What should i do as a bitcoin user when the fork happens?

tspacepilot

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After so much speculation about what multibit "might" do, it's good for you to weigh-in here with some authority on the matter. Thanks Jim!

Quote from: jim618 on June 19, 2015, 04:54:57 AM

If there is a serious fork (as opposed to the one or two block forks that happen quite normally in Bitcoin) then the best thing to do is:

+ your existing coins are on both forks.
+ your copy of MultiBit will automatically follow the fork with the most work done in it which, according to the current Bitcoin rules, is the main chain.
+ when there are two competing forks you want to be careful on sending product out even if your transaction confirms (explained below).

When there are two competing forks you can have a transaction that is confirmed on ForkA but is, say, unconfirmed, on ForkB.
If ForkB becomes the longer chain then the transaction on ForkB becomes the 'true' transaction.

We did some consultancy work for an exchange and recommended that they wrote special fork monitoring code. When a serious fork is detected we recommended they just 'press the big red button' and stop any fiat redemptions until it was resolved.

Anirban Sarkar

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Just wait for it..!!!!!

jim618

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If there is a serious fork (as opposed to the one or two block forks that happen quite normally in Bitcoin) then the best thing to do is:

+ your existing coins are on both forks.
+ your copy of MultiBit will automatically follow the fork with the most work done in it which, according to the current Bitcoin rules, is the main chain.
+ when there are two competing forks you want to be careful on sending product out even if your transaction confirms (explained below).

When there are two competing forks you can have a transaction that is confirmed on ForkA but is, say, unconfirmed, on ForkB.
If ForkB becomes the longer chain then the transaction on ForkB becomes the 'true' transaction.

We did some consultancy work for an exchange and recommended that they wrote special fork monitoring code. When a serious fork is detected we recommended they just 'press the big red button' and stop any fiat redemptions until it was resolved.

tspacepilot

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Quote from: cr1776 on June 02, 2015, 12:07:01 PM

Quote from: tspacepilot on June 01, 2015, 05:30:11 PM

Quote from: fox19891989 on June 01, 2015, 02:31:15 PM

You don't need to do anything, I know many altcoins were forked, and there were no hazard for fork actually, sometimes a coin is forked when it has new significant feature updated or parameter changed, like if btc's block time changes to 1 minutes, there will be a hard for.

So you just need to upgrade your new wallet and your money won't be lost, take it easy. Grin

Fox, he's talking about the "gavincoin" fork. Ie, the situation with block sizes and the potential hardfork in the network. Under this scenario, bitcoin forks and there's a (potential for) a situation where those who don't upgrade are on an "altcoin".

And he'll have coins on both forks - as would everyone else who had bitcoin on the bitcoin chain at the time of the fork being discussed.

Good point, and it seems like those agnositc to the the block-size limit could broadcast any future transactions on both networks (say, after hardfork where nodes from one fork don't talk to nodes from the other).

cr1776

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Quote from: tspacepilot on June 01, 2015, 05:30:11 PM

Quote from: fox19891989 on June 01, 2015, 02:31:15 PM

You don't need to do anything, I know many altcoins were forked, and there were no hazard for fork actually, sometimes a coin is forked when it has new significant feature updated or parameter changed, like if btc's block time changes to 1 minutes, there will be a hard for.

So you just need to upgrade your new wallet and your money won't be lost, take it easy. Grin

Fox, he's talking about the "gavincoin" fork. Ie, the situation with block sizes and the potential hardfork in the network. Under this scenario, bitcoin forks and there's a (potential for) a situation where those who don't upgrade are on an "altcoin".

And he'll have coins on both forks - as would everyone else who had bitcoin on the bitcoin chain at the time of the fork being discussed.

tspacepilot

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Quote from: fox19891989 on June 01, 2015, 02:31:15 PM

You don't need to do anything, I know many altcoins were forked, and there were no hazard for fork actually, sometimes a coin is forked when it has new significant feature updated or parameter changed, like if btc's block time changes to 1 minutes, there will be a hard for.

So you just need to upgrade your new wallet and your money won't be lost, take it easy. Grin

Fox, he's talking about the "gavincoin" fork. Ie, the situation with block sizes and the potential hardfork in the network. Under this scenario, bitcoin forks and there's a (potential for) a situation where those who don't upgrade are on an "altcoin".

fox19891989

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You don't need to do anything, I know many altcoins were forked, and there were no hazard for fork actually, sometimes a coin is forked when it has new significant feature updated or parameter changed, like if btc's block time changes to 1 minutes, there will be a hard for.

So you just need to upgrade your new wallet and your money won't be lost, take it easy. Grin

tspacepilot

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Quote from: BlindMayorBitcorn on May 30, 2015, 07:49:53 PM

Multibit has no "check for upgrades" feature AFAIK.

I double checked, you are right. I must have been remembering either an older version of multibit which had this feature or something else entirely---more likely the latter as why would they remove such a feature. In any case, you can click "about multibit" and see your current version along with the url of the multibit website (https://multibit.org/) where you can double-check that your version is the latest

BlindMayorBitcorn

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Multibit has no "check for upgrades" feature AFAIK.

cr1776

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Quote from: albert11 on May 29, 2015, 03:08:43 PM

Quote from: tspacepilot on May 29, 2015, 02:27:43 PM

Quote from: cr1776 on May 29, 2015, 02:13:53 PM

If you are talking about proposals regarding block sizes, you might have to update Multibit, but the addresses won't change.

That's gotta be the one he means. FWIW, OP, you'll probably want to update Multibit several times between now and the date when the hardfork happens on block size. Anyway, good points cr1776 about the fact that there are little forks all the time.

The version i use is the same version available for download on their website, will multibit let me know when i need to download the new version?
You said the addresses won't change, i will have to import my wallets from the old mulitibit version to the new ones correct?

thanks

The odds are that there will be quite a long period before it happens. So no doubt Multibit and others will have several updates between the time any block size fork is announced and when it occurs. Then there may be some time between that and when you will see a super large block. I haven't looked at Multibit's code, but a change to support larger blocks shouldn't be a difficult change, so it probably isn't something to worry about. Bitcoin Core's changes to support a larger block are relatively minor.

If you are concerned, always make sure you have a backup of your private keys (you should always do that anyway) and then you can use any wallet software that you wish.

Once a proposal is settled upon, people will be able to give you better advice. All of this is assuming something happens with regard to block sizes. ;-)

tspacepilot

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Quote from: albert11 on May 29, 2015, 03:08:43 PM

Quote from: tspacepilot on May 29, 2015, 02:27:43 PM

Quote from: cr1776 on May 29, 2015, 02:13:53 PM

If you are talking about proposals regarding block sizes, you might have to update Multibit, but the addresses won't change.

That's gotta be the one he means. FWIW, OP, you'll probably want to update Multibit several times between now and the date when the hardfork happens on block size. Anyway, good points cr1776 about the fact that there are little forks all the time.

The version i use is the same version available for download on their website, will multibit let me know when i need to download the new version?

There's a menu in the top which says "check for updates" you can always click that to see if there's a new version available.

Quote

You said the addresses won't change, i will have to import my wallets from the old mulitibit version to the new ones correct?

thanks

Here you're asking us to predict the future. Most likely, multibit will be kind and the developer won't break any backwards compatibility. But how can we ensure this until we know? On this one, you'll have to wait an see. I would imagine that at the very least you'd have to open the new version and point it to your old wallets. But who knows, maybe there'll be more to it than that.

albert11

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Quote from: tspacepilot on May 29, 2015, 02:27:43 PM

Quote from: cr1776 on May 29, 2015, 02:13:53 PM

If you are talking about proposals regarding block sizes, you might have to update Multibit, but the addresses won't change.

That's gotta be the one he means. FWIW, OP, you'll probably want to update Multibit several times between now and the date when the hardfork happens on block size. Anyway, good points cr1776 about the fact that there are little forks all the time.

The version i use is the same version available for download on their website, will multibit let me know when i need to download the new version?
You said the addresses won't change, i will have to import my wallets from the old mulitibit version to the new ones correct?

thanks

albert11

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Quote from: cr1776 on May 29, 2015, 02:13:53 PM

If you are talking about proposals regarding block sizes, you might have to update Multibit, but the addresses won't change.

Yes that's what i meant to say.

tspacepilot

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Quote from: cr1776 on May 29, 2015, 02:13:53 PM

If you are talking about proposals regarding block sizes, you might have to update Multibit, but the addresses won't change.

That's gotta be the one he means. FWIW, OP, you'll probably want to update Multibit several times between now and the date when the hardfork happens on block size. Anyway, good points cr1776 about the fact that there are little forks all the time.

cr1776

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Quote from: albert11 on May 29, 2015, 01:25:27 PM

I use multibit, will i need to update it? can i still keep my old btc addresses?

Any input appreciated

Which fork? Forks happen daily when blocks are orphaned and the chain reorganizes. You shouldn't have to do anything immediately, depending on what you are asking.

See e.g.
https://en.bitcoin.it/wiki/Block_chain
https://blockchain.info/orphaned-blocks

If you are talking about proposals regarding block sizes, you might have to update Multibit, but the addresses won't change.

Muhammed Zakir

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I prefer Zakir over Muhammed when mentioning me!

You need to update after Multibit release one.

Yes, you can use old addresses. Addresses aren't affected by forks which is discussed so far AFAIK.

albert11

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I use multibit, will i need to update it? can i still keep my old btc addresses?

Any input appreciated

Topic: What should i do as a bitcoin user when the fork happens? (Read 2370 times)