Re: [Cryptography] Bitcoin Blockchain Has Been Forked (New: BitcoinCash UAHF)
On Tue, Aug 1, 2017 at 7:39 PM, Phillip Hallam-Baker <phill@hallambaker.com> wrote:
So what happens if someone spends the coins on both forks???
Then your wallets are empty and you are broke. Pre-fork tx remain valid in both. Post-fork are generally valid only in respective. Closest financial sector analogue for dummies is a 2 for 1 stock split. However there's much more to it than that. https://blockchair.com/bitcoin-cash/blocks https://bitcointalk.org/index.php?topic=2040221.0 https://coinmarketcap.com/currencies/bitcoin-cash/#markets https://www.youtube.com/watch?v=r0qQvXP5Om8
[2017-08-01 23:52 -0400] grarpamp <grarpamp@gmail.com>
On Tue, Aug 1, 2017 at 7:39 PM, Phillip Hallam-Baker <phill@hallambaker.com> wrote:
So what happens if someone spends the coins on both forks???
Then your wallets are empty and you are broke.
Is there really a mechanism in BCC that enforces this? Miners would need to interop with other chains in order to check for cross chain double spends of pre-fork outputs. Yet the communication between BCC and BTC seems unlikely given current state of affairs.
On Wed, Aug 02, 2017 at 03:46:27PM +0200, Vasily Kolobkov wrote:
[2017-08-01 23:52 -0400] grarpamp <grarpamp@gmail.com>
On Tue, Aug 1, 2017 at 7:39 PM, Phillip Hallam-Baker <phill@hallambaker.com> wrote:
So what happens if someone spends the coins on both forks???
Then your wallets are empty and you are broke.
Is there really a mechanism in BCC that enforces this?
Miners would need to interop with other chains in order to check for cross chain double spends of pre-fork outputs. Yet the communication between BCC and BTC seems unlikely given current state of affairs.
But there is a healthy self-interest in those accepting BTC for fiats and physical goods, to do that connection and monitor both forks, at least in the early days of the fork. I.e. the impulse to economic rationalist self interest shall undoubtedly be a sufficient impulse to the players involved to handle this potential problem.
[2017-08-03 00:06 +1000] Zenaan Harkness <zen@freedbms.net>
part text/plain 944 On Wed, Aug 02, 2017 at 03:46:27PM +0200, Vasily Kolobkov wrote:
[2017-08-01 23:52 -0400] grarpamp <grarpamp@gmail.com>
On Tue, Aug 1, 2017 at 7:39 PM, Phillip Hallam-Baker <phill@hallambaker.com> wrote:
So what happens if someone spends the coins on both forks???
Then your wallets are empty and you are broke.
Is there really a mechanism in BCC that enforces this?
Miners would need to interop with other chains in order to check for cross chain double spends of pre-fork outputs. Yet the communication between BCC and BTC seems unlikely given current state of affairs.
But there is a healthy self-interest in those accepting BTC for fiats and physical goods, to do that connection and monitor both forks, at least in the early days of the fork.
I.e. the impulse to economic rationalist self interest shall undoubtedly be a sufficient impulse to the players involved to handle this potential problem.
I'd say it's in every peer's interest as to not lose value of their coins. E.g. holder of tokens wouldn't be happy about market price going down due to this issue (which though i still haven't find much evidence for/against).
No one will run N other chains / hierarchies just to cross check the spending matrix, cost and complexity are too high. Holders won't tolerate destruction their held value by arbitrary spending censorship, they'll move to new more free coins. For example, the "Z" currencies (Zcash, Zclassic, particularly Zencash) introduced some new privacy and anti-censor features to the market and are doing pretty well in space as a result. Open markets perform their own discovery and analysis of all issues, thus market itself can be consulted as a component of guidance and insight. Coin evolution, development, migration and upgrades are an expected part of DC life for the next decade or more. Live it and/or stay with fiat lifecycle as desired. Re BTC: prefork holders don't need to do anything this minute, spenders can buy and spend their usual places, traders can trade. Current combined price = $3200, and generally above $3000, which is still quite up from prefork, BTC hasn't really moved, it's all in BCC. BCC has high txrate and low fees that BTC doesn't, so things could flip before long, especially when... More development of pluggable storefront API's and entire financial space that can handle top three to five popular coins... just like cash / ach / wire / visa / mc / ds / amex etc today. https://coinmarketcap.com/ https://bitcointalk.org/
participants (3)
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grarpamp -
Vasily Kolobkov -
Zenaan Harkness