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    Author Topic: If hard fork happens, how to send BTU without affecting BTC, vice-versa?  (Read 808 times)

    • tobacco123 (OP)
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    March 20, 2017, 10:20:49 AM
     #1
    If Hard Fork really happen, and if one wants to take advantage of selling one of these (BTU or BTC) and focus on the other, how can that be done? Can this be done by bitcoin-qt and bitcoin-unlimited-qt for each "coin"?

  • Senor.Bla
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    March 20, 2017, 11:54:15 AM
     #2
    First you need to own pre fork Bitcoins, but that seems obvious. Then you should send them to an exchange that will deal with both coins. Most exchanges will do so. On the exchange you should be credited with both coins and can then proceed to sell one of them to buy more of the other.
    Sending just one type of coin from an address would be not that easy, as you could use the same transaction on the other chain, which could be taken advantage of.
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  • Quantus
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    March 20, 2017, 12:02:43 PM
     #3
    Quote from: Senor.Bla on March 20, 2017, 11:54:15 AM
    First you need to own pre fork Bitcoins, but that seems obvious. Then you should send them to an exchange that will deal with both coins. Most exchanges will do so. On the exchange you should be credited with both coins and can then proceed to sell one of them to buy more of the other.
    Sending just one type of coin from an address would be not that easy, as you could use the same transaction on the other chain, which could be taken advantage of.

    I would be impressed if its going to be that simple but maybe it will be but I don't have that much faith in Bitcoin exchanges.
    (I am a 1MB block supporter who thinks all users should be using Full-Node clients)
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  • Jet Cash
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    March 20, 2017, 12:03:53 PM
     #4
    It's an interesting scenario. So if we want to support BTC, we sell our BTU and buy BTC. This pushes up the price of BTC, and increases it's appeal as an investment. I guess this will lead to the death or disuse of BTU
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  • BitcoinHodler
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    March 20, 2017, 12:07:20 PM
     #5
    the problem is that any fork will still be bitcoin fork and that means your transaction will be valid on both chains.

    which means if you for example have 1BTC in Address1 and send it to Address2 that transaction is valid on both chains and if you send that transaction out any node on any chain can pick it up, broadcast it and make that transaction be mined on both chains.

    in other words Address2 can have the same amount on both chains as soon as you broadcast your transaction on one chain. and there will be no way to prevent that.

    that is why they say it is best to go to cold storage and remain there until things are over.
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  • Jet Cash
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    March 20, 2017, 12:11:45 PM
     #6
    But what will happen if the transaction is over 1Mb in size?
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  • BitcoinHodler
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    March 20, 2017, 12:14:10 PM
     #7
    Quote from: Jet Cash on March 20, 2017, 12:11:45 PM
    But what will happen if the transaction is over 1Mb in size?

    is this a joke question? for a transaction to be over 1MB in size it needs to have approximately 5600 inputs (no multi-sig though a normal 1 private key kind of thing).
    how many users do you know who have that many inputs?

    but yeah if it were over that limit, it will be rejected by one side but miners may reject that specific tx too.
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  • Senor.Bla
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    March 20, 2017, 12:23:43 PM
     #8
    Quote from: Jet Cash on March 20, 2017, 12:11:45 PM
    But what will happen if the transaction is over 1Mb in size?
    This will not happen accidentally. You will have to decide to make it that big, since you could easily split it in two. But this would be a way to ensure it will only be confirmed by BU and rejected by Core.
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  • DannyHamilton
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    March 20, 2017, 02:03:01 PM
     #9
    There are a several ways to do it.  Here are two ways:

    Method 1
    Build and sign 2 competing transactions (effectively a double spend) that both spend the same inputs, but which send the bitcoins to 2 different addresses that you control.

    Send 1 transaction to miners that are still participating on the Bitcoin Core blockchain. Send the other transaction to miners that are participating on the Bitcoin Unlimited blockchain.

    Wait until both blockchain forks have confirmed your transaction.

    If both forks confirmed the same transaction, then repeat the process.

    If each fork confirmed a different transaction, then you can now safely spend your bitcoins on one fork without that transaction being valid on the other fork.

    Method 2
    Receive bitcoins that are only valid on one fork.  Send your entire balance on that fork to an address that you control. Wait for that transaction to be confirmed on that fork.

    You can now safely spend your bitcoins on either fork without the transaction being valid on the other fork.

  • RonPaulBTC
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    March 20, 2017, 02:58:34 PM
     #10
    I thought i could leave for a couple of years and hold on my digital gold with a calm mind but you guys make me check the forums all day again because of the HF. I hate Jihan and ROger Ver

  • Jet Cash
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    March 20, 2017, 02:59:59 PM
     #11
    Quote from: BitcoinHodler on March 20, 2017, 12:14:10 PM
    Quote from: Jet Cash on March 20, 2017, 12:11:45 PM
    But what will happen if the transaction is over 1Mb in size?

    is this a joke question? for a transaction to be over 1MB in size it needs to have approximately 5600 inputs (no multi-sig though a normal 1 private key kind of thing).
    how many users do you know who have that many inputs?

    but yeah if it were over that limit, it will be rejected by one side but miners may reject that specific tx too.

    I thought you could embed text into a transaction. This is the example that is usually quoted

    https://chain.so/tx/BTC/27daac15b942454b32f913a41633151163d1921b0c7bf6ddbea6020462d805ee
    Offgrid campers allow you to enjoy life and preserve your health and wealth.
    Save old Cars - my project to save old cars from scrapage schemes, and to reduce the sale of new cars.
    My new Bitcoin transfer address is - bc1q9gtz8e40en6glgxwk4eujuau2fk5wxrprs6fys

  • BillyBobZorton
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    March 20, 2017, 03:08:04 PM
     #12
    Quote from: tobacco123 on March 20, 2017, 10:20:49 AM
    If Hard Fork really happen, and if one wants to take advantage of selling one of these (BTU or BTC) and focus on the other, how can that be done? Can this be done by bitcoin-qt and bitcoin-unlimited-qt for each "coin"?

    BTU has its own client, so what you have to do is having all of your coins in bitcoin core or any private keys you control.

    As the hard fork happens, you will have the same amount of BTU you have of BTC.

    Then what you do next is dump BTU on an exchange, wait for the storm and celebrate the free BTC as BTU collapses by its own weight.

  • Kprawn
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    March 20, 2017, 03:40:43 PM
     #13
    If you want to see what the impact of a hard fork is, just look at what happened to Ethereum. A good article on what the impact was, is to be

    found here ---> http://www.coindesk.com/ethereum-classic-explained-blockchain/ ...They even predicted that this might happen to Bitcoin one

    day.  Roll Eyes .... So let's hope this does not happen and we can somehow avoid this, because this will cause a lot of panic and confusion.  Angry
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