BTC on both sides of the fork?

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faceface

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Location: UK

Every article I read, for or against BitcoinXT / BIP100 is convincing... So I figure, fork it.

My question is, how do I ensure my coins are both sides of the fork when it comes (if that even makes sense).

Posted on August 31, 2015 at 1:41 AM

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Cryptonaut

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Location: Canada

If your a miner or happen to operate your own node, at some point by January next year you will need to upgrade your node, either to BitcoinXT, or to the latest version of Core, or whatever everyone decides to go with to implement the increase (chances are by the end of it both XT and Core will have it implemented, otherwise risk being left behind).

If your anybody else, there is nothing you need to do. Your wallet software will follow the majority hashrate, and most users probably won't even realize anything has happened during the transition. Remember that no fork occurs until at least 75% of the network is already on board.

technically when the fork happens you will have "two balances" of BTC, but you would have to specifically download and install an older node version from before the fork in order to access the old chain coins, and since most (if not all) miners would be on the new chain already... have fun waiting for days for a single confirmation :p also pretty much no service (especially the exchanges) would accept your old-chain coins, so they would be effectively useless.

tl;dr Don't get your hopes up about trying to double your stash or somehow profit from the fork happening

Posted on August 31, 2015 at 8:26 AM
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something

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Yeah he'd have to be very quick and skilled to find someone who accepts the wrong fork and quickly spend his coins with that person before they figure out they accepted soon-to-be-worthless fork-coin :-)

Posted on August 31, 2015 at 9:09 AM
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faceface

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I'm not looking to double spend. I think the fork will happen, and will be disastrous (i.e. I don't expect to profit). I guess 75% of the miners (or more) will run XT, and a hardcore group will stick to 1Mb. I'd like to make sure I can keep my coins on both, which seems technically possible?

Posted on August 31, 2015 at 10:57 AM
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pooktwo

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@faceface I'm not looking to double spend. I think the fork will happen, and will be disastrous (i.e. I don't expect to profit). I guess 75% of the miners (or more) will run XT, and a hardcore group will stick to 1Mb. I'd like to make sure I can keep my coins on both, which seems technically possible?

I would think technically speaking that once it forks you will have the same amount of BTC for each fork, so as long as you have the private key still, you could use them on both..... but i dont think it will play out that way. The "hardcore" group would have a lot of work to do as if the majority moves over, that means all the work in BTC that has been done so far will move with the majority (coinbase, blockchain, ext...)

Posted on August 31, 2015 at 8:52 PM
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Cryptonaut

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@faceface I'm not looking to double spend. I think the fork will happen, and will be disastrous (i.e. I don't expect to profit). I guess 75% of the miners (or more) will run XT, and a hardcore group will stick to 1Mb. I'd like to make sure I can keep my coins on both, which seems technically possible?

Your coins will already be on both sides (even though one side will basically be non-functional), so yeah you don't need to do anything :P

If a hardcore group somehow keeps the old 1MB chain alive, and you at some point decide you like that version better and want to switch over, your balances will just be the same as they were from when the fork occurred.

Posted on August 31, 2015 at 11:47 PM
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faceface

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Thanks.

Posted on September 1, 2015 at 12:53 AM
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