Bitcoin core, Bitcoin xt, forks left right and centre, Where do i stand?

[helloeverybody]

With all this talk of people switching to xt and increasing the block size to 8mb what does this mean for me and my coins? Do they come over to whatever is finally decided or do i have to sell up and buy once things settle? For something that everyone here  is wanting to go mainstream it seems to be getting overly complicated.

[LiteCoinGuy]

you dont have to change anything if you hold your private keys. in that case you will be on the correct side anyway.

(but if you want to go "to da moon", support XT  )

[Amph]

nah just hold, yes there is the possibility of a tiny drop because of the fork but i don't believe it will be big enough to tempt you to sell before and buy after for big profit

i would suggest to not do anything and update when everything will be settled

[chek2fire]

my nodes will stay with the core. The system is open source and anyone can fork it but i will not follow. Bitcoin is not a game anymore to play a person alone from the otherwise everyone can create their own bitcoin altcoin.

[Hexadecibel]

Bitcoin has  had unintentional forks in the past where we have quickly recovered from. March 11th 2013 comes to mind...

An intentional move to Fork by miners and nodes to using big blocks is a demonstration of bitcoin's strength, not its weakness.

[chek2fire]

yes but i will agree more to do this step all together from doing alone only one developer. Is not good this choice for the bitcoin ecosystem if anyone on day decide to fork alone the bitcoin core.

[helloeverybody]

At the moment im not too concerned of fluctuations £50 one way or the other since i didnt have any plans to cash out any time in the foreseeable future but my concern was once the fork was created everyone would have bitcoin and i would be left with some sort of shit coin due to being on the wrong side. currently i run bitcoin core due to it being the first wallet i downloaded.  So what will happen to paper wallets? they can still be transferred to core/xt depending on what comes out on top?

[Hexadecibel]

yes but i will agree more to do this step all together from doing alone only one developer. Is not good this choice for the bitcoin ecosystem if anyone on day decide to fork alone the bitcoin core.

Its not up to one developer. He either has the best idea, and the ecosystem you're talking about goes along with it or they don't. The Ecosystem in this case being hash power and nodes. If thats the direction things go, not a single bitcoin dev will be left out in the cold.

[Alley]

It doesn't really matter what us little guys do.  I'll be sitting back and waiting to see what all the big miners do then I'll follow suite. 

[TheD1ceMan]

hey guys

i must say this fork thing is mighty confusing for me. even tough i am following BTC for a while.
please forget my ignorant questions but i am really lost with this topic and i don't want to loose my hard earned BTC.

2 questions:
- i keep the majority of my BTC on my trezor wallet. do i need to do anything in case BTC forks?
- additionally, my my parents bought some BTC because i am told them too invest a little bit and they keep it in a armory wallet. do they need to do anything?

last question: some people in other threads mentioned that one could double their BTC if they switch to XT. is that correct? and if yes, is this doubling only for the people that switch at the beginning and people that don't switch immediately loose out on this opportunity? or will the amount of BTC double when the majority decide to fork? if i/we need to do something, how can someone using trezor and/or armory make this happend?

again, sorry for those questions. but i am neither a mathematician nor a programmer so some of the more technical aspects of BTC are to confusing for me..

[Alley]

Anybody saying their going to double their btc is a troll.
No you don't have to do anything.  The only coins to be worried about would be ones bought after the fork.

[TheD1ceMan]

Anybody saying their going to double their btc is a troll.
No you don't have to do anything.  The only coins to be worried about would be ones bought after the fork.

thanks!

[dothebeats]

I'm still running mine on core, and as what others always say, don't be the first one to update. Let them test first and find bugs and if anything is already cleared, go update.

[Mickeyb]

With all this talk of people switching to xt and increasing the block size to 8mb what does this mean for me and my coins? Do they come over to whatever is finally decided or do i have to sell up and buy once things settle? For something that everyone here  is wanting to go mainstream it seems to be getting overly complicated.

As I understood, we don't have do nothing, just wait to see the final outcome. Confidence will be shaken up a bit and that's for sure and we will see this drop in confidence manifested by the drop in price. How much will that be, I don't know but sure some exciting and uncertain times are in front of us!

[Swordsoffreedom]

Question 1 : No
Question 2: During the transition period if both are used at the same time only pre-fork coins though.

again, sorry for those questions. but i am neither a mathematician nor a programmer so some of the more technical aspects of BTC are to confusing for me..

2 questions:
- i keep the majority of my BTC on my trezor wallet. do i need to do anything in case BTC forks?

-No your coins will exist pre-and post fork its only new coins created after Bitcoin Core or XT separate that would be affected

- additionally, my my parents bought some BTC because i am told them too invest a little bit and they keep it in a armory wallet. do they need to do anything?

No as well their coins still exist pre and post fork

last question: some people in other threads mentioned that one could double their BTC if they switch to XT. is that correct? and if yes, is this doubling only for the people that switch at the beginning and people that don't switch immediately loose out on this opportunity? or will the amount of BTC double when the majority decide to fork? if i/we need to do something, how can someone using trezor and/or armory make this happend?

If some exchanges accept QT coins while others take XT coins
Your coins would be valid on both blockchains since they are before the forking occured and would trade with value until consensus is reached and one chain is abandoned.

[ransomer]

About a week ago I told a colleague about bitcoin and how I like the technology. He got more and more interested.

Then he learned about altcoins and the idea that even if distributed ledger is a great idea - it might not be bitcoin which is left standing.

... so he became less interested... but still considering getting into bitcoin.

Then he learned about bitcoin forks..

.... And he put bitcoin on hold.

...

Adoption of any blockchain backed currency is being hindered by the chaos we have at the moment.

If bitcoin could have been held safely and easily by individuals is still the main hindrance to adoption, but the mess of altcoins and forks etc is another unattractive chaos that is not helping bitcoin at all...

[ransomer]

Question 1 : No
Question 2: During the transition period if both are used at the same time only pre-fork coins though.

again, sorry for those questions. but i am neither a mathematician nor a programmer so some of the more technical aspects of BTC are to confusing for me..

2 questions:
- i keep the majority of my BTC on my trezor wallet. do i need to do anything in case BTC forks?

-No your coins will exist pre-and post fork its only new coins created after Bitcoin Core or XT separate that would be affected

- additionally, my my parents bought some BTC because i am told them too invest a little bit and they keep it in a armory wallet. do they need to do anything?

No as well their coins still exist pre and post fork

last question: some people in other threads mentioned that one could double their BTC if they switch to XT. is that correct? and if yes, is this doubling only for the people that switch at the beginning and people that don't switch immediately loose out on this opportunity? or will the amount of BTC double when the majority decide to fork? if i/we need to do something, how can someone using trezor and/or armory make this happend?

If some exchanges accept QT coins while others take XT coins
Your coins would be valid on both blockchains since they are before the forking occured and would trade with value until consensus is reached and one chain is abandoned.

'
and if someone goes travelling around the world by boat for 5 years... and they come back 5 years after 'their' chain has been abandoned? Would the average postman or butcher's wife know what to do?

[Swordsoffreedom]

'
and if someone goes travelling around the world by boat for 5 years... and they come back 5 years after 'their' chain has been abandoned? Would the average postman or butcher's wife know what to do?

5 Years later wiki would have all the information on what happened
Then a google search
(It would likely be a tutorial on how to move your wallet to the new system on a website by then  )

[chek2fire]

About a week ago I told a colleague about bitcoin and how I like the technology. He got more and more interested.

Then he learned about altcoins and the idea that even if distributed ledger is a great idea - it might not be bitcoin which is left standing.

... so he became less interested... but still considering getting into bitcoin.

Then he learned about bitcoin forks..

.... And he put bitcoin on hold.

...

Adoption of any blockchain backed currency is being hindered by the chaos we have at the moment.

If bitcoin could have been held safely and easily by individuals is still the main hindrance to adoption, but the mess of altcoins and forks etc is another unattractive chaos that is not helping bitcoin at all...

And who give the permission to one developer to create such chaos in bitcoin? Is nonsense

[gentlemand]

and if someone goes travelling around the world by boat for 5 years... and they come back 5 years after 'their' chain has been abandoned? Would the average postman or butcher's wife know what to do?

There's only 'their chain' if they're mining, which is something unlikely to be left alone for five years. If your coins are dormant then all will be fine. By that point all this crap'll be a distant memory and they'll be spendable on the chain that won.