The Coming Fork(s) Safety For BItcoins

[varb00]

First of all, be aware that coin-splits can be somewhat risky — especially controversial ones like the SegWit2x fork. While it seems unlikely for now, there is a chance some kind of cyber-battle will break out, perhaps even escalating to the point where all exchange rates drop sharply. If you want to make sure not to be caught in any crossfire, it’s best to not hold more value in bitcoin than you are willing to lose.

cyberbattle? what on earth do you mean? people aren't like shooting bitcoins at each other haha

[daberti]

First of all, be aware that coin-splits can be somewhat risky — especially controversial ones like the SegWit2x fork. While it seems unlikely for now, there is a chance some kind of cyber-battle will break out, perhaps even escalating to the point where all exchange rates drop sharply. If you want to make sure not to be caught in any crossfire, it’s best to not hold more value in bitcoin than you are willing to lose.

cyberbattle? what on earth do you mean? people aren't like shooting bitcoins at each other haha

Emerge mentioned this article (please read it):
https://bitcoinmagazine.com/articles/bitcoin-beginners-guide-surviving-bgold-and-segwit2x-forks/

If SegWit2x will take place there will be nothing/none to laugh at, seriously 

[limopc]

So, may I say two points,

. Maybe the BTC developers do something to really PREVENT claiming any of the forks, this way nobody wil have the new coins or trade them, no mining, no transaction, no forks.. they will simply be born dead.

. I think, just having the BTC in a mobile or desktop wallet that keeps your private keys in it and not doing transactions during the Fork is ok for safety.

What you think?

[daberti]

So, may I say to points,

. Maybe the BTC developers do something to really PREVENT claiming any of the forks, this way nobody wil have the new coins or trade them, no mining, no transaction, no forks.. they will simply be born dead.

. I think, just having the BTC in a mobile or desktop wallet that keeps your private keys in it and not doing transactions during the Fork is ok for safety.

What you think?

I already addressed the first point: a double layer i.e. POW/POS=>POS only for BTC would prevent in the future such things (and many other).

Not doing transactions during the fork is just plain common sense. Holding your private keys is mandatory. Getting the rationale behind the Electrum tutorial I posted the link to is definitely to be done (if only to see if the fork happened for real). Bear in mind: getting the rationale and NOT actually doing the splitting, which it is definitely up to each one (and requires BTG Replay protection up and running).

Bed time here now  

[limopc]

Just curious,

What difference between putting BTC in paper wallet before forks if I will be definetly importing them back in mobile wallet after the fork to spend them, or simply buying with card or localbitcoins after the fork?

[limopc]

So, may I say to points,

. Maybe the BTC developers do something to really PREVENT claiming any of the forks, this way nobody wil have the new coins or trade them, no mining, no transaction, no forks.. they will simply be born dead.

. I think, just having the BTC in a mobile or desktop wallet that keeps your private keys in it and not doing transactions during the Fork is ok for safety.

What you think?

I already addressed the first point: a double layer i.e. POW/POS=>POS only for BTC would prevent in the future such things (and many other).

Not doing transactions during the fork is just plain common sense. Holding your private keys is mandatory. Getting the rationale behind the Electrum tutorial I posted the link to is definitely to be done (if only to see if the fork happened for real). Bear in mind: getting the rationale and NOT actually doing the splitting, which it is definitely up to each one (and requires BTG Replay protection up and running).

Bed time here now  

Happy dreams...

[limopc]

Just curious,

What difference between putting BTC in paper wallet before forks if I will be definetly importing them back in mobile wallet after the fork to spend them, or simply buying with card or localbitcoins after the fork?

Getting an answer is really vital for me. According to it I will know what I should do.

I was initially thinking of just keeping them on my mobile wallet and sleeping till mid December and then see how are things going.

[daberti]

Getting an answer is really vital for me. According to it I will know what I should do.

I was initially thinking of just keeping them on my mobile wallet and sleeping till mid December and then see how are things going.

@limopc
Dreams were fantastic, thanks

IMHO keeping BTC in a mobile wallet is NOT a responsible decision right now.
Desktop wallet with private keys saved in two distinct storage devices.
Desktop wallet should have the way to show you the network you're in (BTC or BTG).

Another related matter: if we want to take advantage of what has been implemented (https://github.com/bitcoin/bitcoin/pull/10982) we all have to have the Bitcoin Core >0.15 up and running ASAP. Even with a zero balance on it. Enable pruning with a decent size (i.e. 10GB) if you cannot afford the normal setup disk space requirements.

[Aleister Crowley]

If you have your private key stored, you're perfectly fine.
You can import this any moment in any Bitcoin wallet client, make sure it is verified safe. You can find a whole list here: https://bitcoin.org/en/choose-your-wallet. So uninstalling won't be a problem as long as you have your private key stored. The fork can not accidentally change your BTC to BTG, the fork is a copy of Bitcoin's current blockchain which will split after 25 October. Every BTC you have now will correspond to one BTG. Both wallets will have the same private key, so make sure you import it to a verified BTG client. Otherwise your key can get stolen. A good solution for this is sending your BTC to a new wallet after 25 October and then importing the old wallet key in a BTG client. The safest wallet is just personal preference, Armory is in my opinion the safest wallet. But it is quite complicated. Electrum or Core are more user friendly.

SegWit2x fork looks more calm, but it is true it contains big risk .. ysng coins can be split to produce 1 = 1 but there is also a risk that there is such as we lose the bitcoin that we have that change with bitcoingold and the price is not necessarily can guarantee us that our money will come back ,, but there is nothing wrong if we dare to take risks to get something that is not certain, and let's just say this is a gambling

[Yadstiker]

If you have your private key stored, you're perfectly fine.
You can import this any moment in any Bitcoin wallet client, make sure it is verified safe. You can find a whole list here: https://bitcoin.org/en/choose-your-wallet. So uninstalling won't be a problem as long as you have your private key stored. The fork can not accidentally change your BTC to BTG, the fork is a copy of Bitcoin's current blockchain which will split after 25 October. Every BTC you have now will correspond to one BTG. Both wallets will have the same private key, so make sure you import it to a verified BTG client. Otherwise your key can get stolen. A good solution for this is sending your BTC to a new wallet after 25 October and then importing the old wallet key in a BTG client. The safest wallet is just personal preference, Armory is in my opinion the safest wallet. But it is quite complicated. Electrum or Core are more user friendly.

SegWit2x fork looks more calm, but it is true it contains big risk .. ysng coins can be split to produce 1 = 1 but there is also a risk that there is such as we lose the bitcoin that we have that change with bitcoingold and the price is not necessarily can guarantee us that our money will come back ,, but there is nothing wrong if we dare to take risks to get something that is not certain, and let's just say this is a gambling

We are always taking one step ahead so in order for us to really move forward this circumstances will be made, this forum maybe can be a big help or maybe a big lose for us, it is too uncertain and too risky, plenty of people keep on claiming it is safe, but actually the reality is that it is too risky gamble, and we cannot really avoid to be worried, maube those people are trying to ease those minds of those worried ones.

[daberti]

I wouldn't worry about it. Bitcoin Cash didn't have replay protection until the last minute. They added it 1-2 days before the fork. The necessary change is not trivial but it's also not overwhelming. There's still plenty of time to get it done.

And if not, it's no big deal. It's just an altcoin. Just make sure to always keep your BTC safe, first and foremost. In time, tutorials will emerge that will explain how to recover BTG if there is no replay protection. I assume they will add it, because no one will want to use it otherwise.

Well, publishing the Replay related code in time for the community to review it for effectiveness should not still be in the todo list.
Meanwhile they're heavily pre-mining.
What's next? An ICO massive sale? To me it is a NO-NO


https://www.bitstar.com/ (supporting BTG)
BTG is already listed with a value of 0,0699 (maybe they're futures)



EDIT:
Segwit2X related
Jaxx users have a good look if you want to preserve your BTC for good
http://segwit.party/nya/

[limopc]

Getting an answer is really vital for me. According to it I will know what I should do.

I was initially thinking of just keeping them on my mobile wallet and sleeping till mid December and then see how are things going.

@limopc
Dreams were fantastic, thanks

IMHO keeping BTC in a mobile wallet is NOT a responsible decision right now.
Desktop wallet with private keys saved in two distinct storage devices.
Desktop wallet should have the way to show you the network you're in (BTC or BTG).

Another related matter: if we want to take advantage of what has been implemented (https://github.com/bitcoin/bitcoin/pull/10982) we all have to have the Bitcoin Core >0.15 up and running ASAP. Even with a zero balance on it. Enable pruning with a decent size (i.e. 10GB) if you cannot afford the normal setup disk space requirements.

👍

Please see my latest comment at https://bitcointalk.org/index.php?topic=2264088.new#new and tell me what you think?

[pooya87]

Maybe the BTC developers do something to really PREVENT claiming any of the forks, this way nobody wil have the new coins or trade them, no mining, no transaction, no forks.. they will simply be born dead.

you can not prevent forking of an open source project under MIT license without changing these two vital aspects.
you either should make it closed source, which doesn't even make sense for something like bitcoin.
or you have to change the license to prevent people legally forking the project, which again doesn't make any sense because bitcoin does not belong to developers or anyone else for that matter to change the "license" of it!

forks of bitcoin is nothing new. the only problem they can cause, to my knowledge, is if they take bitcoin's hashrate back and forth like what BCH did for a very short time.

[limopc]

Maybe the BTC developers do something to really PREVENT claiming any of the forks, this way nobody wil have the new coins or trade them, no mining, no transaction, no forks.. they will simply be born dead.

you can not prevent forking of an open source project under MIT license without changing these two vital aspects.
you either should make it closed source, which doesn't even make sense for something like bitcoin.
or you have to change the license to prevent people legally forking the project, which again doesn't make any sense because bitcoin does not belong to developers or anyone else for that matter to change the "license" of it!

forks of bitcoin is nothing new. the only problem they can cause, to my knowledge, is if they take bitcoin's hashrate back and forth like what BCH did for a very short time.

Thanks for commenting.

I am 1000% proponent of open source and p2p. I never mentioned anything about making it closed source.

I was just thinking if there is a way to prevent accessing the B2X or exchanging it even for BTC. If it is not accessible, nobody claimed it, no transactions... it is dead.

[pooya87]

Maybe the BTC developers do something to really PREVENT claiming any of the forks, this way nobody wil have the new coins or trade them, no mining, no transaction, no forks.. they will simply be born dead.

you can not prevent forking of an open source project under MIT license without changing these two vital aspects.
you either should make it closed source, which doesn't even make sense for something like bitcoin.
or you have to change the license to prevent people legally forking the project, which again doesn't make any sense because bitcoin does not belong to developers or anyone else for that matter to change the "license" of it!

forks of bitcoin is nothing new. the only problem they can cause, to my knowledge, is if they take bitcoin's hashrate back and forth like what BCH did for a very short time.

Thanks for commenting.

I am 1000% proponent of open source and p2p. I never mentioned anything about making it closed source.

I was just thinking if there is a way to prevent accessing the B2X or exchanging it even for BTC. If it is not accessible, nobody claimed it, no transactions... it is dead.

why "prevent access"?
it is a free market and everyone is free to create anything they want and the decentralized community will decide its faith as it has done already with bitcoin cash or any of the others.

at some point even harmful attacks on bitcoin are good. they help us find the vulnerabilities and fix them before the mass adoption.

in the end, bitcoin is still an experiment. and the software is still in Beta even if it is worth a lot of money!

[limopc]

why "prevent access"?
it is a free market and everyone is free to create anything they want and the decentralized community will decide its faith as it has done already with bitcoin cash or any of the others.

at some point even harmful attacks on bitcoin are good. they help us find the vulnerabilities and fix them before the mass adoption.

in the end, bitcoin is still an experiment. and the software is still in Beta even if it is worth a lot of money!

Prevent access, just to protect our money, our BTC from being simply hijacked.
Unless you agree with me on my other post that anyway I will be ending up with some cryptocoin(s) with the same fiat value as in https://bitcointalk.org/index.php?topic=2264088.msg23342509#msg23342509

Hope you tell me what you think.

[Mandoy]

Just wondering, as I am reading a lot about Fork risks especially with bitcoin gold.

I have the private keys (the 12 words) safely stored.

What if I simply uninstall the wallet that has my BTC (it is Jaxx by the way) before the fork, then reinstall later and recover from the 12 keywords. Would that be ok or will be risk?

Would my BTC remain BTC or can accidentally be changed to BTG?

What safest wallet?

Your help highly appreciated.

Do not panic my friend since the fork can only affect those bitcoin transactions that are being made during the fork. So as long as you keep you coins in your wallet there will be no problem. Another thing is that you do not need to uninstall your wallet, that is just a waste of time. If you are really worried that much then you should not connect your computer that has your wallet to the internet. This is not necessary but if it can calm your mind then you are free to do it.

[Bastime]

Reasons why Bitcoin still safe because of Alt Coins and so does Hard Forks. The first Hard Fork (Bitcoin Cash) was successful and not only to compete top digital currencies but to help Bitcoin to raise the slope of the graph to the top. So then the upcoming Hard Fork (Bitcoin Gold) although nothings' new but basically some good features will be on the pack. These are meant to keep Bitcoin push higher investments rather than destroying it that was mentioned earlier after the first fork.

[limopc]

Just wondering, as I am reading a lot about Fork risks especially with bitcoin gold.

I have the private keys (the 12 words) safely stored.

What if I simply uninstall the wallet that has my BTC (it is Jaxx by the way) before the fork, then reinstall later and recover from the 12 keywords. Would that be ok or will be risk?

Would my BTC remain BTC or can accidentally be changed to BTG?

What safest wallet?

Your help highly appreciated.

Do not panic my friend since the fork can only affect those bitcoin transactions that are being made during the fork. So as long as you keep you coins in your wallet there will be no problem. Another thing is that you do not need to uninstall your wallet, that is just a waste of time. If you are really worried that much then you should not connect your computer that has your wallet to the internet. This is not necessary but if it can calm your mind then you are free to do it.

Thanks @Mandoy

Then, I’ll just go to sleep now, and wake up by 1st December... or better by the new year?

[limopc]

Reasons why Bitcoin still safe because of Alt Coins and so does Hard Forks. The first Hard Fork (Bitcoin Cash) was successful and not only to compete top digital currencies but to help Bitcoin to raise the slope of the graph to the top. So then the upcoming Hard Fork (Bitcoin Gold) although nothings' new but basically some good features will be on the pack. These are meant to keep Bitcoin push higher investments rather than destroying it that was mentioned earlier after the first fork.

So, you are sure it is ok after segwit2x Fork?