1. #1
    searanchdude
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    Bitcoin Segwit2x fork

    I'm not sure if I'm missing something.

    As I understand it, Coinbase told me that however many bitcoin I have at the time of the Bitcoin Segwit2x fork, I'll get equal number of Bitcoin 2x for free. Then I can trade both. If the last fork is any indication, Bitcoin 2x will be worth something (maybe 10-30%) of regular Bitcoin. So am I making money out of thin air here? Can I just immediately sell my free Bitcoin 2x and convert it to regular bitcoin to make money? The "too good to be true" meter is off the charts and I don't know how value can be manufactured from nothing, but I'll still take advantage of it! There doesn't seem to be any risk.

    Am I missing something?

  2. #2
    gregmav1
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    Trying to find out the exact answer as what you just said. No idea, but hopefully someone knows.

  3. #3
    Optional
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    When the BitcoinCash fork happened a couple of months ago that's pretty much what happened.

    We received the same amount, which I think was worth about $400

    Bitcoin itself took a dip after the fork, but soon recovered and continued rising.

    So yes, it's kind of free money. But really it's value is supposed to built into the bitcoin trading price by the time the fork actually happens.

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  4. #4
    MeanPeopleSuck
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    Quote Originally Posted by searanchdude View Post
    I'm not sure if I'm missing something.

    As I understand it, Coinbase told me that however many bitcoin I have at the time of the Bitcoin Segwit2x fork, I'll get equal number of Bitcoin 2x for free. Then I can trade both. If the last fork is any indication, Bitcoin 2x will be worth something (maybe 10-30%) of regular Bitcoin. So am I making money out of thin air here? Can I just immediately sell my free Bitcoin 2x and convert it to regular bitcoin to make money? The "too good to be true" meter is off the charts and I don't know how value can be manufactured from nothing, but I'll still take advantage of it! There doesn't seem to be any risk.

    Am I missing something?
    Yeah, just building on what Opti said, it's true that you'll receive the same amount of the new coin, BT2, as you have BTC, but it isn't really "free money," because at the very second the fork happens (on or around Nov 16th), the value of BTC will crash by approximately the value of BT2.

    Now, for a while after the fork we won't be able to move the new coin between exchanges, so the answer to the question, "Will I be able to sell the new coin immediately?" is: that depends on the exchange. Last fork, Bittrex had the first operating market for BCH (which was then the 'new' coin), but since nobody could move their new coins yet, only people with their BTC at Bittrex could sell.

    Coinbase doesn't usually take to new coins very readily, so it's possible you won't be able to sell immediately, or even within the first day or so. But after that you'll be able to sell either at CB's own market or, if they don't have one yet, you'll be able to move the new coin to an exchange that does have markets up and running. And, yes, you'll definitely be able to get BTC for your BT2.

  5. #5
    firekillex
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    Quote Originally Posted by MeanPeopleSuck View Post
    Yeah, just building on what Opti said, it's true that you'll receive the same amount of the new coin, BT2, as you have BTC, but it isn't really "free money," because at the very second the fork happens (on or around Nov 16th), the value of BTC will crash by approximately the value of BT2.

    Now, for a while after the fork we won't be able to move the new coin between exchanges, so the answer to the question, "Will I be able to sell the new coin immediately?" is: that depends on the exchange. Last fork, Bittrex had the first operating market for BCH (which was then the 'new' coin), but since nobody could move their new coins yet, only people with their BTC at Bittrex could sell.

    Coinbase doesn't usually take to new coins very readily, so it's possible you won't be able to sell immediately, or even within the first day or so. But after that you'll be able to sell either at CB's own market or, if they don't have one yet, you'll be able to move the new coin to an exchange that does have markets up and running. And, yes, you'll definitely be able to get BTC for your BT2.

    so do you think it would be smarter to transfer said BTC to bittrex instead of coinbase if you wanted to sell your BT2 right away?

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  6. #6
    raiders72001
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    Quote Originally Posted by firekillex View Post
    so do you think it would be smarter to transfer said BTC to bittrex instead of coinbase if you wanted to sell your BT2 right away?
    Not directed towards me but in my opinion you'll want to have accounts at Bitfinex, Bittrex and Poloniex to be safe. Closer to the fork we will know the exchanges that will allow immediate trading after the fork in case you want to dump coins after the fork.

    Most likely deposits and withdrawals will be closed a day before and after the fork. We will need the exchange that allows immediate trading.

    edit- sorry MPS, I see that you posted a lot of the same.
    Last edited by raiders72001; 11-03-17 at 03:13 AM.

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  7. #7
    firekillex
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    Quote Originally Posted by raiders72001 View Post
    Not directed towards me but in my opinion you'll want to have accounts at Bitfinex, Bittrex and Poloniex to be safe. Closer to the fork we will know the exchanges that will allow immediate trading after the fork in case you want to dump coins after the fork.

    Most likely deposits and withdrawals will be closed a day before and after the fork. We will need the exchange that allows immediate trading.

    edit- sorry MPS, I see that you posted a lot of the same.
    i have accounts at all those places already
    cheers brotha, ill have to be checking around the forums to see which exchange will be the best to dump BT2 quickly , thats what im gonna do im thinking... just waiting for the word to move my BTC to whichever exchange needed

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  8. #8
    raiders72001
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    Quote Originally Posted by firekillex View Post
    i have accounts at all those places already
    cheers brotha, ill have to be checking around the forums to see which exchange will be the best to dump BT2 quickly , thats what im gonna do im thinking... just waiting for the word to move my BTC to whichever exchange needed
    same here.

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  9. #9
    5mike5
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    off topic but is blockchain moving slower than usual right now?

    had funds sent 3+ hrs ago and nothing yet

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  10. #10
    mrpapageorgio
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    Hey MPS, have you heard anything about whether the parties to the NYA are still going to try and challenge the original chain or have they pretty much backed down and will allow the new chain to become secondary like Bitcoin gold and cash?

  11. #11
    SEAHAWKHARRY
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    So I'm a bitcoin virgin. I just purchased a 100 bitcoin card with bet points . Got a wallet thru blockchain. Now what happens when this fork splits will I have two sections in my wallet one for my original btc and another for the btc2. Again is there anything else I should do?

  12. #12
    ace7550
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    Hey guys,
    I posted this article on the main cryptocurrency forum but thought I would post it here as well:
    https://www.coindesk.com/understandi...ght-different/
    With the bitcoin cash fork it was pretty clear that most users/miners were going to support the original btc blockchain.
    The segwit2x fork seems a little more scary. It is possible that b2x will become the main bitcoin blockchain.
    Bitcoin is way up, in part, because everyone wants another airdrop of free money. But bitcoin cash is up too and I think it's because a lot of people are worried there is going to be a kind of "crypto civil war" between btc and b2x.
    I don't know what's going to happen. I don't even know enough to make a useful prediction. But this should give you a little better understanding and that article will definitely help.

  13. #13
    mrpapageorgio
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    Quote Originally Posted by SEAHAWKHARRY View Post
    So I'm a bitcoin virgin. I just purchased a 100 bitcoin card with bet points . Got a wallet thru blockchain. Now what happens when this fork splits will I have two sections in my wallet one for my original btc and another for the btc2. Again is there anything else I should do?
    Since you have the Blockchain wallet, you hold the keys so you'll get the Btc2 coins. The issue is when Blockchain will update their software to support the coin so you will see it in your wallet. But because you hold the keys, you can always use another wallet that supports btc2 to pull up those coins and spend them as you wish if one supports btc2 before Blockchain (but I think Blockchain will support it relatively early).

  14. #14
    brendon
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    if you have bitcoins in cold storage, do you get btc2 when the split happens?

  15. #15
    mrpapageorgio
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    Quote Originally Posted by brendon View Post
    if you have bitcoins in cold storage, do you get btc2 when the split happens?
    As long as you hold the keys, yes. If it's in a hardware wallet like Trezor, usually you have to wait until they update the software so you can obtain it when you plug it into your computer.

  16. #16
    brendon
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    thanks, mrpapageorgio

  17. #17
    SEAHAWKHARRY
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    Cool thanks

  18. #18
    raiders72001
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    Quote Originally Posted by MeanPeopleSuck View Post
    Yeah, just building on what Opti said, it's true that you'll receive the same amount of the new coin, BT2, as you have BTC, but it isn't really "free money," because at the very second the fork happens (on or around Nov 16th), the value of BTC will crash by approximately the value of BT2.

    Now, for a while after the fork we won't be able to move the new coin between exchanges, so the answer to the question, "Will I be able to sell the new coin immediately?" is: that depends on the exchange. Last fork, Bittrex had the first operating market for BCH (which was then the 'new' coin), but since nobody could move their new coins yet, only people with their BTC at Bittrex could sell.

    Coinbase doesn't usually take to new coins very readily, so it's possible you won't be able to sell immediately, or even within the first day or so. But after that you'll be able to sell either at CB's own market or, if they don't have one yet, you'll be able to move the new coin to an exchange that does have markets up and running. And, yes, you'll definitely be able to get BTC for your BT2.
    I wasn't watching. How long did it take after the block when the fork occurred for Bittrex to credit you BCH?

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  19. #19
    firekillex
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    any updates which exchange will work best for BT2 to sell quick??

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  20. #20
    Goatman
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    I posted this on a similar thread as well, but figured I'd paste it here since it's a longer thread on the same topic. I read today that the upcoming fork will not happen after all. Can anyone else confirm this? It came across on one of my crypto news apps, CoinTelegraph perhaps.
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  21. #21
    raiders72001
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    Quote Originally Posted by Goatman View Post
    I posted this on a similar thread as well, but figured I'd paste it here since it's a longer thread on the same topic. I read today that the upcoming fork will not happen after all. Can anyone else confirm this? It came across on one of my crypto news apps, CoinTelegraph perhaps.
    No fork.

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  22. #22
    firekillex
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    bitcoin 2x isnt happening?

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  23. #23
    Optional
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    Quote Originally Posted by raiders72001 View Post
    No fork.
    Cliff notes on why and what happened?

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  24. #24
    firekillex
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    Quote Originally Posted by Optional View Post
    Cliff notes on why and what happened?
    https://www.coindesk.com/2x-called-o...ack-consensus/

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  25. #25
    jtoler
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    We decided not to fork guys, management decision.

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