Bitcoin Forum

The last days we had the ETF discussion all around the forum, as we passed those news now we speak about hard fork IF will happen.

So can someone explain to me and i am sure to many other what will happen practically if this hard fork becomes reality?
  

i could not find a better thread as this is speculation related post :)

I also am in need of an explanation..

If there are ~15 million BTC in circulation, how does that change when BTC unlimited is in play as an alt currency?

15 mln x 2 different coins = 30 MLN coins. 15 mln btc, and 15 mln  BU coins.

I don't know what a "MLN coin" is either  :-[

mln= million, no coin just million  ;)

So if a person has 10 BTC before the fork.
They could sell it as 5 BU and 5 BTC?

ok let's make it more simple. you told us york 15 mln x 2 etc...

now let's say someone has 100 BTC in his wallet. as we speak happens the hard fork. what will be the result for this someone?

EDIT: roland we had the same question  to be answered :)

Yes i think so, i am not sure. Beware when bitcoin really forks the price will drop.

i wonder how much the price for each of them?  is it good or not? i am little confuse to read this but i am not yet found any link that explain for this and i think is like ethereum and ethereum classic, zec and zcl.

Please note that as of now there is no hard fork planned. There is no majority consensus. This is pure speculation.

you will have 100 BTC  and also you will have 100 BU.

First of all, a contentious hard fork is unlikely to happen as it will not benefit anyone who cares about Bitcoin. If a fork does happen everyone holding X amount of Bitcoins before the fork will have X amount of Bitcoins and X amount of BU coins after the fork. The price of both are likely to crash below $500 and after some time with crazy volatility one will emerge as the longests and most valuable chain. I would guess that the Core chain will emerge as the winner as their dev team is more experienced and have better code review, as well as caring more about security. One thing to keep in mind is that not the miners but the market will decide which chain wins, as mining hashrate will follow price and they will mine whichever is more profitable to mine.

so why do we still speak about this ? the most profitable coin to mine on is the BTC! we all know that .... no other coin went so high like this BTC right?
(of course i know about alts and difficulty BUT if you think that you will take a miner for all your life this is not how things work out don't answer me this way please....)
and now some "clever" people want to create or "own" this new coin right? do i get it right ?

ok if i have btc on xchanges than what happen to my coins after hardfork?

You two are contradicting each other, aren't you??

Say i use blockchain as my webwallet, will i receive BU coins, or BTC coins? is there any statement regarding which chain they will choose?
Same goes for Electrum, what will they choose?

I don't understand the rise of popularity in a hardfork, it looks extremely dumb to me, and with me alot of other traders it looks like, if we see the current prices. Why do they keep pushing it?

I said , when you have BTC in your wallet like 100 BTC when hard fork happens you will have 100 BU as well.  it is like train on rails. right now btc has one single rail . After hard fork a new parallel rail will be created. so what ever you had before the fork you will have on the new rail.

this picture might help

http://cointimes.tech/wp-content/uploads/2016/08/forking_event-960x294.png

Is better to have it on your own wallet . I think is ok to have it on exchanges since you will have a valid Adress you recived the btc. But why risk it?

We can't speak for all exchanges in one statement, ask your particular exchange..
A crappy exchange may just keep your BU coins for themselves and a good exchange will set up a new currency BTU and give you both your BTC and BTU..

I can't know what every exchange and online web wallet will do with your coins, ask them specifically..

it doesn't matter how many times you say it, they never listen!

and it is funny how a "legendary member" pretends not knowing about this and posts about it in "speculation board"!!

ok can i keep them in electrum wallet?

Personally i am sick and tired of this whole thing and the mess its creating. Anything other then the original bitcoin is nothing more then scam-coins and i wish it would all just f off. BTC

I think there is issue because of greed of some Chinese guy. They want all of it for themselves. They chinese guys do not understand that what they want will bring harm to bitcoin itself to lose its primary purpose of being for everyone and decentralize and therefor price will go down. They think its either all mine or nothing at all. All arrogance and pure stupidity of these chinese.

With all the hashpower they have they think they can influence and manipulate everyone to their greed. Its all about greed and its in their blood.

There is no network split right now (different than a "hard fork" per se).

If and when there is, the safest thing to do is keep your coins in your own
wallet before that happens.  You will then own both versions of Bitcoin
and you can either keep both and play it safe, or speculate.

This doesn't effect the number of coins in circulation except that there
will be double as many (one for each coin/currency).

And please do not blame "Chinese" as that is meaningless.
If you want to blame someone, blame the leadership (whatever that means to you) for failing to
create consensus on how to scale Bitcoin.

The problem is those guys think they can always get what they want and even to threaten of orphaning if the fork happen. How can you stop me from putting label when it is clearly that greed drives all these and chinese are full of it. Its in the way are raise. I live there almost half my life.

blockchain.info - What do you think this will do?

I started this topic with the thought in my mind that i am a newbie for one minute and i don't know anything, asking from the members here to explain me.
After many replies i understand that people that are in this section do exactly this: speculate about bitcoin and the future thinking only the money and what they can possible get. this double dream isn't going to happen in my opinion.

I have to say after long time on this forum and in the bitcoin world in general. i choose not to hear anything from this @@ about hard forking...

It's just not what Bitcoin is to have movements like ETH and some other Alts...

I choose to keep my miners on bitminter and to buy some more miners on the next weeks and put the work right away. my wallet was and will be from Bitcoin Core ( always updated )

This thing is a propaganda in my opinion and WE are in position to stop all this @@...

No, i know what you mean -- Chinese culture (especially street merchants) is a bit greedy , or at least has that reputation.  I hope i'm not sounding racist... just that I know what you mean.

Alls I'm saying is you can't blame the miners for mining -- that's what they are supposed to do.

Bitcoin can't scale because much of the community (including me) wants on chain scaling with bigger blocks before we do other things and Core roadmap is quite different. 

SUMMARY:

The current blockchain is approaching limits which can throttle the speed of transactions, and the reason for the fork is to make Bitcoin more scaleable.  If the whole community agreed to this, then the new fork would continue the chain, and there would not be two chains. However many people are not in favour of the disruption which they believe will be caused, and therefore would want to continue the old code, creating two separate chains.

If you keep say, 100 BTC in your own wallet, the private key will be valid on both chains, for 100 coins each. For an exchange, each will decide if, and how they list the separate chains.


blockchain.info will probably show stats for both chains. Those stats will be identical at the moment of fork, but will diverge over time.


Care would need to be taken in transactions, as there would be a possibility of duplication, and an exploit of that (termed 'replay attack').



How this moves forward is dependant on how much support  there is within the whole BTC community.


All this still provisional and under discussion of course.

So what does the speculation say about time table. where are we now and how many days left? Factors involved?

Indeed a really good question, wish i could give an answer on that... i hope someone can help us out on this. the fact that the price is going down is a signal that many people cash out in my opinion and this will bring more and more to do the same - panic sellers etc..
some days before i denied to think that is really something to speak about but the people around i see made this something HOT... i like BTC how it is and i don't want any change but in life when we make plans the God is laughing sometimes :)

Speculation sees the threat of change as a potential someday event and have reacted accordingly by reducing their (portfolio) allocations to bitcoin.

Yes, you should like how bitcoin is today, because it is the most amazing, only, real store-of-value investment vehicle in recent years. Bitcoin will do a better job than most every other option you have in present day in fighting against rising cost of rent, healthcare, education, etc.

For anyone new or simply wanting to expand a bit more about bitcoin, I try to touch on a few of these points (and others) on post titled
"Hacks & puppets & forks - how to destroy bitcoin" https://bitcointalk.org/index.php?topic=1834310.0 (https://bitcointalk.org/index.php?topic=1834310.0)

I am searching for an explanation as well.  If the other chain would survive it would be limited and cause major issues with coin double spend and others.  Would the new chain be totally fixed and better than the old one?  I think the older version of the chain would never survive.  Also there would be a huge loss in value as like with the previous fork.

by the time i created this post is was a very hot subject and i could not understand real what was going on or was going to happen...
but as you can check here http://nodecounter.com/  we do not need to worry for something..

Will check it thank you.  So there is no need to worry, the small chain would die?  The devs keep making new versions so no one has split. 

I can only ask how much the price of each, whether it makes good or not. I just have not menemukang link that explains this, why confuse to read. Ethereum and ethereum classic, zec and zcl just explain about this only.