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LegendaryActivity: 2128Merit: 1009Newbie [Guide] Surviving the fork, or How to double your bitcoins (or save fiat) August 20, 2015, 10:07:01 AM

Last edit: August 20, 2015, 10:23:40 PM by Come-from-Beyond #1



A lot of people own bitcoins but only few understand how Bitcoin XT drama will unfold and what should be done to survive the aftermath. Both the sides (Mike+Gavin tandem VS other coredevs) are bad guys. They have economic (and psychological) incentive to push their plan through and they do NOT care about us. We, ordinary bitcoiners, should help each other so below you will find a guide how to save your money.





1. Move your bitcoins to a wallet controlled only by YOU. If it's a webwallet like BlockChain.Info it's still strongly recommended to download original Satoshi's wallet software and start downloading 40 GiB of the blockchain. If you leave your coins somewhere on the Internet you may be unable to double them once the fork happens.



2. Wait for the fork. Try to enjoy this time, the price will likely go down and down and down, but as long as it's above 50% of the price you paid you are safe. While you have nothing to do install software which works with Bitcoin XT.



3. After the fork find someone who owns coins not existing on the both blockchains and ask them to send few satoshis to your account, do it for the both blockchains. Those lucky owners of coins that don't exist on the other blockchain will likely be miners or guys who managed to get their transaction not included into the other chain. I expect that the market will react to the fork by selling such special coins slightly more expensive than their face value.



4. Find exchanges that work with different blockchains and send your coins TWICE by combining your original coins with coins obtained on the previous step. This will prevent a transaction on one blockchain from inclusion into the other blockchain.



5. Sell your bitcoins on the both exchanges for fiat and watch market reaction. Once the market decides which blockchain wins send fiat money to the corresponding exchange and buy bitcoins. If you are a skilled trader you may try to exchange BTC for LTC or another altcoin instead of fiat. Do it at your own risk, I don't dare to predict how altcoin markets will react to the fork.





PS: Once again, it is very important: your bitcoins must be controlled only by you when the fork happens, otherwise the wallet hoster will do the explained trick by himself and will feed you with a legit looking excuse.





Edit: Maybe it's not the best strategy, see Maybe it's not the best strategy, see https://bitcointalk.org/index.php?topic=1157679.msg12197629#msg12197629 ... 1.If it's a webwallet like BlockChain.Info it's still strongly recommended to download original Satoshi's wallet software and start downloading 40 GiB of the blockchain. If you leave your coins somewhere on the Internet you may be unable to double them once the fork happens.2.Try to enjoy this time, the price will likely go down and down and down, but as long as it's above 50% of the price you paid you are safe. While you have nothing to do install software which works with Bitcoin XT.3.Those lucky owners of coins that don't exist on the other blockchain will likely be miners or guys who managed to get their transaction not included into the other chain. I expect that the market will react to the fork by selling such special coins slightly more expensive than their face value.4.This will prevent a transaction on one blockchain from inclusion into the other blockchain.5.Once the market decides which blockchain wins send fiat money to the corresponding exchange and buy bitcoins. If you are a skilled trader you may try to exchange BTC for LTC or another altcoin instead of fiat. Do it at your own risk, I don't dare to predict how altcoin markets will react to the fork.