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Author Topic: November fork Segwit2x - Advice on what to do  (Read 719 times)
paxmao
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November 04, 2017, 01:09:43 AM
 #1

Hi,

I would need advice on the best way to profit from Segwit2x (if there is a way). At the moment, I have some bitcoin at 3 different exchanges, but I have read that not all of them will list a possible new chain and that I should keep funds cold stored for the occassion.

Is it possible to get coins in both chains? Does that mean that you get "free" BC2 or whatever the name they choose? If so, how can I make sure I am in?

Thanks!

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FiendCoin
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November 04, 2017, 01:37:32 AM
 #2

The safest way to go is hold and wait to see how this plays out. If you like to gamble sell the chain you believe in least.

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November 04, 2017, 01:39:07 AM
 #3

I'm wondering about this. Does anyone have information?
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November 04, 2017, 01:39:57 AM
 #4

Is it possible to get coins in both chains? Does that mean that you get "free" BC2 or whatever the name they choose? If so, how can I make sure I am in?

Thanks!

Yes. You can get coins from both chains if you do the right thing. To make sure you get it, there are two options:

1. Store your Bitcoin in your own address (you have control to the address private key). This method means you (and only you) are gaining full control of your Bitcoin. But to gain access to the forked coin process might be a little problem if you lack of technical knowledge. You have to install new wallet, import the address private key to the new wallet, and could only spend if the chain is stable. That means you couldn't sell your fork coin (B2X) immediately.

You can search on Google the detailed guide for claiming the fork coin. theymos, admin of Bitcointalk, also says he will make such guide later.

2. Store your Bitcoin on exchanges that support the fork. Exchanges that supports and will credit B2X to its user are: Bitfinex, HitBTC, Coinbase, GDAX. Full list here
If you're storing your Bitcoin on an exchange you didn't need to do anything to claim the fork coin and you can sell them immediately on that exchange. The downside is storing on an exchange isn't a good idea. You let them have control over your Bitcoin. They might not fulfill their promises or ran away with your money although that's highly unlikely.

I personally will store my Bitcoin on an exchange a moment before the fork because I want to sell the B2X immediately. I believe the original chain will maintain the status quo, i.e. having the most hash power, and keep its name (BTC).

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November 04, 2017, 01:49:55 AM
 #5

I would assume most intelligent people will avoid this fork, just like the btc cash fork.

Who with a brain would trust an open exchange with their btc? Not me, fork that shit!

This fork will fail, just like the bitcoin cash fork was a failure. Fork that!
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November 04, 2017, 02:03:47 AM
 #6

No offense Pointhope but wth are you talking about, clearly uneducated on Bitcoin Cash and the current state of things.
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November 04, 2017, 02:14:27 AM
 #7

No offense Pointhope but wth are you talking about, clearly uneducated on Bitcoin Cash and the current state of things.

It is not a completely invalid what he states, although the tone could have been better Wink But there are risks in having them on exchange sites given the history of some larger exchange sites that closed suddenly and froze/stole people's balances. Once the market matures a bit more and becomes better regulated, this risk will lower.

Back to the point, there is an excellent post here above that actually describes it thoroughly and well.
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November 04, 2017, 02:27:49 AM
 #8

As Bitcoin Soars, Strategists are Bearish, Sees Pull Back Ahead

looks, the party may be ending shortly, and as a top Wall Street strategist is predicting that the rally is in its last days. Obviously , profit booking will take a toll on price now ,

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November 04, 2017, 02:30:34 AM
 #9

Hold your Bitcoins in a paper wallet. Why you would ever consider anything else is beyond me.

Whatever you do, don't come bitching here if an exchange doesn't give you some coins. They have no obligation to. Just stay away from them for forks.














 

 

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November 04, 2017, 03:14:29 AM
 #10

I would assume most intelligent people will avoid this fork, just like the btc cash fork.
it is free money, and they are giving it away! why would anyone wants to ignore such an opportunity? not to mention BCH was a new altcoin market which you could trade as a trader and benefit from the pump and dumps.

Quote
Who with a brain would trust an open exchange with their btc? Not me, fork that shit!
well if you want to trade then you have no choice to trust exchanges with your bitcoin at some point which is most of the times that you are trading, placing orders, waiting for them to be filled,...

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November 04, 2017, 03:17:54 AM
 #11

Is it possible to get coins in both chains? Does that mean that you get "free" BC2 or whatever the name they choose? If so, how can I make sure I am in?

If you own bitcoin, you already own coin in the original blockchain. Whatever is airdropped from the segwit2x hardfork will deliver you coins in the second chain. Both can exist in parallel (e.g., bitcoin cash exists along side bitcoin).

What you need to do make sure you acquire the new coin is:

1. Have your bitcoin in a wallet where you control your private keys, or
2. Have your bitcoin in an exchange wallet that will support the new coin

Some time after the fork you'll be able to claim your version of the new coin and do with it what you will - sell or hodl.

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November 04, 2017, 05:12:25 AM
 #12

Hi,

I would need advice on the best way to profit from Segwit2x (if there is a way). At the moment, I have some bitcoin at 3 different exchanges, but I have read that not all of them will list a possible new chain and that I should keep funds cold stored for the occassion.

Is it possible to get coins in both chains? Does that mean that you get "free" BC2 or whatever the name they choose? If so, how can I make sure I am in?

Thanks!
Don't you have a hardware wallet? you should have researched on which exchange you should put your bitcoins so it will mint new blockchains for your dividends. Anyway, I have received an email from coins.ph that they will support the blockchain split, you may try to use them. But you know, i strongly suggest that you buy a hardware wallet so your bitcoins are always safe. expect more forks.

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November 04, 2017, 05:21:10 AM
 #13

And if ever your personal wallet would not be supporting the upcoming fork, make sure you have access to your private keys so you can just import those keys in another wallet that supports the fork.

This way, you'll be able to get the same amount of B2x of your current Bitcoin holdings.

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November 04, 2017, 08:19:26 AM
 #14

I know that we should keep our bitcoins in our cold wallets, But I don't wanna spend the forked coins first, I wanna make sure that my bitcoins are safe, So I would want to send them to new addresses after the fork, What to do to make sure that no one will spend the forked coins as soon as I send out the transactions?


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BelieveInBitcoin
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November 04, 2017, 09:06:55 AM
 #15

I would assume most intelligent people will avoid this fork, just like the btc cash fork.

That doesn't make sense. I kept my BTC in a wallet but still got BCC. Sold it for 0.8 BTC. Not a bad hour's work!
paxmao
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yay!!!


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November 05, 2017, 09:57:50 PM
 #16

Is it possible to get coins in both chains? Does that mean that you get "free" BC2 or whatever the name they choose? If so, how can I make sure I am in?

Thanks!

Yes. You can get coins from both chains if you do the right thing. To make sure you get it, there are two options:

1. Store your Bitcoin in your own address (you have control to the address private key). This method means you (and only you) are gaining full control of your Bitcoin. But to gain access to the forked coin process might be a little problem if you lack of technical knowledge. You have to install new wallet, import the address private key to the new wallet, and could only spend if the chain is stable. That means you couldn't sell your fork coin (B2X) immediately.

You can search on Google the detailed guide for claiming the fork coin. theymos, admin of Bitcointalk, also says he will make such guide later.

2. Store your Bitcoin on exchanges that support the fork. Exchanges that supports and will credit B2X to its user are: Bitfinex, HitBTC, Coinbase, GDAX. Full list here
If you're storing your Bitcoin on an exchange you didn't need to do anything to claim the fork coin and you can sell them immediately on that exchange. The downside is storing on an exchange isn't a good idea. You let them have control over your Bitcoin. They might not fulfill their promises or ran away with your money although that's highly unlikely.

I personally will store my Bitcoin on an exchange a moment before the fork because I want to sell the B2X immediately. I believe the original chain will maintain the status quo, i.e. having the most hash power, and keep its name (BTC).

This is exactly what I was looking for! Thank you! I used electrum to generate a wallet and I will move my bitcoins there. I think I will be technically able to generate a BC2 wallet and import the keys

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November 05, 2017, 10:59:37 PM
 #17

Hi,

I would need advice on the best way to profit from Segwit2x (if there is a way). At the moment, I have some bitcoin at 3 different exchanges, but I have read that not all of them will list a possible new chain and that I should keep funds cold stored for the occassion.

Is it possible to get coins in both chains? Does that mean that you get "free" BC2 or whatever the name they choose? If so, how can I make sure I am in?

Thanks!
The best thing to do in my opinion is to hold and wait. You may also invest or buy bitcoin now since it is expected that after the hardfoek, the market value of Bitcoin will be more expwnsive than now. You will have an opportunity to earn huge profit when its value increase after the segwit2x. But if you don't want to, holding is enough.

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November 05, 2017, 11:59:51 PM
 #18

I would assume most intelligent people will avoid this fork, just like the btc cash fork.

Who with a brain would trust an open exchange with their btc? Not me, fork that shit!

This fork will fail, just like the bitcoin cash fork was a failure. Fork that!

Fair enough, but Bitcoin Cash isn't worthless. It's a top 5 coin and moving upwards. In terms of price action/technical analysis, the BCH/BTC chart actually looks pretty bullish. It looks like a base with a possible cup and handle forming. Holding your BCH now equates to an 8.5% dividend. It could be worth considerably more in the future too, considering the uncertain fundamental situation with B2X and the general frustration with high fees in spite of Segwit.

I don't think that Bitcoin Cash has strong long term fundamentals. And neither will B2X. But there may be considerable opportunity to profit from this chaos. I'm not saying anyone needs to keep money on an exchange, either. Since there is no replay protection for B2X, just wait until a guide is published about how to safely split the coins.



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November 06, 2017, 01:21:06 AM
 #19

Do not forget to prepare your Bitcoin. Usually there will be some great exchangers that inform B2X distribution for free If you have Bitcoin balance on the Exchanger. So, we just wait for information about this. Because it's free is legit.

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November 06, 2017, 01:22:58 AM
 #20

The only advice I would give you is to hold out until the fork is completed.  Then you would have two currencies, the old bitcoin and bitcoin 2x segwit.  You get free coins, to which you can sell those coins for more bitcoins or any other altcoin you desire.

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