[Guide] Handling splits: UASFs, BIP148, etc.

[Coin_trader]

This is a very helpful and informative tips, can i share this post to my social media timeline and walls?

[1714027258]

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[1714027258]

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[MadGamer]

How are theymos, I ask your opinion.
Do we have to sell all our BTCs?
And if we keep all our BTCs and we install 2FA (Google Auth). Is it very safe?

He didn't ask you to sell your bitcoin, he simply asked you to withdraw into a more secure wallet that you control. The thread has nothing to do with exchanges being hacked, Its about the next fork, enabling 2FA or not won't change the fact that you are not controlling your wallet so no, It's not safe.

[achow101]

Thx for explanation and if I understood correctly this has to be done:

1- After the split post 1 transaction. This should get validated on the ''major or main chain'' creating a locktime. Is sending coins to yourself would achieve that ?

Yes. You can make transactions that send coins back to yourself. This is recommended as if the taint attempt fails, you still control the coins on both chains.

2- After the 1st transaction is confirmed (how many confirmations are needed ?) the coins in the "main chain" are safe

If the chains have cleanly split and there is no risk of one chain wiping out the other chain, then 1 confirmation is enough. However, I recommend that you wait for 6 or more confirmations before continuing.

3- After the point 2 is done; post 1 transaction on the ''alternative chain'' which will create another locktime and save your ''other coins". I assume this has to be done with a wallet working on the ''alternative chain" using the same address and same keys ?

Yes. You will need to have multiple wallets, one for each chain.

4- Repeat for all chains...

Yes.

I have an another question....In a case of multiple receiving addresses is this process must be done to all of them ? or the wallet will automatically preserve all coins associated together (multiple receiving addresses in 1 wallet) ? Or it's better to create a brand new wallet now and send all coins to the new - 1 address one ?

If you do not care about your privacy, you can and should send all of the coins in your wallet. It does not matter where you send them, but I recommend that you just send the coins to another address in your wallet. Such transactions are allowed. There is no need to make an entirely new wallet for this.

[faimloup]

So if we are expecting to manage this uncertainty with many people liquidating Bitcoin from the exchanges (to offline wallets or OUT) then we can reasonably assume a period of devaluation until the main chain is ascertained and up?

Surely time to hold off further Bitcoin investment, or divest and return after early August?

[KNK]

Is transferring bitcoin to a wallet the only way?

Lets say that btc is £2000 and there is a split 80/20. It stands to reason that the value would be roughly £1600ish/£400ish = £2000.

Lets say you have one btc. After the split you will have 2 "btc." Total value of 2 "btc" = 1*£1600ish/1*£400ish = £2000.

The idea that after the split the value jumps higher than £2000, without any new money coming in, is preposterous.

One can sell their btc for £2000 and wait as the drama unfurl itself. If one thinks that £1600 coin is the winner and the £400 coin will fade into nothingness, one can spend £2000 buying 1.25btc @ £1600 and profit from this drama.

If what one is thinking is wrong and a week after you buy the coins @ 1600 the other chain gets majority ... ... ...
BTC on a paper wallet gives you the choice to (at least) decide when and on which chain to spend, so buying right now (while it's low) is much better choice IMHO, but every one makes own choice and only the time will tel who is right and who is wrong

[alani123]

UASF.co advocates thst users should not run UASF software unless the economic majority shows support to UASF. How should users check this?

[KNK]

UASF.co advocates thst users should not run UASF software unless the economic majority shows support to UASF. How should users check this?

If no one runs the software (waiting for others) how it will became the majority?
Pick a side and vote for becoming the majority if you care for BTC or sell all and wait if ...

[OmegaStarScream]

UASF.co advocates thst users should not run UASF software unless the economic majority shows support to UASF. How should users check this?

You can see here the services that are supporting/ready for UASF: https://coin.dance/poli
There is a decent amount, and note that some exchanges and services didn't make any announcements regarding their standpoint from this whole fork story so we should wait more. In the meantime, anyone supporting UASF, should run a full node.

[Ludwig Von]

So to view this practical :

1. Move all my coins that are trailing left and right in different locations to my Electrum wallet, let 's say by July 28 at last to avoid getting caught in traffic jams.

2. Are there actions to be taken towards the Electrum Wallet, like updates or back ups etcetera?
I keep mine already on two different computers.

3. Wheater the storm out and wait for follow up instructions.

Grts

L.



 

[TheRedDevil]

whoah.. super cool thread..Really really hope btc in exchanges are safe..

[s1lverbox]

Jeeezzz, let me tell you guys...this is so crappy thing its really scares the shit out of me.

Patience is nearly done for bitcoins and jihad and gang. I did try to be patient. But rollercoaster last months is just unnecesary.

If btc wont die because of some greedy miners than we fine. But otherwise btc will become another shitcoin. Anyone will be able to force people to what ever he wont.

[ziploc+]

I have an another question....In a case of multiple receiving addresses is this process must be done to all of them ? or the wallet will automatically preserve all coins associated together (multiple receiving addresses in 1 wallet) ? Or it's better to create a brand new wallet now and send all coins to the new - 1 address one ?

If you do not care about your privacy, you can and should send all of the coins in your wallet. It does not matter where you send them, but I recommend that you just send the coins to another address in your wallet. Such transactions are allowed. There is no need to make an entirely new wallet for this.

Thank You very much for answers, it's very appreciated.

and thx for this thread

[ArachAttack]

Theymos & Eletrum wallet seems so cool about 1st august... But I can't be as cool as they are, I fear it'll be catastrophic ;(

[aesma]

Will this be last fork or will have 21 mil coins every 5 years?

  What? Bitcoin will be increased by another 21 million coins?

That's not the case. We don't know If this is going to be the last fork or not but something for sure, the supply will remain the same.

He meant that each time there is a fork, you get 21 millions new coins (not really true as there aren't 21 millions BTC yet). 21mil BTC + 21mil "newBTC".

[aesma]

Is transferring bitcoin to a wallet the only way?

Lets say that btc is £2000 and there is a split 80/20. It stands to reason that the value would be roughly £1600ish/£400ish = £2000.

Lets say you have one btc. After the split you will have 2 "btc." Total value of 2 "btc" = 1*£1600ish/1*£400ish = £2000.

The idea that after the split the value jumps higher than £2000, without any new money coming in, is preposterous.

One can sell their btc for £2000 and wait as the drama unfurl itself. If one thinks that £1600 coin is the winner and the £400 coin will fade into nothingness, one can spend £2000 buying 1.25btc @ £1600 and profit from this drama.

What we're talking about here is how to safely live through the possibility of a fork.

What you're talking about is taking a huge gamble that could cost you everything.

Yes it's a way to do things, but not comparable at all.

As for the others talking about selling everything, do you think early BTC adopters that are still around did this ? No, they held, and they were right to.

[The One]

Is transferring bitcoin to a wallet the only way?

Lets say that btc is £2000 and there is a split 80/20. It stands to reason that the value would be roughly £1600ish/£400ish = £2000.

Lets say you have one btc. After the split you will have 2 "btc." Total value of 2 "btc" = 1*£1600ish/1*£400ish = £2000.

The idea that after the split the value jumps higher than £2000, without any new money coming in, is preposterous.

One can sell their btc for £2000 and wait as the drama unfurl itself. If one thinks that £1600 coin is the winner and the £400 coin will fade into nothingness, one can spend £2000 buying 1.25btc @ £1600 and profit from this drama.

What we're talking about here is how to safely live through the possibility of a fork.

What you're talking about is taking a huge gamble that could cost you everything.

Yes it's a way to do things, but not comparable at all.

As for the others talking about selling everything, do you think early BTC adopters that are still around did this ? No, they held, and they were right to.

Nope. btc already fallen over $500 since i last sold some bitcoin. No gamble at all.

[Kuthululamb]

I have a question about  wallets which use different services to send/recieve bitcoin.  No client except the bitcoin-core client uses the full chain downloaded.

Will coin AT REST be safe in all these wallets which store the private keys on your device (not web based -etc).

Jaxx
Copay
mycelium
Electrum
multibit classic
multibit HD
trezor HD
etc,

For how long will they be safe?  Will any of these wallets, when a coin is spent, be using a different version?  Is there any timeline or statements from each of these wallets on their chain usage?  Copay uses Bitpay, etc.  maybe could someone put together a comprehensive list of which networks and what they will adopt?  

some info on electrum.
http://docs.electrum.org/en/latest/hardfork.html

If you load any other wallet besides the core client, just to check your balance, will this load associate your coins with the wallet's chain services now and all your coins will be now activated on that specific fork?

Any help or input would be great peace of mind!  thz

[s1lverbox]

I have a question about  wallets which use different services to send/recieve bitcoin.  No client except the bitcoin-core client uses the full chain downloaded.

Will coin AT REST be safe in all these wallets which store the private keys on your device (not web based -etc).

Jaxx
Copay
mycelium
Electrum
multibit
etc,

For how long will they be safe?  Will any of these wallets, when a coin is spent, be using a different version?  Is there any timeline or statements from each of these wallets on their chain usage?  Copay uses Bitpay, etc.  maybe could someone put together a comprehensive list of which networks and what they will adopt?  

some info on electrum.
http://docs.electrum.org/en/latest/hardfork.html

Any help or input would be great peace of mind!  thz

Add trezor to this list as hd wallet.

[aesma]

Kuthululamb : wallets are just pieces of software you use to access your coins. If you own your private keys, you're safe.

Personally I'm thinking about using a paper wallet to store my coins and wait some days in August to see what happens, upgrade my wallets, let others report eventual bugs, etc.

Is transferring bitcoin to a wallet the only way?

Lets say that btc is £2000 and there is a split 80/20. It stands to reason that the value would be roughly £1600ish/£400ish = £2000.

Lets say you have one btc. After the split you will have 2 "btc." Total value of 2 "btc" = 1*£1600ish/1*£400ish = £2000.

The idea that after the split the value jumps higher than £2000, without any new money coming in, is preposterous.

One can sell their btc for £2000 and wait as the drama unfurl itself. If one thinks that £1600 coin is the winner and the £400 coin will fade into nothingness, one can spend £2000 buying 1.25btc @ £1600 and profit from this drama.

What we're talking about here is how to safely live through the possibility of a fork.

What you're talking about is taking a huge gamble that could cost you everything.

Yes it's a way to do things, but not comparable at all.

As for the others talking about selling everything, do you think early BTC adopters that are still around did this ? No, they held, and they were right to.

Nope. btc already fallen over $500 since i last sold some bitcoin. No gamble at all.

I was mainly thinking about the other part of your plan, buying only one of the forked coins. Obviously if you stay out of it you can only lose "potential gains". Which could still be huge, I can see BTC rising a lot very quickly if all goes well.

[Kuthululamb]

I have a question about  wallets which use different services to send/recieve bitcoin.  No client except the bitcoin-core client uses the full chain downloaded.

Will coin AT REST be safe in all these wallets which store the private keys on your device (not web based -etc).

Jaxx
Copay
mycelium
Electrum
multibit
etc,

For how long will they be safe?  Will any of these wallets, when a coin is spent, be using a different version?  Is there any timeline or statements from each of these wallets on their chain usage?  Copay uses Bitpay, etc.  maybe could someone put together a comprehensive list of which networks and what they will adopt?  

some info on electrum.
http://docs.electrum.org/en/latest/hardfork.html

Any help or input would be great peace of mind!  thz

Add trezor to this list as hd wallet.

added