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Author Topic: [Guide] Handling splits: UASFs, BIP148, etc.  (Read 48218 times)
Voice-Of-Reason
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July 17, 2017, 10:01:45 PM
 #281

Thanks all for great valuable info!

I'm keeping my bitcoins in a hardware wallet for now, not leaving any BTC in any exchange for that time period, just other cryptos.
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theymos
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July 17, 2017, 10:31:15 PM
 #282

My Bitcoin Core wallet 0.14.2 received today a message:

Warning: Unknown block versions being mined! It's possible unknown rules are in effect


Should I be worried about this?

No, you can ignore that in this case. It's caused by BIP91 signalling.

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July 17, 2017, 10:40:17 PM
 #283

My Bitcoin Core wallet 0.14.2 received today a message:

Warning: Unknown block versions being mined! It's possible unknown rules are in effect


Should I be worried about this?

No, you can ignore that in this case. It's caused by BIP91 signalling.

Can you please elaborate? It feels so weird to see in Bitcoin Core:
Warning: Unknown block versions being mined! It's possible unknown rules are in effect

Why would miners be "signalling BIP91"?
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July 17, 2017, 10:47:50 PM
 #284

Can you please elaborate? It feels so weird to see in Bitcoin Core:
Warning: Unknown block versions being mined! It's possible unknown rules are in effect

One way to deploy softforks is specified in BIP9. This is how SegWit was supposed to be activated, but it requires miner cooperation. Miners are now doing a different weird thing called BIP91 which abuses the BIP9 mechanism in order to signal amongst themselves support for later hard-enforcing SegWit-BIP9 signalling.

So your Bitcoin Core thinks that sometime after it was released, a new softfork was released and is now about to be activated. You then might want to upgrade in order to continue verifying 100% of the consensus rules. But that's not actually what's happening: what's actually happening is that miners are rudely talking to each other over this sensitive channel without concern for the side-effects you're seeing. There is no softfork-enabled software that you could upgrade to.

Is this signaling part of the forking process?

There are several possible forks/splits on or around Aug 1. (Most of which will not actually happen/succeed.) This is a side-effect of one of them.

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July 17, 2017, 10:52:16 PM
 #285

I'm getting this error aswell:
Warning: Unknown block versions being mined! It's possible unknown rules are in effect

Relax. It is just some of miners began to signal ("vote") which version they support. They do it via modifying block headers a little bit and your client does not know what to do with this info. But it does not need to do anything now. This applies only to the miners.

There will be much more of such blocks in coming days as other miners join voting.

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July 17, 2017, 11:58:21 PM
 #286

as the price was decreasing i converted 20 btc to usd at 1910 then i though after august 1st i would buy again but now the price is increasing almost above 2200
i am thinking if i buy again and then if price decreases then again loss
What should i do now ?

Buy at 2200 ?
or wait for price drop ?
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July 18, 2017, 12:27:03 AM
 #287

as the price was decreasing i converted 20 btc to usd at 1910 then i though after august 1st i would buy again but now the price is increasing almost above 2200
i am thinking if i buy again and then if price decreases then again loss
What should i do now ?

Buy at 2200 ?
or wait for price drop ?

Buy and hold whatever amount feels comfortable. Don't try outsmart the market. You'll end up outsmarting yourself.
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July 18, 2017, 12:34:26 AM
 #288

as the price was decreasing i converted 20 btc to usd at 1910 then i though after august 1st i would buy again but now the price is increasing almost above 2200
i am thinking if i buy again and then if price decreases then again loss
What should i do now ?

Buy at 2200 ?
or wait for price drop ?
Sorry to hear that you get loss, but you chose wrong way. it's better to transfer your Bitcoin to your desktop wallet such as electrum desktop wallet.

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July 18, 2017, 03:19:34 AM
 #289

as the price was decreasing i converted 20 btc to usd at 1910 then i though after august 1st i would buy again but now the price is increasing almost above 2200
i am thinking if i buy again and then if price decreases then again loss
What should i do now ?

Buy at 2200 ?
or wait for price drop ?
Sorry to hear that you get loss, but you chose wrong way. it's better to transfer your Bitcoin to your desktop wallet such as electrum desktop wallet.

As the news and all the things in market caused me to lose trust on btc and value was drastically decreasing i sold at 1910 and value went down to 1826 i though decision was right but again it start climbing and now i am praying that if it comes to 2050 then also its ok but still it is 2165
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July 18, 2017, 03:22:45 AM
 #290

as the price was decreasing i converted 20 btc to usd at 1910 then i though after august 1st i would buy again but now the price is increasing almost above 2200
i am thinking if i buy again and then if price decreases then again loss
What should i do now ?

Buy at 2200 ?
or wait for price drop ?
Sorry to hear that you get loss, but you chose wrong way. it's better to transfer your Bitcoin to your desktop wallet such as electrum desktop wallet.

As the news and all the things in market caused me to lose trust on btc and value was drastically decreasing i sold at 1910 and value went down to 1826 i though decision was right but again it start climbing and now i am praying that if it comes to 2050 then also its ok but still it is 2165

Don't feel TOO bad Smiley

This time last year BTC was $681.0    

Hindsight is Always 20/20

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Joint Force
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July 18, 2017, 04:03:12 AM
 #291

Just as I said:

  • There will be no split
  • There will always be only one Bitcoin.   Overstock, Lamborghini, Bitpay, Purse.so, (amazon), will always accept Bitcoin, not an Alt coin
  • No new Alt coin will be supported as widely as Bitcoin, so there will never be a split
  • Your bitcoin will not vanish, the blockchain will always remain
No,There will be split as topic title says and regarding the author this topic theymos. his posts clear there will be split on August 1.

I doubt there'll be a split as well. At the same time, you have to remember that bitcoin doesn't scale very big. If nothing changes, bitcoin will just be tool for rich people to move large sums of money around quick and cheap. Transaction fees will continue to rise. All the businesses that focus on smaller transaction value will have to leave and work with litecoin or dogecoin. We are at that point where it's either use litecoin or fork bitcoin.

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July 18, 2017, 06:02:36 AM
 #292

as the price was decreasing i converted 20 btc to usd at 1910 then i though after august 1st i would buy again but now the price is increasing almost above 2200
i am thinking if i buy again and then if price decreases then again loss
What should i do now ?

Buy at 2200 ?
or wait for price drop ?

1. super safe way change it to fiat, end of problem
but if you worries that you might late for later train then take route 2. just pick major alt crypto, like zec or eth (as you can see when regarding this case btc up and down alt also have same pattern)

i believe if split really happen, then it will not only affect BTC in just a days or weeks, yet i also believe if split the only way to make better BTC in it's mechanism as crypto, even the bitter process for now will be result in more valuable BTC in the future

last but not least, take my opinion with grain of salt on it Smiley
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July 18, 2017, 06:22:13 AM
 #293

as the price was decreasing i converted 20 btc to usd at 1910 then i though after august 1st i would buy again but now the price is increasing almost above 2200
i am thinking if i buy again and then if price decreases then again loss
What should i do now ?

Buy at 2200 ?
or wait for price drop ?
Sorry to hear that you get loss, but you chose wrong way. it's better to transfer your Bitcoin to your desktop wallet such as electrum desktop wallet.

How safe is the Electrum Desktop wallet? Is there any chance that someone will steal my coins from the wallet, if my system is infected with trojans (I have McAfee in my system)? Also, how much are their charges?


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sunny163
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July 18, 2017, 06:54:31 AM
 #294

as the price was decreasing i converted 20 btc to usd at 1910 then i though after august 1st i would buy again but now the price is increasing almost above 2200
i am thinking if i buy again and then if price decreases then again loss
What should i do now ?

Buy at 2200 ?
or wait for price drop ?
Sorry to hear that you get loss, but you chose wrong way. it's better to transfer your Bitcoin to your desktop wallet such as electrum desktop wallet.

How safe is the Electrum Desktop wallet? Is there any chance that someone will steal my coins from the wallet, if my system is infected with trojans (I have McAfee in my system)? Also, how much are their charges?

Use green address and use 2 factor authentication i think then there is no chance of bitcoin at risk
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July 18, 2017, 08:59:45 AM
 #295


I am confused, A little creepy, just wait and see... Cant wait to get past 1st August

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July 18, 2017, 09:22:44 AM
 #296

Any affect of this split on whole crytocurrency market???Any altcoin get benefit because of this split???

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July 18, 2017, 09:34:10 AM
 #297

Could someone make a list of the safe wallets? And maybe also pin it on the first message of the topic starter!

i am now downloading a bootstrap.dat file in order to sync up my fresh Bitcoin-Qt installation with the network.

If electrum is in the list of the "safe" wallets, how is it safe since it might be using the "wrong" blockchain after the possible split? Or is it just because it lets me extract the private keys and therefore i am able to use them in any type of wallet i want anyway?

highly appreciate your quick insighful reply because i need to move fast (i suppose)

 
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July 18, 2017, 10:08:33 AM
 #298

It seems to me that it would be game-theoretically impossible for a prolonged fork to occur.    All the miners would quickly switch to whichever branch is making them more money, and the other branch would die.   Any inequality in the exchange rates of the two branches would magnify itself until one branch is the one true bitcoin and the other branch is dead and worthless.   Is there any historical example of a prolonged fork in an altcoin with a decent market cap?
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July 18, 2017, 10:17:14 AM
 #299

So, your theory says: Now all bitcoin are worth 35bill dollars, if all people hold bitcoin and wait BTU then will double his money. So from where do you think that will be founded new 35 bill. for that? Do you really thinking about this?

Well, just like you cannot "duplicate" a car, but you can duplicate the CAD drawings for the car, the 35 dollar bill fiat example would mean a duplication of the actual bill.

This is the block chain, right? No actual bills. So, as soon as BTU forks, if I had $35 in BTC, then I will also have $35 BTU because now TWO blocks exist in this Universe. And the forking means that transactions will now be in different block chains.

I assume someone already realized this, and there might be a "security" feature, like for example, BTU will inspect BTC transactions? But if you have a new BTU address... will it track all the way to when it was BTC, to check then BTC transactions from the fork day to today? That seems almost impossible even with a ExaHash speed network that we have now for BTC.

By the way... I just had to research... what if I just cut in the middle a $100 bill, take one to one half to one bank and the other half to another bank? Well, it turns out you there is a centralized office that handles this, not the bank directly, and an accountant friend just shared that it seems that you must have at least 51% of the bill serial number, so that only THAT part of the bill will be replaced. If anyone turns with the other 49% it will be denied... interesting, right?

There is a misunderstanding. examplens understands what a fork is. He's talking about the dollar value of the new coins. A fork will cause each new coin to lose value, so that the sum of 1 new coin + 1 classic coin will be at best equal to the value of 1 coin before the fork (and probably much less).

So we will have twice more coins, but worth less than what we had before. At least at first. If both coins survive or if only one survives and we hold it, then the value could recover. If Bitcoin doesn't die from the fork and its consequences.

With Coinbase am I ok? Or should i use another kind of wallet?

Coinbase is not a wallet it's an exchange. People get banned from there if they use it as a wallet !

To be safe you must send your BTC to a bitcoin address from which you hold the private key.

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July 18, 2017, 10:25:23 AM
 #300

Could someone make a list of the safe wallets? And maybe also pin it on the first message of the topic starter!

i am now downloading a bootstrap.dat file in order to sync up my fresh Bitcoin-Qt installation with the network.

If electrum is in the list of the "safe" wallets, how is it safe since it might be using the "wrong" blockchain after the possible split? Or is it just because it lets me extract the private keys and therefore i am able to use them in any type of wallet i want anyway?

highly appreciate your quick insighful reply because i need to move fast (i suppose)

Electrum has said they will support all forks if forks happen.

However that doesn't really matter. You must own the private key of your BTC, that's what matters.

If a fork happens and survives, you will look at the wallet situation at that moment, and use the right one.

Whatever wallet you're using now will have to be upgraded anyway.

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