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

[MadGamer]

It is impossible for me to use desktop wallets, paper wallets and hardware wallets. I can only use web wallets. Till now I have stored my bitcoins on exchanges (I know that it is not safe) and I would like to move them. I have also used blockchain.info. I read some posts here, I understood that Blockchain.info is not safe too. Which online wallet do you recommend? GreenAddress, BitGo or any other? Is it better to store my bitcoins in two or more wallets, not only one? Really I don't know what should I do.

GreenAddress could be a very good choice and they already made a blog post regarding their standpoint for the upcoming changes that might occur. Using multiple wallets to store your bitcoins is mostly for keeping them safe for hackers so If a hacker for example reach your mobile device, he will only steal a portion since you have other bitcoins in paper, hardware wallets. If are planning to store them in multiple wallets simply for 1st august then that doesn't make much sense.

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[bouren]

I have no way to download a desktop wallet, I can only use online services to keep my money.

What do you recommend? Don't you think with so many services here on BitcoinTalk Forum there isn't at least few trusted sites where our money can be safe?

Some Android wallets should be OK. You want one that allows you to export your private keys. (I don't know which ones allow this, though...)

If you really need a Web wallet, I guess I'd go with GreenAddress. Make sure you either use a 2of3 account (preferable) or that you get your nLockTime transactions emailed to you.

Electrum works well on Android too.

[seven.71]

What should be done in handling this situation?,i am still confused as to why there is division 

[The One]

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.

No worries, plenty of leeway. If, and a big IF.

And the leeway gets bigger as btc is falling, falling, falling down.

[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?

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.

What if i save in bittrex?
Will it be safe?

[naska21]

What if i save in bittrex?
Will it be safe?

Bittrex does not differ from other Exchanges/ As it was already said many times it is safe to have coins in the wallet with controllable private keys/ At Bittrex those keys are not in your hands

[thiec]

FUD will take control in this few weeks..
Maybe we can see the most dramatic price movement in btc history until now (except mt.gox crash at June 19th, 2011)

[alani123]

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 ...

Sure, but users alone aren't the economic majority. Companies and miners play an important role in the economy. IMO this newly coined term for economic majority unjustly leaves out miners.

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.

Is the data in this website to be trusted?

[Rozita]

It is impossible for me to use desktop wallets, paper wallets and hardware wallets. I can only use web wallets. Till now I have stored my bitcoins on exchanges (I know that it is not safe) and I would like to move them. I have also used blockchain.info. I read some posts here, I understood that Blockchain.info is not safe too. Which online wallet do you recommend? GreenAddress, BitGo or any other? Is it better to store my bitcoins in two or more wallets, not only one? Really I don't know what should I do.

GreenAddress could be a very good choice and they already made a blog post regarding their standpoint for the upcoming changes that might occur. Using multiple wallets to store your bitcoins is mostly for keeping them safe for hackers so If a hacker for example reach your mobile device, he will only steal a portion since you have other bitcoins in paper, hardware wallets. If are planning to store them in multiple wallets simply for 1st august then that doesn't make much sense.

Thanks for your recommendation.
I created an account on Greenaddress. Now I have only some words called Mnemonic. Is it enough?
Are these words that private keys that I should know?Till now I thought that transaction key contains some numbers.

[LTU_btc]

Now I have big part of my bitcoins in online wallets/exchanges. I'm planning to move it all to bitaddress.org generated wallet before possible split. After situation will become more clear, I wil just import my private key to one of trusted wallets. I think it will be safe enough.
And I think it would be better to move coins few days before 1st August. I'm afraid that can be some bitcoin network problems, and transaction may not get enough confirmations before deadline.

[MEEMxyz]

At the beginning of this thread, it was stated that Bitcoin Core was able to handle both blockchains, and I quote: "The safest thing to do is to use Bitcoin Core as it is a full node and gives you control over which chain you want to use (via the invalidateblock and reconsiderblock RPC commands)."

I really thought that you would need 2 core nodes running now... one for the "original" blockchain and another for the "new" blockchain, but it makes sense the same program can run both just by an option on which one to use.

Can someone elaborate, or guide me to where I can find more information on how to select each blockchain? I thought that these commands were only to eliminate blockchain starting from the block indicated... but I can also see how that would make you to go form one fork to the other if you invalidating the block on the height of the fork. Still not sure I understand how that would "connect" you to the main blockchain, or to the alt blockchain.

After looking for 1 hour around for this, I think one of you might guide me since all explanations are not that clear.

Thanks in advance for the guidance!

[achow101]

At the beginning of this thread, it was stated that Bitcoin Core was able to handle both blockchains, and I quote: "The safest thing to do is to use Bitcoin Core as it is a full node and gives you control over which chain you want to use (via the invalidateblock and reconsiderblock RPC commands)."

I really thought that you would need 2 core nodes running now... one for the "original" blockchain and another for the "new" blockchain, but it makes sense the same program can run both just by an option on which one to use.

Can someone elaborate, or guide me to where I can find more information on how to select each blockchain? I thought that these commands were only to eliminate blockchain starting from the block indicated... but I can also see how that would make you to go form one fork to the other if you invalidating the block on the height of the fork. Still not sure I understand how that would "connect" you to the main blockchain, or to the alt blockchain.

After looking for 1 hour around for this, I think one of you might guide me since all explanations are not that clear.

Thanks in advance for the guidance!

You would need to perform these commands with the block at the height of the fork on each chain.

For example, suppose that chain A has a block with the hash abcdef at the height of the fork. Suppose that chain B has a block with the hash 123456 at the height of the fork.

To use chain A, you would do

Code:

invalidateblock 123456
reconsiderblock abcdef

To use chain B, you would do

Code:

invalidateblock abcdef
reconsiderblock 123456

You can use those commands to switch back and forth between blockchains.

Note that switching back and forth may result in some undefined behavior and bugs. Since such a fork has not happened before, this method has not been tested in practice. Your mileage may vary.

[MEEMxyz]

At the beginning of this thread, it was stated that Bitcoin Core was able to handle both blockchains, and I quote: "The safest thing to do is to use Bitcoin Core as it is a full node and gives you control over which chain you want to use (via the invalidateblock and reconsiderblock RPC commands)."

I really thought that you would need 2 core nodes running now... one for the "original" blockchain and another for the "new" blockchain, but it makes sense the same program can run both just by an option on which one to use.

Can someone elaborate, or guide me to where I can find more information on how to select each blockchain? I thought that these commands were only to eliminate blockchain starting from the block indicated... but I can also see how that would make you to go form one fork to the other if you invalidating the block on the height of the fork. Still not sure I understand how that would "connect" you to the main blockchain, or to the alt blockchain.

After looking for 1 hour around for this, I think one of you might guide me since all explanations are not that clear.

Thanks in advance for the guidance!

You would need to perform these commands with the block at the height of the fork on each chain.

For example, suppose that chain A has a block with the hash abcdef at the height of the fork. Suppose that chain B has a block with the hash 123456 at the height of the fork.

To use chain A, you would do

Code:

invalidateblock 123456
reconsiderblock abcdef

To use chain B, you would do

Code:

invalidateblock abcdef
reconsiderblock 123456

You can use those commands to switch back and forth between blockchains.

Note that switching back and forth may result in some undefined behavior and bugs. Since such a fork has not happened before, this method has not been tested in practice. Your mileage may vary.

------------------
Thank you very much for making this SO clear! I now understand where I got it wrong: I was thinking that the invalidateblock used the block height, so not sure how that would be different from any blockchain main or fork, but clarifying that I must use the block hash it makes perfect sense so that the specific "old" block would be identified to be removed, and the new one would start to be considered.

And now the only thing left to test is if there is a way to run two instances of Bitcoin core in the same machine...

[Gudhal Untu]

I'm using Xapo and coinbase, is safe to save bitcoin?

[achow101]

I'm using Xapo and coinbase, is safe to save bitcoin?

No. Your Bitcoin is at the whim of the service. They will choose which blockchain to use and you are subject to that.

[georgeandrews]

Thanks for the guide .

Wallets like electrum will be safe?  Its a light wallet but I have the private keys.

[cointron]

It is good to see knowledge and solidarity here.-

[Pixmartz]

Thanks for the information.

I have sold all my BTC to fiat money. But is there a problem if I keep the alt coin?

[Gen6:6]

Simple solution:

Transfer now into LTC before the split, let the dust settle and see what the result is after.

LTC will preserve your value and you will probably make a lot of profit when the big LTC announcement happens on 1st Aug.

Don't go into fiat - that's the worst money in the world.

[aesma]

It is impossible for me to use desktop wallets, paper wallets and hardware wallets. I can only use web wallets. Till now I have stored my bitcoins on exchanges (I know that it is not safe) and I would like to move them. I have also used blockchain.info. I read some posts here, I understood that Blockchain.info is not safe too. Which online wallet do you recommend? GreenAddress, BitGo or any other? Is it better to store my bitcoins in two or more wallets, not only one? Really I don't know what should I do.

GreenAddress could be a very good choice and they already made a blog post regarding their standpoint for the upcoming changes that might occur. Using multiple wallets to store your bitcoins is mostly for keeping them safe for hackers so If a hacker for example reach your mobile device, he will only steal a portion since you have other bitcoins in paper, hardware wallets. If are planning to store them in multiple wallets simply for 1st august then that doesn't make much sense.

Thanks for your recommendation.
I created an account on Greenaddress. Now I have only some words called Mnemonic. Is it enough?
Are these words that private keys that I should know?Till now I thought that transaction key contains some numbers.

Yes. It's an HD wallet. With these words the private key can be found.