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Author Topic: Are bitcoin exchnages in India prepared for an upcoming hard fork?  (Read 2014 times)
RocketSingh
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March 20, 2017, 08:34:23 PM
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A group of nearly 20 exchanges has released contingency plans in the event that the bitcoin network splits in two, creating two competing currencies. Details: http://www.coindesk.com/bitcoin-exchanges-unveil-emergency-hard-fork-contingency-plan/

I'd like to know the standing of Indian exchanges... Are they ready or people having coin with them may lose coins on one chain?

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eaLiTy
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March 21, 2017, 11:43:19 AM
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I'd like to know the standing of Indian exchanges... Are they ready or people having coin with them may lose coins on one chain?
They have to go with the majority and that would be the core,and from what i understand you will only get the split coin if you are holding it in your own wallet,which mean you must hold the private key to it and the coins stored elsewhere in exchanges or web wallets wont get those coins .I still hope there wont be any split in coins and the core will find a solution for it.














 

 

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Benson Samuel
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March 22, 2017, 01:50:30 PM
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I'd like to know the standing of Indian exchanges... Are they ready or people having coin with them may lose coins on one chain?
They have to go with the majority and that would be the core,and from what i understand you will only get the split coin if you are holding it in your own wallet,which mean you must hold the private key to it and the coins stored elsewhere in exchanges or web wallets wont get those coins .I still hope there wont be any split in coins and the core will find a solution for it.

So far, we have decided to add provisions to export BTU keys if needed.
So the Split coins will be honoured by Coinsecure, since we guard users private keys.

Will do a blog post or mailer over the next few days explaining our stance.

polynesia
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March 23, 2017, 12:15:21 AM
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I think users should not leave BTC at exchanges. In such cases, you will have control over both coins in case a hard fork occurs. You also minimize the risk of losing money if exchanges get hacked.
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March 23, 2017, 08:50:24 AM
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I think users should not leave BTC at exchanges. In such cases, you will have control over both coins in case a hard fork occurs. You also minimize the risk of losing money if exchanges get hacked.

I highly doubt if any of the top exchanges would con you for the split coins. Majority of the people who have their holdings at exchanges are traders and they need those there. For everyone else, who's NOT tech-savvy and not acquainted to understand the security of their personal computers/hand held devices, its better that they hold their coins at an reputable exchange than keep it on their device. The probability of your device getting compromised is much higher than an exchange. Plus exchanges today hardly keep many coins online. For peace of mind, you may diversify any risk by splitting your holdings into multiple top exchanges.
Its needless to say, people w/ larger holdings already keep their coins in hardware wallets or in cold storage.
eaLiTy
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March 23, 2017, 08:31:46 PM
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I think users should not leave BTC at exchanges. In such cases, you will have control over both coins in case a hard fork occurs. You also minimize the risk of losing money if exchanges get hacked.
I would say the same when it comes to saving your coins in other exchanges but when it comes to coinsecure if Benson Samuel says so i trust him. Smiley

Will do a blog post or mailer over the next few days explaining our stance.
Good to hear from your buddy,hope to hear the official stance from coinsecure in the coming week. What is your general opinion regarding the scaling issues,what is your suggestion to overcome the network issues.














 

 

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polynesia
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March 25, 2017, 12:24:47 AM
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I think users should not leave BTC at exchanges. In such cases, you will have control over both coins in case a hard fork occurs. You also minimize the risk of losing money if exchanges get hacked.

I highly doubt if any of the top exchanges would con you for the split coins. Majority of the people who have their holdings at exchanges are traders and they need those there. For everyone else, who's NOT tech-savvy and not acquainted to understand the security of their personal computers/hand held devices, its better that they hold their coins at an reputable exchange than keep it on their device. The probability of your device getting compromised is much higher than an exchange. Plus exchanges today hardly keep many coins online. For peace of mind, you may diversify any risk by splitting your holdings into multiple top exchanges.
Its needless to say, people w/ larger holdings already keep their coins in hardware wallets or in cold storage.

The problem is not about conning, but about confusion. While none of the exchanges are fly by night operators, there are issues regarding which branch will be recognized, and what will happen to the other. So for safety purposes, it is better to hold your coins in your own wallet.
Blackshadow007
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March 25, 2017, 11:53:36 AM
 #8

I think users should not leave BTC at exchanges. In such cases, you will have control over both coins in case a hard fork occurs. You also minimize the risk of losing money if exchanges get hacked.

I am not too much understanding about this Hard Fork issue but what are the possibility of loss for a btc user when this happens ? ; I just want to know to inform myself more about the situation as i have no clue what tension going on about this Hard Fork thing ..

susila_bai
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March 25, 2017, 11:21:11 PM
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I think users should not leave BTC at exchanges. In such cases, you will have control over both coins in case a hard fork occurs. You also minimize the risk of losing money if exchanges get hacked.

It is always recommended that not to store your bitcoins in exchanges and in BTU you should hold your bitcoins in your hardware and desktop wallet as who ever holds the private key of their bitcoin address can only be able to claim the btu coins.
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March 26, 2017, 05:40:59 PM
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I guess exchanges will remain to the core bitcoin as they are already into it.
Benson Samuel
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March 27, 2017, 05:18:55 AM
 #11

I think users should not leave BTC at exchanges. In such cases, you will have control over both coins in case a hard fork occurs. You also minimize the risk of losing money if exchanges get hacked.
I would say the same when it comes to saving your coins in other exchanges but when it comes to coinsecure if Benson Samuel says so i trust him. Smiley

Will do a blog post or mailer over the next few days explaining our stance.
Good to hear from your buddy,hope to hear the official stance from coinsecure in the coming week. What is your general opinion regarding the scaling issues,what is your suggestion to overcome the network issues.

Dont keep your coins in exchanges and web wallets, even if I say so Smiley.
This has been proven to be a bad idea time and again.

The problems that occur on centralised services is not a direct loss of coins, but a clear temptation to the service operator to invest customer funds in alternative ventures. Losses on these ventures are what impact customers more than hacks, and runaways.

Store small amounts on web services, amounts needed to spend/ offchain transactions, keep everything else offline.

My general opinion is that BTU is a good implementation to scale the network.
At the same time, the current investment in the BTC brand is huge and may be able to retain the network effect over BTU.
Even if more than 50%  of the network switches to BTU, a fraction of that percentage understands/ will be able to move seamlessly into either fork. This directly causes short term financial losses to a majority of users, even if the network is safe.
Just as we saw in ETC and ETH, one of them retained abut 5-10% value of the former. This is very likely in the case of BTC/ BTU as well since a large portion of hashing power will switch sides.
My biggest concern is that the block increase will encourage people to use the Bitcoin network in its current state for large chunks of garb that will eventually get back to the same problems that we are facing.

Not sure how it will work out, but am going to keep the BTC version running till we have a clearer idea on the spread/ moves that happen as the chain forks.

We have a 2nd version ready if needed, that does BTU to INR, so we can switch over/ start a new exchange instance whenever it clicks.

anonbit992
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March 27, 2017, 07:38:24 AM
 #12

A group of nearly 20 exchanges has released contingency plans in the event that the bitcoin network splits in two, creating two competing currencies. Details: http://www.coindesk.com/bitcoin-exchanges-unveil-emergency-hard-fork-contingency-plan/

I'd like to know the standing of Indian exchanges... Are they ready or people having coin with them may lose coins on one chain?

They will always be having a plan B if something of that sort happens. Good to hear the plans of coinsecure. Zebpay and Unocoin might have something similar. But it is best to transfer all you bitcoins into an address that only you have control. Perhaps you could use trezor or bitaddress.org and store your bitcoins. Once the dust settles then you can split BTU and BTC and decide to do whatever you want.

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