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

[bikerleszno]

Ok se 1 hour after 1 August we will all know there is split or everything is like it was before?
So dangerous is immediately after midnight right? If there is no split, segwit will not bring slit also and everything will be normal right?

So I guess after 1 August anyway there will be split or there will not be split price will explode because everyone will know what we stay on right?

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[1714807032]

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[LFC_Bitcoin]

OK so I'm safe to do absolutely nothing & leave my coins in bitcoin core 0.14.0 at this point?

[nathalie20]

Can someone explain this in a simple way? What is going to happen with bitcoin for 2.5 weeks?

[ByteFree]

Can someone explain this in a simple way? What is going to happen with bitcoin for 2.5 weeks?

1. price will grow
2. price will down

you must think and prepare

[krogothmanhattan]

Great article and very well explained.

 How about cold storage wallets like Trezor? Or Casascius coins? Paper wallets?

And what about coins on Coinbase and a Mycellium wallet? Feedback please..thanks

[nagatraju]

Great article and very well explained.

 How about cold storage wallets like Trezor? Or Casascius coins? Paper wallets?

And what about coins on Coinbase and a Mycellium wallet? Feedback please..thanks

Any wallet that you have both Private and Public keys are Safe.

[krogothmanhattan]

Thankyou...so the only one I do not have the private keys for is COINBASE. I will transfer out of coinbase into paper then. thanks

[yseph]

Can someone explain this in a simple way? What is going to happen with bitcoin for 2.5 weeks?

1. price will grow
2. price will down

you must think and prepare

I think on 1 Auguts , dont make any transaction especially BTC .
And the people who have btc on their exchanger wallet, it must move , this for avoid high risk

[examplens]

Can someone explain this in a simple way? What is going to happen with bitcoin for 2.5 weeks?

1. price will grow
2. price will down

you must think and prepare

I suppose there will be many panic sells, Dollar will be safest currency, and this is resulting price down.
I am not happy with this changes, especially if price going down
also it will be nice if someone create list of safe and unsafe wallets for split

[flag39]

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

[krogothmanhattan]

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

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

[ByteFree]

Can someone explain this in a simple way? What is going to happen with bitcoin for 2.5 weeks?

1. price will grow
2. price will down

you must think and prepare

I suppose there will be many panic sells, Dollar will be safest currency, and this is resulting price down.
I am not happy with this changes, especially if price going down
also it will be nice if someone create list of safe and unsafe wallets for split

You are right. There will be many panic sells. No trade, just wait.

[The One]

The next time when a split is predicted to possibly happen is therefore August 1, 2017 at midnight UTC.

I daresay, many of us will probably try and stay awake for 24 hours to watch the drama unfurl itself to the world.

[ziploc+]

Now we are waiting for some guide that will teach us how to save both currencues after the split.   Sure that's what every Bitcoin holder should do. Just in case.

There is actually an amazingly simple way to "taint" your coins that I have only recently heard about. This method requires using transaction locktimes and may require a bit of advanced skill (most taint methods require that anyways).

To taint your coins, you need to make one transaction that is valid on one chain and invalid on the other. Since a chain split will likely result in one chain with a majority of the hash rate and one chain with a minority of the hash rate. The chain with the minority hash rate will produce blocks at a slower rate so it will be at a lower block height. Thus you can make a transaction which has a locktime of the most recent block on the chain with the majority hash rate. This means that the transaction will be valid and can be mined on the majority hash rate chain, but is invalid on the minority hash rate chain until it's most recent block height matches the locktime that you set. Once your locktimed transaction confirms on the majority hash rate chain, you immediately make a transaction which spends the same inputs but does not have the locktime and get that confirmed on the other chain. This second transaction will be invalid on the majority hash rate chain because it conflicts with one that has already confirmed, and if the transaction confirms on the minority hash rate chain, then your coins will be successfully split. You can then spend from those transactions on their respective chains without any risk of transaction replay as any transactions that spend from those will be invalid on the other chain.

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 ?

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

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 ?

4- Repeat for all chains...


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 ?

[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.

[OmegaStarScream]

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.

[krogothmanhattan]

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.

  Good to hear! That is one of the reasons i like bitcoin..limited amount of coins!

[nathalie20]

Can someone explain this in a simple way? What is going to happen with bitcoin for 2.5 weeks?

1. price will grow
2. price will down

you must think and prepare

I suppose there will be many panic sells, Dollar will be safest currency, and this is resulting price down.
I am not happy with this changes, especially if price going down
also it will be nice if someone create list of safe and unsafe wallets for split

You are right. There will be many panic sells. No trade, just wait.

I sold a few days ago 85% of my BTC. Did I do well? 15% I have for trex. Do I have to withdraw it before 1st of August?

[OmegaStarScream]

I sold a few days ago 85% of my BTC. Did I do well? 15% I have for trex. Do I have to withdraw it before 1st of August?

Exchanges takes time to handle withdrawals sometime, so Its better to do this at least 48 hours before 1st august to assure that you will receive your funds and they will get confirmed in time even If the fees were low.

[taibas]

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?