Can someone explain what happens to my Bitcoin in cold storage, if there is a fork between BIP110, and Core please.
Login to reply
Replies (59)
Literally nothing.
If both chains continue to run, you'll have the equivalent coins on both chains - you can then sell the one you don't want, or keep them both.
That what I was thinking, but not sure.
Thank you 🙏
So you just double your money?
Only if tokens on each chain have the same value, which is unlikely.
For example if you had any btc before 2014 you have the same number of sats in bch and bsv, but both of those trade way below the btc price
All bip 110 blocks are valid
You’ll have coins on both chains. If you plan to sell one keep in mind that transactions can be replayed so it’s worth studying what’s best to do e.g move to different wallet.
Sure but you're still getting money out of nowhere 😂 what a Ponzi
You are assuming there will be replay protection which will only occur if we get a user rejected soft fork, which core seems unwilling to do.
@theGig
Any thoughts or opinions on this????
Nothing happens.
I thought I got dbl the coins on both chains
You’ll have coin on both chains. Sell the shitcoin keep the real bitty. If the exchanges transact with the shitcoin
As I understand it, it's not a separate chain. More like a filtered avenue.
I'll sell you all the 110 for 90% on the Sat 😂
@SoapMiner your cold storage doesnt change at all, the same seed controls those coins on any chain that exists after a fork. nothing to do, your keys already cover both sides.
🤣
Air drop, equal amount on both chains if you hold your own keys. Obviously this only happens if a chain split persists for a long period of time.
Where does the second chain's liquidity come from?
How is money created out of thin air?
This is probably going to burn you. That signature is valid on both chains.
I remember someone said to move the real coins to another wallet first. Just to be safe. Not even sure if the shitcoin will be for sale on exchanges though. Seems complicated for not much
Well, that transfer is also replayable so, I would be much more careful than that.
What do you mean?
I seem to remember ppl from the Blocksize war in 17 receiving twice their coin.
Not sure how profitable it was 🤷
Good luck.
Confused 🤷
That's not an explanation bro
The signature prior to the fork transferring the coins to another wallet can be replayed on the other chain.
(Also, I don't think a chainsplit is at all likely with this fork.)
I'm not explaining to people how to essentially double spend bitcoin. Good luck with that, hope you don't get rugged.
It’s not. You’re selling it for USD
I feel like most won’t make money on this. Seems like lots of steps for not much upside
You're not getting anything for free. For something to be valuable, someone has to value it. If someone values this chain, then they trade their fiat for your bitcoin.
I could sell you a jar or farts. It's not valuable. But if you wanted to assign value to it, you could.
I could also fork bitcoin RIGHT NOW and say this is the legitimate bitcoin. It's literally worthless, and I made it. It's only valuable if all of a sudden all of you decided I was correct and started accumulating it.
I thought the move to another wallet needed to be done post fork. Anyways I don’t think I’ll do all that for not much potential upside
If a chainsplit happens and persists the price of the original token would likely split between the two takens, not by any protocol rule but because of the free market. The capital is splitting between the two. So in a sense you aren't getting a free air drop, the total value of both chain will probably equal the total value of the original. There is still a lot we don't know about how the market reacts so for now a lot of this is just hypothetical.
Yes
I think a question I have is if the hashrate is 50/50 then what.
Just ignore everyone and everything. You won't be affected. If there are issues they will sort themselves out in a few months top.
What happened in 2017 when bch split from BTC or Bitcoin ABC, didn't they get their coins replicated in the new chain i.e. 50 BTC = 50 BCH?
I'm not familiar with it, but basically if this split happens I'll get additional tokens on the new chain equal to the existing chain being replicated?
I get free market dynamics etc. but the liquidity needs to come from somewhere or is the value of the new chain zero and then the market decides price action?
Did bch price just start? Or was it zero on chain split
If so, then we'll all get rich and we should chain split into perpetuity
In that instance, you'll have to remove your coins to a new wallet from the bip110 fork fist, since, unless I'm mistaken, that does have replay protection? Then the core side of tue fork will be unaffected. Do it the other way around and your bip110 coins will be gone.
Bch price didn't just start, it took a little time for exchanges to find the price based on market offers and orders. For that to happen they had to specify a token on the exchanges that everyone agreed on. Futures markets help to understand prices before that point. Liquidity is just the amount people are willing to sell and buy at a particular price. Getting rich is not so simple i n the moment.
At a chainsplit, the capital and market value for the two tokens likely would be equal to the prior tokens value before the chain split. If the market is split on both coins meaning half the market thinks the new token is bitcoin and the other half think the old token is bitcoin then one could sell the other token for a meaningful amount but you risk selling the token that will become the Bitcoin that the market decides is the correct fork in the end. If the market is not split 50/50 then one token will have value and the other token will not. The weaker token would have very few buyers and to sell it you would have to sell it to those few buyers at a very low price.
You can mix a post-fork utxo into your BTC move transaction and the fork coins will not replay the tx, bc the utxo only exists on the BTC side.
That'll prevent it messing with the UTXOs? I suppose it makes sense. Long time since having to worry about this.
Yeah, if the transaction is replayed on the fork chain, and the transaction signs for a utxo that doesnt exist over there, it's an invalid transaction.
But honestly, splitting coins for BIP-110 is a pretty stupid thing to do, since it likely won't even have a spot market before the miners abandon the effort. Lot of room for error with very little chance of reward.
It'll definitely be disruptive, but it'll work out in the end. I'm not stressing over it.
Be wary of replay attacks when it comes to forks.
Got educated on them when I was asking about ecash fork.
I had just missed the bcash stuff back in the day so ecash will be the first fork I'm around for.
Side note
is dashjr gonna hardfork if bip 110 doesn't get consensus
No.
On core chain you will have send transactions that have larger than 83byte OP_RETURNs to be sure the transaction isn’t replayed.
Some clarification
110 can’t have a spot market and separate ticker unless a user rejected soft fork were to occur.
As it stands today both chains will share the same ticker and will have parallel blockchains. All addresses / wallets will be able to spend on both chains.
Your bitcoin wouldn’t be lost. The recipient could spin up a node on the competing chain and recover the bitcoin with their keys. The transaction could be in a different block height and have a different block hash.
Moving forward UTXOs that originate on 110 chain will not be compatible with core chain and would be invalid because they do not exist on core chain.
You're not considering that I can create a transaction that is invalid on BIP-110, and the transaction would never appear on the fork. At that point, the old UTXO's are still on the bip-110 fork, but represented by the new UTXO on the bitcoin fork.
None of this matters though, because your transaction will take hours to confirm at a safe depth on BIP-110. Meanwhile the transaction history cranks away at 10 minutes per block on the psycho-normative chain. Forked UTXOs languishing on BIP-110 fork will be spent several times over on the Bitcoin chain.
Nothing is going to happen. You will have real BTC and B110 coins that you can sell off for more BTC. I will launch a marketplace to do so later next month.
Post split the old coins value is the new coins starting reference value.
That coins is then listed on public exchanges. People can now put in buy/sell orders for usd.
Your question is asking where is the liquidity? Well the liquidity on the new coin is literally the split. The split IS the liquidity and i can enter a sell order for those coins.
The countercurrency im selling for is USD which for all intents and purposes is unlimited liquidity.
If it hard forks, all of the transactions of the past (before the fork occurred) will still be the same, but any transactions moving forward would be on either of the two separating chains.
All this to say, your coins would be usable by either side of the forked chain. However, after the fork if you make a transaction on chain, they wind up being recorded on one of the now two blockchains and they are stuck there from then on.
Oh neat, I had not considered the double sell possibility, but I guess there would be no witness to the other fork after all
Preparing for my first fork: feels so electric 😅
The correct method for securing the coins will be made clearer closer the time. I suspect there'll be more changes proposed leading up to it. I'm largely just waiting to see what the fallout is.