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Bitcoin Fork: How to secure your coins WITHOUT replay protection!
Bitcoin Gold’s codebase is incomplete. Most importantly, it lacks replay protection. Replay protection prevents a transaction on the Bitcoin Gold chain from being re-transmitted on the Bitcoin chain and vice versa. As Bitcoin Gold is a fork of Bitcoin, the transaction format, the signatures, etc. are the same. A transaction on one chain could be copied to the other chain and will be valid, possibly leading to an unintended loss of coins. I'm not claiming this is written in stone but I would suggest at least researching it before moving any coins. Bittrex and Trezor are both saying the same thing.
From what I can tell the block chain reached block #491407 10 hours ago, and the fork is complete. Now its a question of when it will actually come online after the pre-mine period, the first coins are mined before it goes online while the difficulty level is low.
If anyone is interested in knowing how to safeguard your coins from replay during a split? |
| Mayhard | 10-25-2017 01:41 AM |
Re: Bitcoin Fork: How to secure your coins WITHOUT replay protection!
What’s the main advantage of BTG comparing to BTC?
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| Mayhard | 10-25-2017 03:49 AM |
Re: Bitcoin Fork: How to secure your coins WITHOUT replay protection!
That’s some nice info BTW!
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Re: Bitcoin Fork: How to secure your coins WITHOUT replay protection!
There is no advantage... This is just what happens when they feel a update is needed. If anything there is nothing but disadvantages. The OG Bitcoin is king and most likely always will be. The only advantage for me about Bitcoin Gold is that it can be mined by GPU. But anyone who isn't into mining wouldn't care. The Segwit2x update (fork) is only a few weeks away at block 494,784.
I already bought a little more bitcoin after the fork, now I just need to move it all to another address. When the Segwit2x update happens around Nov. 16th, I dont want to have three different coins at the same address. I would think it could very likely be a problem.
Segwit2x has replay protection and most of the major wallets are running a update so they can handle it. |
| Mayhard | 10-25-2017 09:34 AM |
Re: Bitcoin Fork: How to secure your coins WITHOUT replay protection!
Quote:
Originally Posted by nate
(Post 879834)
There is no advantage... This is just what happens when they feel a update is needed.
| Who are they? Its not satoshi anymore, is it? Its just someone who copies the original blockchain and customizes it a little bit? (Like other altcoins like eth, ltc)
Also, what factors have to emerge in order to need the update? Quote:
The Segwit2x update (fork) is only a few weeks away at block 494,784.
| These forks, what are the purpose of them? It looks similar to those tokens..
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Re: Bitcoin Fork: How to secure your coins WITHOUT replay protection!
Quote:
Originally Posted by Mayhard
(Post 879858)
Who are they?
| The Developers who have been keeping Bitcoin going. Quote:
Originally Posted by Mayhard
(Post 879858)
Its not satoshi anymore, is it?
| Satoshi disappeared years ago and hasn't contacted anyone since. Quote:
Originally Posted by Mayhard
(Post 879858)
Its just someone who copies the original blockchain and customizes it a little bit? (Like other altcoins like eth, ltc)
| It's basically a update to the original program and block-chain. Quote:
Originally Posted by Mayhard
(Post 879858)
Also, what factors have to emerge in order to need the update?
| Security issues, block times (transaction times), difficulty level for miners. Quote:
Originally Posted by Mayhard
(Post 879858)
These forks, what are the purpose of them? It looks similar to those tokens..
| Only the developers know for sure what the true purpose is. I'm sure financial gain has something to do with it. I wouldn't suggest investing in these coins... Unless your mining. Out of the last forks, Bitcoin Cash and Bitcoin Gold probably wont do anything. If any of them succeed it might be this next one, the Segwit2x update or Bitcoin2x, what ever you want to call it. The futures are predicted at $900+ a coin.
From my understanding there was more of an agreement between the developers and community on Segwit2x.
I'm far from expert but I've been doing a little reading.
I would have thought people here would have been more concerned about Bitcoin Gold not having replay protection. It's possible if you transfer your Bitcoin Gold you could loose all your Bitcoin. No one replied...
I bought a few more dollars worth of bitcoin yesterday to create another entry on the block chain just in case. |
Re: Bitcoin Fork: How to secure your coins WITHOUT replay protection!
If I were to buy Bitcoins just before the Segwit2x fork, would I then have the same amount of each currency post fork?
With a predicted value of $900, not bad. |
Re: Bitcoin Fork: How to secure your coins WITHOUT replay protection!
Quote:
Originally Posted by Play
(Post 879875)
If I were to buy Bitcoins just before the Segwit2x fork, would I then have the same amount of each currency post fork?
| Yes, and it should be available as soon as it comes online (sometime after the fork). As far as I've seen almost everyone is supporting Segwit2x straight out the gate, (it has replay protection). Bittrex, Trezor, Coinbase, etc...
Bitcoin Gold started out around $450 I think... Today it's at $175 and most people cant even get to it yet to trade it off. |
Re: Bitcoin Fork: How to secure your coins WITHOUT replay protection!
Quote:
Originally Posted by nate
(Post 879882)
Yes, and it should be available as soon as it comes online (sometime after the fork). As far as I've seen almost everyone is supporting Segwit2x straight out the gate, (it has replay protection). Bittrex, Trezor, Coinbase, etc...
Bitcoin Gold started out around $450 I think... Today it's at $175 and most people cant even get to it yet to trade it off.
| Great. Just waiting for Bitcoin to dip to around $5,100 so I can buy back in.
The fork is projected to happen around November 16 right?
Bitcoin Gold IMO was a useless waste of time as it didn't gain much traction. Bitcoin2x however seems like it's got a chance. |
Re: Bitcoin Fork: How to secure your coins WITHOUT replay protection!
Quote:
Originally Posted by Play
(Post 879893)
The fork is projected to happen around November 16 right?
| Bitcoin2x Timeline from Coinbase Approximately 24 hours pre-fork.
Coinbase will temporarily disable all bitcoin buy, sells, sends and receives. ETH and LTC will not be impacted. You will still be able to see your Bitcoin balances and monitor the price. If you plan on moving BTC into your Coinbase account, we highly recommend that you do so at least 24 hours before the fork to ensure your transfers are confirmed. Fork (block 494,784)
Any Coinbase customer with a confirmed Bitcoin balance at this point will be credited an equal amount of Bitcoin2x. Within 24 hours post fork.
Coinbase customers will be able to buy and sell both Bitcoin and Bitcoin2x. When you visit Coinbase.com or open your Coinbase app, you will see your new Bitcoin2x balance (in Accounts).
Approximately 24–48 hours post fork. Once we have ensured that the blockchains are stable, Coinbase will re-enable Bitcoin and Bitcoin2x sends and receives. Please be careful when sending funds as certain wallets and bitcoin services may refer to the two blockchains differently.
Count on it happening before the projected date. Other exchanges will probably do something similar to this time line as well. Quote:
Originally Posted by Play
(Post 879893)
Bitcoin Gold IMO was a useless waste of time as it didn't gain much traction. Bitcoin2x however seems like it's got a chance.
| Bitcoin Gold's not live yet, it was pre-mined for 1600 blocks or so i think... so its passing those blocks now, when it gets past that, it will be mineable so that date was / is Nov. 1st... but again that's estimated, it could go live before then, depends on the block number. But no platforms are really supporting it yet, as they claim it has security flaws.
I wouldn't invest in it. Mine it... maybe, since it can be mined with GPU. |
| slokor | 10-25-2017 07:50 PM |
Re: Bitcoin Fork: How to secure your coins WITHOUT replay protection!
And now there's talk of another fork - 'bitcoin silver'.
All these forks are getting a tad out of hand and are starting to look like a cash grab. In the long run I can see this only having a negative impact on bitcoin as the leading cryptocurrency. |
Re: Bitcoin Fork: How to secure your coins WITHOUT replay protection!
Quote:
Originally Posted by slokor
(Post 879958)
And now there's talk of another fork - 'bitcoin silver'.
All these forks are getting a tad out of hand and are starting to look like a cash grab. In the long run I can see this only having a negative impact on bitcoin as the leading cryptocurrency.
| I agree. I feel as though these are attempts to sabotage the Original Bitcoin. However I also see it inadvertently pushing it's value higher with the increased publicity.
If it weren't for these forks, I would of left a lump sum as bitcoin and cashed out in 10 years. Will be interesting to see what actually happens. |
Re: Bitcoin Fork: How to secure your coins WITHOUT replay protection!
Price is on the rise, potentially going to hit $6k again (and go beyond that).
Should of bought back in at $5,500... was hoping it would go down lower.
What's everyone else's opinion, do you think it will drop again between now and the fork? |
| thespitefulchant | 11-07-2017 05:12 AM |
Re: Bitcoin Fork: How to secure your coins WITHOUT replay protection!
is there going to be a big crash? |
Re: Bitcoin Fork: How to secure your coins WITHOUT replay protection!
Quote:
Originally Posted by thespitefulchant
(Post 882779)
is there going to be a big crash?
| I would say the drop from roughly $7600 (I think it was), to $6920 was a crash in itself.
Normally you see a correction go down slightly further, but there's a lot of resistance at the moment as there's a lot of positive publicity around bitcoin.
I think if you want to buy, it *might* be a good time to buy now as it's likely to hit $8k (and perhaps a little beyond). |
| Mayhard | 11-07-2017 02:02 PM |
Re: Bitcoin Fork: How to secure your coins WITHOUT replay protection!
I have been waiting for a correction, seems like its just going one way
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| jakobrockz | 11-07-2017 02:27 PM |
Re: Bitcoin Fork: How to secure your coins WITHOUT replay protection!
What currency websites will support the new coin aka get the coin with the fork? |
Re: Bitcoin Fork: How to secure your coins WITHOUT replay protection!
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