Bitcoin Forum

Someone posted a Bloomberg article about United Bitcoin and the poster might have thought that it is another hard fork to increase the block size.

No, it is really an attempt to scam the community once again, and this time they might want to take control of Satoshi's inactive coins and others' for their own devices.

I predict that Jeff Garzik and his friends will nominate Craig Fake Satoshi Wright as the head of the United Bitcoin Foundation and claim that Satoshi's coins are rightfully his.

https://www.coinspeaker.com/wp-content/uploads/2015/07/bitcoin-professional-jeff-garzik-blockchain-block-size-10843-01.jpg

United Bitcoin is by far one of the most controversial projects in existence today. According to the whitepaper, this project will go after inactive account balances. All of this money will be moved to multisignature addresses controlled by the United Bitcoin Foundation. A very troublesome development, especially when looking at the bigger picture. A lot of money is locked in addresses which can no longer be accessed by its original owner.

This includes all of the addresses belonging to Satoshi Nakamoto as well. Assuming that is the objective of this hard fork, it is one of the biggest threats to Bitcoin in history. There is no reason to claim inactive funds for one’s own benefit whatsoever. Nor should this be made possible at the protocol level whatsoever.

Moreover, there are even more complaints regarding this project. The United Bitcoin fork seemingly requires users to use their existing BTC address. This also means the private keys of said address need to be imported into a third-party client. A very controversial development, as it inherently weakens use privacy. Then again, we all know Bitcoin lacks privacy and will continue to do so for some time to come. There is little reason to trust this hard fork in its current form, unless a proper explanation is given.

The bigger problem is how Jeff Garzik is allegedly associated with this project. It is unclear what the objective of this pet project is. Hardly anyone will trust United Bitcoin at this point,  which is the only logical course of action. This is a very worrisome situation that may effectively bring Bitcoin to its knees if successful. We can only hope this fork is opposed by everyone before things really get out of hand.

Read the full article http://www.livebitcoinnews.com/united-bitcoin-hard-fork-aims-steal-inactive-wallet-balances/

That thing should be stopped, they are too greedy to scam the community, and we should not stay quiet about this, damn it, Bitcoin is now going mainstream and also going under the manipulation of this greedy people. I don't know if this is true but it seems like they are really going after those inactive bitcoins, and i don't also know if retrieving the lost coins is good for Bitcoin Ecosystem. I am just worried about satoshi's coins.

I think they are going to use those to airdrop to LTC, ETH, QTUM, HSHARE holders to get more people onboard.  Otherwise where else would they get the supply to do that?  I went to the live even in Silicon Valley also.  I don't think it's a scam.

i think the recent events (the 10-15 hard forks of bitcoin) have proven that you can do anything you want with bitcoin. "stealing inactive balances" requires a hard fork and doing that will create another altcoin similar to these 10-15 altcoins that started being created this month.

and it doesn't really matter anymore. it is not going to be "bitcoin". and the reason is simple. the notion of "inactive wallet balance" is ridiculous. it is simply thievery! no matter how pretty they are going to disguise it. it is like me coming into your home and take something out of your house and say since you are not using this item -that you paid for some day- i am going to take it away!

Jeff "BizCoin" Garzik is at it again, eh?

Well, here's the thing. You have to understand forks. I suggest Andreas video here - https://www.youtube.com/watch?v=rpeceXY1QBM (Forkology for newbies)

When Jeff says he's going to "take inactive balances", what he really means is "I'm going to take a snapshot of the Bitcoin blockchain, fork the code, then move whatever coins I want on my own fork."

So, when he does this, your Bitcoin is safe - you just happen to have BizCoins on Jeff's fork too.

The problem with this of course is, the method he's choosing to get people to "validate" they have Bitcoins can open a whole other avenue of data-ganking and general shennanigans.

I don't trust Jeff with an ice cream cone, and I sure as hell wouldn't trust him with my Bitcoins or even his forked BizCoins.

The title is sensationalist garbage to make it seem like any idiot can fork the Bitcoin blockchain and make arbitrary rules affecting the main chain -- that isn't true, it only affects Jeff's shit-fork.

Garzik, you're a real fucking asshole for even advertising it this way.

Agreed. And yet someone suggested it (again for the seemingly billionth time) on the dev mail list this week!

If indeed this “untied bitcoin” is planning this, they must be getting desperate and I can’t believe many people will fall for it.

Wonderful...  ::)

How could you let this happen?

With the same success it is possible to steal Satoshi and with active wallets. Bitcoin is private property and nobody should be interested in an active account or not. On the other hand I don't know what effect it can have on bitcoin ever decreasing number of coins in circulation. Theoretically, someone always loses access to their coins. It is possible that unclaimed coins for 25 years can be transferred to the community Foundation but the first requirement is returned to the owner.

Forking the blockchain and then claiming all inactive coins to be in their control is not a scam? Okay, but that is your opinion.

In any case, let us wait for United Bitcoin Foundation to name their head and let us hope it is Craig Wright hehehe.

'United' on my very modest vote is just something between pure cryptology maths and experimental material understand of reality 

https://en.wikipedia.org/wiki/Standard_Model

You do understand that the coins we're talking about is on Garzik's shit-fork, and not on the main Bitcoin blockchain, right?

He can claim to move anyone's coins on his own fork, it doesn't affect Bitcoin in the slightest.

Define scam? Everything is crypto is called a scam nowadays.  To me a scam is something that i created solely to steal and has no intention of being a real project.  There have been alot of scam projects, but I wouldn't call this one of them.  Just b/c you don't agree with the distribution model doesn't mean it's  a scam. 

A scam is probably not the right word to put on this 'project' but it doesn't smell clean either IMO. I also have a huge problem with the plan of collecting all the coins that are currently stored in an 'inactive wallet'. Define inactive. Accounts without any activity after 2011? But how do you know for sure that a particular wallet is lost? Maybe someone really lucky managed to hold onto it's coins all this time. There's no way to know for sure so the coins shouldn't be touched but if they are they are potentially stripping away someone's possessions and last time I checked that's theft even if it's their own fork.

This is a total scam.

A fork is fine, but give the people the fork.

What is easily passed in the roadmap is that they give out coins that are active after November 1st.

So, if you bought your bitcoins 2 months ago - You get nothing.

So, 16.75 Million coins distributed, but if you haven't used any in the last 1.5 months, you get nothing.  THEY get them.

So, one for you and xxx,xxx for them.
another one for you and xxx,xxx for them.

I still can't believe that they expect anyone that purchased their coins as an investment over 2 months ago get nothing.

This is basically a scam, a pre-mine, and de-anonymization of bitcoin.  It's not a fork when they get 16.5 million out of the 16.75 in existence.

Why should anybody be bothered about this? It is not a fork, plain and simple. It is an alt coin with some weird distribution.
If you want to claim the free coins that they offer, then you take a risk. If you actually buy their coins, you are a bigger fool. I think the best way out is to ignore them. The coin will die a slow death.

Does anyone have proof this is a scam? I run a website listing all coins giving airdrops to Bitcoin holders and as far as I know, there is nothing making this coin more of a "scam" than many of the other forks.

Let me know if I missed anything.

btcdiv.com (http://btcdiv.com)  - The ultimate source for bitcoin dividends & airdrops

This will be another shit fork that would get little support. The strategy with all these forks are actually very simple : Find a small niche group of people who does not agree with something and fork off in the hope that it would garner enough support to create a new ShitFork.

These people are slowly chipping away at Bitcoin, hoping to find a way to be succesful with something that would spark some interrest. This one will fail, because you do not mess with people's coins. <active or not> 

Yeah, another scam coin, cash grab, nothing to do with Bitcoin.


Not a threat by any margin, just another altcoin with a biased/flawed distribution model. According to the whitepaper, 100% of United Bitcoin in inactive balances would be used for development and pegged token, more like pre-mined.

You got the point there. I, myself, haven't use any Bitcoin (I meant about sending out any transaction to other people/merchants, but still receive some satoshi monthly into my blockhain's account) I got nothing from the fork, while the team got all the benefit from it...

All these hard forking are totally not my cup of tea  :(

ITS a very narrow window to claim in and a very messy process.

move coins  twice to same address (pay fees 2x)

claim with txid

move coins  to safety of new wallet and addresses

nothing could go wrong!


its almost as if they don't want people to claim!

Honestly this kind of stuff is not new.  But I wonder why these forks is on trend again?  This is no difference in other sha256 coins, which is forked of bitcoin if we look back at those years where fork are very popular.  I would agree with the article.  This is just a money grab, there is no actual usage of this coin except to fill their pockets, besides, only those who have a huge amount of Bitcoin on their stash will benefits on this. Oh well on every Bitcoin fork.  This is only just making the rich richer.

I think the main reason people are saying it is a scam is because they are going to steal "inactive" bitcoins and distribute them to someone (probably many to themselves).

Edit: Not to mention that per their web site, "inactive coins" will be sent to the "UB Foundation's" multi-sig addresses.  And they define "inactive" is coins that didn't move between blocks 494000 and Block 498777 ("automatic")  or between blocks Block 498777 and Block 501878 ("manually done").  And the coins have to move "from his/her own address to his/her own address" and "The output address (receiving address) must also be listed as one of the input addresses and cannot be a totally new address."

In other words, 99% of the people using bitcoin probably were not "active" during this period so will get nothing and the UB people will get most of it.

So really, this is like having a massive pre-mine, except you just steal them all on your fork and sit on them.

Garzik is such an asshole.

If "they" really cared about bitcoin and improving it then *ALL* wallets that have sent or received anything in the last year (at least) would get credit. Or whatever timeframe they care about.

But no, that's not enough for these guys... You have to first know their stupid coin exists in the first place, then spend a huge amount of money proving your wallet is active to get some coins on their fork.


Fuck, and fuck you to these type of scams. These are yet more people just trying to get rich quick by making a fancy website while not doing any actual work.

Pretty much dead on.

Why even announce it to the public if you're going to take 99%+ coins for yourself.  Do they really think the public isn't going to know it's essentially a total pre-mine?

Just think, Roger Ver and Winklevoss brothers would have to risk moving their billions of dollars worth of coins in hopes to claim.   I haven't moved coins in 6 months, and am not going to (risk it) in order to get this scam coin.

Good luck all.

Why the price of United Bitcoin on the Yobit exchange is almost 6 times cheaper than on others?

https://yobit.io/ru/trade/BTCUN/BTC#24H

https://coinmarketcap.com/currencies/united-bitcoin/

But that's what I do not understand. On the Yobit exchange United bitcoin is called BTCUN, and another exchanges  it is called UBTC.
Although on Twitter the Yobit exchange informs that BTCUN is exactly the United Bitcoin. And the trading schedule on Yobit begins exactly on December 12 when this fork took place.

https://twitter.com/YobitExchange/status/940277676375511041

If you have identified it, there is an arbitrage opportunity for you. The other exchange on which UBTC trades is exx.com. If you are comfortable with Asian exchanges, you can try buying coins at YoBit and selling them at exx. Volumes aren't very high, so you cannot do large trades without moving the market.

United Bitcoin [BTCUN] ticker is changed to [UBTC] on yobit exchange

https://twitter.com/YobitExchange/status/945296463071981568

https://yobit.net/en/trade/UBTC/BTC

Wish you very happy trading !

Congratulaton UBTC trade now Yobit exchange https://yobit.net/en/trade/UBTC/BTC

i read the requirements. i don't quite get it. i have to receive to the same address that i sent it from. is that even possible? maybe i got it wrong.

anyway jeff garzik seems to be the king of orwellian blockchains and i assume that if previous forks weren't data harvesting false flags, this one most definitely is.

but i don't understand how this is supposed to bring anything to its knees. it's just another junk fork by the same bunch of assholes.

I'm also against this never ending hard forking ... it's basicaly free money for BTC holders (not complaining about this)  but it also makes things complicated for newcomers. Not mentioning many users lost their coins because claiming forks using wro wallets.

About "stealing inactive balance". WTF? Is this true? Seems to me devs are trying to force users to constantly move the coins (so few high volume miners can have assured income) .. again WTF? This can't be true .. it's pure robbery.
Guess I have to read the paper about united ( was not interested yet) but now I'm curious how they explain such fraud.

They're not stealing anything. They're forking but using it to deny certain bitcoin addresses these forked coins.

Their fork, their rules. Even if they're dumb ones. They're welcome to 'mine'.

No, that is not the only reason. I reckon the biggest reason why this is really a scam is because this might be another fork that aims to claim to be the real bitcoin, very much like what Roger Ver is doing with bitcoin cash.

If they forked and changed the consensus rules then they are the altcoin.

Indeed, there's no right for someone or in this case some people want to take another person's bitcoin just because it's not active right now. It's simply against the basic principle of bitcoin, people are free to manage their own bitcoin, be your own bank.
How about some addresses that meant to be long-term savings? there are a lot of such address.
Well, this hard fork will not work at all, just create another altcoin but can't be implemented on current bitcoin nodes at all.

i was really worried about this when i read the thread title 'inactive wallet balances'  ::)
i  was thinking initially they were applying this to bitcoin wallets but its just their own united bitcoin.
meh just another fork with their specific distribution aimed an benefiting themselves

And this is why Jeff Garzik is an unethical asshole.

By advertising his shitfork this way, he is trying to seed fear in people that hold Bitcoin. They'll think at first glance "oh my god, I have to get this token because if I don't then I'll be INACTIVE and it will be taken from me!"

But that is completely false, and Garzik knows it.

Just another nail in the coffin for his lack of credibility.

"certain bitcoin address"?   More like 99% of all the addresses.

The only people making out are the people with small amounts and miners, but with their fork, they are able to keep 99% for themselves.  This is not a distribution, but simply a money grab for themselves.




Agreed!

uh, yep. but i think most of the people getting shirty have poor reading comprehension and somehow think it's to do with their real bitcoin even though that's not possible.

it's their crappy coin to do with as they please. people who don't claim it aren't being denied anything other than free access to some shitcoin. there'll be plenty more of this in the future. i don't see why anyone would really care.

What a pathetic scam attempt. Who is seriously planning to claim their United Bitcoins in such a messy process? High transaction fees anyone?

Someone in this thread said United Bitcoin will die a slow death. I believe it's going to be a stillbirth.

I was trying to claim UBTC just for the sake of selling them ... but since my BTC are on a Nano Ledger, the incoming address and the outgoing address is different unless you move all funds. Otherwise, it is last in, first out ... so 90% of my BTC are not eligible for the fork. Great stuff! ;)

BTW one of the wallets showed 19/67 on Virustotal ... normal for Electrum / bitcointools?

https://www.ub.com/project/wallet

And still they call themselves a "foundation" in which they will fund there own personal wallets. An inactive wallet does not give them the right to retrieve those Bitcoin for themselves to use. It is their personal property and being what they will try to do is actually stealing it. Much more what are they trying to prove in trying to get the Bitcoins of Satosho Nakamoto? If they actually succeed in doing so it will give an imbalance to Bitcoin's price becauae the supply and demand will greatly be affected.

Its a shitfork.

No one on the Bitcoin blockchain will be affected.

This is why Jeff Garzik is a piece of shit, because it misleads people into thinking he can tamper with the Bitcoin blockchain at will -- he isn't, just with the shitcoins on his shitfork.

keep up the good work!