Aug 1 summary

[sunny163]

bitfinex also credited BCH

But question is still same when the trading pair BCH/USD or BCH/BTC is going to come on bitfinex

[Quickseller]

How to determine what is bitcoin choose e-wallet if they do not misleading? The price in the purse is worth BTC. Maybe altcoins from BTC-splitting can be used only those who kept their savings offline on the computer?

Some e-wallets (eg. Coinbase) will have just destroyed or taken for themselves the BCH that you should've been entitled to. That's partly why we've been warning people to exit hosted wallets. Some others might still credit you your BCH later.

Coinbase has actually said they will make BCH available for withdrawal to their customers if they decide to "support" it in the future. Unfortunately this is not the case for other exchanges.

Could he not import the private keys on the Bitcoin Cash client? I must be missing something here.

blockchain.info removed the ability to export private keys. You need to regenerate them from scratch using the deterministic wallet stuff.

You can follow the instructions in this document to export your private keys from your blockchain.info wallet. You can type Blockchain.MyWallet.wallet.hdwallet.accounts[0]._xpriv (and/or replace

• [/tt] with whatever number of your xpriv key you want exported) to export your xpriv key.

[Sincere_]

Everyone should sit and read this. This is a must read thanks for the info

[Wipper5031]

anyone can advise me if android-based bitcoin wallet will provide Bitcoin cash balance? i used the app wallet that is developed by bitcoin developers

[Blamsud]

anyone can advise me if android-based bitcoin wallet will provide Bitcoin cash balance? i used the app wallet that is developed by bitcoin developers

I'm also curious about this, My wallet haven't have any changes or confirmations about BCH , is Android app not applicable on receiving such like what I read on some desktop wallet.

[JayJuanGee]

bitfinex also credited BCH

But question is still same when the trading pair BCH/USD or BCH/BTC is going to come on bitfinex

In the most recent announcement from Bitfinex, they are saying that they are "monitoring the fork" and they may create trading pairs SOON-ish ^tm  maybe 24 hours or more....

They also took a 15% haircut from folks.  I only got 85% of my equivalent BCH.. more socializing.. those fucks!!!!

[sunny163]

bitfinex also credited BCH

But question is still same when the trading pair BCH/USD or BCH/BTC is going to come on bitfinex

In the most recent announcement from Bitfinex, they are saying that they are "monitoring the fork" and they may create trading pairs SOON-ish ^tm  maybe 24 hours or more....

They also took a 15% haircut from folks.  I only got 85% of my equivalent BCH.. more socializing.. those fucks!!!!

same here go 85% of btc

[Quickseller]

bitfinex also credited BCH

But question is still same when the trading pair BCH/USD or BCH/BTC is going to come on bitfinex

In the most recent announcement from Bitfinex, they are saying that they are "monitoring the fork" and they may create trading pairs SOON-ish ^tm  maybe 24 hours or more....

They also took a 15% haircut from folks.  I only got 85% of my equivalent BCH.. more socializing.. those fucks!!!!

same here go 85% of btc

The 15% "haircut" is to account for the fact that traders had net short BTC positions across their platform, and did not force shorts to repay BCH, and give longs BCH (which was likely guided by the fact that they did not want to commit to listing BCH for trading). This policy was announced days in advance, which allowed customers to withdraw BTC from the platform if desired. The situation also created opportunity for BTC holders to lend out BTC at ridiculously high interest rates.

[Wipper5031]

anyone can advise me if android-based bitcoin wallet will provide Bitcoin cash balance? i used the app wallet that is developed by bitcoin developers

I'm also curious about this, My wallet haven't have any changes or confirmations about BCH , is Android app not applicable on receiving such like what I read on some desktop wallet.

Correct me if i am wrong, android bitcoin wallet is considered to be holding private keys to our btc right? i tried to look more details about it but i have got nothing.

[mnamshares]

Really very nice information regarding the BTC Fork and BCH splitting. Thank you very much for this write up. I got lot of information which I don't know.

[Netnox]

bitfinex also credited BCH

But question is still same when the trading pair BCH/USD or BCH/BTC is going to come on bitfinex

In the most recent announcement from Bitfinex, they are saying that they are "monitoring the fork" and they may create trading pairs SOON-ish ^tm  maybe 24 hours or more....

They also took a 15% haircut from folks.  I only got 85% of my equivalent BCH.. more socializing.. those fucks!!!!

85% is far better than the 0% that users of Coinbase and certain other exchanges got. Although Coinbase has announced that they "may support" BCH in the future, I don't trust them. What they did was pure cheating and daylight robbery. I am glad that I didn't had any coins on Coinbase.

[Erelas]

Thank you very much for breaking it down to where this dyslexic blind giraffe can understand it!  If anyone asks, I'll know to send them to your post and tut for the good info

[Quickseller]

bitfinex also credited BCH

But question is still same when the trading pair BCH/USD or BCH/BTC is going to come on bitfinex

In the most recent announcement from Bitfinex, they are saying that they are "monitoring the fork" and they may create trading pairs SOON-ish ^tm  maybe 24 hours or more....

They also took a 15% haircut from folks.  I only got 85% of my equivalent BCH.. more socializing.. those fucks!!!!

85% is far better than the 0% that users of Coinbase and certain other exchanges got. Although Coinbase has announced that they "may support" BCH in the future, I don't trust them. What they did was pure cheating and daylight robbery. I am glad that I didn't had any coins on Coinbase.

Coinbase actually announced they would not (initially) credit BCH well in advance, and ended up processing literally billions of dollars worth of bitcoin in withdrawals over the past several days. They are also acting as if BCH does not exist, however if this position changes in the future, they have stated they will credit customers for BTC balances they have at the relevant time.

[reliable]

Thanks for the information explained in a very easy to understand manner. Finally it has not affected bitcoin and now we have another altcoin by BCC/BCH.  Also will wait and see for sometime how does BCC moves in terms of prices and demand in coming time.

[JayJuanGee]

bitfinex also credited BCH

But question is still same when the trading pair BCH/USD or BCH/BTC is going to come on bitfinex

In the most recent announcement from Bitfinex, they are saying that they are "monitoring the fork" and they may create trading pairs SOON-ish ^tm  maybe 24 hours or more....

They also took a 15% haircut from folks.  I only got 85% of my equivalent BCH.. more socializing.. those fucks!!!!

same here go 85% of btc

The 15% "haircut" is to account for the fact that traders had net short BTC positions across their platform, and did not force shorts to repay BCH, and give longs BCH (which was likely guided by the fact that they did not want to commit to listing BCH for trading). This policy was announced days in advance, which allowed customers to withdraw BTC from the platform if desired. The situation also created opportunity for BTC holders to lend out BTC at ridiculously high interest rates.

Perhaps, I opened up this deviation from the thread topic to highlight the disparity of getting 100% versus 85% when someone else holds the keys. 

Also, perhaps, I misunderstood that I personally was going to be affected by the distribution coefficient that they applied or that it would be so much.  I might understand a few percent, but 15% in one fell swoop, oooftah!!!

Actually, mentioning loans, I did attempt to put a considerable amount of my Bitfinex BTC to work while I had put it on that exchange, and I earned about .7% over the past couple of weeks.. hahahaha.. that is a really good return for the amount that I had on the exchange, yet almost nothing compared with the 15% haircut.  The loan rates are very transitory, and I had some loans that were out for .035% per day, and others reached as high as .9% per day.   So the loan rates went up nearly 30x in the past couple of weeks, and they are now coming back down to their more regular rates. Poloniex had much higher loan rates, but they seemed to have distributed their BCH differently, too (the borrower received the BCH rather than the lender... something like that). 

[_Miracle]

Posts like this are why I come here.
Thank you ;-)

[danherbias07]

Thank you for clearing this out Sir. Very informative and the steps makes it easier. 

[t3ChNo]

I really appreciate for you detailed post. Glad that everything's the way it was. Time to move forward.

[santieevanz]

Executive summary

Bitcoin is working fine and you can use it as you were before, possibly with slightly more reorg risk for a while.

The BIP91/BIP148 split didn't occur

As had been expected for the last week or so, the big potential split which caused all of the Aug 1 hubbub didn't happen, due to BIP91/BIP148 succeeding. There's a small chance that this split could still happen sometime between now and around Aug 10, but it looks very unlikely at this point.

Bcash split, creating an altcoin

If you had some number of BTC as of approximately 14:00 UTC, and if these bitcoins were secured by private keys controlled by you or in a Bcash-supporting online wallet, it is now possible for you to claim the same number of Bcash coins (BCH/BCC). Bcash is an altcoin based on Bitcoin; since it split, it is now 100% independent from Bitcoin other than the carried-over balances.

Bcash claims to have replay protection, but this is only a Bcash miner policy. Any Bcash miner could still replay transactions. Therefore, you can't safely rely on it.

Instructions for safely splitting your BCH from your BTC

Here are general split instructions. If your wallet software gives different instructions, use those instead.

These are the best instructions I could come up with quickly. Maybe someone will eventually come up with a more convenient way of doing it. Note that while I believe these instructions to be safe and reasonable, you are solely responsible for your safety here.

 1. Decide whether you want to bother splitting your coins at all. Is it actually worthwhile to remove your coins from cold storage (or whatever)? If you take no particular action and continue using Bitcoin as normal, then your BCH is likely (but not guaranteed) to remain associated with the current private keys due to BCH's pseudo-replay-protection; you could therefore maybe claim your BCH later on if you want. If you want to claim your BCH now, continue to the next steps.
 2. Create a totally new logical wallet with a new mnemonic, etc. Just creating new addresses is not sufficient: the new wallet needs to be completely separate from the old one. The new wallet's private keys should be under your personal control just in case your transaction is replayed or something else goes wrong. Make sure you have backups of the new wallet.
 3. Send all of the BTC in your old wallet to your new wallet, and wait until this transaction has 30 confirmations. (If you are really itching to get your BCH, it would not be totally crazy to wait for as few as 3 confirmations, but there is some risk with that.) Note that sending all of your BTC in a single transaction is likely to be harmful to your privacy; if you care about this, you might want to send it in several smaller transactions to several different addresses on the new wallet.
 4. On a separate computer that you wouldn't too much mind being compromised, install a BCash wallet such as one of the ones listed on bitcoincash.org. (Warning: some Bcash wallets are known to overwrite important files belonging to their Bitcoin counterparts.) Or use a Web-based exchange/wallet supporting Bcash. Import the private keys from your old, now-empty Bitcoin wallet into this Bcash wallet. Now you have BCH which you can handle as you wish. Note that BCH transactions may be very slow to confirm for a couple of days.

Continuing risks

Although I am giving a general "all clear" at this point because the risk of serious issues has dropped substantially, some turbulence is still possible due to BIP91/BIP148 and the rollout of SegWit:

 - If you are using a full-node wallet (eg. Bitcoin Core), you should require 30 confirmations for high-value, untrusted incoming transactions until SegWit locks in around Aug 10. Although seemingly quite unlikely at this point, it is possible that miners could fail to enforce BIP91/BIP148, which could cause very long reorgs (ie. confirmations could disappear, allowing double-spending). This seems unlikely enough that I probably wouldn't require extra confirmations for "normal" transactions, but if you absolutely cannot tolerate any particular transaction being reversed, then waiting for 30 confirmations would be most prudent.
 - If you are using a lightweight wallet, you should require 30 confirmations for all untrusted incoming transactions until SegWit locks in around Aug 10, and again for a couple of weeks after SegWit finally activates around Aug 24. Long reorgs or even persistent splits are possible if miners fail to properly enforce the rules of BIP91, BIP148, or SegWit, and lightweight wallets are particularly poor at handling such things because they will blindly accept invalid, probably-soon-to-be-orphaned blocks.
 - I don't recommend putting much BTC on hosted wallets / exchanges generally. Exactly how the above risks would be translated to these services will vary depending on how each service handles deposits, reorgs, and double-spends.

I was glad about the good news regarding bitcoins, I now have a knowledge about it. Thank you very much to all the information

[Timelord2067]

I have Bitcoin Core version v0.14.0 (64-bit) (running from about 36 hours prior to 1^st Aug) - it's now showing two "banned peers" since after the 1^st August GMT (never had any prior to then in previous runnings of program) - is this related to the above?  Is there somewhere you can point me to read up on this please?