Aug 1 summary

[Chandu141]

by looking at this inflation chart on http://fork.lol   really made me lol  

-
-
-
-

[mvidetto]

Bitcoin Cash is an absolutely new currency that can change the whole crypto market, and I am so excited about that. Thank you for the updates!

[sachinunchwal02]

i m happy to see btc market in grow

[RoomBot]

The Bitcoin Cash blockchain is currently operating at 7% of the original chain's difficulty.

It is currently 78.6% more profitable to mine on the Bitcoin Cash blockchain.

Fun huh?

yer, but there mainly btc redeems arn't they? I sit there at night watching streams and streams of small sub 1 bch sell orders go thru. There the exchanges dumping the ill-gots arn't they? The'll run out soon won't they?

My kids have been using satoshi for legit, for the last few years, they didn't know over 100 other coins existed and had not heard of nor would bother to try to understand the fork, all they see is the satoshi.

Word Salad SPAM

[cyberpitstop]

For the less technical folks, this all seems Greek!! Thanks to those who always save the day and lend a helping hand to those that need it!

[HarleyQuinn9876]

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.

Thank you for your guidance. July was a difficult month for me. It is difficult to make a decision to retain or sell bitcoin. I do not have the courage to keep the bitcoin
Fortunately bitcoin still works well and I can still make money from it

[kirito1614]

It is a relief for us, Newbie to encourage us to contribute more and understand more in this forum with a chance to earn Bitcoin.

[Krillin61]

Therefore we conclude that the splitting of bitcoin become successful and here's the bcc that we could avail in cheap price. There are many speculations that while the time we arriving on august 1, bitcoin's price will drop into 0 but, it never happen. And that is the proof that bitcoins is unpredictable.

[estenity]

The Bitcoin Cash blockchain is currently operating at 7% of the original chain's difficulty.

It is currently 78.6% more profitable to mine on the Bitcoin Cash blockchain.

Fun huh?

Where did you get that stat from? sounds ridiculous. According to this website:

http://fork.lol/

The DARI (Difficulty Adjusted Reward Index) is a way to compare the rewards of two chains that share the same reward system. The following calculation is used to determine the DARI:
(block coinbase+fees in satoshis) / (block difficulty) * (exchange rate[1] in USD)

With this result we can compare the two chains. For example, using the DARI of the last block we can estimate that a BCH miner could potentially collect (12.65 / 6.78 =) 1.86x the reward (in USD) that a BTC miner could collect.

So it loos like it's gone down. I wonder for how long this can be sustainable. I hope it lasts because I still go to sync my damn ABC node.

from this site:
https://cash.coin.dance/blocks

at the moment 128 more blocks have been found for BCC than for the original chain since fork happened

[globe-biz]

Got mine safe and sound . moving them to Bittrex and selling now ..

My short version of the tutorial :

.Wallet A - has BTC
.Move BTC to wallet B (make a new wallet - wallet B) - WAIT FOR +6 CONFIRMATIONS ... that's what I did anyway
.Create BCC wallet > see bitcoincash.org - the BCC electrum version made by some dudes
.import private keys from BTC wallet A to the new BCC wallet

TAdaaaaaaaaaaaa

And how many bitcon cash coins did you get 1 for every one bitcoins you have...woo hoo time to look for a ferrari

[JayJuanGee]

It seems like I should provide some kind of update regarding my trials and tribulations and drama.

Pretty much the punchline is that I was able to get access to those BCH of mine that were on the blockchain.info wallet and to transfer them onto an exchange.. so I can be ready to sell or whatever, at least have some more flexibility regarding what to do with them.


Initially my goal was to get them through the coin splitter in the ledger nano s, but I found out that there was a kind of 12 account limit in what the ledger nano s would recognize, and same problem with the Trezor and seemed to be the same problem with several of the wallets when I loaded in my 12 word recovery seed from my Blockchain.info wallet.


In essence, I was able to verify the BCH in every single account that was in my blockchain.info seed but not showing in the Trezor or Ledger accounts.   Those showing were 1-12 - otherwise labelled as recovered accounts 0 through 11)  Accounts 13 through 56 were not showing and there did not seem to be any tool within either ledger or trezor to get accounts 13 through 56 to show.

I ended up claiming the BCH through Electron Cash by sending the BCH to an exchange as soon as I was able manually open each of the accounts through Electron Cash.  Surely, I probably could have done the same thing through Electrum, but that BTC part did not matter to me, because I was ONLY seeking the BCH because I had already sent the BTC out of those addresses (just like OP had suggested). 

Anyhow, I went into Electron Cash, and I systematically created a new wallet for every single account between 13 and 57.  I painstakingly accomplished this one account at a time with all 45 of the accounts that I could not find through the Trezor.   When setting up each wallet, I changed the number of the account starting with 44'/0'/x' Where I changed x = 12, then x = 13, then x=14, all the way through to  x = 56. So yeah, that required me to create about 45 accounts and a new wallet each time and to name each wallet and to create a password for each wallet, etc etc and choose BIP39 for each account.

Once I got into the groove, I developed a systematic way to go  through them one by one and it took me about 3 hours to go through every account and to make a new  wallet for each account and then to send my BCH to an exchange (if that particular account had BCH in it).  I found no discrepancies, and each account showed exactly the quantity of BCH that I had seen from my records and from my other ways to verify on the BTC blockchain what BTC had been sent out of each account right a couple of weeks after August 1...  It was well worth the time and effort for me in order to resolve the matter and to claim my BCH, and to send the BCH to an exchange and to put that matter behind me.  It took about 18 hours for my BCH to arrive at my exchange, and that was because there were no BCH blocks going through for that time that I was waiting.

From here on out, I was not planning to use that old blockchain.info wallet seed anymore.   By the way, I had started with that blockchain.info seed in about February 2014, and the wallet seems to have served its purpose. And, I had been a bit concerned that the seed to that old blockchain.info wallet could have been compromised at various points because in recent weeks, I had been sharing the 12 word seed with several websites and apparent BCH systems (primarily ones listed through the bitcoincash.org website in order to attempt to claim my BCH.  So now that I finally have been able to extract those BCH from each of those remaining addresses, that old blockchain.info 12 word seed will serve me ONLY as a watch wallet.

Accordingly, I had created a new wallet with a new seed on the ledger nano s (LNS) and moved all of my bitcoins from the old blockchain.info wallet seed to the new seed that I had gotten through the ledger nano s interface.

I do wish that Trezor (or Ledger) had a way to override this 12 account limit when loading accounts such as the weird situation with the way the blockchain.info wallet was categorizing each new transactional address as a new account (or maybe that was merely how I had ended up setting up the usage of my blockchain.info wallet???).

So, through my attempts at recovering that old blockchain.info wallet, it appears that the ledger nano s and the Trezor (and there were other wallets, too) that had some kind of similar 12 account limit, and it appears some of those various wallets only recognized one account, so from the interface of those various defective wallets (some kind of defective recognition of addresses), it appeared that I had no BCH in my wallet through any of those accounts - even though I knew that I had BCH on several of those other addresses because I could verify the existence of such BCH on the BCH blockchain. 

I will note that when I created my new wallet through the ledger nano s, and I sent all my bitcoins in each of the blockchain.info wallet to the LNS wallet, I sent them from a different address each time and then to a different address on the LNS each time; however, the LNS recognized all of those 33 bitcoin sending transactions to be within one account (rather than within 33 accounts like the blockchain.info wallet had categorized them), so when I backed up the new  LNS wallet to the Trezor all of my 33 received bitcoin transactions were found in the new Trezor backup wallet with no problemas, as well, because those transactions were all recognized to be contained within one account (not within 33 accounts, like the blockchain.info seemed to had categorized those early transactions).

Hopefully this personal story helps someone to better understand the situation and possibly to recover their blockchain.info wallet (or maybe another similar wallet) without spending as much time as I had.

[estenity]

The Bitcoin Cash blockchain is currently operating at 7% of the original chain's difficulty.

It is currently 78.6% more profitable to mine on the Bitcoin Cash blockchain.

Fun huh?

yes from this link:

ttps://cash.coin.dance/blocks

it says currently

Blockchain Overview
There have been 3497 blocks mined since the hard fork.
(206 blocks ahead of the original chain)

The Bitcoin Cash blockchain is currently operating at 10% of the original chain's difficulty.

The original chain has grown 2.83GB more than the Bitcoin Cash blockchain.

It is currently 15.1% more profitable to mine on the Bitcoin Cash blockchain.

[edofre vofrio]

This shits over .thank you bch for the extra Btc

[kchulani]

I really feel the BCH is just a dividend coin, there are small burst of oppurtunities to make money on it, but the real long term bitcoin is BItcoin itself, its that simple. 

[Chandu141]

Damn again i see this ...

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

also my transaction stuck from 8 hours    do i need to pay more free from now on ?  

https://blockexplorer.com/address/19kG9nu34WRLm5aw138w5m7Hen793LpkbH

[estenity]

Damn again i see this ...

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

also my transaction stuck from 8 hours    do i need to pay more free from now on ?  

https://blockexplorer.com/address/19kG9nu34WRLm5aw138w5m7Hen793LpkbH

unconfirmed transactions rapidly increasing

presently more than 94,000

https://blockchain.info/unconfirmed-transactions

[Chandu141]

my another transaction happened and unconfirmed from 8-11-2017 , still i see the abandon transaction option grayed out..
can anyone please tell me after how many hours i can abandon the transaction ?

[conspirosphere.tk]

unconfirmed transactions rapidly increasing

presently more than 94,000

https://blockchain.info/unconfirmed-transactions

the timing of the spam attacks is interesting, and we're going to get much more of it in order to push segwit2x.

[wetcracker]

Thanks to original poster for the clear summary. I was wondering, is there any BCH wallet by now that is considered completely safe?

[tbearhere]

Anyone know if I exchange my BTC that's in my wallet that hasn't been open since before the split, if I can still get my BCH? Thx 

Why would you exchange anything? If you had bitcoins prior the fork (in a wallet where you control the private keys) then you can import them to a BCH wallet and you will get the exact same amount you had in BTC.

tbearhere don't forget to transfer your btc to a new wallet before using the key number to redeem your bch's from a bch wallet

Thx.... I now know how to do this .. I hope.