to send bitcoins from one chain to the other one.

it will not split anything, it will simply create a legit chain and a uselesses one that will eventually die, because it has not enough consensus, and will become the altcoin, the other will be again the bitcoin chain we all know

so there is no two chain ever, as a many believe, that is simply wrong on so many level it's not even funny anymore

I would also hold, the initial movements would not mean definitive settlements for any of the 2 coins. It depends on your risk adversity, of course. if you're worried about it, decrease the amount of BTC your holding now, so you get less exposed to the risk (note that you could regret it later, though).

If there ends up being two new alts born out of a contentious fork, you will have the same number of coins on both of them. Either wait until the dust settles, or try and make a quick buck selling one and buying the other.

Personally, I'd HODL.

Hi guys,
I would like to buy bitcoin and start using them but at the current time I've been reading lot about the fork and I'm quite scared bitcoin like we know, is about to change or even disappear because of the blockchain size debate.
Here's a part of what is scaring me the most from one article:

“Iif they bought bitcoins in the hope that it one day takes off and becomes really big, then they should keep an eye on things. If the big-blocks side doesn’t win out then the chances of going mainstream look much worse, and they may wish to rethink their investment.”

The worst-case scenario for the currency is that both Bitcoin XT and Bitcoin core continue to exist alongside each other for a long period of time, with neither fully seizing the mantle of the true heir to Nakamoto’s vision. In such a situation, the currency’s uncertain future could prove permanently damaging to its prospects.

But even if the change goes through relatively quickly, some inattentive users could find themselves out of pocket. Once the block sizes increase (which won’t happen until January 2016, and then only if 75% of the miners have switched to Bitcoin XT), the two versions of bitcoin will be incompatible. Transactions made on one version of bitcoin would not be reflected on the other, essentially rendering null any attempts to spend bitcoin on the “losing” fork after that date.

Since I'm a newbie to BTC any comment regarding this is most welcome.
Thank you