Upcoming Bitcoin Hard Fork, which chain will you stay on?

[tbct_mt2]

Don't care, all I want to do is redeem my BIP-110 fork coins. Hopefully they have some value in them.

Anyone want to point me to some exchanges supporting both?

Claiming forked coins is a very dangerous action because it will need private keys of your bitcoins. That means if people are greedy to get forked coins, but they do their fork claiming carelessly by leaking their Bitcoin private keys in a wallet that still stores bitcoins, their bitcoins will possibly be stolen. It's not only just risky but very stupid, being greedy to get forked coins that still don't know about their values while firstly and very quickly, they might lose their valuable bitcoins.

LoyceV's Bitcoin Fork claiming guide (and service).

[pooya87]

chain that the US government allows to still be called "Bitcoin" without being prosecuted for trademark violations.

It's funny how delusional some people are

So which chain will you choose and which chain will you sell your duplicate coins on?

Isn't it obvious? A malicious fork that only has 2% support is not something to even think about. It may not even come to existence.

2% support is a joke. They must have more than 2% support to shift support away from bitcoin. If the fork comes to existence how can I extract the new coins from my wallet? Which name is the latest fork called. I will dump them if I can extract them. Which exchanges are recommended to dump the malicious coins?

Like most shitforks, they will most probably try to call themselves "bitcoin" as well. Similar to what bcash guys did in early days back in 2017 like having it listed as bitcoin on bitcoin.com website (Roger Ver owned the site).

I don't think this chain would come to existence considering it only has ~2% support from miners but hypothetically the process to claim the "airdrop"! is similar to the past ones. Read the LoyceV topic (the link is in the comment above mine).

The biggest problem is that since this is an exact copy of bitcoin (blockchain and code) the risk is the lack of what's known as "Replay Protection". That means if you create a bitcoin transaction and send it out (on bitcoin network), the same exact transaction is valid on this forked chain and vice versa.
So if for example you find an exchange that sells this shitforkcoin and send your shitforkcoins to an address generated on that exchange (on the shitfork network), your bitcoins could also be sent to the same address (on bitcoin network) as well; and getting them back from the exchange could be a problem if the exchange doesn't want to cooperate which they usually don't.

That makes dumping such forkcoins complex. You first need to generate 2 addresses that you control and then simultaneously send the same coins on both chains to different addresses on each chain (eg. bitcoin to address_1 and shitfork to address_2). If that failed due to replay attacks, you should repeat that until you succeed in separating your coins. Then you spend your shitforkcoins from address_2 to the exchange.

The other difficulty you'll face is the slowness since as I said this malicious fork doesn't have any support and with low hashrate blocks could only be found at very large intervals which makes confirmation a nightmare not to mention such a chain would be susceptible to 51% attacks.

[legiteum]

chain that the US government allows to still be called "Bitcoin" without being prosecuted for trademark violations.

It's funny how delusional some people are

Sir, this is a Wendy's...

[MoparMiningLLC]

I would wait to claim any fork coins until there is replay protection in place. pretty sure that isnt the case yet.

[hd49728]

I would wait to claim any fork coins until there is replay protection in place. pretty sure that isnt the case yet.

Just hold bitcoins in non custodial wallets, secure the wallets, and wait for the fork to happen, days later if things are safe, we can claim the forked coins after moving our bitcoins to a new wallet. We will use an empty wallet and its private key for claiming forked coins, as if anything wrong we will never lose our bitcoins.

Replay protection is important too
A Layman's guide to BIP-110.

The last time we had a chain split without replay protection (where transactions are valid on both forks) was 2013! Back in 2017 we got within about a month of having such a chain split with SegWit2X and I was on the front lines working to prepare BitGo's infrastructure to be able to handle it safely - it was a nightmare and we all breathed a sigh of relief when the fork got called off.

[joker_josue]

Don't care, all I want to do is redeem my BIP-110 fork coins. Hopefully they have some value in them.

Anyone want to point me to some exchanges supporting both?

I don't think we'll even have that.

They only mined 2 blocks in 12 hours.
Well, with one of the major mining pools you've already stopped mining for a few hours.

So, there's not even enough margin for anyone to bother setting up a structure for any kind of exchange.

[Cleanshit]

I would wait to claim any fork coins until there is replay protection in place. pretty sure that isnt the case yet.

Just hold bitcoins in non custodial wallets, secure the wallets, and wait for the fork to happen, days later if things are safe, we can claim the forked coins after moving our bitcoins to a new wallet. We will use an empty wallet and its private key for claiming forked coins, as if anything wrong we will never lose our bitcoins.

Replay protection is important too
A Layman's guide to BIP-110.

The last time we had a chain split without replay protection (where transactions are valid on both forks) was 2013! Back in 2017 we got within about a month of having such a chain split with SegWit2X and I was on the front lines working to prepare BitGo's infrastructure to be able to handle it safely - it was a nightmare and we all breathed a sigh of relief when the fork got called off.

Forked coins will be worth considerable,
When Bitcoin holdings are properly secured,before one will moves his or her BTC to a new wallet before interacting with fork help to reduce risk of having to expose the keys, that control value coins.
Replay protection is an important feature this because without it you see a transaction on a chain could be replayed on other. Protecting your BTC should be ur first priority, Self opinion I won’t rush to go claim fork coins because it has value.

[bitbollo]

probably this bip-110 could be somewhat worthless (in USD terms) or just a negligible value...I haven't see any active listing in exchange/or any support offering an active split.

They have a chain completely stuck with 2 blocks - the bigger miner (the one that mined these 2 blocks) has given up so their negligible hashpower could requires 100x (or more) time to find a valid block.

A difficulty change would be possible in a few months - probably PoW would not be a suitable solution. At this point we would have just another altcoin.

[vapourminer]

Claiming forked coins is a very dangerous action because it will need private keys of your bitcoins.

you also give up your privacy as now your entire previous history of the real coins goes along with the forked coins you sell. is chump change worth that to long term holders?

[athanred]

you also give up your privacy

Of course. Which is why I used SIGHASH_SINGLE, combined with SIGHASH_ANYONECANPAY, to let people mix my splitted coins with theirs, and use any fees they want. In this way, random coins can be connected with my splitted ones, so it will be harder to analyze.

I think if more people would use different sighashes, then mixing and splitting coins automatically on mempool level should be possible.

[pooya87]

I would wait to claim any fork coins until there is replay protection in place. pretty sure that isnt the case yet.

I wouldn't hold my breath. These types of copycoins consider themselves "true bitcoin" which means they don't modify the protocol (such as the signing process > tx hash digest preparation) to add replay protection. The moment they do that, is the moment they admit they are yet another altcoin like hundreds that came before them.

[PX-Z]

Claiming forked coins is a very dangerous action because it will need private keys of your bitcoins...

There are ways to avoid getting rekt when claiming forked coins. Any private key that you import into another wallet to claim fork coins should be considered compromised or throwaway afterward.

The safest approach is to sweep the entire balance from that private key to a fresh wallet "before" attempting to claim the forked coins. That way, even if the fork claiming wallet or software turns out to be malicious or compromised, your main holdings aren't sitting on the same private key.

[athanred]

The moment they do that, is the moment they admit they are yet another altcoin like hundreds that came before them.

There is a replay protection, at least on relay level. You can use P2PK, you can use bare multisig, you can use OP_RETURN with 84 bytes, or you can even use a different locktime, because BIP-110 chain is far behind. There are plenty of options to choose from.

Any private key that you import into another wallet to claim fork coins should be considered compromised or throwaway afterward.

Why do you need to even install any other wallet than Bitcoin Core, if you can sign everything from there, and broadcast to BIP-110 block explorers through their API?

[SensitiveEyes]

2% support is a joke. They must have more than 2% support to shift support away from bitcoin. If the fork comes to existence how can I extract the new coins from my wallet? Which name is the latest fork called. I will dump them if I can extract them. Which exchanges are recommended to dump the malicious coins?

Like most shitforks, they will most probably try to call themselves "bitcoin" as well. Similar to what bcash guys did in early days back in 2017 like having it listed as bitcoin on bitcoin.com website (Roger Ver owned the site).

I don't think this chain would come to existence considering it only has ~2% support from miners but hypothetically the process to claim the "airdrop"! is similar to the past ones. Read the LoyceV topic (the link is in the comment above mine).

The biggest problem is that since this is an exact copy of bitcoin (blockchain and code) the risk is the lack of what's known as "Replay Protection". That means if you create a bitcoin transaction and send it out (on bitcoin network), the same exact transaction is valid on this forked chain and vice versa.
So if for example you find an exchange that sells this shitforkcoin and send your shitforkcoins to an address generated on that exchange (on the shitfork network), your bitcoins could also be sent to the same address (on bitcoin network) as well; and getting them back from the exchange could be a problem if the exchange doesn't want to cooperate which they usually don't.

That makes dumping such forkcoins complex. You first need to generate 2 addresses that you control and then simultaneously send the same coins on both chains to different addresses on each chain (eg. bitcoin to address_1 and shitfork to address_2). If that failed due to replay attacks, you should repeat that until you succeed in separating your coins. Then you spend your shitforkcoins from address_2 to the exchange.

The other difficulty you'll face is the slowness since as I said this malicious fork doesn't have any support and with low hashrate blocks could only be found at very large intervals which makes confirmation a nightmare not to mention such a chain would be susceptible to 51% attacks.

The risks are high so the message to btc people is clear. You must not support any fork which is supported by ~2%. Tempted people must not risk their valuable bitcoins for new forked coins unless Replay Protection is in place but dumping them in exchanges is going to be strenuous. If the forked coins come to existence they will be worthless because exchanges do not waste precious time on worthless forks.

[dim_mak5]

How did people dump BCH Bitcoin Cash easily?

[pooya87]

How did people dump BCH Bitcoin Cash easily?

It wasn't exactly easy, there were no trustworthy wallet at the time and people were taking risks installing random software that had just popped up (like Electron Cash which was a fork of Electrum). But at least bcash had implemented a replay protection mechanism through the SIGHASH_FORKID from the start which solved one problem at least helping people dump.

Also bcash was listed on major exchanges which also helped people dump it easier. In comparison the rest of them (which was like 60-70 forkcoins IIRC) were never listed on any major exchanges and people had to either ignore or sign up on some shadier exchanges they had never heard of before.

[MusaMohamed]

It wasn't exactly easy, there were no trustworthy wallet at the time and people were taking risks installing random software that had just popped up (like Electron Cash which was a fork of Electrum). But at least bcash had implemented a replay protection mechanism through the SIGHASH_FORKID from the start which solved one problem at least helping people dump.

Also bcash was listed on major exchanges which also helped people dump it easier. In comparison the rest of them (which was like 60-70 forkcoins IIRC) were never listed on any major exchanges and people had to either ignore or sign up on some shadier exchanges they had never heard of before.

Even with all these things, Roger Ver and Bcash team did something ugly to shill their Bcash shitcoin and wanted to convince people that it is Bitcoin. They tried to scam people with their website interface.

To newcomers: make sure when you buy bitcoin you are buying bitcoin!
Has Bitcoin.com stopped presenting Bitcoin Cash as the real Bitcoin?

Archive of their scam site interface
https://web.archive.org/web/20190428084027/https://wallet.bitcoin.com/

[AmoreJaz]

Claiming forked coins is a very dangerous action because it will need private keys of your bitcoins...

There are ways to avoid getting rekt when claiming forked coins. Any private key that you import into another wallet to claim fork coins should be considered compromised or throwaway afterward.

The safest approach is to sweep the entire balance from that private key to a fresh wallet "before" attempting to claim the forked coins. That way, even if the fork claiming wallet or software turns out to be malicious or compromised, your main holdings aren't sitting on the same private key.

That woud be one of the safest way to do it. Because there will be porential threats that you don't know of especially that people wanted to get something out of this event. So they are less careful in dealing with sites and these sites can take advantage of this opportunity.

[DragonBites]

So break it down for me easy like, please.

Stay with non-BIP110 or NOT?

I'm feeling a no after I switched 3 miners without really looking into first. Casual miner and I'm not in the mood to become a BIP expert today LOL