What happens during a fork? What is a replay attack? What to know & what to do before a cryptocurrency fork. Imagine Jean-Luc Picard and a transporter malfunction…
This is part of a talk which took place at the ‘Bitcoins in Bali’ meetup on June 27th 2017 at the Hubud co-working space in Ubud, Bali, Indonesia: https://antonopoulos.com/event/bitcoins-in-bali-meetup/
RELATED:
Forkology: A Study of Forks for Newbies – https://youtu.be/rpeceXY1QBM
Hardware, Software, Trustware – https://youtu.be/Etyjc1JdmFU
What happens to our bitcoins during a hard fork? – https://youtu.be/sNR76fWd7-0
The dangers of hard forks in protocol evolution – https://youtu.be/vxEHRvhJKvA
Lessons from the Ethereum hard fork – https://youtu.be/hnAWAVNnGCw
Hard forks and the cultural mulligan – https://youtu.be/KT-7APasANI
Is Bitcoin a democracy? – https://youtu.be/TC3Hq76UT5g
Are chain splits a governance failure? – https://youtu.be/2pJEEVEmEVw
Why failure is necessary for learning – https://youtu.be/2KZTx8IYc9s
Andreas M. Antonopoulos is a technologist and serial entrepreneur who has become one of the most well-known and well-respected figures in bitcoin.
Follow on Twitter: @aantonop https://twitter.com/aantonop
Website: https://antonopoulos.com/
He is the author of two books: “Mastering Bitcoin,” published by O’Reilly Media and considered the best technical guide to bitcoin; “The Internet of Money,” a book about why bitcoin matters.
THE INTERNET OF MONEY, v1: https://www.amazon.co.uk/Internet-Money-collection-Andreas-Antonopoulos/dp/1537000454/ref=asap_bc?ie=UTF8
MASTERING BITCOIN: https://www.amazon.co.uk/Mastering-Bitcoin-Unlocking-Digital-Cryptocurrencies/dp/1449374042
[NEW] MASTERING BITCOIN, 2nd Edition: https://www.amazon.com/Mastering-Bitcoin-Programming-Open-Blockchain/dp/1491954388
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Music: “Unbounded” by Orfan (https://www.facebook.com/Orfan/)
Outro Graphics: Phneep (http://www.phneep.com/)
Outro Art: Rock Barcellos (http://www.rockincomics.com.br/)
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What the heck?! I can commit identity theft on myself using bitcoin?!
Im still confused. If I own Bitcoin now and in the future their is a fork it split in two. I get that part. But what if I sell my regular bitcoin thats currently at 15k for fiat. Do I still have extra money on this new currency? Say Bitcoin gold?
Cool so 'debasing' bitcoin has made its hodlers(pre-fork) richer. Since it behaves like a store of value at present it is more like unlocking the value of an asset through a spin-off. It will be interesting to see how bitcoin is priced once its function as a store of value stabilizes and a fork comes up. Market forces decide the price. However, forking does cause business uncertainty atleast for sometime leading up to and after, but then again so does fiat.
As always, great stuff Andreas !!! Thank you.
he is in Bali and i didn't even know. this is sad coz i wanna see him
Could someone please tell me where the value of a coin like BCH comes from? I don't understand how a fork give value to a new coin with out affecting the "original".
There… Are… Four… Lights!
Was that supposed to put me at ease?
4:06 "someone copies it over" – QUESTION; who would be able to do this, a miner, a node or even a simple user?
REPLAY ATTACK by B2X to harm bitcoin in November 2017, scamers to steal value from bitcoin holders, by telling them to quickly get their "free money". — The best would be to only use bitcoin and leave the "free money" be, so replay can only be made on the worthless chain, not the one for store of value. Bitcoin Gold on October-25 seems less a problem, would be a nice coin for mining… B-cash could be used be chinese government for official digital value saving and trading coin. — Is it the best solution to have bitcoin on the SEGWIT- or even Legacy-chain and only use this and make no transactions with any forked, fake-bitcoin? Is it still necessary to move the bitcoins or even to generate a new private key? This really is difficult stuff, the forkers always say the want to make real bitcoin, but the only attack it and bring confusion to the whole thing (and in the end bitcoin goes out much stronger).
love the star trek story 🙂
Can't we all just get along and spork this thing out?
I don't care all this stuff..all i care is btc to moon no matter whatever means..do what good for btc many hard earned money in btc by poor too… make poor rich and give freedom from inflation..one stupid mistake can lead whole crypto currency pay and no believe in system this time..like my.gox
So does that mean free money or not?
Yea, but one Picard is more centralized and made changes in favor of big mining companies 😀 ….lets kill him 😀
Can you explain double-spend verses replay a little further please? I find that a fascinating subject as I am trying to learn as much as I can on crypto and blockchain and there are limited good resources on the 'concepts' behind. Thank you!
Can you make a video on the replay attack, as it seems to be possible in november without the replay protection. Really would help people to understand what to do. Only if you have the time of course.
Thank you for the great content, best teacher on crypto stuff ever 🙂
Edit: One thing I like about you, you never get political crypto wise. ARE YOU SN? hehe
Good explanation
Andreas, what if scrape the account for BTC before attempting to spend the other BTC token? Safer from replay attack?
I love you
You really are the ?s Meow.
But the fork is creating more coins that breaks the duplicates the currencies
Bitcoin
It was commander riker… in the teleporter, with the bitcoins
WHAT THE FORK?!?
i'd love to have a vid of Andreas talking about what happened with the fork
Outstanding video, Andreas. You da man ; )
Simply the best! Much gratitude Andreas!
Andreas thank you so much for all you do. Your passion will change the world.
I always like how Andreas spoon feeds us information. 🙂