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    Author Topic: Question for Peter Vessenes about Mt.Gox accounts after the hard fork  (Read 1400 times)
    nikkisnowe (OP)
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    March 05, 2013, 11:59:49 PM
     #1

    I thought that you would be most capable of answering this question since you seem to be the spokesperson for both Mt. Gox and Coinlab recently.  My question concerns how Coinlab/MtGox plans on responding to a hard forks on the blockchain.  I am particularly concerned about the upcoming hard fork in relation to the change in the blocksize limit.    The current limit on number of transactions per second is the Achilles-heel to bitcoin and it will be changed.  I think any rational person in the bitcoin community realizes this and the result is going to be a hard fork in the near future.  So my question is what has Mt.Gox/Coinlab done in preparation for this? 

    Once the hard fork occurs, there will be two separate blockchains either competing for supremacy or the two will be able to somehow exist separately, though I don’t know how.  In whatever case, once the hard fork occurs there will immediately be Bitcoin-A which can be verified by miners running the new release with the larger blocksize limit, and Bitcoin-B which will continue to be verified by miners who have not, or will not upgrade to the new Bitcoin release.  Anyone who held bitcoins prior to the new release resulting in the hard fork will hold both types of bitcoins. 

    So what about Mt. Gox account holders?  They don’t hold bitcoins but instead hold a promissory note to bitcoins until they choose to move them to a personal wallet or if they want to exchange them for some other fiat currency.  Which bitcoin will they hold after the hard fork?  Both types will have value and I can’t believe that Mt.Gox/Coinlab is going to unilaterally decide which type of bitcoin account holders will now have.  I assume that there will be some way that account holders will have two sub-accounts representing the Bitcoins on both block chains.  If not, Mt. Gox/Coinlab is going to have a nice windfall as they are going to have access all of the other bitcoins on the other blockchain not held by the account holder.  I can’t imagine that account holders are going to be too happy with such a situation.  I also wouldn’t doubt that  someone  hasn’t already prepared a draft Complaint and Motion for Class Certification for a class action lawsuit in preparation for when the hard fork occurs, just waiting to fill in the names and dates.

    Thanks 
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