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Author Topic: How to prepare to Segwit2x and Bitcoin Gold ?  (Read 1209 times)
Uniex
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October 23, 2017, 07:42:35 AM
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Should I stop accepting/sending bitcoins in days before / after forking, or wait some more confirmations more than 3-6 ?
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October 23, 2017, 07:55:34 AM
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Should I stop accepting/sending bitcoins in days before / after forking, or wait some more confirmations more than 3-6 ?

If you only care about BTC, it shouldn't matter. There is supposed to be replay protection for Bitcoin Gold, but even if there isn't, you only risk losing Bitcoin Gold by transacting normally with BTC.

The real risk in these forks (if they have no replay protection) is in trying to send the forked coins. Many users will likely get those transactions "replayed" on the original chain, and if the funds are sent to an address they don't control, they will be lost.

I hope that in the future we have more simplistic coin splitting tools to make it easy for users to dump their altcoins without putting their BTC at risk. At least, I hope to see RBF and nLocktime become more intuitive for users, so they don't have to depend on exchanges/third party services to split coins for them.

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October 23, 2017, 09:08:55 AM
 #3

In the near future, bitcoin and the blockchain will find a lot of upheaval, as it will be two hard forks. The first will be on 25 October, where, most likely, will be issued a new currency Bitcoin is Gold, which is separate from Bitcoin. To get it will be on GPUs. Followed by hardwork called SegWit2x. More is said about him in the new York agreement. This hardwork can create another cryptocurrency. As the experts in this field, if all goes according to this scenario, will be composed of at least three independent from each other blockchain and three different coins. Will remain the bitcoin, which will adhere to the current Bitcoin Protocol – B1X. The second blockchain will follow the Protocol Bgold, and the third blockchain Protocol SegWit2x. What will be the market's reaction to all these changes, we can only guess, but the volatility, the closer these events will only increase. The signal to buy the Bitcoin (BTC): At the moment of buying bitcoin, I recommend to consider after lowering and updates support level 5277.50, the formation there of a false breakout and return to this area or just on the rebound from 5087.80 in a larger sale. Consolidation at the level of 5550 will also be a good signal to build up long positions in bitcoin update 5830. A sell signal Bitcoin (BTC) 5550 Breakthrough led to the expected sale of bitcoin, which can last up to the level of 5277 where I recommend to take profit. If the rapid rebound up from this level happens, it is possible that his breakthrough will lead to the renewal of a new low near 5987. The larger the growth of bitcoin is limited by the resistance of 5550, so stop loss is best to stand just above this area.
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October 23, 2017, 11:37:10 AM
 #4

Theoretically you could behave as always. The only problem occurs when there is no replay protection.
To be on the safe side i would stop sending transactions one day before the fork occurs.
And after the fork you should "split" your coins onto 2 differend wallets (or at least onto 2 different addresses).
In this case you are safe from any sort of replay attack which could get your btc into a risky situation.
The transaction themselves will behave as usual. If you usually just wait for 1 confirmation, you dont need to wait for 6 in the "forking timeframe"

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October 23, 2017, 12:03:39 PM
 #5

I reserved bitcoin to receive bitcoin gold, after October 25 I was able to transfer bitcoin to another place for normal use or continue to reserve bitcoin until I received bitcoin gold 11/2017.
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October 23, 2017, 02:37:17 PM
 #6

Hi,
I'm using Electrum with the Ledger Nano S to store part of my BTC balance and Exodus (without Ledger Nano S) to store the remaining BTC Balance. I didn't hold bitcoin at the time of the previous fork, so I'm new to that. I tried to read and learn a lot in the last few months but there are still some foggy aspects for me.

1a. AFAIK using Electrum with the Ledger means that my Ledger holds my private keys, not Electrum. Right? Regarding the forks, using the Nano S with Electrum or with its chrome app or with other sw makes any difference for the forks?
1b. In general, using the Ledger Nano S with MEW/Electrum/etc. means that those services are used just as an UI, 'cause all the relevant info are managed and stored in the HW wallet. Correct?
2. The same Ledger is used to secure other crypto (Eth, ERC20, etc.) Is this somehow relevant with the upcoming forks?
3. According to this article (http://support.exodus.io/article/150-bitcoin-gold-btg), Exodus will not natively support the Gold fork, but it should (in theory) support the Seg2x. Do you think it's better to move my entire balance on Electrum, or on Exodus or left it splitted as it is?
4. It seems that the Ledger is going to support BTG/S2X as soon as they will provide full replay protection. I have no rush to claim my forked new coins (BTG/S2X), but in case that Nano S will not support one or more of these forks, how should I do to claim my new coin by myself. I have of course the Nano S recovery phrase.
5. AFAIK, the private key used to claim the new coins will be the same used for my BTC. Exporting it and used to claim and create my BTG/S2X coins in a wallet that supports them is risky? I mean, this way I'm 'revealing' my BTC private key, right? (I'm a bit confused about this, a tl;dr explanation will be more then welcome).

Thanks everyone
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October 23, 2017, 03:37:31 PM
 #7

Should I stop accepting/sending bitcoins in days before / after forking, or wait some more confirmations more than 3-6 ?

If you only care about BTC, it shouldn't matter. There is supposed to be replay protection for Bitcoin Gold, but even if there isn't, you only risk losing Bitcoin Gold by transacting normally with BTC.

The real risk in these forks (if they have no replay protection) is in trying to send the forked coins. Many users will likely get those transactions "replayed" on the original chain, and if the funds are sent to an address they don't control, they will be lost.

I hope that in the future we have more simplistic coin splitting tools to make it easy for users to dump their altcoins without putting their BTC at risk. At least, I hope to see RBF and nLocktime become more intuitive for users, so they don't have to depend on exchanges/third party services to split coins for them.

If you do care about BTC, then it is your duty to access the coins that are given to you in a fork and basically dump them on sight.

So first of all control your private keys and forget about exchanges. Just wait for segwit2x to happen, then move your coins to another wallet, then use this empty wallet to access segwit2x and BGold coins and dump them.

We must crush the prices of forks and our weapons are the free coins that are given to us on forks, this is how we strengthen the real BTC, and we get free BTC in the process doing so.
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October 23, 2017, 06:18:19 PM
 #8

Should I stop accepting/sending bitcoins in days before / after forking, or wait some more confirmations more than 3-6 ?

If you only care about BTC, it shouldn't matter. There is supposed to be replay protection for Bitcoin Gold, but even if there isn't, you only risk losing Bitcoin Gold by transacting normally with BTC.

The real risk in these forks (if they have no replay protection) is in trying to send the forked coins. Many users will likely get those transactions "replayed" on the original chain, and if the funds are sent to an address they don't control, they will be lost.

I hope that in the future we have more simplistic coin splitting tools to make it easy for users to dump their altcoins without putting their BTC at risk. At least, I hope to see RBF and nLocktime become more intuitive for users, so they don't have to depend on exchanges/third party services to split coins for them.
This is great news. So according to you I can safely receive payments on the bitcoin legacy chain (BTC) without risking a loss of my own bitcoin gold? But as you've mentioned the person who would be sending me a payment would be at risk right?
I hope that in the future splitting will become much safer. That way a lot of forked coins will get flushed out really quickly because a  lot of big bitcoin holders are fearful for their bitcoin.
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October 24, 2017, 05:21:36 AM
 #9

Some info on Coindesk too today if interested:

https://www.coindesk.com/bitcoin-gold-know-blockchains-next-split/


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October 24, 2017, 06:55:00 AM
 #10

I will avoid sending coins to addresses I do not control, to avoid losing coins if something went wrong with the fork. One or two days after the fork, should be enough to cover most of the problems that might occur. I did the same with Bitcoin Cash and I did not lose any coins. ^smile^

I see some people suggested at least a week after the fork, but I think most problems will get reported in the first few hours after the fork, if something critical is wrong.

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October 24, 2017, 08:04:56 AM
 #11


The bitcoin Gold fork will this October 25th while the SegWit2x will happen in November 1. If you care about collecting the free coin need to do is use a wallet that support the forks and must be a wallet which you're the holder of the wallet private keys but if you don't care about the forks during the time of the forks you need to make sure you have atleast 9 confirmation of very bitcoin transaction before you can be ressasure the transaction is for real.


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October 24, 2017, 08:17:13 AM
 #12

The Blockchain would follow the current Bitcoin and it will be referred as "BTC",the second blockchain will follow the Bgold protocol and this will be BTG,the third will follow the segwit2x which will be referred as B2x. Each BTC token will be effectively copied on to both the Bgold and segwit2x blockchain.If you hold Bitcoin private keys at the time of the fork;you should be able to access your BTG and B2x tokens.If you are storing your bitcoins on an exchange like coinbase,circle or xapo you may or may not eventually receive BTC,BTG and B2x. Electrum is a good pick, if you want easy access to your private keys directly Bitcoin core or bitcoin knots is not too hard to access your private keys ;as a bonus these wallets give you a little extra security after the segwit2x fork, compared to other wallet.The Bitcoin gold fork is said to be a friendly fork. When you mean to send BTC your BTG will be accessible with your private keys if you insert them in Bgold wallet even after you've spent your BTC, you can access your BTG some wallets might split the coins for you.For that you need to send your BTC or B2x to one exchange ,and that exchange will credit your account with both BTC and B2x.
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October 24, 2017, 01:10:29 PM
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Largest US exchange Coinbase has finally released its official stance on Bitcoin hard forks SegWit2x and Bitcoin Gold.
In a blog post Monday, Coinbase surprised some in the cryptocurrency community by stating it would retain the BTC ticker for the legacy chain under all circumstances.
“Following the fork, Coinbase will continue referring to the current Bitcoin Blockchain as Bitcoin (BTC) and the forked Blockchain as Bitcoin2x (B2X),” the post reads.
oinbase has taken longer than many exchanges to release its plan of action regarding hard forks, with notice being given the same day Bitcoin Gold split from BTC.
This lesser-known fork, Coinbase says, will only get support “if the Blockchain proves to be secure and valuable.”
“Information about this fork has been limited and there are concerns about its security and stability,” it continues.
“As a result, we do not believe it is safe to allow support for Bitcoin Gold at this time.”
Bitcoin Gold (BTG) is currently listed on Coinmarketcap as a pre-release token, with an estimated value of $410 per coin at press time.
The codebase for BTG is meanwhile incomplete, with a lack of replay protection still being addressed after an open community appeal on GitHub.

https://cointelegraph.com/news/coinbase-hard-fork-plan-credits-2x-coins-shuns-bitcoin-gold
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October 24, 2017, 01:46:11 PM
 #14

Should I stop accepting/sending bitcoins in days before / after forking, or wait some more confirmations more than 3-6 ?

If you only care about BTC, it shouldn't matter. There is supposed to be replay protection for Bitcoin Gold, but even if there isn't, you only risk losing Bitcoin Gold by transacting normally with BTC.

The real risk in these forks (if they have no replay protection) is in trying to send the forked coins. Many users will likely get those transactions "replayed" on the original chain, and if the funds are sent to an address they don't control, they will be lost.

I hope that in the future we have more simplistic coin splitting tools to make it easy for users to dump their altcoins without putting their BTC at risk. At least, I hope to see RBF and nLocktime become more intuitive for users, so they don't have to depend on exchanges/third party services to split coins for them.
your information is appreciated but a per i research some people are saying even i can lost bitcoins in this time due to replay attack.
I know bitcoin gold enabled replay protection but still everyone is scared i donot know why.
Besides one thing we can do is to send all our bitcoins to diffrent wallet that we have also control of and then use the previous wallets private key addresss to claim our bitcoin gold.
that old address then donot have any bitcoins though that have the snapshot so we can have our gold..Smiley
 
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October 24, 2017, 03:28:56 PM
 #15

Should I stop accepting/sending bitcoins in days before / after forking, or wait some more confirmations more than 3-6 ?

If you only care about BTC, it shouldn't matter. There is supposed to be replay protection for Bitcoin Gold, but even if there isn't, you only risk losing Bitcoin Gold by transacting normally with BTC.

The real risk in these forks (if they have no replay protection) is in trying to send the forked coins. Many users will likely get those transactions "replayed" on the original chain, and if the funds are sent to an address they don't control, they will be lost.

I hope that in the future we have more simplistic coin splitting tools to make it easy for users to dump their altcoins without putting their BTC at risk. At least, I hope to see RBF and nLocktime become more intuitive for users, so they don't have to depend on exchanges/third party services to split coins for them.
your information is appreciated but a per i research some people are saying even i can lost bitcoins in this time due to replay attack.
I know bitcoin gold enabled replay protection but still everyone is scared i donot know why.
Besides one thing we can do is to send all our bitcoins to diffrent wallet that we have also control of and then use the previous wallets private key addresss to claim our bitcoin gold.
that old address then donot have any bitcoins though that have the snapshot so we can have our gold..Smiley
 

I would do exactly that. Empty your wallet, then use these emptied private keys to access your chains on the forkcoin chain after the split, even if the developers claim there's replay protection, it's better to not having matching addresses before you do any transactions. Better to be paranoid than sorry when it comes to bitcoin, can't loss a single satoshi because of doing something stupid so take all the extra security measures when possible.

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October 25, 2017, 10:04:54 AM
 #16

Subject !

Should I stop accepting/sending bitcoins in days before / after forking, or wait some more confirmations more than 3-6 ?

Well yes if you are in any business or service where you need to constantly accept and or send payments then before the fork you should stop all transactions. Like the exchanges have stopped accepting bitcoin withdrawals and deposits 4 before the fork and would resume after a few new blocks have been mined already on the new chains. There is replay protection but to be safe I suggest you to not transaction in any bitcoin before the forking is complete.

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