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Bit Coin changes

Discussion in 'Online Casinos' started by Googobucs, Jul 21, 2017.

    Jul 21, 2017
  1. Googobucs

    Googobucs Meister Member

    Occupation:
    IT Manager
    Location:
    Florida, USA
    I received this notice twice now from CoinBase.

    Dear Coinbase Customer,
    We are contacting you to make you aware of recent developments in a number of proposals for technical changes to Bitcoin. All BTC stored on Coinbase will remain safe during these events described below.
    The User Activated Hard Fork (UAHF) is a proposal to increase the Bitcoin block size scheduled to activate on August 1. The UAHF is incompatible with the current Bitcoin ruleset and will create a separate blockchain. Should UAHF activate on August 1, Coinbase will not support the new blockchain or its associated coin.
    The User Activated Soft Fork (UASF) is a proposal to adopt Segregated Witness on the Bitcoin blockchain and could result in network instability. It is scheduled to activate at the same time as the UAHF.
    To ensure the safety of customers’ funds, we will temporarily suspend BTC deposits, withdrawals, and buy/sell starting approximately 4 hours before activation of either fork.
    • If you do not wish to have access to UAHF coins, and do not wish to access your BTC during the fork, you are not required to take any action.
    • If you do wish to have access to UAHF coins or access your BTC during the fork, you should send your BTC from Coinbase to your external address by July 31.
    For more information on these potential Bitcoin forks, please refer to this article: You must register/login in order to see the link..
    Thank you,
    Coinbase Team
    Check out our Status Page and Twitter for the latest updates from Coinbase.

    Does this really have any affect on anything that we should care about from a user perspective or is it all just back-end mumbo jumbo? Does it affect the way I need to process transactions?
     
  2. Jul 21, 2017
  3. dunover

    dunover Unofficial T&C's Editor Staff Member CAG PABnononaccred PABnonaccred PABinit mm3 webmeister

    Occupation:
    International Money Launderer
    Location:
    the bus shelter, opposite GCHQ Benhall

    Yes, somebody posted this identical post yesterday.

    Here's something that may help unravel it:

    You must register/login in order to see the link.

    The value of the virtual currency Bitcoin has always been volatile.

    Even so, there has been particular turbulence in recent days as fears of a "civil war" among its adherents first grew and then subsided, although they have not gone away altogether.

    On Sunday, the value of one bitcoin dropped to about $1,863 (£1,430) before bouncing back to $2,402 on Wednesday, according to data from the news site CoinDesk - still some way off a June high of $3,019.


    What's at stake?

    Bitcoin risks becoming a victim of its success.

    The popularity of the financial technology has caused transactions to be processed slower, with some users complaining of having to wait three days or more for confirmation of trades when the backlog was at its worst, in May.




    Moreover, fees have also risen, hitting a high of $5 per transaction at the start of June.

    That makes it too costly to justify its use for some purchases, such as buying a pint of lager in a Bitcoin-accepting pub.

    There are ways around the problem, but the cryptocurrency's community has been split over which solution to adopt.

    The risk is that Bitcoin could effectively split in two, with one type becoming incompatible with another, ultimately undermining confidence in the project altogether.


    In simple terms, why does this problem exist?

    The issue is that Bitcoin's underlying technology has an in-built constraint: the ledger of past transactions, known as the blockchain, can have only 1MB of data added to it every 10 minutes.

    To understand why, it's helpful to first understand how Bitcoin works.

    To authenticate Bitcoin transactions, a procedure called "mining" takes place, which involves volunteers' computers racing to solve difficult mathematical problems.

    For each problem solved, one block of bitcoins is processed. As a reward, the successful miners are given newly generated bitcoins.

    An updated copy of the blockchain database is then copied to all the computers involved in the validation process, which are referred to as "nodes".

    Bitcoin originally did not have the 1MB/10min blockchain limit, but the feature was added to help defend the technology against denial of service (DoS) attacks, which might overwhelm the blockchain by flooding it with tiny transactions.



    Mining, by the way, has become a big business in its own right, with some companies investing in huge "farms" of computers dedicated to the activity. Several of the biggest are based in China.


    So, why not just raise the limit?

    Many of the miners have, in fact, favoured the so-called Bitcoin Unlimited solution.

    They said that allowing them to increase the 1MB block size would speed up transactions and reduce transactions fees.

    But this could also make mining more expensive, and impractical for small "mom and pop" operations, leaving it under the control of a handful of large corporations.

    That is because more processing power would be needed to verify transactions.

    Furthermore, additional data bandwidth and storage space would be needed to transmit and store the blockchain, since it would become much bigger.

    Critics also say the move would make Bitcoin more vulnerable to hackers.

    Moreover, some people are concerned that giving the miners power to vary the block size might undermine the principle of Bitcoin being decentralised, with no equivalent to a central bank running the show.


    What is the rival plan?

    Some software developers have favoured reorganising the format of Bitcoin transactions to make the blockchain more efficient.

    Specifically, they propose relocating " transaction signatures" - which unlock bitcoins so they can be spent - from within the blockchain to a separate file transmitted alongside it.

    Doing so should make it possible to process transactions at double the current rate.

    And as an added benefit, "node" computers could save on storage space by opting not to keep records of the oldest signatures.

    This scheme is known as Segregated Witness, or Segwit.

    However, critics say it would deliver only a temporary respite while adding an extra level of complexity.


    Is compromise possible?

    It appears so.

    A middle-ground solution - called Segwit2x - aims to start sending signature data separately from the blockchain later this week and then to double the block size limit to 2MB in three months' time.

    An initiative called Bitcoin Improvement Proposal 91 (BIP 91) states that if 80% of the mining effort adopts the new blockchain software involved and uses it consistently between 21 July and 31 July, then the wider community should accept this as the solution.

    The good news for those who like the idea is that close to 90% of miners appear to back the effort, according to Coin Dance, a Bitcoin-related statistics site.

    Other plans exist to try again after August if the target is missed.

    But a risk remains that if use of Segwit2x software never reaches the required threshold or that hardcore opponents refuse to buckle, then it could result in two different versions of the blockchain, and in effect two types of Bitcoin.

    Such as schism could help rival cryptocurrencies, such as Ethereum, prosper and ultimately doom Bitcoin altogether.

    One expert, however, said he believed that was an unlikely outcome.

    "The vast majority of people in the Bitcoin community are opposed to splitting Bitcoin into two competing cryptocurrencies," said Dr Garrick Hileman, research fellow at the Cambridge Centre for Alternative Finance.

    "Such a move would weaken Bitcoin's network effect advantage and sow confusion.

    "It is much more likely that people who are dissatisfied with Bitcoin's direction will simply move on to something else, which is what we've seen in the past."
     
  4. Jul 21, 2017
  5. KasinoKing

    KasinoKing WebMeister & Slotaholic.. CAG MM PABnonaccred webmeister

    Occupation:
    House-Husband and Casino Advisor
    Location:
    Bexhill on sea, England
    All I know is the value has been up and down like a yo-yo! :eek:
    July-13 = $2,330
    July-15 = $2,000 (and not long after it dipped to about $1,850)
    Today it shot up to $2,840 about 4 hours ago... now it's slipping back & is at $2,710...

    Finger hovering over the cash-out button... :rolleyes:

    KK
     
  6. Jul 21, 2017
  7. lnspin

    lnspin Senior Member webmeister

    Occupation:
    Webmaster - Mygamblinglife.com
    Location:
    WorldWide
    Was happy a few days ago when i sold it all at 2400$ ish and saw it sink to 1800,, today watched it hit almost 2900 and was pissed.. Going to lay off all bitcoin buying till after the 1st
     
  8. Jul 21, 2017
  9. MrSilver

    MrSilver Experienced Member webby MM

    Occupation:
    Writer, Blogger, Video reviewer, Casino critique a
    Location:
    Dans un Casino près de chez vous...
    Well, we had a debate about Bitcoin last year......which i did strongly suggested to most people/friends to buy atleast 2-3 Bitcoin, it was Obvious the rise was about to hit at the fork, but Honestly......i didn't expect these 3 Bitcoin which i got around 500$ each.....would be worth 10k CAD today :eek:

    it was for gambling.....but i've stoped gambling for awhile and never used it ;)


    About that *Warning* on Coinbase.....to answer your question, No, you don't need to do anything.....UNLESS you are an daily active trader, this means the 1st of August you WONT about able to Buy/Sell any Bitcoin Until the entire transfer/update is done......you can Delete that Notice Googobucs


     
  10. Jul 22, 2017
  11. Cyclops

    Cyclops Owner of Americasino.co

    Location:
    Bexhill-On-Sea
    Cash out

    Do it cash out mate
     
  12. Jul 22, 2017
  13. weesie

    weesie Ueber Meister

    Occupation:
    retired
    Location:
    Old bag lady with a laptop
    So, it may NOT be done exactly after the first? Any time changes are made to an internet site, time frame can be iffy...

    Will this involve wallets too? Like blockchain?
     
  14. Jul 22, 2017
  15. shewoff

    shewoff Senior Member webby mm1

    Occupation:
    retired
    Location:
    northeast
    This whole issue is somewhat disturbing to me.It appear's that Yes BTC is having a small power struggle within itself. Volatile is the key word is describing the issues in this e-mail.
    I'am a firm believer in Why Mess With It,If It Works? When this problem with some transaction's taking days to accomplish. I thought to myself,why would it take so bloody long to exchange data? And truly all of the BTC transaction's are data being sent to and from 1 place to another.

    The cash aspect is only important when you cash out OR buy. All the rest is data,data,data. What a shame that a cash cow like BTC is looking a bit :puke: I did a pretty big cash out a while back and I made some really good money for a year long wait.

    If I had 3 Bitcoins today I would sell,sell,sell.If this issue continues BTC may be stuck in the world of BS. And die from lack of brains.

    Sorry it just seem's that everytime a good thing comes along someone or something screw's it up for rest of us.IMHO. Peace Out! Out Of The Mist! shewoff
     
  16. Jul 22, 2017
  17. kahntrutahn

    kahntrutahn Full Member webby webmeister

    Occupation:
    Professional Poker Player and Affiliate for 14 yea
    Location:
    Abroad
    Firstly, congrats on having made a great investment.


    Secondly, I'm afraid to say that this is bad advice. Holding coins on Coinbase through a split could be very detrimental. If a split does occur, people who own their own private keys will own bitcoin on both chains of bitcoin... bitcoin new and bitcoin classic we'll call them. However, if Coinbase is holding your private keys, they may decide not to support one of the bitcoin chains. As such, they won't provide you access to whichever of the chains they do not support. In effect, you will lose your coins on the new chain.

    With that said, it looks like the bitcoin split will be avoided. However, it is a good idea to hold onto your coins and keys yourself. If you keep your coins on Coinbase for example, and bitcoin splits, you may only get half the value of your coins (i.e. getting only one set of the split bitcoins). It's a bit complicated, but the short answer here is to own your own coins and your own private keys. To do this, use a wallet that you control such as electrum. Or, even better, get yourself a hardware wallet like a Trezor or a Ledger Nano S.
     
  18. Jul 28, 2017
  19. shewoff

    shewoff Senior Member webby mm1

    Occupation:
    retired
    Location:
    northeast
    OK pep's here is the latest from BTC.

    Update for customers with bitcoin stored on Coinbase
    Yesterday, 9:32 PM
    Coinbase
    Dear Coinbase Customer,

    We wanted to provide an update on proposed changes to the Bitcoin network and what that means for bitcoin stored on Coinbase. You can read more about what a digital currency fork is You must register/login in order to see the link..

    Our first priority is the safety of customer funds. In the event of a fork, customer fiat currency (USD, EUR and GBP) and digital currencies (bitcoin, ether and litecoin) are safe.

    On August 1st, 2017 there is a proposal to make changes to the bitcoin software. This proposal, known as Bitcoin Cash, is likely to create a fork in the Bitcoin network. This means that after August 1st, 2017 there are likely to be two versions of the Bitcoin blockchain and two separate digital currencies.

    In the event of two separate blockchains after August 1, 2017 we will only support one version. We have no plans to support the Bitcoin Cash fork. We have made this decision because it is hard to predict how long the alternative version of bitcoin will survive and if Bitcoin Cash will have future market value.

    This means if there are two separate digital currencies – bitcoin (BTC) and bitcoin cash (BCC) – customers with Bitcoin stored on Coinbase will only have access to the current version of bitcoin we support (BTC). Customers will not have access to, or be able to withdraw, bitcoin cash (BCC).

    Customers who wish to access both bitcoin (BTC) and bitcoin cash (BCC) need to withdraw bitcoin stored on Coinbase before 11.59 pm PT July 31, 2017. If you do not wish to access bitcoin cash (BCC) then no action is required.

    We plan to temporarily suspend bitcoin buy / sells, deposits and withdrawals on August 1, 2017 as the fork is likely to cause disruption to the bitcoin network. This means your funds will be safe but you will be unable to access your bitcoin (BTC) for a short period of time.

    We will keep you updated on this event through our blog, status page and Twitter.

    Thank you,

    Coinbase Team

    Well it is as we all suspected. We have to make a decision on what type of BTC we want to trade and have. There is no way to take or have both. So really the decision has been taken away from us as the consumer's. And been made by the power's that be?

    I wonder if there is a way to get a rep from BTC to MAYBE? Come here to the forum and state what exactly this idea is suppose to DO?Is that possible? Do we have the ear of such power broker's?

    Any one know MAX or any of the officer's from the top?Maybe Bryan has some connection's?

    What do you pep's think? Peace Out! Out Of The Mist! shewoff
     
  20. Jul 28, 2017
  21. kahntrutahn

    kahntrutahn Full Member webby webmeister

    Occupation:
    Professional Poker Player and Affiliate for 14 yea
    Location:
    Abroad
    Take your coins off of coinbase and store them in a private wallet that you control. I recommend electrum. After the bitcoin split, you will own BOTH types of bitcoins, but only if you control your private keys. If you keep your coins on Coinbase, you will NOT control your private keys and will lose out on the newly minted bitcoincash (BCC) coins that are breaking away from bitcoin (BTC).
     
  22. Jul 31, 2017
  23. kavaman

    kavaman Senior Member PABnononaccred3 PABnononaccred3 MM

    Occupation:
    It
    Location:
    finland
    I think the new Bitcoin BCC , is just another crypto currency, it is stupid really. They say its not a different crypto currency, but that is just what it is. I would say it has nothing to do with BTC, and will die off, because most places will not even support it. I may be wrong, but the whole idea behind BCC is stupid. And i would also encourage people to sell, but its getting too late for that, so maybe keep your bitcoins for further and sell after the split has happened. Keeping would be stupid, i dont believe the BTC can get higher then this.
     
  24. Aug 7, 2017
  25. kahntrutahn

    kahntrutahn Full Member webby webmeister

    Occupation:
    Professional Poker Player and Affiliate for 14 yea
    Location:
    Abroad
    Bitcoin price today, August 6th: 3245
    Bitcoin price at time of your post: ~2715
    Difference +$530

    Bitcoin Cash price at time of your post: $0
    Bitcoin Cash price on August 6th: $240
    Difference +$240

    Total appreciation since July 31st 2017 = +$770 per coin

    :D
     
  26. Aug 7, 2017
  27. shewoff

    shewoff Senior Member webby mm1

    Occupation:
    retired
    Location:
    northeast
    Yes ,these price's are absolutely fantastic!I have 15 Bitcoin's that I just sold off and again I have made a really great profit from my investment. It is always fun to guess correctly when it come's to any investment venture.

    I will start with the same amount again and see what comes of it. The only drawback being "The Wait!" You must be able to hold on.Because the price always goes UP.Peace Out! Out Of The Mist! shewoff
     

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