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Author Topic: Survival Guide near a Hard Fork  (Read 932 times)
chek2fire
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January 20, 2016, 01:00:43 AM
 #1

We must inform ppl how will keep safe their bitcoin if a hard fork happens. Everyone know that if this hard fork happen without consensus there will be a very difficult situation for the bitcoin economy and we must guide the ppl how can they save their bitcoin.
I will begin with some advices.

1. We withdraw all of our bitcoins from exchanges, cloud wallet and from everywhere that we will not own the private keys.

2. We transfer all of our bitcoins to a desktop wallet or whatever wallet we own the private keys and we cut it from internet or we dont accept from this time any incoming transactions.

3. We keep frozen our bitcoin until resolve the situation.

When hard fork happens will we have two separate blockchains and two different coin with the same name. We can all understand if consensus is not happen and after the hard fork we will have a difficult economical situation to bitcoin ecosystem.
In my opinion we will have a trade stall, a dramatical price drop, a temporary collapse of mining.
I cant see the two side to get together and to have a consensus and we all must prepare for the worst....
I think winter is coming..

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BellaBitBit
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January 20, 2016, 01:04:28 AM
 #2

We must inform ppl how will keep safe their bitcoin if a hard fork happens. Everyone know that if this hard fork happen without consensus there will be a very difficult situation for the bitcoin economy and we must guide the ppl how can they save their bitcoin.
I will begin with some advices.

1. We withdraw all of our bitcoins from exchanges, cloud wallet and from everywhere that we will not own the private keys.

2. We transfer all of our bitcoins to a desktop wallet or whatever wallet we own the private keys and we cut it from internet or we dont accept from this time any incoming transactions.

3. We keep frozen our bitcoin until resolve the situation.

When hard fork happens will we have two separate blockchains and two different coin with the same name. We can all understand if consensus is not happen and after the hard fork we will have a difficult economical situation to bitcoin ecosystem.
In my opinion we will have a trade stall, a dramatical price drop, a temporary collapse of mining.
I cant see the two side to get together and to have a consensus and we all must prepare for the worst....
I think winter is coming..

Great info, thank you.  How will we know if there is a hard fork without consensus?  Will there be warning.  What could happen to cloud wallets while this is taking place?  thanks in advance.

I love Bitcoin
chek2fire
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January 20, 2016, 01:06:42 AM
 #3

with the situation until now it seems that we go to a hard fork without consensus. Each part continue to fight each other without an agreement.

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January 20, 2016, 01:21:35 AM
 #4

with the situation until now it seems that we go to a hard fork without consensus. Each part continue to fight each other without an agreement.

This is very concerning.

I'm starting to think it might be worth splitting everything we own up into multiple paper wallets. At least they're not reliant on one chain.

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January 20, 2016, 01:26:23 AM
 #5

with the situation until now it seems that we go to a hard fork without consensus. Each part continue to fight each other without an agreement.

This is very concerning.

I'm starting to think it might be worth splitting everything we own up into multiple paper wallets. At least they're not reliant on one chain.
Either way it doesn't matter since the coins you have now would be spendable on any possible chain. The private keys are not linked to specific chains or anything like that.

Great info, thank you.  How will we know if there is a hard fork without consensus?  Will there be warning.  What could happen to cloud wallets while this is taking place?  thanks in advance.
Knowing the people who may hard fork without consensus, the fork would probably be announced with some warning, people would probably only be talking about the impending fork, and after the fact, they would probably also gloat over their "victory". For web wallets, they will go with whatever fork they want. Most will probably announce ahead of time though.
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January 20, 2016, 01:52:19 AM
 #6

with the situation until now it seems that we go to a hard fork without consensus. Each part continue to fight each other without an agreement.

This is very concerning.

I'm starting to think it might be worth splitting everything we own up into multiple paper wallets. At least they're not reliant on one chain.

That's not how it works. 
You won't get any extra protection whatsoever by doing that.

The OP is right - basically just keep your coins cold until the storm
passes.


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January 20, 2016, 02:29:01 AM
 #7

with the situation until now it seems that we go to a hard fork without consensus. Each part continue to fight each other without an agreement.

This is very concerning.

I'm starting to think it might be worth splitting everything we own up into multiple paper wallets. At least they're not reliant on one chain.
Either way it doesn't matter since the coins you have now would be spendable on any possible chain. The private keys are not linked to specific chains or anything like that.

Great info, thank you.  How will we know if there is a hard fork without consensus?  Will there be warning.  What could happen to cloud wallets while this is taking place?  thanks in advance.
Knowing the people who may hard fork without consensus, the fork would probably be announced with some warning, people would probably only be talking about the impending fork, and after the fact, they would probably also gloat over their "victory". For web wallets, they will go with whatever fork they want. Most will probably announce ahead of time though.

Right now it is important to take possession of your private keys. I would move any bitcoin you have on a web wallet, Coinbase or exchange to a Trezor or other hardware wallet you trust.

eddie13
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January 20, 2016, 02:29:24 AM
 #8

The announcements need to be well ahead of time or I think there would be extreme congestion.. Just think if "hard fork will happen in 1 week" is announced..
Would the blockchain even be able to handle all the transactions from everyone pulling everything out of every exchange and online wallet? Would all the exchanges and 3rd parties be able to handle that volume of withdrawal requests all at once?
Would many 3rd party wallets not allow such drastic "bank runs" and pull a Cryptsy? Claiming all sorts of "technical difficulties" I can see it now.. "Hard fork" sounds like a great excuse to loose a bunch of coins or hold them hostage..

Maybe even if it is announced 6 months ahead of time everyone would wait to the last minute and it would be a clusterfork near the deadline.. There may be some insane trading and arbitrage opportunities..

chek2fire
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January 20, 2016, 02:33:11 AM
 #9

i dont think any of the exchanges and cloud wallets really has all of the client bitcoins. We will see a dramatic collapse or to refuse to release the client bitcoins. I think now is a good time for everyone to get out his bitcoin from such wallets. Before the storm is coming.

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January 20, 2016, 02:54:54 AM
 #10

i dont think any of the exchanges and cloud wallets really has all of the client bitcoins. We will see a dramatic collapse or to refuse to release the client bitcoins. I think now is a good time for everyone to get out his bitcoin from such wallets. Before the storm is coming.

This would be my concern - exchanges or wallets refusing to release bitcoins.  Hmm, this is all a little unnerving since I am not a cold wallet person.

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January 20, 2016, 03:00:50 AM
 #11

All we can do is hope that something catastrophic doesn't happen. Hold your coins. A massive sell off of people's coins if a hard fork does happen would probably kill bitcoin faster than any consequences of a hard fork would.
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January 20, 2016, 04:06:01 AM
 #12

All we can do is hope that something catastrophic doesn't happen. Hold your coins. A massive sell off of people's coins if a hard fork does happen would probably kill bitcoin faster than any consequences of a hard fork would.

How is it possible to route around the contributing technical community like this?

Who all has to go along with a proposed fork for it to become the new consensus protocol?
Miners typically are very important with forking, as they are the only ones who can really fork the blockchain. However, with some software, only some miners are required and a lot of users as then the developers can insert checkpoints to force a specific blockchain be used. This scenario is bad since then the fork happens without consensus.
RCan06
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January 20, 2016, 04:07:43 AM
 #13

It would definitely be smart to house any coins in your personal secure wallet while this happens. If there was a temporary mass exodus of coins from major exchanges, this would presumably drastically decrease liquidity on the sell side, wonder what effect that may have, or whether it will be canceled out by peoples general fear of the fork.

I can only assume there will be a halt on all exchanges as a fork occurs (if there is large scale cooperation), it will be very interesting to see what the first few hours of resumed trading would bring. I almost want to ignore every bit of bitcoin news for the next couple months until this settles.

We're definitely in for a roller coaster, but than again, what else is new for bitcoiners?
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January 20, 2016, 07:15:11 AM
 #14

All we can do is hope that something catastrophic doesn't happen. Hold your coins. A massive sell off of people's coins if a hard fork does happen would probably kill bitcoin faster than any consequences of a hard fork would.
We don't know yet. I think during the fork many ppl will probably lose the coins or cound't find the coins. We should hold up them until the consensus bitcoin network reaches. How could it kill bitcoin? if the ideal changes are implemented, block size inctease is making most of bitcoiner happy, like quick confirmation, stable network etc.


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chek2fire
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January 20, 2016, 12:37:28 PM
 #15

In my opinion the most ppl in bitcoin ecosystem act like lunatic or like everyone has get some weird stuff the previous years from silk road. Their action has no sense at all. And i will explain that.
One ex developer that working now for banks release a statement that bitcoin will fail. We have see the same statements many times in the last years from the bank sector.
Instead bitcoin community unite and answer to that they choose to split in two group and to go for a hard fork without consensus. lol!  Grin
If is not the reality that we talk about a 6 billion system this situation will have plenty of funny.
It seems that many persons in bitcoin ecosystem especially ceo of bitcoin companies, miners, developer they cant even protect the value of their pocket. They are so losers that when they see that bitcoin will be the next global economical thing they have simple decide to destroy it.. Again.. lol  Grin
I think all together will remember as the most moron persons in tech history.

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January 20, 2016, 12:41:02 PM
 #16

After reading about what you've mentioned, I was wondering since several Hard Forks already exist (unofficially) would these count as the actual hardforks that could affect Bitcoins economy? or would Bitcoin Core by itself have to undergo a hardfork and then we need to wait for things to settle?


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chek2fire
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January 20, 2016, 12:57:06 PM
 #17

it seems that the last action was an organized attack from bank sector. Everyone in the financial system expect 2016 to be the most disaster year for stock markets, commodities and many compare this year with 2008.
We all understand that if this value of that systems transfer to a side independence economical system like bitcoin what will happen general in the global economy and what will be the meaning for the bank sector.
We will have a global bank collapse if that happen and for that reason they attack bitcoin now.

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January 20, 2016, 01:00:51 PM
 #18

Worst thing can happen is Mt Gox.

Coins will appear on winner chain no matter what.
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January 20, 2016, 01:11:21 PM
 #19

i haven't really followed this $hitstorm so i was wondering what is the major miner's stance about it?

i mean AntPool+F2Pool+BitFury that have more that 70% of the hashrate, where are they standing and does their stance and the rest really matter?

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January 20, 2016, 01:15:21 PM
 #20

Is Electrum considered as a something safe ? And waht about MultiBit HD ? If not, if I put it on Bitcoin Core, will it be safe ? I think so, but maybe that with all their mess...

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