it"s all about on which chain you use the private keys.
You can use them on both (carefully) or only one.
Wisely will be to claim the new coins without that HW (with your backup seed) from the new chain and move them to the old chain to a new wallet. But if you do that will be wise to move also the old ones to a new wallet.
If you are not pkanning to redeem you don't have to do anything.
Also this new fork will not survive too much time. Will die quickly in few days. So not sure if you have time to exchange the new coins so quickly that worth it. Is much different than the 2017 one. That one was easy, if you were prepared in time you were able to double your stash in the first days with a good exchange rate.
I'm quite sure an intentional hard fork will not die. All you need is one miner and even then, you can always just not have any blocks and restart after years. Greed can be expressed in the form of magically printing money through a fork and it shouldn't be dismissed. We have quite the historical precedent with forks that are not only born, but sustained through greed, even if the relative value went closer to zero than the Bitcoin price.
yeah will not die totally but for a shity exchange rate will not worth the effort to redeem the new coins. How much is the rate today between BTC and BCH ? When I did it in the first days of the fork I did it at almost 1:1
Also will be quite rare to find a P2P peer with more anonymity. The goal of these forks is mostly to de-anonymize the existing BTC owners through KYC exchanges.
My question wasn't supposed to be as complicayed as that. The wallets I am referring to only have a bitcoin wallet gui. After the fork, if you just access your bitbox or coldcard, you won't see the new coins (I think). I
You need to access a wallet that works for the new coin and enter your seed into that to access the new coins- at least this is how it worked previously with other forks. If you have your cold store wallet seed phrase its all you need, although you might want to move the BTC coins after the fork to a new cold storage wallet address. Getting a reliable wallet for the new coin can be a problem ensuring it is not a scam designed to steal your real BTC. Safer to wait a while till the dust settles and a reliable forked coin wallet emerges, and to see if the value of the new forked coin makes it worthwhile. If the forked coin does achieve real market value you can be pretty sure a decent wallet for it will emerge enabling you to claim them...and markets-exchanges where you can swap them for real btc.
Hopefully once the fork occurs and someone has done the process they can post a step by step 'how to guide' to cashing in the new coin for those who want to.
I know. I was referring in my original question about a situation of a bitcoin only hard wallet where noobies sign. I think bitbox makes one. Cold card is another example.
Let's say in the weeks before the ecash hard fork the "crypto" world sees this as a nice pump and dump opportunity. They drum up interest about the "new bitcoin", wait for the fork, and pull the plug when the time is right. How can a stacker best prepare to time converting the ecash to bitcoin on the way up? I have heard you describe pulling this off in 2017 with bch.
It seems you might not even have access to those coins via a bitcoin only hardware wallet. Of course you can restore to any wallet and sell it from there, I guess, but it's probably less secure.
The eCash fork will begin or split from real Bitcoin at Blockheight abc in late August next month
Real Bitcoin held in a HWW when the chain splits will have the real Bitcoin obviously....and the equivalent amount of eCash tokens will be on the new forked chain
Obviously one will need an eCash wallet to view these new tokens
Warning!! Do not input your private key into any eCash wallet without first realising this....
A prudent move will be to move your real Bitcoin to a new wallet with a new private key before you do anything
This removes your real Bitcoin from your original private key
Then your original private key has zero real Bitcoin and you can use that private key now to access the eCash blockchain
Have I got that wrong or not?
The reason behind all the moving is there is a replay effect, where if you access your eCash tokens with your real Bitcoin associated with the same private key, hackers can steal your real Bitcoin by using replay
Maybe I've butchered that but that's where I'm at currently
Your keys still work after a fork. The tricky part is safely claiming coins on the new chain without risking your BTC.
The answer is simple: depends of the node version you connect that HW.
If you want to redeem those new coins, you. will have to run both chains.
At some point will have to use a different address type.
Forks will always create confusion.
Would it be best to wait until we come out the other side to try out a new hardware wallet?
it"s all about on which chain you use the private keys.
You can use them on both (carefully) or only one.
Wisely will be to claim the new coins without that HW (with your backup seed) from the new chain and move them to the old chain to a new wallet. But if you do that will be wise to move also the old ones to a new wallet.
If you are not pkanning to redeem you don't have to do anything.
Also this new fork will not survive too much time. Will die quickly in few days. So not sure if you have time to exchange the new coins so quickly that worth it. Is much different than the 2017 one. That one was easy, if you were prepared in time you were able to double your stash in the first days with a good exchange rate.
Are you referring here to the possible BIP 110 hard fork, or Sztorc's ecash fork? The second one is what I was really wondering about.
both
Okay. So you don't think the ecash fork will survive long?
I'm quite sure an intentional hard fork will not die. All you need is one miner and even then, you can always just not have any blocks and restart after years. Greed can be expressed in the form of magically printing money through a fork and it shouldn't be dismissed. We have quite the historical precedent with forks that are not only born, but sustained through greed, even if the relative value went closer to zero than the Bitcoin price.
yeah will not die totally but for a shity exchange rate will not worth the effort to redeem the new coins.
How much is the rate today between BTC and BCH ?
When I did it in the first days of the fork I did it at almost 1:1
Also will be quite rare to find a P2P peer with more anonymity. The goal of these forks is mostly to de-anonymize the existing BTC owners through KYC exchanges.
That's what I meant, but you said it better 😀
Is just a joke.
Ah! I think ecash has a better shot of a pump/dump than BIP 110.
Wouldn't it mainly depend on which nodes the hw wallet is communicating with?
My question wasn't supposed to be as complicayed as that. The wallets I am referring to only have a bitcoin wallet gui. After the fork, if you just access your bitbox or coldcard, you won't see the new coins (I think). I
You need to access a wallet that works for the new coin and enter your seed into that to access the new coins- at least this is how it worked previously with other forks.
If you have your cold store wallet seed phrase its all you need, although you might want to move the BTC coins after the fork to a new cold storage wallet address.
Getting a reliable wallet for the new coin can be a problem ensuring it is not a scam designed to steal your real BTC.
Safer to wait a while till the dust settles and a reliable forked coin wallet emerges, and to see if the value of the new forked coin makes it worthwhile.
If the forked coin does achieve real market value you can be pretty sure a decent wallet for it will emerge enabling you to claim them...and markets-exchanges where you can swap them for real btc.
Thanks for this clear explanation.
Hopefully once the fork occurs and someone has done the process they can post a step by step 'how to guide' to cashing in the new coin for those who want to.
The wallet doesn't choose sides. If a fork happens and you have your seed, you control coins on both chains.
I know. I was referring in my original question about a situation of a bitcoin only hard wallet where noobies sign. I think bitbox makes one. Cold card is another example.
@DarthCoin, here's a scenario I can imagine:
Let's say in the weeks before the ecash hard fork the "crypto" world sees this as a nice pump and dump opportunity. They drum up interest about the "new bitcoin", wait for the fork, and pull the plug when the time is right. How can a stacker best prepare to time converting the ecash to bitcoin on the way up? I have heard you describe pulling this off in 2017 with bch.
It seems you might not even have access to those coins via a bitcoin only hardware wallet. Of course you can restore to any wallet and sell it from there, I guess, but it's probably less secure.
In fact a HW is only a signer with the keys. Those keys you can use them in any app to sign the txs.
The important thing is where / with who you will make the exchange. It will be many scam sites.
I know. It seems complicated. Maybe there will be a robosats market? 😀
watch out for replay attacks if the fork doesnt have replay protection, like the upcoming ecash crap
Good question. Hardware wallets protect your keys, not a specific chain, so forks are mostly about software support and safe coin splitting.
I need to do more research on this and I don't offer this as an answer or suggestion, it's just what my preliminary research has shown
The experts like Darth, Justin, k00b etc can chime in on solid advice
So @siggy47 this is where I'm at
Have I got that wrong or not?
The reason behind all the moving is there is a replay effect, where if you access your eCash tokens with your real Bitcoin associated with the same private key, hackers can steal your real Bitcoin by using replay
Maybe I've butchered that but that's where I'm at currently
Most Bitcoin-only wallets just ignore the fork unless they add support for it. Your seed is what really matters.