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Author Topic: Bitcoin Fork November. BTC and BCH  (Read 3015 times)
nibor
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October 04, 2017, 10:14:35 PM
 #21

I think part of the reason bitcoin cash has not crashed is a lot of coins are in cold storage. And is risky moving them - and the risk is not worth the 10% reward for a lot of people.
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October 05, 2017, 06:30:53 AM
 #22

Does anyone actually no the actual date?

These forks are generally not based on a date, but rather a block number where the change in specification begins to be applied.

I am reading the block number that has been coded for the fork is 494,784.  So it would then be the first divergent block (that would be accepted as valid by SegWit2x nodes but rejected by non-SegWit2x nodes) added to the blockchain on or after that block.  Block number as of the time I'm writing this post is 487,281 and there are on average 6 blocks created per hour.  So, about 52 days from now, which would be November 18-19.

One thing about this upcoming fork that people need to clearly understand is that one of the parties that is forking the code off from the Core bitcoin code is not taking steps to implement "replay protection".  Simply put, this could cause any value stored on the split chain (the side that is forked away from Core) to be able to be spent by others.  I do not believe there is a danger to the value on the Core blockchain, but if I am mistaken please correct me.

Any time a split like this happens, it's probably a good idea to move any funds you have into fresh wallets on both chains.  This must be done after the split has been completed -- doing it before will not protect your funds.

Again, if I am incorrect in anything I just stated about the consequences for stored value due to a completed fork, please correct me as I am just trying to explain things as I understand them and do not want to contribute to FUD if I am mistaken.

The user- ctivated hard fork will take place on October 25 at 00.01 but the full network launch is scheduled for November 01. Concerning the OP question, is still unsure if the fork will anyway because the BTG team seems not to be stable.

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October 05, 2017, 06:53:13 AM
 #23

I think part of the reason bitcoin cash has not crashed is a lot of coins are in cold storage. And is risky moving them - and the risk is not worth the 10% reward for a lot of people.

Its only risky moving BCH if you still have your BCH on Same addresses as your BTC.
You can first Split your coins into two wallets, then you are Safe to move your coins as you wish.

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October 05, 2017, 08:10:01 AM
 #24

I'm not going to speculate about this, it's better to wait for a reliable notice so we stay calm in the face of any conditions.



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October 05, 2017, 08:24:50 AM
 #25

when btc forks into segwit2x
wich fork will keep the original bitcoin name, and how is this decided?
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October 05, 2017, 04:59:34 PM
 #26

Such crazy market cap (so much money in BTC) and yet all this money doesn't change how shit PR is... We have this fluid dates and fluid info, wish this was more public and transparent. As long as I have to resort to forums and haunt for info (work my ass off to keep my self updated on the matters) I will remain sceptic and avoid putting any more money in to BTC.

Don't get me wrong, I believe in BTC for what it stands for and I want it MOON af, but these developers made me sold everything a while ago at 4480 USD and invested in some alt coins instead. This drama... the feud between developers, miners etc. doesn't give me any positive impressions :S

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October 05, 2017, 06:03:08 PM
 #27

when will new forks or fork news finish?
forks delay the rise of btc and altcoins.
i want no fork and then btc will go to the moon:)

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October 05, 2017, 06:21:55 PM
 #28

Forks are normal part of blockchain evolution. They'll never "finish". In future community will start to accept them as something completely normal and forks won't affect the market that much anymore.

And to clarify about the fork date. There will be two hard forks this autumn. First will be on 25 October and we will get new coin Bitcoin Gold. The other one should happen in November as part of the Segwit 2x upgrade. It will upgrade block size form 1MB to 2MB. As with any hard fork, some miners could decide to remain mining the old fork, so theoretically another new Bitcoin forked coin is possible.
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October 05, 2017, 07:18:00 PM
 #29

Forks are normal part of blockchain evolution. They'll never "finish". In future community will start to accept them as something completely normal and forks won't affect the market that much anymore.

And to clarify about the fork date. There will be two hard forks this autumn. First will be on 25 October and we will get new coin Bitcoin Gold. The other one should happen in November as part of the Segwit 2x upgrade. It will upgrade block size form 1MB to 2MB. As with any hard fork, some miners could decide to remain mining the old fork, so theoretically another new Bitcoin forked coin is possible.

Why do people repeat this 1mb to 2 mb?
We are already past the old 1 mb limit
Segwit is 4x the old limit. We have already blocks that is bigger than 1 mb
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October 05, 2017, 07:47:58 PM
 #30

Wasn't the Bitcoin Cash fork only in August? I was under the impression the next one was Bitcoin Gold at the end of this month.

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October 05, 2017, 08:40:24 PM
 #31

Forks are normal part of blockchain evolution. They'll never "finish". In future community will start to accept them as something completely normal and forks won't affect the market that much anymore.

And to clarify about the fork date. There will be two hard forks this autumn. First will be on 25 October and we will get new coin Bitcoin Gold. The other one should happen in November as part of the Segwit 2x upgrade. It will upgrade block size form 1MB to 2MB. As with any hard fork, some miners could decide to remain mining the old fork, so theoretically another new Bitcoin forked coin is possible.

Why do people repeat this 1mb to 2 mb?
We are already past the old 1 mb limit
Segwit is 4x the old limit. We have already blocks that is bigger than 1 mb

The problem with just increasing the blocksize is eventually we will need 1GB blocksizes. lol

The better solution is lightning network. One where small, insignificant transactions are not clogging up the important ones on the network. We need it asap!



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aywin
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October 08, 2017, 08:49:52 AM
 #32

Forks are normal part of blockchain evolution. They'll never "finish". In future community will start to accept them as something completely normal and forks won't affect the market that much anymore.

And to clarify about the fork date. There will be two hard forks this autumn. First will be on 25 October and we will get new coin Bitcoin Gold. The other one should happen in November as part of the Segwit 2x upgrade. It will upgrade block size form 1MB to 2MB. As with any hard fork, some miners could decide to remain mining the old fork, so theoretically another new Bitcoin forked coin is possible.

Why do people repeat this 1mb to 2 mb?
We are already past the old 1 mb limit
Segwit is 4x the old limit. We have already blocks that is bigger than 1 mb

Any links where I could read that? I can't claim what the size of block is from experience because I don't mine Bitcoin, but everywhere I read it was stated it will increase to to 2MB.
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October 08, 2017, 10:07:43 AM
 #33

I think part of the reason bitcoin cash has not crashed is a lot of coins are in cold storage. And is risky moving them - and the risk is not worth the 10% reward for a lot of people.
Exactly this. Some people have lost coins they were holding for years due to the BCH fork. The risk reward ratio isn't worth it for a lot of people who got multiple bitcoins locked away for the upcoming years.
I just hope we don't fork at all but if we do I hope the other chain loses support and dies off. We really don't need 2 altcoins with bitcoin in their name.
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October 08, 2017, 12:51:00 PM
 #34

Forks are normal part of blockchain evolution. They'll never "finish". In future community will start to accept them as something completely normal and forks won't affect the market that much anymore.

And to clarify about the fork date. There will be two hard forks this autumn. First will be on 25 October and we will get new coin Bitcoin Gold. The other one should happen in November as part of the Segwit 2x upgrade. It will upgrade block size form 1MB to 2MB. As with any hard fork, some miners could decide to remain mining the old fork, so theoretically another new Bitcoin forked coin is possible.

Why do people repeat this 1mb to 2 mb?
We are already past the old 1 mb limit
Segwit is 4x the old limit. We have already blocks that is bigger than 1 mb

The problem with just increasing the blocksize is eventually we will need 1GB blocksizes. lol

The better solution is lightning network. One where small, insignificant transactions are not clogging up the important ones on the network. We need it asap!

I think we should look at something like BlockSquash   Once the history has been "agreed" by conformations the data is then compacted somehow say 1 week of 1 month at a time that the data could then have some signature that allows checking of the history to make sure it is accurate.

I agree though blocksize only works in the short term and will put home node owners out of the picture as the space required to run one goes up and up.

■ BLOCKHUNT ■ «  COMMUNITY BLOCKHUNTING - »  https://bitcointalk.org/index.php?topic=2207363.0
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October 08, 2017, 02:27:32 PM
 #35

I wish they would get on and stabilise things. I'm still running 0.14.1 until things get sorted out.

I'm starting to plan my Crypto Coin Tree speculation club

Send me a PM if you would be interested in taking part in the initial planning.
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October 08, 2017, 07:33:28 PM
 #36

I think constant fork on btc will cause a lot of panic and frustration on persons holding and managing their btc and even the success of bitcoin in the future.
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October 08, 2017, 08:56:57 PM
 #37

As far as i understand, the least risky way is to keep BTC in Exchange. If doing new investment for alts, better to wait for the after-fork. If you have better advise, you please shed light.

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October 09, 2017, 01:54:12 AM
 #38

As far as i understand, the least risky way is to keep BTC in Exchange.

Nope, that's pretty risky.  First you have to hope that your preferred exchange even recognises your preferred fork and allows you to access coins on that chain.  Then you have to hope that the exchange doesn't get hacked, go bankrupt, get raided by their local government law enforcement or shut down by local regulators.  Theres's a lot that can potentially go wrong.  You have to place a huge amount of trust in a third party when Bitcoin wasn't designed to work that way.

It's generally accepted that if you don't have full and sole control of your private keys, you don't have control of your funds.  You have some IOUs.  A bit like fiat.  A figure stated on a screen that may or may not represent actual value.  At any given time, you have no assurance that the exchange you're using has adequate funds to keep everyone whole if there were a crisis in confidence and everyone decided to withdraw at once.

If you feel that you have to use exchanges, don't put all your funds on there.  That's how plenty of people have lost everything they had.  Learn from their mistakes.  Only gamble what you can afford to lose.

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October 09, 2017, 02:32:05 AM
 #39

As far as i understand, the least risky way is to keep BTC in Exchange. If doing new investment for alts, better to wait for the after-fork. If you have better advise, you please shed light.

No. Maybe you are somewhat a new user and have not experienced the MtGox scandal. It is NEVER safe to keep your coins in an exchange unless you are trading with them or funding a loan for someone. There are a lot of things that could happen to exchanges when forks happen.

1. If ever there is a new coin created during the fork, you will never have access to those currencies. Why? These exchanges will not give it to you.

2. If something goes wrong with the fork, some shady exchanges can just say "Oh, we lost your funds blah blah blah".And that my friend is reality.

There are a lot more factors that has been mentioned by the post above me and all those are true.

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October 09, 2017, 06:54:38 AM
 #40

As far as i understand, the least risky way is to keep BTC in Exchange.

Nope, that's pretty risky.  First you have to hope that your preferred exchange even recognises your preferred fork and allows you to access coins on that chain.  Then you have to hope that the exchange doesn't get hacked, go bankrupt, get raided by their local government law enforcement or shut down by local regulators.  Theres's a lot that can potentially go wrong.  You have to place a huge amount of trust in a third party when Bitcoin wasn't designed to work that way.

It's generally accepted that if you don't have full and sole control of your private keys, you don't have control of your funds.  You have some IOUs.  A bit like fiat.  A figure stated on a screen that may or may not represent actual value.  At any given time, you have no assurance that the exchange you're using has adequate funds to keep everyone whole if there were a crisis in confidence and everyone decided to withdraw at once.

If you feel that you have to use exchanges, don't put all your funds on there.  That's how plenty of people have lost everything they had.  Learn from their mistakes.  Only gamble what you can afford to lose.
Thank you for your answer. Do you recommend Offline or paper wallet in that case?

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