Do you know about BIP 148 comming August 1st 2017 bitcoin users need to protect themselfs

josephcardone (30)in #bitcoin • 7 years ago

https://www.weusecoins.com/uasf-guide/#wallets

Possible scenarios from BIP 148

BIP148 requires support from the economic majority, particularly exchanges and wallets. If this does not occur, node software supporting BIP148 should not be run after August 1st as it will cause a chain split leading to the abandonment of BIP148.

There are strong economic incentives in the Bitcoin system for nodes to cooperate and remain in consensus to prevent chain splits. If the economic majority is signalling as of August 1st, miners have many incentives to follow along.

Not following along would make it difficult to sell coins mined after August 1st as the blocks would not be accepted by the economic majority. Essentially, miners would be producing an altcoin not recognized by users and exchanges, making them less useful and in lower demand.

Some miners could opt to ignore the BIP148 rule and attempt to split the chain, but this would require a majority of miners who would be out of consensus from the rest of the economic majority.

If a majority of hash power follows BIP148, all nodes will follow the chain regardless of if they are running BIP148. Non-compliant blocks will be orphaned. All SegWit nodes will eventually activate SegWit.

If a minority of the hash power (under 51%) follows BIP148, nodes running BIP148 will be fine, but those not running BIP148 will be out of consensus with the rest of the economy. In this scenario, the more of the economy that runs BIP148, the better.

Miners will find it difficult to sell their coins leading economically motivated miners to start enforcing BIP148.

How do I signal support?

If you operate a full-node then you can signal support with your current software. This is a way you can show support without actually upgrading to enforcing BIP 148 rules.

Many users are alter their node’s user agent string to include BIP148.

You can signal your support in person, great for meetups, conferences, etc., with thisUASF hat.

Wallets Supporting BIP 148

A listing of wallets here does not imply any endorsement of the quality or security of the software.

Put on your big boy or big girl pants and use at your own risk.

09 Apr 2017 - Electrum - UASF Server: 158.69.102.114 port 5000209 Apr 2017 - Samourai Wallet11 Apr 2017 - Coinkite12 Apr 2017 - Coinomi22 May 2017 - GreenAddress24 May 2017 - Ledger Wallet27 May 2017 - Mycelium - one of the most popular mobile wallets28 May 2017 - Electrum - one of the most popular desktop wallets29 May 2017 - Airbitz - popular mobile wallet; guide to change node09 Jun 2017 - Bitgo - however this is hearsay

Operate an exchange and want to make sure your customer funds are safe and secure? Check out: How An Exchange Supports BIP 148

As a Hodler (Long Term Investor)

If a chain split occurs then long term investors will have equal amounts of coins on both sides of the chain.

If a chain split is resolved then they will have their original balance on the unified chain and need to take no actions.

As A Bitcoin Trader

As a trader you will need to find an exchange that supports, preferrably, both the legacy chain and the BIP 148 chain.

Traders may have an opportunity to trade coins from one side to another. If exchanges support both chains then they could sell one and buy on the other.

If sufficient demand exists on the BIP 148 chain, it may encourage miners to mine on that chain, which could eliminate any split.

Traders should excercise caution when trading on the legacy chain as it may be reorganized without warning. Traders should also excercise caution on the BIP 148 chain, as if interest in it is insufficient, it may not hold long term value.

The following is a list of exchanges that have or will support BIP 148.

The list is ordered by date of an unequivocal public announcement for support of BIP 148.

Exchanges Supporting BIP 148

A listing of exchanges here does not imply any endorsement of the quality or security of the service.

Put on your big boy or big girl pants and use at your own risk.

11 Apr 2017 - Bitrefill12 Apr 2017 - Prasos13 Apr 2017 - Bylls13 Apr 2017 - Satoshi Counter21 May 2017 - Vaultoro - Gold dealer21 May 2017 - MojBitcoin - European ATM23 May 2017 - Bittylicious25 May 2017 - Bitfinex - one of the largest exchanges09 Jun 2017 - BitStamp - however this is hearsay16 Jun 2017 - BitTonic

Operate an exchange and want to make sure your customer funds are safe and secure? Check out: How An Exchange Supports BIP 148

Spending Bitcoins

If you are spending Bitcoins then you should protect yourself from accidentally spending on both chains.

Since many transactions are valid on both chains, the same transaction could be “replayed” on the other chain, thus making it you spend on the other side as well.

Before you send a transaction, you should split your coins and be sure which chain your receiver honors.

You can either use a coin splitting service or you can split your own coins by creating and broadcasting your own transactions on both chains.

Receiving Bitcoins

If you are receiving Bitcoins then you need to pick which side of the chain you honor.

WARNING: Since the legacy chain could be re-organized then you need to evaluate this risk when you receive coins on the legacy chain.

The common security practice is to wait at least six confirmations before relying on a transaction or block.

If there is a chain split then users should excercise extreme caution and closely monitor the split along with requiring more confirmations because the security of the chain may be weakened.

To be extremely safe we recommend having at least 100-200 confirmations before you rely on the transaction or block.

As A Miner

BIP can easily and cheaply be supported by users, businesses, exchanges, wallets, etc.

However, miners have to make a choicebetween the legacy chain and the BIP 148 chain and this directly impacts their revenue.

These pools mine the BIP 148 chain.

UASF Mining PoolPa.Xro.CaSlush Pool

Storing Bitcoins with Third Parties

We highly recommend you contact any third-parties to determine whether they will be supporting the legacy chain, BIP 148 or both.

Be sure to get any commitments in writing so that, if needed, your lawyer will have it for any litigation. For example, when something similar happened with Ethereum there was significant confusion at Coinbase.

If you store your coins with a third party, such as an exchange, then you should understand their policy for which chain they support.

Some custodians may only honor one chain and you may not get the full value of your coins if they only honor on one side.

Under the theory of unjust enrichment, significant legal issues could be raised if third-parties are accuring benefit to themselves that should accure to the benefit of users.

The safest plan for storing coins on August 1, 2017 is to gain control of your coins, operate your own full node(s) and evaluate your options after a potential chain split.

What are companies saying about BIP148?AbraBitcoin Embassy.ioBitcoin ReminderBitfuryBitKongBitPayBitratedBitrefillBitvestBlockonomicsBustabitByllsCoinGateCoinkiteCoinomiDark Net Heroes League (DHL)Freedom Nodeoin MarketJMicrosoftPrasosSamourai WalletSatoshi CounterSatoshi PortalStampery Inc.TrezorVaultoroWalltimeyogh.io

[Add your business here by creating a pull request (must include public announcement link).

As A Third Party

The safest route would be support both chains.

Operate an exchange and want to make sure your customer funds are safe and secure? Check out: How An Exchange Supports BIP 148

Conclusion

If BIP 148 is successful then little to no action is needed from most users.

However, around August 1, 2017 users should be cautious, especially when receiving coins.

Most users will likely wait until more clear information is available.

How An Exchange Supports BIP 148

Credit: This guide to help exchanges support BIP 148.

UTTA - Underlying (or unbiased) Token Trading in Advance:

An Exchange ABC could start trading (1) "Bitcoin-BIP148" SegWit-enabled tokens, as well as (2) "Bitcoin-Old" Non-SegWit tokens, starting 1st July 2017, i.e. one month before BIP148 flag day.

The exchange's customers will find the underlying coins, and not any future, derivative or bet, in their account balances, and can trade them exactly as if the two chains exist already!

This would help gauge the economic support for both chains.

Here is an illustrative and exhaustive guidance on how trading will work for customers on an exchange:

Technically, and practically, it works like this:

Starting 1st July 2017, each customer on Exchange ABC will see 3 Bitcoin accounts:

(a) The normal Bitcoin account

(b) An account laballed "Bitcoin-Old-NonSegWit"

By default, a customer having 1 BTC on his account will find the follwoing balances, when he logs in on 1st July 2017:

(a) Bitcoin: 1.00000000 BTC

(b) Bitcoin-Old: 0.00000000 BTC

If the customer does nothing special, he can continue trading, withdrawing or loading bitcoins as usual and does not need to change anything. He can just ignore (b) and (c).

Optionally, the customer can move back and forth the balances between (a) and (b) and (c), e.g. as follows:

(a) Bitcoin: 0.60000000 BTC

(b) Bitcoin-Old: 0.40000000 BTC

This means, he now has moved 0.4 BTC from his "default" Bitcoin account (a) to his "new" Bitcoin accounts (b) and (c). This kind of account keeping respects the fact that after a chain split, i.e. after 1st August 2017, each Bitcoin that exists before the chain-split will duplicate into one "Bitcoin-Old" and one "Bitcoin-148".