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Old 10-19-2017, 11:23 AM
 
Location: All Over
3,971 posts, read 4,193,378 times
Reputation: 2999

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A while back I had made a thread which was a Guide to Bitcoin for Beginners. If you're interested in this cryptocurrency space give the thread a read.

Because of all the interest and a lot of PM's I've been getting about the upcomming forks I thought I would make a thread about how to store and access your "free money" after the forks or splits. Technically speaking you are not getting "free money" you are getting free altcoins and the market will determine if those have value or not.

What Are Bitcoin Forks?

With Bitcoin and other cryptocurrencies sometimes different developers or groups disagree on the direction Bitcoin should go. If they can't resolve their issues one side may decide they want to leave and "fork" or split off.

Litecoin, the second cryptocurrency ever was a fork off of Bitcoin for example.

When a coin forks or splits off, people who hold the coin get an equal number of coins on the new chain. For example, when Bitcoin split if you had 50 Bitcoins you then had 50 Bitcoins and 50 LItecoins. More recently with the Bitcoin Cash fork if you had 5 Bitcoins you also now have 5 Bitcoin Cash. On the futures market you could have sold them for $1300. After the fork they traded for as much as $1,000. Currently they are trading around $300.

What are the 2 Upcomming Forks?

On October 25 we have Bitcoin Gold. The aim of this fork is to make a "asic resistant" coin meaning the type of mining rigs people currently used won't work anymore. Right now many people argue too much power is in the hands of Bitmain and a small amount of miners and companies.

This split doesn't have too much support. THe project seems unorganized, there's very little info or code available for people to review, and what people are most upset about is the developers have written in code that allows them to "premine" and essentially enrich themselves before they become publicly available. I personally don't see this coin being very important or having a ton of value, but free coins are free coins.

If you have Bitcoin and want to make sure you get your Bitcoin Gold you either need to control your keys and your seed. Most hardware and software wallets do this ie the Trezor and Ledger in terms of Hardware Wallets and in terms of free software wallets you can download Electrum.

For those of you who keep your coins on exchanges, Coinbase likely isn't going to support or give you your Bitcoin Gold so if you keep your coins on Coinbase you won't get gold most likely. The one exchange I know of who has said they will split them and give them to you same day is HitBTC. HitBTC handled the Bitcoin Cash fork really well so I would trust them for Gold and Segwit 2 forks.

This brings us to the Segwit 2 Fork which is happening in November. This fork is much more contentuous and has a lot more support, however personally I believe the Bitcoin we know will remain the "real" Bitcoin. This coin will likely have much more and better value than the earlier Bitcoin Gold fork.

Right now HitBTC is already allowing you to sell your futures of Segwit 2. Currently the ask price is about $1100 and the buy price is about $600 and some change. If you believe Segwit 2 will be worth more you can buy other peoples futures, if you believe it will be worth less you can sell your futures before it goes live.

Just to give you some context, the people who sold Bitcoin Cash futures got $1300 per coin and the price has never again been that high again.

In terms of whether you should control your keys or use an exchange. Most people will tell you it's best to control your keys, and to a point I agree, however again to give some context back during Bitcoin Cash fork, the people who faired the best were those who kept coins on exchanges.

Even though I use a Trezor which is amazing, it took Trezor a couple days to figure out a patch to allow us to safely access our coins and even once we had them, most exchanges shut down deposits and withdrawls for a couple days.

The people who had coins on exchanges like Bittrex or HitBTC had their coins automatically split for them and could immediately start trading, some again already traded the futures before the fork even happenned. Anyhow, because the limited amount of people had access to their coins the supply was low hence the price was high and they got the best prices for selling their Bitcoin Cash.

What Should I Do?

If you have Bitcoin make sure you either have it in a wallet where you control your keys and seed. If you don't make sure your on an exchange which has made a statemetn saying they will support both splits and give you your coins. The only one I'm aware of who's made a statement is HitBTC.

If you don't have Bitcoins and want to buy ahead of the fork I recommend Coinbase. They are insured, probably the largest and most trustworthy exchange IMHO, have never been hacked, etc. I'ts also a VERY user friendly interface and you can buy with debit or credit card, an ACH withdrawl from your bank account or for larger amounts a wife. THey also recently made a new change which lets you access your coins instantly meaning you can buy them and move them to another exchange or wallet you control the keys for. In the past there was like a 5 day waiting period.

Right now Bitcoin is kind of high because people are buying preparing to collect their "free coins". That said prices will drop from like $5700 to $5100 and go right back up the same day so there is some opportunities to buy dips.

Right now people are also selling altcoins ie Lisk, Ark, Litecoin, Ethereum to get more Bitcoin ahead of the forks so altcoins are down right now and a great bargain as well. You can buy altcoins on HitBTC or Bittrex.

My personal view is more money will be made buying alts at steep discounts than will be made getting some free Bitcoin Gold and Segwit 2.


Wrapping Up

Feel free to drop your questions, comments, and predictions...
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Old 10-19-2017, 01:33 PM
 
3,126 posts, read 2,625,178 times
Reputation: 2939
More falderal! A question for bitcoiniacs. What is better: a bird in hand or 2 in the bush?
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Old 10-19-2017, 01:37 PM
 
Location: Fairfax County, VA
1,387 posts, read 600,855 times
Reputation: 2723
Beware the bitcoin-miner virus. It will hijack your PC and impress it into the mining process.

https://sensorstechforum.com/bitcoin...t-august-2017/
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Old 10-19-2017, 01:49 PM
 
Location: All Over
3,971 posts, read 4,193,378 times
Reputation: 2999
Quote:
Originally Posted by Wells5 View Post
More falderal! A question for bitcoiniacs. What is better: a bird in hand or 2 in the bush?
Wells, I realize Bitcoin is silly to you and many others but it's hardly silly, people in traditional finance are finally starting to wakeup and realize this is the future, even if not Bitcoin itself blockchain technology and cryptocurrency even if not decentralized banks and governments will start to issue their own.

As you sit here laughing at us opportunity is passing you by and your going to be a late adopter struggling to understand the new world you'll be living in.

I take profits but I'm also a longterm believer.


https://www.youtube.com/watch?v=DozrRY2NENU&t=1637s
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Old 10-19-2017, 01:51 PM
 
Location: All Over
3,971 posts, read 4,193,378 times
Reputation: 2999
Quote:
Originally Posted by 17thAndK View Post
Beware the bitcoin-miner virus. It will hijack your PC and impress it into the mining process.

https://sensorstechforum.com/bitcoin...t-august-2017/
That thing hijacked my computer a few days ago, was a pain to get off. If anyone gets it run malware byets, delete any newly installed files and clear browsers extensions and the settings on Chrome.
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Old 10-20-2017, 08:33 AM
 
166 posts, read 90,233 times
Reputation: 221
Nice write up, doodlemagic. Still waiting for the update from Coinbase re: what they're going to do post-fork.
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Old 10-23-2017, 07:07 AM
 
318 posts, read 178,143 times
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A statement today from Coinbase about Bitcoin Gold, for now no support, maybe never.

https://support.coinbase.com/custome...tcoin-gold-faq

Is Coinbase going to support Bitcoin Gold?

We operate by the principle that our customers should benefit to the greatest extent possible from hard forks or other unexpected events. However, safety and security are also important considerations for any asset supported by Coinbase.

At this time, Coinbase cannot support Bitcoin Gold because its developers have not made the code available to the public for review. This is a major security risk.

Coinbase's current priority is to add support for Segwit2x, followed by Bitcoin Cash. We will continue to monitor the development of Bitcoin Gold, and if its network proves to be both secure and valuable, Coinbase may decide to support it at a later date.

Coinbase/GDAX will not sell or keep Bitcoin Gold associated with customer Bitcoin for itself. Any Bitcoin Gold will remain securely stored on Coinbase. If Coinbase were to enable support for Bitcoin Gold at a future date, customers would be able to withdraw Bitcoin Gold associated with their Coinbase/GDAX Bitcoin balances at the time of the Bitcoin Gold fork.
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Old 10-23-2017, 09:40 AM
 
318 posts, read 178,143 times
Reputation: 414
This seems to be the official Bitcoin Gold website:

https://btcgpu.org

Looks like the fork will happen tomorrow.
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Old 10-24-2017, 11:36 AM
 
Location: All Over
3,971 posts, read 4,193,378 times
Reputation: 2999
Quote:
Originally Posted by JohnKneedep View Post
Nice write up, doodlemagic. Still waiting for the update from Coinbase re: what they're going to do post-fork.
Hey John, yes looks like Coinbase has come out and said they'll support it and they'll split them for us. My main concern was will they issue them right away or do like Bitcoin Cash and wait months. It looks like there could be a day to a couple days of downtime while they secure everything, I guess they have their own way of creating replay protection, but we should get them right away and should be able to sell them or move them. I'm debating whether I'll keep mine on my Trezor or move over to coinbase.

Here's the article.

https://support.coinbase.com/custome...-segwit-2x-faq

*EDIT Hey I should have mentioned, I was referencing Segwit2X not Bitcoin Gold. Coinbase isn't, wasn't, won't be supporting Bitcoin Gold as of right now, they may change their tune like with Bitcoin Cash but doubtful. If you had your Bitcoin either in a wallet where you own the keys or YoBit or Bittrex or HitBTC then you will also get them. Looks like futures at one point were trading at around $1,000 however looks like now it's about $300.

For the Segwit2X looks like pretty much all exchanges and wallets will be supporting it for the most part. I'm going to keep mine on my Trezor.
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Old 10-24-2017, 02:40 PM
 
Location: Sector 001
7,129 posts, read 5,942,160 times
Reputation: 8042
This is not going to end well.. reminds me of the Tulip craze. I would not invest here after it was at $500 just a year ago. Wait for the consolidation. The whole point of bitcoin being scarce goes out the window when they create fork after fork, diluting the overall supply, forget about the hundreds of altcoins out there. I missed out on a lot of profit never expecting bitcoin to go so high, but I sold my NEM stake and am sitting good so I have nothing to complain about.

I believe in the tech, but as an investor I can't invest here at $6000 per coin before we get consolidation.
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