[2017-12-14] United Bitcoin Hard Fork Aims to Steal Inactive Wallet Balances

[serjent05]

Honestly this kind of stuff is not new.  But I wonder why these forks is on trend again?  This is no difference in other sha256 coins, which is forked of bitcoin if we look back at those years where fork are very popular.  I would agree with the article.  This is just a money grab, there is no actual usage of this coin except to fill their pockets, besides, only those who have a huge amount of Bitcoin on their stash will benefits on this. Oh well on every Bitcoin fork.  This is only just making the rich richer.

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[cr1776]

Does anyone have proof this is a scam? I run a website listing all coins giving airdrops to Bitcoin holders and as far as I know, there is nothing making this coin more of a "scam" than many of the other forks.

Let me know if I missed anything.

btcdiv.com  - The ultimate source for bitcoin dividends & airdrops

I think the main reason people are saying it is a scam is because they are going to steal "inactive" bitcoins and distribute them to someone (probably many to themselves).

Edit: Not to mention that per their web site, "inactive coins" will be sent to the "UB Foundation's" multi-sig addresses.  And they define "inactive" is coins that didn't move between blocks 494000 and Block 498777 ("automatic")  or between blocks Block 498777 and Block 501878 ("manually done").  And the coins have to move "from his/her own address to his/her own address" and "The output address (receiving address) must also be listed as one of the input addresses and cannot be a totally new address."

In other words, 99% of the people using bitcoin probably were not "active" during this period so will get nothing and the UB people will get most of it.

[TraderTimm]

In other words, 99% of the people using bitcoin probably were not "active" during this period so will get nothing and the UB people will get most of it.

So really, this is like having a massive pre-mine, except you just steal them all on your fork and sit on them.

Garzik is such an asshole.

[fcode]

If "they" really cared about bitcoin and improving it then *ALL* wallets that have sent or received anything in the last year (at least) would get credit. Or whatever timeframe they care about.

But no, that's not enough for these guys... You have to first know their stupid coin exists in the first place, then spend a huge amount of money proving your wallet is active to get some coins on their fork.


Fuck, and fuck you to these type of scams. These are yet more people just trying to get rich quick by making a fancy website while not doing any actual work.

[Michail1]

Does anyone have proof this is a scam? I run a website listing all coins giving airdrops to Bitcoin holders and as far as I know, there is nothing making this coin more of a "scam" than many of the other forks.

Let me know if I missed anything.

btcdiv.com  - The ultimate source for bitcoin dividends & airdrops

Does anyone have proof this is a scam? I run a website listing all coins giving airdrops to Bitcoin holders and as far as I know, there is nothing making this coin more of a "scam" than many of the other forks.

Let me know if I missed anything.

btcdiv.com  - The ultimate source for bitcoin dividends & airdrops

I think the main reason people are saying it is a scam is because they are going to steal "inactive" bitcoins and distribute them to someone (probably many to themselves).

Edit: Not to mention that per their web site, "inactive coins" will be sent to the "UB Foundation's" multi-sig addresses.  And they define "inactive" is coins that didn't move between blocks 494000 and Block 498777 ("automatic")  or between blocks Block 498777 and Block 501878 ("manually done").  And the coins have to move "from his/her own address to his/her own address" and "The output address (receiving address) must also be listed as one of the input addresses and cannot be a totally new address."

In other words, 99% of the people using bitcoin probably were not "active" during this period so will get nothing and the UB people will get most of it.

Pretty much dead on.

Why even announce it to the public if you're going to take 99%+ coins for yourself.  Do they really think the public isn't going to know it's essentially a total pre-mine?

Just think, Roger Ver and Winklevoss brothers would have to risk moving their billions of dollars worth of coins in hopes to claim.   I haven't moved coins in 6 months, and am not going to (risk it) in order to get this scam coin.

Good luck all.

[Stvi4]

Why the price of United Bitcoin on the Yobit exchange is almost 6 times cheaper than on others?

https://yobit.io/ru/trade/BTCUN/BTC#24H

https://coinmarketcap.com/currencies/united-bitcoin/

But that's what I do not understand. On the Yobit exchange United bitcoin is called BTCUN, and another exchanges  it is called UBTC.
Although on Twitter the Yobit exchange informs that BTCUN is exactly the United Bitcoin. And the trading schedule on Yobit begins exactly on December 12 when this fork took place.

https://twitter.com/YobitExchange/status/940277676375511041

[jjacob]

Why the price of United Bitcoin on the Yobit exchange is almost 6 times cheaper than on others?

https://yobit.io/ru/trade/BTCUN/BTC#24H

https://coinmarketcap.com/currencies/united-bitcoin/

But that's what I do not understand. On the Yobit exchange United bitcoin is called BTCUN, and another exchanges  it is called UBTC.
Although on Twitter the Yobit exchange informs that BTCUN is exactly the United Bitcoin. And the trading schedule on Yobit begins exactly on December 12 when this fork took place.

https://twitter.com/YobitExchange/status/940277676375511041

If you have identified it, there is an arbitrage opportunity for you. The other exchange on which UBTC trades is exx.com. If you are comfortable with Asian exchanges, you can try buying coins at YoBit and selling them at exx. Volumes aren't very high, so you cannot do large trades without moving the market.

[xxlouisxx]

United Bitcoin [BTCUN] ticker is changed to [UBTC] on yobit exchange

https://twitter.com/YobitExchange/status/945296463071981568

https://yobit.net/en/trade/UBTC/BTC

Wish you very happy trading !

[herma]

Congratulaton UBTC trade now Yobit exchange https://yobit.net/en/trade/UBTC/BTC

[European Central Bank]

i read the requirements. i don't quite get it. i have to receive to the same address that i sent it from. is that even possible? maybe i got it wrong.

anyway jeff garzik seems to be the king of orwellian blockchains and i assume that if previous forks weren't data harvesting false flags, this one most definitely is.

but i don't understand how this is supposed to bring anything to its knees. it's just another junk fork by the same bunch of assholes.

[Bitfort]

This is a total scam.

A fork is fine, but give the people the fork.

What is easily passed in the roadmap is that they give out coins that are active after November 1st.

So, if you bought your bitcoins 2 months ago - You get nothing.

So, 16.75 Million coins distributed, but if you haven't used any in the last 1.5 months, you get nothing.  THEY get them.

So, one for you and xxx,xxx for them.
another one for you and xxx,xxx for them.

I still can't believe that they expect anyone that purchased their coins as an investment over 2 months ago get nothing.

This is basically a scam, a pre-mine, and de-anonymization of bitcoin.  It's not a fork when they get 16.5 million out of the 16.75 in existence.

You got the point there. I, myself, haven't use any Bitcoin (I meant about sending out any transaction to other people/merchants, but still receive some satoshi monthly into my blockhain's account) I got nothing from the fork, while the team got all the benefit from it...

All these hard forking are totally not my cup of tea 

I'm also against this never ending hard forking ... it's basicaly free money for BTC holders (not complaining about this)  but it also makes things complicated for newcomers. Not mentioning many users lost their coins because claiming forks using wro wallets.

About "stealing inactive balance". WTF? Is this true? Seems to me devs are trying to force users to constantly move the coins (so few high volume miners can have assured income) .. again WTF? This can't be true .. it's pure robbery.
Guess I have to read the paper about united ( was not interested yet) but now I'm curious how they explain such fraud.

[European Central Bank]

They're not stealing anything. They're forking but using it to deny certain bitcoin addresses these forked coins.

Their fork, their rules. Even if they're dumb ones. They're welcome to 'mine'.

[bbc.reporter]

Does anyone have proof this is a scam? I run a website listing all coins giving airdrops to Bitcoin holders and as far as I know, there is nothing making this coin more of a "scam" than many of the other forks.

Let me know if I missed anything.

btcdiv.com  - The ultimate source for bitcoin dividends & airdrops

I think the main reason people are saying it is a scam is because they are going to steal "inactive" bitcoins and distribute them to someone (probably many to themselves).

No, that is not the only reason. I reckon the biggest reason why this is really a scam is because this might be another fork that aims to claim to be the real bitcoin, very much like what Roger Ver is doing with bitcoin cash.

If they forked and changed the consensus rules then they are the altcoin.

[Rahar02]

i think the recent events (the 10-15 hard forks of bitcoin) have proven that you can do anything you want with bitcoin. "stealing inactive balances" requires a hard fork and doing that will create another altcoin similar to these 10-15 altcoins that started being created this month.

and it doesn't really matter anymore. it is not going to be "bitcoin". and the reason is simple. the notion of "inactive wallet balance" is ridiculous. it is simply thievery! no matter how pretty they are going to disguise it. it is like me coming into your home and take something out of your house and say since you are not using this item -that you paid for some day- i am going to take it away!

Indeed, there's no right for someone or in this case some people want to take another person's bitcoin just because it's not active right now. It's simply against the basic principle of bitcoin, people are free to manage their own bitcoin, be your own bank.
How about some addresses that meant to be long-term savings? there are a lot of such address.
Well, this hard fork will not work at all, just create another altcoin but can't be implemented on current bitcoin nodes at all.

[cynical]

i was really worried about this when i read the thread title 'inactive wallet balances' 
i  was thinking initially they were applying this to bitcoin wallets but its just their own united bitcoin.
meh just another fork with their specific distribution aimed an benefiting themselves

[TraderTimm]

i was really worried about this when i read the thread title 'inactive wallet balances' 
i  was thinking initially they were applying this to bitcoin wallets but its just their own united bitcoin.
meh just another fork with their specific distribution aimed an benefiting themselves

And this is why Jeff Garzik is an unethical asshole.

By advertising his shitfork this way, he is trying to seed fear in people that hold Bitcoin. They'll think at first glance "oh my god, I have to get this token because if I don't then I'll be INACTIVE and it will be taken from me!"

But that is completely false, and Garzik knows it.

Just another nail in the coffin for his lack of credibility.

[Michail1]

They're not stealing anything. They're forking but using it to deny certain bitcoin addresses these forked coins.

Their fork, their rules. Even if they're dumb ones. They're welcome to 'mine'.

"certain bitcoin address"?   More like 99% of all the addresses.

The only people making out are the people with small amounts and miners, but with their fork, they are able to keep 99% for themselves.  This is not a distribution, but simply a money grab for themselves.

i was really worried about this when i read the thread title 'inactive wallet balances' 
i  was thinking initially they were applying this to bitcoin wallets but its just their own united bitcoin.
meh just another fork with their specific distribution aimed an benefiting themselves

And this is why Jeff Garzik is an unethical asshole.

By advertising his shitfork this way, he is trying to seed fear in people that hold Bitcoin. They'll think at first glance "oh my god, I have to get this token because if I don't then I'll be INACTIVE and it will be taken from me!"

But that is completely false, and Garzik knows it.

Just another nail in the coffin for his lack of credibility.

Agreed!

[European Central Bank]

"certain bitcoin address"?   More like 99% of all the addresses.

The only people making out are the people with small amounts and miners, but with their fork, they are able to keep 99% for themselves.  This is not a distribution, but simply a money grab for themselves.

uh, yep. but i think most of the people getting shirty have poor reading comprehension and somehow think it's to do with their real bitcoin even though that's not possible.

it's their crappy coin to do with as they please. people who don't claim it aren't being denied anything other than free access to some shitcoin. there'll be plenty more of this in the future. i don't see why anyone would really care.

[Benezim]

What a pathetic scam attempt. Who is seriously planning to claim their United Bitcoins in such a messy process? High transaction fees anyone?

Someone in this thread said United Bitcoin will die a slow death. I believe it's going to be a stillbirth.

[tehjohn]

I was trying to claim UBTC just for the sake of selling them ... but since my BTC are on a Nano Ledger, the incoming address and the outgoing address is different unless you move all funds. Otherwise, it is last in, first out ... so 90% of my BTC are not eligible for the fork. Great stuff!