Hard Fork speculation thread

[shannen87]

Dumping bitcoin core coins you mean ? , if i understand you right.
But core is 80% of the total mined coins right?
Correct my if i am wrong, i am not sure.
Just keep your BTC in a cold wallet like Ledger and you will be fine i think.
Is there a real chance that a fork will happen? I doubt it.

I explained it as clear as i can. But i ll try again.  

Lets say you have 100bitcoins in your electrum wallet. When BU makes a hard fork, you will be able to claim another 100 bitcoins in your Bitcoin Unlimited wallet. Those bitcoins in your BU wallet will have a value in your regular bitcoins.

They will have the same value(1:1) at the beginning but in time, people will dump one of them to get the other. I mean, think about litecoin has a rate with bitcoins. After the HF, there will be 2 bitcoins, and they will have a rate between them also.

I expect the price to go %50  below of what it is now.

which wallet u suggest? blockchain, trezor, electrum?

[btcmerich]

we need to go ahead scale bitcoin anyway if they cannot decide, a fork is the only thing to do, the time for speaking ended long time ago, i'm not happy with the current amount of fee to pay for a transaction, it's too expensive, either BU or segwit is okish as long as they solve this thing quickly, i think the fork will not cause any major dump is is just fud to make people dump

Offcourse it will cause major dump, we will just not know if it will be core or BU that will be dumped or maybe they will co exist

[york780]

Ok thanks !
I am quite noob with all those technical issue's
But how do we know if the new bitcoin is going to be BU or Segwit?
Maybe some newbies buy the wrong one like etc inspite of eth and end up with a worhtless low volume trashcoin.

[mindrust]

Ok thanks !
I am quite noob with all those technical issue's
But how do we know if the new bitcoin is going to be BU or Segwit?
Maybe some newbies buy the wrong one like etc inspite of eth and end up with a worhtless low volume trashcoin.

We can't know that. That's why you better stay in FIAT rather than getting caught in this shitstorm.

BU has more features but who knows what people will do. Since the Core team is the original team, people may still trust the original team even the code is outdated.

Or, people may say fuck the high fees, fuck the slow transactions and may dump core coins and can go with the BU coins.

[shannen87]

Ok thanks !
I am quite noob with all those technical issue's
But how do we know if the new bitcoin is going to be BU or Segwit?
Maybe some newbies buy the wrong one like etc inspite of eth and end up with a worhtless low volume trashcoin.

We can't know that. That's why you better stay in FIAT rather than getting caught in this shitstorm.

BU has more features but who knows what people will do. Since the Core team is the original team, people may still trust the original team even the code is outdated.

Or, people may say fuck the high fees, fuck the slow transactions and may dump core coins and can go with the BU coins.

What's your advice? Sell all now and buy later? What if no hard fork happens, and we miss the train and remain in fiat?

[ImHash]

There is no hard fork without consensus, HF means changing the protocols, changing the set rules of source code. we just need a 250KB temp block size increase not creating unlimited blocks over night. we could use a decentralized super computer like Golem as a central authority to validate large blocks and compressing them to 1MB then nodes and miners include, time stamp and validate them and successfully add them to the block chain but I think that would require some serious coding skills and a big fat hard fork.

Or we could use a decentralized SC as a trusted party to sync our wallets without the need to download the entire block chain.

Anyways if HF happens it will happen because of a consensus voting and that is not a bad thing since the majority wants nothing other than a healthy network to thrive so we should continue to support the majority(joining them and become majority ourselves)

[mindrust]

Ok thanks !
I am quite noob with all those technical issue's
But how do we know if the new bitcoin is going to be BU or Segwit?
Maybe some newbies buy the wrong one like etc inspite of eth and end up with a worhtless low volume trashcoin.

We can't know that. That's why you better stay in FIAT rather than getting caught in this shitstorm.

BU has more features but who knows what people will do. Since the Core team is the original team, people may still trust the original team even the code is outdated.

Or, people may say fuck the high fees, fuck the slow transactions and may dump core coins and can go with the BU coins.

What's your advice? Sell all now and buy later? What if no hard fork happens, and we miss the train and remain in fiat?

I don't know when will this hard fork thing take place but yeah i advise you to get out before it happens. This advice is only about that HF thing. It has nothing to do with bitcoin's general situation. You may sell now and you may see it's doubled its value when you woke up. It can happen.

But HF will certainly cause a lose of value. That's all i'm sayin.

[BitcoinNewsMagazine]

Dumping bitcoin core coins you mean ? , if i understand you right.
But core is 80% of the total mined coins right?
Correct my if i am wrong, i am not sure.
Just keep your BTC in a cold wallet like Ledger and you will be fine i think.
Is there a real chance that a fork will happen? I doubt it.

I explained it as clear as i can. But i ll try again.  

Lets say you have 100bitcoins in your electrum wallet. When BU makes a hard fork, you will be able to claim another 100 bitcoins in your Bitcoin Unlimited wallet. Those bitcoins in your BU wallet will have a value in your regular bitcoins.

They will have the same value(1:1) at the beginning but in time, people will dump one of them to get the other. I mean, think about litecoin has a rate with bitcoins. After the HF, there will be 2 bitcoins, and they will have a rate between them also.

I expect the price to go %50  below of what it is now.

which wallet u suggest? blockchain, trezor, electrum?

Electrum is not the best option if a hard fork happens because you have to be careful the remote node you connect to is supporting the chain you want to transact on. Trezor is a better choice IMO. You own your private keys securely offline. When the last hard fork scare happened Trezor devs said they would run two instances of the online Trezor wallet so you could choose which chain to sell on. Running your own Bitcoin Core node is also a good choice if a hard fork appears close.

[BTCtrader71]

My speculation is that the worst thing for bitcoin right now is deadlock on the scaling debate. Anything that moves us closer to a resolution, even if it means HF, will be perceived by the market as bullish.

Even if we end up with a big messy* HF, it will not necessarily cause a big crash. Everyone knows that sooner or later we'll end up with ONE WINNER and ONE MORE ALT. So friggin' what?

* messy as in: BU gets 65% hashrate, BU triggers a HF, market decides that BU is worth less than Core, miners migrate to Core and soon CoreCoin hashrate > BUcoin hashrate, Core's chain gets longer than BU chain and the instant that happens, BAM!!!!! all the BU miners switch from BUcoin back to CoreCoin. That would be fuckin' messy.

[mindrust]

There will be another problem.

It is about the exchanges.

Since you need to own your bitcoins in your own bitcoin wallet and not in an exchange in order to benefit from the hardfork; many people will be withdrawing their coins from the exchanges.

That may cause some serious  liquidity problems with the exchanges... unless they credit your accounts with BU coins automatically.

[European Central Bank]

There will be another problem.

It is about the exchanges.

Since you need to own your bitcoins in your own bitcoin wallet and not in an exchange in order to benefit from the hardfork; many people will be withdrawing their coins from the exchanges.

That may cause some serious  liquidity problems with the exchanges... unless they credit your accounts with BU coins automatically.

that's a huge issue, especially if they don't come to a common agreement about classification.

aside from that exchanges are kind of the arbiter of any hard fork.

of course they'll allow btu as there'll be incredible amounts of money to be made. but there'll be so many vested interests on either side with deep pockets that it might take weeks or more to have any idea how well either fork is actually doing.

[BTCtrader71]

There will be another problem.

It is about the exchanges.

Since you need to own your bitcoins in your own bitcoin wallet and not in an exchange in order to benefit from the hardfork; many people will be withdrawing their coins from the exchanges.

That may cause some serious  liquidity problems with the exchanges... unless they credit your accounts with BU coins automatically.

Def wanna have your coins off the exchanges with keys in your sole possession if/when a fork happens.

As soon as the fork happens, if you want you can put your coins back onto the exchange. So liquidity problems will not be long-lived.

Just one more reason we need decentralized exchanges.

[btcmerich]

I am not sure, even if you have your bitcoins on exchanges i am sur eyou will have same amount in BU if they list it. So if you have 5 BTC at lest say polo then you will have 5 BU after the fork in case there will be seperate chain

having a wallet at exchanges is not much diffrent then having your own wallet. but correct me if i am wrong. ..i remember this happened with my ETH/ETC on polo

[European Central Bank]

I am not sure, even if you have your bitcoins on exchanges i am sur eyou will have same amount in BU if they list it. So if you have 5 BTC at lest say polo then you will have 5 BU after the fork in case there will be seperate chain

having a wallet at exchanges is not much diffrent then having your own wallet. but correct me if i am wrong. ..i remember this happened with my ETH/ETC on polo

it's a terrible idea however you wanna look at it. you're leaving yourself at their mercy and their vulnerabilities.

the exchange may decide it wants nothing to do with the fork in which case you don't get free coins. even if they do love it the exchange may be gamed somehow. nobody knows how it's gonna play out.

the only sensible option is to retain control yourself.

[btcmerich]

I am not sure, even if you have your bitcoins on exchanges i am sur eyou will have same amount in BU if they list it. So if you have 5 BTC at lest say polo then you will have 5 BU after the fork in case there will be seperate chain

having a wallet at exchanges is not much diffrent then having your own wallet. but correct me if i am wrong. ..i remember this happened with my ETH/ETC on polo

it's a terrible idea however you wanna look at it. you're leaving yourself at their mercy and their vulnerabilities.

the exchange may decide it wants nothing to do with the fork in which case you don't get free coins. even if they do love it the exchange may be gamed somehow. nobody knows how it's gonna play out.

the only sensible option is to retain control yourself.

true ,  as always is better to keep the bitcoins outside exchangers. I was just trying to make a point about a wallet is a wallet even if it is at a exchangers  and will count towards the new chain.

[pooya87]

I am not sure, even if you have your bitcoins on exchanges i am sur eyou will have same amount in BU if they list it. So if you have 5 BTC at lest say polo then you will have 5 BU after the fork in case there will be seperate chain

having a wallet at exchanges is not much diffrent then having your own wallet. but correct me if i am wrong. ..i remember this happened with my ETH/ETC on polo

it is all about hashrate and nodes. in short about how many will adopt the new change. if majority do, the fork will happen smoothly (like the last time bitcoin hard forked) and there will be no "other chain".

keeping on exchange or in your cold storage won't make a difference in this case.

[zby]

Looks like after the latest BU bug this subject becomes less urgent.

[Pursuer]

...
ethereum didn't fork it split.

after DAO crap, the developer come to a consensus with his whale friends (less than 5% of those who are involved with ethereum) and since they have lost money they decided to cut their losses by doing a roll back and since the other 95% weren't even involved in this, obviously after the "roll back fork" a very large percentage remained on the old chain and called themselves classic.

it had nothing to do with either forking nor ETH being experimental!

So what is a fork and what is a split? In eth we now have two incompatible branches in the blockchain - isn't that a fork?

a fork is just an upgrade, a bit similar to what you do when upgrading your browser for example, usually in software development a hardfork is used when the changes are not backward compatible and softfork is when they are. although there is not a single unified definition of hard and soft fork, this is the closest.

in there, if the fork is done with consensus meaning if the majority of the network accept the change (fork) it will happen smoothly and the minority will either switch or be left as an orphan blockchain.

a split (like what happened with ethereum) only happens when the fork happens without consensus. this means there is no minority/majority and there is enough power behind each side to run a perfectly good blockchain.

[zby]

...
ethereum didn't fork it split.

...

a split (like what happened with ethereum) only happens when the fork happens without consensus. this means there is no minority/majority and there is enough power behind each side to run a perfectly good blockchain.

These two statements are incompatible - if a split is a fork with additional conditions then is eth did a split it also did a fork. I guess you meant 'ethereum didn't just fork - it did a full split'.

[zby]

"Coinbase, Bitfinex Would List Bitcoin Unlimited As “Altcoin” After Soft Fork: Mow" https://cointelegraph.com/news/coinbase-bitfinex-would-list-bitcoin-unlimited-as-altcoin-after-soft-fork-mow

That is how BU lost the name battle.