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Exclusive: How Coinbase And Other Exchanges Will Handle The Segwit2x Hardfork

Exclusive: How Coinbase And Other Exchanges Will Handle The Segwit2x Hardfork

An exclusive with Charlie Lee, creator of Litecoin By Aziz, Founder of Master the Crypto No responses This is an exclusive opinion editorial from Charlie Lee, the creator of Litecoin and a prominent figure in the cryptocurrency community, on the possible actions that will be undertaken by Coinbase and various exchanges with regards to the Segwit2x Hardfork in November. Ive been asked multiple times how I think Coinbase (and other exchanges ) will handle the Segwit2x hardfork in November. For background, although Im no longer working at Coinbase, I was previously Director of Engineer at Coinbase and led the GDAX team, and I still give Coinbase advice. This is how I think this 2x hardfork will play out. (See also: Guide to Forks: Everything You Need to Know About Forks, Hard Fork and Soft Fork ) With the ETC and BCH hardforks, it was clear that those 2 coins will be the minority fork, so it was safe to use a wait-and-see approach. So Coinbase didnt support those forks initially. And only if there was traction on those forks, would Coinbase spend the time and resources to support those forks and let people access their coins on the minority chain. That is what Coinbase did with both ETC and BCH hard forks. (See also: Whats the Difference Between Ethereum and Ethereum Classic? and Bitcoins Civil War: How and Why?) For the 2x hardfork, things are a bit more tricky. 2x is supposed to be an upgrade to the Bitcoin protocol. What that means is that ideally, everyone should upgrade to the 2x code before the hardfork and the hardfork will just happen and everyone would just switch to the new chain and no one would be on the old chain. This only works ifeveryonedid this. Because this is a hardfork, if not everyone upgrades, then there will be 2 chains. The supporters of 2x and the Continue reading >>

How To Receive Additional Coins When Ethereum Forks Next Month

How To Receive Additional Coins When Ethereum Forks Next Month

It is unlikely that Ethereum will have two valid chains, as the community is waiting for those updates and there is not much opposition to this proposed hard fork. This means that we might have a hard fork to which all nodes within the network switches and we will avoid chain split. Most likely this is what will happen as Metropolis update was planned from the beginning and there is no reasons not to switch to. Also, there is a huge drawback to stay on the old chain: if a miner stays on the old chain, the Ice Age (built in block mining time increase) will force the node owner to switch and start using new software anyway because block times become way too long to be useful. There were similar rumours with Bitcoin, but now we have Bitcoin cash. Therefore, it is hard to predict what will actually happen. Firstly a hard fork is a software upgrade that introduces a new rule to the network that isn't compatible with the older software, so miners will need to switch over to the new upgraded version of Ethereum, a hard fork does not guarantee a brand new currency unless a substantial amount of miners continue to mine the old blockchain. There's already been a couple of hard-forks within Ethereum. When a hard fork happens, there's always the possibility of a new currency emerging if the chain splits due to disputes like the emergence of ETC and Bitcoin Cash with the Bitcoin blockchain. From what I understand, it's fairly certain that this fork will not result in a third Ethereum currency. Metropolis has been planned and there's no big controversy around it, not enough for miners to keep mining the old chain and split from the Ethereum blockchain. However if there was to be any major disagreements in the future causing a chain split then the only way you can receive the new coi Continue reading >>

Gdax | Ethereum Faqs

Gdax | Ethereum Faqs

Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference. Ethereum uses a public blockchain similar to bitcoin, but also enables advanced programmable transactions types. Ether (ETH) is the primary currency on the Ethereum network. Much like bitcoin (BTC), it is created by computerized mining. Ether can be sent from one address on the Ethereum network to another, and can also be used in other transactions called "Smart contracts. Ethereum was proposed by Vitalik Buterin in a white paper . Since then many people have contributed work to the project. GDAX provides order books for both ETH/BTC and ETH/USD. You can create an account on GDAX to buy and sell ether with bitcoin, or US dollars. Bitcoin was conceived as a "apurely peer-to-peer version of electronic cash,"focusing on payments, and value transfer as its primary applications. Ethereum extends the ideas bitcoin is built on in order to provide a more generalized computational platform. This enables the creation of smart contracts, decentralized applications, and even decentralized governance applications. No. Bitcoin and Ethereum are separate protocols, and it is not possible to complete a transaction from one to the other. However, you can buy and sell ether and bitcoin separately. What happens if I send my ether to the wrong address? Dont do this. Unfortunately if you send ether to an incorrect address, it may be lost forever. Ethereum network addresses do not have the safety measures, so it is possible to lose ether if you enter an address incorrectly. Bitcoin addresses have built-in verification to prevent errors like this. A smart contract is an executable program stored on the E Continue reading >>

Notes On Ethereum Hard Fork Procedures

Notes On Ethereum Hard Fork Procedures

A countdown timer can be seen at fork.codetract.io Below are the official notes from the Ethereum team regarding the start of the Byzantium hard fork, which is a two part series of upgrades to the network. While there were some Ethereum and ERC20 deposit and withdrawal suspensions lasting up to 5 hours to 24 hours on some exchanges, many companies such as Coinbase and others are only bumping up the number of confirmations before a transaction is confirmed, thus causing some temporary delays. The Ethereum network hard fork will be in progress atblock number 4.37mil (4,370,000), approximately occurring between 12:00 UTC and 13:00 UTC today, MondayOctober 16, 2017. The Ropsten test network underwent a hard fork on September 19th (UTC) at block number 1.7mil (1,700,000). What is Metropolis, Byzantium, and Constantinople? Metropolis is a planned Ethereum development phase that includes two hard forks: Byzantium and Constantinople. Byzantium is occurring at block number 4.37mil. Constantinople does not currently have a release date, but is expected in 2018. Download the latest version of your Ethereum client: What if I am using a web or mobile Ethereum wallet like MyEtherWallet or Jaxx? Ethereum websites and mobile applications that allow you to store ether and/or make transactions are running their own Ethereum client infrastructure to facilitate their services. If you use a third-party web-based or mobile Ethereum wallet, your wallet provider may need to update for the hard fork. It is recommended that you check with them to see what actions they are taking to update for the hard fork and if they are asking their users to take other steps. A hard fork is a change to the underlying Ethereum protocol, creating new rules to improve the system. The protocol changes are activat Continue reading >>

Coinbase Hard Fork Plan Credits 2x Coins, Shuns Bitcoin Gold

Coinbase Hard Fork Plan Credits 2x Coins, Shuns Bitcoin Gold

Coinbase Hard Fork Plan Credits 2x Coins, Shuns Bitcoin Gold Coinbase will preserve the BTC ticker for the Bitcoin legacy chain, it says, while initially not supporting Bitcoin Gold. Largest US exchange Coinbase has finally released its official stance on Bitcoin hard forks SegWit2x and Bitcoin Gold. In a blog post Monday, Coinbase surprised some in the cryptocurrency community by stating it would retain the BTC ticker for the legacy chain under all circumstances. Following the fork, Coinbase will continue referring to the current Bitcoin Blockchain as Bitcoin (BTC) and the forked Blockchain as Bitcoin2x (B2X), the post reads. Update on Bitcoin Segwit2x and Bitcoin Gold: Coinbase has taken longer than many exchanges to release its plan of action regarding hard forks, with notice being given the same day Bitcoin Gold split from BTC. This lesser-known fork, Coinbase says, will only get support if the Blockchain proves to be secure and valuable. Information about this fork has been limited and there are concerns about its security and stability, it continues. As a result, we do not believe it is safe to allow support for Bitcoin Gold at this time. Bitcoin Gold (BTG) is currently listed on Coinmarketcap as a pre-release token, with an estimated value of $410 per coin at press time. The codebase for BTG is meanwhile incomplete, with a lack of replay protection still being addressed after an open community appeal on GitHub. Continue reading >>

Bitcoin's Biggest Unresolved Tax Question: Hard Forks

Bitcoin's Biggest Unresolved Tax Question: Hard Forks

Bitcoin's Biggest Unresolved Tax Question: Hard Forks By David Floyd | Updated January 10, 2018 11:19 AM EST How Coinfloor's Bitcoin Futures Differ from CME, CBOE Whenever you get free money, the taxman wants a piece. These windfalls couldstarthappening fairly frequently for bitcoin holders through events known as hard forks, but depending on how the IRS chooses to treat the windfalls, anapparent blessing could be a curse in disguise. (Thissection describes the high-level mechanics of cryptocurrency forks. If you don't need a refresher, skip ahead .) Cryptocurrencies such as bitcoin and ethereum are subject to hard forks (ethereumitself is the result of one): the creation of new coins by a process akin toplants budding,cells dividing, or snakes sloughing off dead skin the choice of metaphor depends on your feelings about a particular fork. Theprocess isn't automatic or inevitable human intervention is required but it's outside of any individual user'scontrol, and it's begun to happen more and more frequently. Bitcoin's first hard fork created bitcoin cash in August 2017, but there have been at least 20 since: Bytether, Bitcoin Classic, Bitcoin Gold, Bitcoin Diamond, UnitedBitcoin, Bitcoin Hot, Super Bitcoin, etc. Arecent article in Bitcoin Magazine described "forkcoins" as "all the rage right now."Next up: Bitcoin Private. To understand what a fork is, picture a simplified bitcoin blockchain with three participants.When a new block is found, we get a snapshot of Alice, Bob and Carol's bitcoin (BTC) holdings;then they transact with each other for around 10 minutes (Alice sends Bob 5 BTC in block 1028, for example), and we get another snapshot. But say that a hard fork occurs at block 1029. A new cryptocurrencywe'll call BTC, perhaps governed by different consensus rules Continue reading >>

Coinbase Busy Adding Bitcoin Cash And Ethereum Classic Support?

Coinbase Busy Adding Bitcoin Cash And Ethereum Classic Support?

Coinbase Busy Adding Bitcoin Cash and Ethereum Classic Support? Coinbase appears to be adding support for new cryptocurrencies like Bitcoin Cash (BCH) and Ethereum Classic (ETC) to its API list giving their followers hope full support is coming soon. Inclusion for storage or full trading on the worlds most popular cryptocurrency platform would be a huge boost to either token. Join the Bitsonline Telegram channel to get the latest Bitcoin, cryptocurrency, and tech news updates: Coinbase Hints but No Official Support Yet To date, Coinbase hasnt announced any definite support for BCH or ETC, both of which resulted from blockchain forks in more popular cryptocurrencies the company already trades. Recently, however, Coinbase said it would allow users to separate and hold BCH balances if they held bitcoin (BTC) at the time of the hard fork August 1st 2017. Just a few days ago, the companys new president Asiff Hirji hinted at BCH support in a televised interview with CNBC. Bitsonline has also reached out to Coinbase to inquire about new currencies, though to date has not received any response. Coinbase operates in 32 countries and claims to have over 10 million users worldwide. Its the most popular cryptocurrency management and exchange platform in the U.S. Both the images presented below are unconfirmed, and note there has been debate on chat platforms over whether theyre (a) genuine, or (b) new. We tested the settings on one of our own accounts, but could only confirm options for the standard BTC, ETH, and LTC. Eagle-eyed Coinbase users first noticed the Bitcoin Cash (BCH) wallet addition a couple of hours ago. The following image circulated widely on social media: Soon after, a second image appeared this time showing the addition of ETC and suggesting the changes were very Continue reading >>

Coinbase Co-founder Cautions Against Ethereum Hard Fork

Coinbase Co-founder Cautions Against Ethereum Hard Fork

Coinbase Co-Founder Cautions Against Ethereum Hard Fork Jun 21, 2016 at 19:41 UTC|UpdatedJun 22, 2016 at 03:18 UTC Digital currency exchange operator Coinbase is weighing in on the ongoing crisis withThe DAO, the distributed autonomous organization (DAO) that recently saw millions in customer funds seized by an unknown individual or individuals through a code exploitation. In statements to CoinDesk, Coinbase co-founder Fred Ehrsam said that he would prefer that ethereum's developers avoid making changes to the blockchain platform's code that would find them changing protocol rules to rescue customer funds . The comments are notable given Coinbase's vocal support for the ethereum platform and ether, the native digital currency it added to its GDAX exchange in May . In remarks, Ehrsam reiterated his past public statements on the issue, but cautionedthat the ethereum platform is still in its early stages, and that as such,The DAO should be viewed as both a learning experience and a "reality check". "We should learn to live with those mistakes because people will write poor smart contracts in the future and we can't fork each time." In spite of the recent turmoil, Ehrsam said that his view of the strength of the ethereum development community and ether market remains unchanged. "It shows that it's hard to write secure smart contracts," he said. The comments come amid a larger debate in the ethereum community on the actions that should be taken to protect customer investments now that The DAO has been compromised. Options includeeither a hard or soft fork , the latter of which would find the ethereum protocol being updated so that any spending from a contract associated with The DAO would be deemed invalid. Alternatively, the development community could pursue a hard fork t Continue reading >>

Upcoming Bitcoin Forks 2017 2018

Upcoming Bitcoin Forks 2017 2018

The content of this website is provided for informational purposes only and cant be used as investment advice, legal advice, tax advice, medical advice, advice on operating heavy machinery, etc. Our site is not officially associated with any brand or government entity. Any mention of a brand or other trademarked entity is for the purposes of education, entertainment, or parody. Neither CryptocurrencyFacts.com nor its parent companies accept responsibility for any loss, damage, or inconvenience caused as a result of reliance on information published on, or linked to, from CryptocurrencyFacts.com. In other words, this is a website on the internet offering free information about cryptocurrency, this is not your accountant, lawyer, or fiduciary offering you professional tax, legal, or investment advice. Your Guide to Upcoming Bitcoin Forks December 2017 January 2018 (and Beyond) The following Bitcoin forks have been announced (although not every one is confirmed as legit). They are Super Bitcoin, Bitcoin Platinum, Bitcoin Cash Plus, Bitcoin Silver, Bitcoin Uranium, and Bitcoin God. We will update the list as more occur, for now this is your guide to Bitcoin forks from December 2017 January 2018. To be clear, this is not a joke (and further that does say God and not Gold, there are no typos above). These Bitcoin forks could end up not being real, but as far as we know at this point, they are real[see notes below for specifics on each coin, so far Bitcoin Platinum is rumored to be fake]. In other words, over the next month or so (December January) there will potentially be as many as six Bitcoin forks.That means Bitcoin holders could get free coins six times (or if all turn out to be fake, zero times). Each fork occurs at a block number (AKA block height) . Thus, below we wi Continue reading >>

Coinbase | Eth Byzantium Fork Faq

Coinbase | Eth Byzantium Fork Faq

This is a planned upgrade to the Ethereum network. We do not expect any impact to customers. The upgrade to the Ethereum network --codenamed Metropolis--is split into two stages. These two stages will be released one after the other: Byzantium and Constantinople. Byzantium will be released with block # 4,370,000, which is estimated to occur between 5:00 a.m. and 6:00 a.m. PT on Monday, October 16, 2017. What technical changes are included in Byzantium? Improvements to blockchain logic for security (uncle blocks) Additional command options for smart contracts As the Ethereum network grows, the development team periodically adds new features that make the underlying technology more secure and useful. These upgrades happen through the process of whats called a "software fork. Computers running the Ethereum software update their copy of the software to the new version in order to take advantage of the new features. The Byzantium release is part of a schedule of updates that have been planned for a long time. How will this affect me as a Coinbase/GDAX customer? The day before the fork and for a short time after, we will temporarily increase the number of confirmations required for incoming ETH transactions. Incoming ETH transactions will remain pending longer than normal before they become available in your account. Outgoing ETH transactions will not be affected. Continue reading >>

Coinbase Updates Segwit2x Stance; May Call Forked Chain Bitcoin

Coinbase Updates Segwit2x Stance; May Call Forked Chain Bitcoin

Coinbase Updates SegWit2x Stance; May Call Forked Chain Bitcoin Join our community of 10 000 traders on Hacked.com for just $39 per month. Bitcoin exchange Coinbase has clarified its position on the upcoming SegWit2x hard fork, stating that it will use accumulated network difficulty to determine which blockchain the company will label Bitcoin following the fork. On Monday, David Farmer, Coinbases director of communications, published a blog post revealing the rapidly-growing bitcoin exchanges stance on SegWit2x. In the announcement, he seemed to indicate that Coinbase would continue to call the incumbent blockchain Bitcoin and would label the forked blockchain Bitcoin2x. From the post: Following the fork, Coinbase will continue referring to the current bitcoin blockchain as Bitcoin (BTC) and the forked blockchain as Bitcoin2x (B2X). This was a significant development since Coinbase had expressed firm support for SegWit2x and had signed the New York Agreement (NYA). One industry observer called the announcement the nail in the coffin for the scaling proposal. However, Tuesday evening, Coinbase published another blog post that appeared to walk back some of what they had said in the earlier post. Specifically, the company explained that the term Bitcoin2x would only be used to describe the forked chain at the time of the fork until a further determination was made. At some point following the fork, the chain with the most accumulated difficulty will earn that label, although the exchange said it may consider other factors as well: [After the fork] We are going to call the chain with the most accumulated difficulty Bitcoin, Farmer clarified, adding that, We will make a determination on this change, once we believe the forks are in a stable state. We may consider other fact Continue reading >>

Coinbase Bug Made It Possible To Reward Yourself With Unlimited Ethereum

Coinbase Bug Made It Possible To Reward Yourself With Unlimited Ethereum

Coinbase bug made it possible to reward yourself with unlimited Ethereum You might have missed a one-off opportunity to become a cryptocurrency multi-billionaire. It appears popular exchange desk Coinbase suffered from a flaw in its Ethereum smart contract setup, which made it possible to reward yourself with a virtually infinite sum of ETH, according to newly surfaced vulnerability report . The jarring vulnerability was discovered by Dutch fintech firm VI Company, which reported the issue to Coinbase back in late December last year. The exchange desk fixed the issue a month later in January and has since rewarded the Dutch company with a $10,000 bounty. By using a smart contract to distribute [ETH] over a set of wallets you can manipulate the account balance of your Coinbase account, the researchers wrote in a HackerOne report submitted to the exchange desk. If [one] wallets transaction in the smart contract fails all transactions before that will be reversed, VI Company explained. But on Coinbase these transactions will not be reversed, meaning a person could add as much Ethereum to their balance as they want. This practically meant that anyone could have abused this glitch to credit their wallets with infinite amounts of Ethereum. The researchers have provided screenshots proving they were able to successfully exploit the glitch. They have also linked to the faulty transaction on Etherscan . VI Company has also since detailed the steps it took to exploit the bug: Setup a smart contract with a few valid Coinbase wallets and [one] final faulty wallet Transfer appropriate funds to smart contract Execute smart contract adding the set amount of ether to the Coinbase wallets without ever actually leaving the smart contract wallet because the complete transaction fails at Continue reading >>

Ethereum ($eth) - Etherzero Hard Fork - Coin Calendar

Ethereum ($eth) - Etherzero Hard Fork - Coin Calendar

Fork height: 4936270 - Block time: Jan 19th 2018 GMT 19:00-21:00 Fork height: 4936270 Block time: Jan 19th 2018 GMT 19:00-21:00 I have my ETH on a Nano s, so how do I collect the ETZ tokens? Amazingly there appears to be little info available on this. Hello ! if I have eth in Jaxx wllet, its ok to get ETZ. do I have to do something else or will they automatically enter? If I bought the ETZ, the ones I bought the spoils went in automatically? How much ETZ will I get for an ETH. Thanks in advance Hello ! if I have eth in Jaxx wllet, its ok to get ETZ. Do I have to do something else or will they automatically enter? If I bought the ETZ, the ones I bought the spoils went in automatically? How much ETZ will I get for an ETH. Thanks in advance You need to have the ETH on a personal wallet (Ledger Nano, Trezor, KeepKey, MyEtherWallet etc.) otherwise the exchange will receive the ETZ. You can do this temporary and then receive the ETZ on the ETZ blockchain/or wallet. Also dont keep your crypto on an exchange for a long period of time. First of all, no white paper (link says coming soon, been like that forever). Why are you buying something you have no clue. Second of all, its unclear if this is an ICO with new tokens being issued (there is a link to buy into it) or if its a fork (you get ethzero for eth 1:1) or both. If its both, then people buying in get 200 ethzero for 1 eth. People not buying in get 1:1 for their eth. 200 times more for buying it? Smells like scam. Buying in was to enforce support to integrate the ETZ to exchanges. Exchanges ask money and tokens to be placed. Therefor funds need to be collected. So far 500k has been raised. There are no new tokens since its just a copy of the ETH blockchain, so on the new blockchain the main token is ETZ instead of ETH. How Continue reading >>

Great News For Coinbase Eth Holders!! You Heard It Here First!!

Great News For Coinbase Eth Holders!! You Heard It Here First!!

After Coinbase dropped the ball on the Ethereum Hard fork Brian Armstrong (Coinbase CEO) decided it was his responsibility to credit holders of ether their right to their ETC (Ether Classic). I find this to be an incredible gesture by Brian and the Coinbase team!! Now holders of ether at the time of the Hard Fork will be credited ether. Here is the ETC FAQ on the Coinbase support page below. Welcome to the Ethereum Classic (ETC) Support Page. Below please find answers to a few frequently asked questions about Coinbases plan to credit customers with ETC. On July 20th, 2016 Ethereum executed a hard fork, or a change in the way the Ethereum protocol works. The majority of the mining hashing power supported the hard fork which is currently known as ETH or Ethereum. A smaller set of miners supported a shorter chain. This shorter chain became known as ETC. Coinbase is currently configured to support ETH, not ETC. Yes, if you had an ETH balance on GDAX immediately prior to the hard fork or if you sent ETC to Coinbase or GDAX after the hard fork. We've decided to make this full amount of ETC available to customers as a credit that can be sent off-platform. If Coinbase does not support ETC wallets or trading, why make credits available at all? As the price of ETC increased, some customers requested that Coinbase make ETC available for withdrawal. We want to be the most trusted place to store digital assets, and this felt like the right thing to do for our customers. We are working as quickly as possible to make a secure procedure available to send ETC credits off-platform. We expect to have this available in the near future and will provide regular updates to the community via Twitter or the Coinbase blog. We will provide a special-purpose Coinbase webpage to send your ETC cred Continue reading >>

Bitcoin Hard Fork: The Game Plan

Bitcoin Hard Fork: The Game Plan

Bitcoins upcoming fork is arguably its most divisive one yet. Clear battle lines have been drawn, setting the stage for a potentially Lutheran-style schism in the blockchain community. (Note: the author is being a bit dramatic, but all signs seem to show that a serious divergence is building momentum.) // -- Discuss and ask questions in our community on Workplace . By looking at bitcoins price, one would hardly conclude that the original blockchain currency is facing turmoil. Bitcoin added a staggering 24% last week en route to fresh record highs. However, one of the motivations for buying bitcoin is the hard fork itself. If you own bitcoin on fork day, you will also receive equal value of the newly minted digital currency. (If your cryptocurrency exchange doesnt support the new coin, you can always threaten to sue it like the backers of Bitcoin Cash did to Coinbase.) The upcoming hard fork, which is scheduled sometime in mid-November, will create two competing versions of bitcoin. We speculated recently that the new coin is unlikely to create controversy over the real bitcoin, but as Jeff John Roberts of Fortune argues, this disagreement is already under way. Like the hard forks before it, the main crux of the debate is how to best optimize the Bitcoin network. Backers of SegWit2x want to double the size of bitcoin blocks to boost transaction capability. // -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- // Backers of the new protocol include bitcoin miners who use advanced computers to compile transactions. In their view, bigger blocks are desperately needed to accommodate the massive growth in the blockchain network, as well as to reduce transaction fees. As Roberts a Continue reading >>

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