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Topic: Where to find safety in a hard fork? (Read 1379 times)

Wa(t)ch_night()

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Play2Live presale starts on 25th January

Quote from: Sadlife on April 23, 2017, 09:17:28 PM

The moment an hardfork occurs on bitcoin that will be the moment
will bitcoin truly die because both the A chain and the B chain are just power greedy capitalist.
I dont know why some people says that the core devs are owned by bankers when the core group has been maintaining bitcoin's welfare.

Nobody knows what those who want to manipulate bitcoin want. But I know what all people think first of all about how to multiply their capital. And secondly they think about the rest of the people. Fork is a section of power and influence

AngryDwarf

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Quote from: Yakamoto on April 23, 2017, 09:12:20 PM

Quote from: cpfreeplz on April 22, 2017, 06:04:52 PM

Lol you could always transfer everything into USDT

hahaha. Then you don't have to worry about anything other than USD fluctuation which is a loss of a few percent of buying power each year.

>Falling for the USDT meme
If it didn't end up hitting $0.95 at a point I would be a lot more confident in it, but since they weren't able to keep it at the 1:1 there's a lot of worry for how valuable and safe anything in USDT would actually be.

Maybe it's a lot better than I think it is right now, but based on the news I heard from people that I recently respect when it comes to things like cryptos, I won't be holding my breath.

Considering central banks have difficulty pegging their currencies, I'm not convinced any crypto can. I won't touch USDT with a barge pole.

Sadlife

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MingLee

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Quote from: HabBear on April 19, 2017, 10:20:46 PM

Where is your bitcoin balance safe in the event of a hard fork?

SolarSilver summarizes the event of a hard fork so well that I lifted a post of his from another thread I started.

Quote from: SolarSilver on April 19, 2017, 01:19:16 AM

So if after a fork, chain A (old) and chain B (new) exist, you can spend it on the A chain and then also spend it on chain B. The value you will get from each spend will be different, depending on how many people decide to honour the A or B chain. The sum of value of spend(A) and spend(B) will probably be lower than the original value before the fork because a fork will affect confidence in both

The confidence he speaks of only comes back for one chain...and it may not be the original.

Can't you just keep your coins on both chains and whichever chain ends up being the "official" chain you focus more on? I don't know why you would have to worry about anything too extreme. Most of your security should just come down to having the private key of your wallet available for both chains, and I don't think that there's much else that you'd have to be worried about for the most part. Just let the community decide or exploit the opportunities, either one works.

Yakamoto

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Quote from: cpfreeplz on April 22, 2017, 06:04:52 PM

Lol you could always transfer everything into USDT

hahaha. Then you don't have to worry about anything other than USD fluctuation which is a loss of a few percent of buying power each year.

Wind_FURY

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Quote from: cpfreeplz on April 22, 2017, 10:25:41 PM

Quote from: Wind_FURY on April 22, 2017, 09:35:09 PM

Quote from: HabBear on April 21, 2017, 11:57:47 PM

Seriously, no one wishes to offer their comment or advice on this? This is a serious question. I'm looking for real options from those of you that are more educated int the consequence of a hard fork than I am.

What's the move here? What are our options? How much time do we have?

Thanks in advance.

Store your Bitcoins in a wallet that gives you the ability to "split" your coins. I heard Jaxx wallet gave its users that choice for ETH and ETC. Maybe they will do the same for BTC and BTU.

This is wrong and stupid. Just ignore it. If you own bitcoins now and there's is a hard fork you now own the exact same amount of bitcoin A as you do bitcoin B. If you believe in one more, sell the other and go all in on one chain. There is no certain wallet that you need (I mean core... not some random third party app that no one's ever heard of).

No, what I mean is Jaxx could offer a feature to protect your coins from replay attacks and end up truly receiving your BTU from the other chain. They did it with ETH and ETC, they could do it again with BTC and BTU.

The_Dark_Knight

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Quote from: AngryDwarf on April 22, 2017, 06:03:20 PM

I'll just leave my coins untouched if the shit hits the fan. It's going one of two ways:

1. The split would eventually result in everyone uniting behind one chain.
2. The split would become bilateral with the implementation of relay protection.

In the latter case, I would hold on to both coins to hedge by bets.

I certainly wouldn't attempt to make a transaction during a chain split without relay protection.

A fork, if it happened is not going to occur that suddenly, if you keep watch of the news or the forum you will know the fork is coming day or even weeks before it, what would you do then if you have the opportunity to get out of bitcoin before the fork happens? Will you keep your coins or do something else.

freedomno1

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Learning the troll avoidance button :)

Quote from: HabBear on April 19, 2017, 10:20:46 PM

Where is your bitcoin balance safe in the event of a hard fork?

SolarSilver summarizes the event of a hard fork so well that I lifted a post of his from another thread I started.

Quote from: SolarSilver on April 19, 2017, 01:19:16 AM

The confidence he speaks of only comes back for one chain...and it may not be the original.

Safe own both sides of the Fork continue HODL
If you really want then go into an Altcoin or Cash for a while then buy in as each side tries to sell their unwanted parts.

Amph

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what he said could be true if exchange didn't say already that they will list BU as an altcoin, therefore the value will not be affected on the main chain too much, we see that investors already pumped again the value to what it was before

this mean that in the case of anyone spending two times on both chain, he/she will likely end with more value than today and not less like he say, the best thing to do is holding for now and see what happen

Herbert2020

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Quote from: HabBear on April 22, 2017, 10:16:11 PM

Quote from: jonald_fyookball on April 22, 2017, 09:04:15 PM

just Hodl and dont transact in Bitcoin until things are clear. Are you able to do that?

Thanks Jon, the question is where to hodl.

what do you mean "where"? bitcoin is not a physical thing to hold it somewhere, you only need private keys to spend transactions that are already on the blockchain and belong to your key.
and this means hold those private keys. unless by where you mean where to hold those private keys? in which case the answer is in any wallet that you control the private keys, such as paper wallet, any desktop wallet such as Core, Electrum,... and NOT on third party services that don't give you control over private keys such as Coinbase or any exchange service.

Quote from: franky1 on April 22, 2017, 08:19:40 AM

hard fork does not mean automatic split.

even going soft fork can end up as a split.

What??? So it's definitely going to result in a split.

I'm glad i asked the question (even if it has been asked before) because it seems like a lot of ppl din't even know what the consequences are going to be, like what possible outcomes exist. Is thing really that confusing to so many?

a split only happens if there were no consensus.
there has been at least one hard fork in bitcoin and since it was done a long time ago and it was done with overwhelming majority supporting the fork, no split happened. the same thing is still true.

Instamined

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woah that's a lot of money

Take your money and use it to buy jewlery off QVC. Always great prices on QVC.

cpfreeplz

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Quote from: Wind_FURY on April 22, 2017, 09:35:09 PM

Quote from: HabBear on April 21, 2017, 11:57:47 PM

Store your Bitcoins in a wallet that gives you the ability to "split" your coins. I heard Jaxx wallet gave its users that choice for ETH and ETC. Maybe they will do the same for BTC and BTU.

HabBear

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Quote from: jonald_fyookball on April 22, 2017, 09:04:15 PM

just Hodl and dont transact in Bitcoin until things are clear. Are you able to do that?

Thanks Jon, the question is where to hodl.

Quote from: franky1 on April 22, 2017, 08:19:40 AM

hard fork does not mean automatic split.

even going soft fork can end up as a split.

Wind_FURY

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Merit: 1823

Quote from: HabBear on April 21, 2017, 11:57:47 PM

Store your Bitcoins in a wallet that gives you the ability to "split" your coins. I heard Jaxx wallet gave its users that choice for ETH and ETC. Maybe they will do the same for BTC and BTU.

aesma

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fly or die

Holding crypto means you're ready to lose whatever it's supposed to be worth in an instant.

jonald_fyookball

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Core dev leaves me neg feedback #abuse #political

Quote from: HabBear on April 19, 2017, 10:20:46 PM

Where is your bitcoin balance safe in the event of a hard fork?

SolarSilver summarizes the event of a hard fork so well that I lifted a post of his from another thread I started.

Quote from: SolarSilver on April 19, 2017, 01:19:16 AM

The confidence he speaks of only comes back for one chain...and it may not be the original.

just Hodl and dont transact in Bitcoin until things are clear. Are you able to do that?

HabBear

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Quote from: Iranus on April 22, 2017, 03:57:15 AM

In the event that a fork happened, it might be a high consensus fork, in which case the BU coin will be doing better and we'd feel more secure because you know that most spending would be on the new chain. But it seems unlikely that it would happen and a real hard fork would be really messy, so it's important to keep the Bitcoin offline and know when to sell or buy one of the chains depending on which looks like it's dominating the network.

Any fork that occurs will result in a "high consensus" fork...there will only be ine winner. Thanks for sharing your thoughts on Trezor.

cpfreeplz

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Lol you could always transfer everything into USDT

hahaha. Then you don't have to worry about anything other than USD fluctuation which is a loss of a few percent of buying power each year.

AngryDwarf

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blackhawkeye1912

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Quote from: HabBear on April 21, 2017, 11:57:47 PM

Seriously, no one wishes to offer their comment or advice on this? This is a serious question. I'm looking for real options from those of you that are more educated int the consequence of a hard fork than I a
What's the move here? What are our options? How much time do we have?

Thanks in advance.

What are you trying to intend? your question actually has been discussed and done already, which means this is already been threw in a waste garbage, and as far as I remembered segwit and bitcoin unlimited was also failed to achieve their intentions about it to get the vote of others in bitcoin community but the result in the end was nothing and stupid things only. Undecided