{"id":1176,"date":"2017-06-07T05:10:45","date_gmt":"2017-06-07T05:10:45","guid":{"rendered":"http:\/\/emilynews.com\/blog\/?p=1176"},"modified":"2017-06-07T05:33:06","modified_gmt":"2017-06-07T05:33:06","slug":"news-commentary-106-ethtrade","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=1176","title":{"rendered":"News Commentary #106 — Ethtrade"},"content":{"rendered":"

Possible Chain Split for Bitcoin.<\/strong><\/p>\n

I am not an expert on Bitcoin.\u00a0 However, I feel that this update from Ethtrade <\/a>is something that every holder of Bitcoin should be up to speed on.\u00a0 So, if you hold Bitcoin, please read this!\u00a0 Thanks for the update, Ethtrade<\/a>!<\/p>\n

There is a chance Bitcoin will experience a chain-split on August 1st. <\/strong>
\nA segment of all Bitcoin users is committed to activate a user activated soft fork (UASF) as described in Bitcoin Improvement Proposal 148 (BIP 148)<\/a><\/strong>.
\nSpecifically, they will reject any Bitcoin blocks that do not signal support for Segregated Witness (SegWit), the centerpiece of Bitcoin Core\u2019s <\/a><\/strong>scaling roadmap<\/a><\/strong>.
\nIf a majority of miners (by hash power) does not signal support for SegWit on August 1st, but at least some do, Bitcoin\u2019s blockchain will split in two.
\nIn that case, there would be two types of Bitcoin tokens, which we\u2019ll refer to in this article as \u201c148 BTC\u201d for coins on the soft forked chain, and \u201cLegacy BTC\u201d for coins on the chain that did not activate the soft fork.
\nThe good news is that each bitcoin would effectively be copied to both chains. If you hold bitcoin right now, you will hold both 148 BTC and Legacy BTC after the split.
\nThe bad news is that this coin-split can be messy and risky. And if you\u2019re not careful, you could lose funds.
\nThis guide will provide you with the basics to keeping your funds safe during the UASF and will help to make sure you make it to the \u201cother side\u201d with all your bitcoins intact.<\/p>\n

Before August 1<\/strong>
\nFirst off, be aware that a chain-split create a high-risk situation.
\nThere is a chance that some sort of cyber-battle will break out between the two camps, perhaps even escalating to the point where bitcoin\u2019s exchange rate(s) drops sharply, possibly to zero.
\nMake absolutely sure you are not holding more value in bitcoin than what you are willing to lose.
\nIf you do decide to hold onto your bitcoins, the single most important piece of advice is this: Ensure that you control your own private keys.
\nIf you are storing your bitcoins on an exchange, in a custodial wallet like Coinbase, Circle or Xapo, or on any other service that holds your private keys for you, you may or may not eventually receive coins on both ends of the chain.
\nIn fact, if these kinds of services aren\u2019t well-prepared, there could be scenarios where you don\u2019t get any coins at all. So far, no exchanges have given any kind of guarantee.
\nSo if you\u2019re using any of these kinds of services to store your bitcoins, you need to create your own wallet.
\nSend your bitcoins to one or several Bitcoin addresses in this new wallet. This wallet now holds your private keys.
\nWhat kind of wallet you use is up to you. That said, here are some basic solutions:
\nIf you don\u2019t care about transacting with bitcoin (either 148 BTC or Legacy BTC) anytime soon and really just want to keep both as a long-term investment, printing your private keys on a paper wallet is one option.
\nThis option, however, is only really secure if you follow strict security precautions, which you can find here.
\nAnother option is to get a hardware wallet. Any of the hardware wallets listed on bitcoin.org will keep your private keys secure.
\nMost regular desktop or mobile wallets, as listed on bitcoin.org, are about as secure as your computer or phone is.
\nSince most computers and phones are not all that secure, these are not ideal for large amounts.
\nWith that in mind, all mobile wallets and desktop wallets listed on bitcoin.org will store your private keys for you.
\nIn any case: Be sure to make backups of your keys! Most wallets require you to do this when installing: don\u2019t skip this step.<\/p>\n

On, and Perhaps (shortly) After, August 1<\/strong>
\nIf a majority of hash power signals support for Segregated Witness on or before August 1st, the protocol upgrade will activate smoothly. In that case, you\u2019re fine, even if you didn\u2019t prepare at all.
\nBut it\u2019s also possible that a majority of hash power will not go along with the BIP 148 UASF on August 1st, in which case the chain could split.
\nIf you hold your private keys, you will then have both 148 BTC and Legacy BTC.
\nSuch a chain-split could resolve in several ways.
\nIf at any point on or after August 1st, the 148 BTC chain becomes the chain with most accumulated proof of work, both BIP 148 nodes as well as Legacy nodes would switch to the 148 BTC chain.
\nAs such, the Legacy BTC chain should be discarded, resolving the situation. It would have been a temporary split, and you should be fine if you held onto your private keys.
\nYou can now continue to use bitcoin as usual.
\nBut unless and until this happens (or other types of precautions are taken), there is always at least a theoretical risk that the Legacy BTC chain can be overtaken and be discarded like this.
\nThat chance should decrease as time goes on, but will realistically exist for hours, perhaps days, and maybe even longer \u2014 even if no blocks are found on the 148 BTC chain.
\nAs such, buying or accepting Legacy BTC after the split\u00a0\u2014 and especially shortly after the split\u00a0\u2014\u00a0is very risky.
\nThese bitcoins can quite literally disappear if the 148 BTC chain overtakes the Legacy BTC chain.
\nTherefore, it\u2019s not recommended that you buy or accept any Legacy BTC \u2014 if you do, at least be aware of and comfortable with the risk that your money could cease to exist.
\nBIP 148 nodes will never acknowledge the Legacy chain, so these will not switch regardless of which chain has more hash power.
\nHowever, it is very risky to buy, accept or hold 148 BTC, too. Most importantly, there is no guarantee that 148 BTC will continue to be used.
\nWhile that is of course true for any cryptocurrency, due to slow mining difficulty adjustments, a potentially hostile environment, and the continued possibility for SegWit to activate on the Legacy chain after all, it\u2019s probably more true for 148 BTC.
\nAdditionally, block confirmations may be very slow for quite a while, which could make using 148 BTC for transacting impractical.
\nIf you want to accept 148 BTC regardless, you need to run a BIP 148 full node as a wallet.<\/p>\n

On top of the Legacy BTC chain being discarded or the 148 BTC chain withering away, there is another big risk: replay attacks.
\nIn case of a chain-split, transactions on both sides of the fork will look identical.
\nIf a transaction is picked up by both 148 BTC and Legacy BTC nodes \u2014 for example, because the receiver of a transaction retransmits that transaction \u2014 the transaction may be valid on both chains.
\nThis is called a \u201creplay attack.\u201d
\nAs such, spending coins on one end of the chain could make you accidentally spend the equivalent coin on the other side of the chain.
\nInstead of paying someone only in 148 BTC, you may unintentionally send Legacy BTC as well, or vice versa. 148 BTC and Legacy BTC are initially \u201cstuck together.\u201d
\nThe best way to prevent replay attacks is simple: Do not send any transactions. At least not until it is clearer to everyone what the post-fork situation looks like.<\/p>\n

After the Chain-Split<\/strong>
\nIn case of the BIP 148 UASF, it is a bit hard to say what \u201cafter the chain-split\u201d actually means.
\nIf the 148 BTC chain gets more accumulated proof of work, it should be the only chain to survive, and the split would be over.
\nAll 148 BTC would then simply be bitcoins (BTC) again. But if that doesn\u2019t happen fast, and even if the 148 BTC chain appears non-active, a chain-split could, at the very least, linger for a while.
\nMiners could start mining on that chain at any time. As such, the 148 BTC chain can in theory always wipe out the Legacy BTC chain.
\nAnd there are also possible scenarios where the two chains \u2014 148 BTC and Legacy BTC \u2014 coexist.
\nWhat\u2019s more, even a scenario where more than two chains emerge can\u2019t be taken out of the equation.
\nIn these scenarios, you will have coins on both (or all) sides of the fork.
\nBut as mentioned, it will be tricky to spend coins on one chain without accidentally spending the equivalent on the other(s). And the bad news is that splitting these coins can be a bit complex. (It will require freshly mined or double-spent coins.)
\nThe good news, however, is that some exchanges will likely set up coin-splitting services and take care of most of the complexity behind the screens.
\nYou\u2019d just need to send your bitcoins to an exchange, and the exchange will credit your account with 148 BTC and Legacy BTC. At that point, if you want, you will be able to sell or trade your coins.
\nIf the split persists, there should be wallets for both coins soon enough. Of course, you may need to upgrade your existing wallet or download a new wallet if and when this happens.
\nThis outcome also remains to be seen. Do not accept any transactions on your wallet before this is clear.
\nFurther specifics on what to do after a coin-split will be announced on bitcoin.org and other sources of information. if and when a coin-split occurs and we have a better understanding of the post-fork situation.<\/p>\n

So, to Recap\u2026<\/strong>
\n1. Control your private keys.
\n2. To be on the safe side, avoid any transactions on and shortly after August 1st. (How \u201cshortly after\u201d depends on what happens.)
\n3. If there are still two chains when the dust settles, split your coins into different wallets.<\/p>\n

Just for notice: Ethtrade team will protect user funds in any possible Bitcoin scenario<\/em><\/p><\/blockquote>\n

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Possible Chain Split for Bitcoin. I am not an expert on Bitcoin.\u00a0 However, I feel that this update from Ethtrade is something that every holder of Bitcoin should be up to speed on.\u00a0 So, if … News Commentary #106 — Ethtrade<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":204,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[139,143,142,144,45,64,10,26,24,103,25,97,36,40,145],"class_list":["post-1176","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-information","tag-bitcoin","tag-btc","tag-chain-split-for-bitcoin","tag-chain-split-btc","tag-ethtrade","tag-ethtrade-scam-or-paying","tag-hyip","tag-hyip-info","tag-hyip-news","tag-hyip-update","tag-hyip-updates","tag-hyips","tag-instant-hyip-update","tag-instant-hyip-updates","tag-legacy-btc","exalt-entry"],"yoast_head":"\nNews Commentary #106 - Ethtrade - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=1176\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"News Commentary - Ethtrade : Different HYIP investment blog. Fair and Fast updates | EmilyNews | EN\" \/>\n<meta property=\"og:description\" content=\"Possible Chain Split for Bitcoin. 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