Bitcoin Forum

I was panicking a few minutes ago but asked around.  The issue will be over in a few hours, and any crash will be momentary.  Only 11 blocks or so were affected and it'll all be over very quickly.  By tomorrow morning, we are back to business as usual.

Maybe we see a temporary dip, but that'll resolve eventually, because this issue is not really a big deal except for now.  We don't see many hard forks and I'm sure the devs will be much more cautious in the future after this has happened.

The original post lacked info for "regular users".  Here it is:

(1) If you are a "regular user" (not a miner), the best thing is to do nothing and wait a couple hours.  Upgrading, downgrading, whining, FUD, etc, will make no difference.
(2) If you are a "regular user", you don't need to upgrade downgrade or anything.  Just chill out
(3) Regardless of who you are, your transactions are not dead, your coins are not lost.  They will just temporarily be held up.  If you sent a transaction within the last few hours, it may take a few more hours before it's sorted out.
(4) If you insist on processing transactions right now it's probably best to wait 20+ confirmations.  It's just due diligence though ... an attacker would still need a tremendous amount of mining power, quick thinking, and a victim willing to part with a lot of BTC.
(5) By tomorrow this will be in the past and everything will appear to be normal again.  If you slept through this, you'd never know that anything happend (except for the price drop).

Let me reiterate, your coins are not at risk, your transactions are not lost.  It'll just take some time for the network to "iron itself out."  Everything will be okay.

This. Seriously, I'm just kicking myself for not having any standby cash in MTGOX.

I was panicking a few minutes ago but asked around.  The issue will be over in a few hours, and any crash will be momentary.  Only 11 blocks or so were affected and it'll all be over very quickly.  By tomorrow morning, we are back to business as usual.

Maybe we see a temporary dip, but that'll resolve eventually, because this issue is not really a big deal except for now.  We don't see many hard forks and I'm sure the devs will be much more cautious in the future after this has happened.

confidence in the whole network. Bad in technical sense, very bad in psychological sense.

This. Seriously, I'm just kicking myself for not having any standby cash in MTGOX.

I'm kicking myself for not having funds in BTC-e!

By the way, I see this as a huge, enormous, unbelievably fucking huge deal.  This is completely different from a scam or a hack, this is an "accident" that just froze the whole fucking economy.

To demonstrate why this is a huge fucking deal, consider yourself in two scenarios:

1)  You are a Bitcoin "Big Dog" holding onto >10,000 BTC and you see, "URGENT:  Chain fork" on your client.  When the network reorganizes itself, how do you respond?

2)  You are a wealthy investor and trader.  You've heard about this Bitcoin thing and are amazed at its performance over the past few years, and you've become excited upon hearing that soon, exchanges such as CoinLab will allow you to purchase BTC in very large chunks and store them securely (i.e. safe from hacks/theft, etc.).  But, after hearing about the recent Bitcoin fork, how confident would you be in the safety of your future investment?

Bitcoin will still have far less downtime than fiat banks.

see, there's the problem.  this whole thing is based on emotions.

It's not just downtime.  It's a clusterfuck due to all transactions that will inevitably be reversed.  I guarantee you a bunch of people lose a lot of money from this.

Fortunately for me, I was able to sell some LTC at .0115 BTC  :D

No transactions are being reversed at all.  Where are you getting this false information from?

No transactions are being reversed at all.  Where are you getting this false information from?

No transactions are being reversed at all.  Where are you getting this false information from?

what about the block rewards for the mined blocks that are now going to be defunct? does that count as lost money?

In anticipation of someone trying last week's dumping shenigans once again, I placed a low ball bid ($10 below market value) and have just seen my order fulfilled.  Surprised me a little.  Still, I expect to make a healthy profit once sanity resumes.

There is also the issue of it NOT breaking through 50 and people panicing from that. This 'bug' issue only became public after the price started dropping, thus making the drop more severe. The combo isn't fun, but I think it would have been going down to some degree a anyway.

The issue was most likely communicated to certain community members before it was made public, so that these could stand first in the que to sell out to secure profits if needed.

Well, that just means if you were on irc or not. At least one moderator sold before it became news here. He knew it was best to log onto gox before coming here and telling the chumps.

This was 100% from the issue at hand. I personally sold everything I had on Gox before it really went public. It was going on in IRC for half an hour before it was anywhere else. The dumps are 100% because of the technical malfunction.

The market will be oversold soon though so look for cheap coins tomorrow :>

I had an old low ball bid fill too.  Actually I would have pulled it if I had the chance but whatever, too late now.  Maybe me not knowing about this fork until it was too late will turn out to be a good thing.

I've been lucky with my bid as I'm sitting on a 15%+ paper profit.  Question now is, will the market go back to $45 or so or take another dump.  Decisions, decisions.

by recent more intensive adoption bitcoin started to hit some of its limits. I expect more problems in the future if bitcoin continues to get more and more new users aboard. It's still beta software and not prepared for large transaction volumes.

No transactions are being reversed at all.  Where are you getting this false information from?

The important question is not what we here think, but how tomorrow's news will affect potential new users' views and decisions.

This was 100% from the issue at hand. I personally sold everything I had on Gox before it really went public. It was going on in IRC for half an hour before it was anywhere else. The dumps are 100% because of the technical malfunction.

The market will be oversold soon though so look for cheap coins tomorrow :>

Intensive adoption? That is a nice way to spin satoshi dice spam.

He doesn't understand, clearly.

You don't understand what I meant, clearly.  I had to resend a transaction that was reversed post-fork.

If you had a little more patience, it would have been reconfirmed in the new chain.  There was just a very large backlog that is still being cleared.

- The original problem of TX's building up in mempools still exists - if things get crazy, we can expect out of mem errors, and then dare not think of the consequences for the network.
- A double spend was achieved, some people argue the "mechant" should have ignored the 2nd spend or similar, but it happened.

Whilst, ppl saying all calm down, the fact that the fix did not work is awful long term, and must be addressed asap.  And a hard fork happened, is pretty terrible.

Well, let's revisit this post with some hindsight.

If you were one of those who calmed the fuck down, you might've bought in at $36, $40, or $44.  You are now sitting on a nice profit :)

Congratulations.

Well, let's revisit this post with some hindsight.

If you were one of those who calmed the fuck down, you might've bought in at $36, $40, or $44.  You are now sitting on a nice profit :)

Congratulations.