Contrary to my expectation, the price of blake2b coins (aka BIP-110 fork coins or luke dashjr coins) has not yet gone to zero. It is trading on neoxa.exchange (confusingly with the ticker XBT) and nonkyc.io, currently around $270 per coin (but fluctuating wildly). If you think (like me) that this fork has likely no future, it might be worth dumping them.
I suspect one thing holding people off so far is the effort and risk to split them off from BTC UTXOs. So I want to explain an easy (and IMHO very low risk) way to do so. (Of course, DYOR, but I really think it's low risk).
There have been other ways suggested before, which seem legit to me, but they required either:
- Downloading and installing new software
- Or writing a large OP_RETURN on the BTC chain (and paying the fee for that).
I think there is an easier way, using a wallet like Electrum, purely based on locktime, and making use of the fact that the blake chain is currently a few thousand blocks ahead. These are the steps:
- For any UTXO you want to split, construct a transaction to a new address of yourself and set the locktime to the current height of the blake chain (see mempool.guide). That means that the transaction can only be included in a block after that height (on either chain). As long as the BTC chain does not reach that height, it cannot confirm there.
- Instead of broadcasting it in electrum, export it as text and broadcast it directly to the blake chain (using the broadcast feature of mempool.guide). Wait for at least one confirmation.
- Then, construct a conflicting transaction (spending the same UTXO(s)) on the BTC chain, ideally to a different destination address. Broadcast it normally (with sufficient fee to confirm before the height from step 1) and wait for confirmation.
Congrats, your coins are split now. To be sure, check again on mempool.space and mempool.guide to confirm that the different destination addresses have been funded.
In the worst case, if something went wrong and the coins are still on the same address, you've only lost one transaction fee. Though if you followed the steps correctly, I don't really know anything that could go wrong.
Finally, you might wonder how to deposit the black2b coins to the exchange. I would again use electrum (rather than installing some unknown software):
- Create a new wallet with only the private key of the address to which you've split the blake2b coins.
- Import the transaction from step 1 (if you don't have it anymore, export it from the block explorer) and add it to your transaction history. It will show as local-only, as electrum is connected to the BTC chain.
- Construct and sign a transaction spending these coins to the exchange address. Again, broadcast it using mempool.guide.
That's it! Let me know if you find this guide useful, or also if you think there is any risk that I've overlooked.
The correct way to split & dump your forked coins is to move all your UTXOs through coinjoin transactions: #1546216
In addition to acquiring replay protection, you prevent blockchain analysts from using linked addresses on the forked chain to deanonymize your funds on the real Bitcoin chain.
Good point, I should have mentioned that as another good option. Might be a nice motivation for people to start coinjoining.
Shitcoin hahahaha... I'll pass on this one... hahahaha... just kidding, @minimalist.
Haha, I think posts specifically about dumping shitcoins should be allowed :)
I don't think it is even close to worthwhile.
I wouldn't want to go through the effort and risk of bringing my sats out of deep cold storage, let alone accept the risk of making a big mistake while selling, potentially losing a significant chunk of sats.
And all of that to bump my stack by 0.36% (using dollar prices as proxy, ie. 270/75000) assuming I make zero mistakes, not even in a test transaction, along the way.
No thanks, I pass.
Sure, everyone's risk tolerance (and willingness to go through the hassle) is different. I only wanted to explain the possibility, not trying to persuade anyone :)
Also, for some people, it might be too much of a hassle now, but convenient at the next time when they would move their coins anyway, e.g. for a key rotation (provided that the blake2b price has not completely collapsed by then).