When will BU be effective?

[shriishivvajra]

Good day to all!

Anyone can tell me when is the BU really be effective? Meaning, I can buy and sell.

Please, if this question already answered, just give me the link.

Thank you so much ;-)

Best regards,
Shivvajra

 

[Bloomie]

BU is not a currency. It's software to make Bitcoin better.

 

[shriishivvajra]

Thank you for your reply. Please, let me understand, why this "Bitcoin Unlimited (Futures) Charts" link here? https://coinmarketcap.com/currencies/bitcoin-unlimited/

As if it's another altcoin.

 

[AdrianX]

Hi @shriishivvajra welcome,

Bitfinex is an exchange that has enabled a futures market BTU is premised on the idea that bitcoin will split and one version of the split will be called BTU - It's a scam, if you read the ToC you can only lose money investing in it. I support the idea of future trading on such things but this one is designed to take your money.

It's either the result of extreme ignorance, censorship and propaganda or malice and attempt to flees gullible investors.

Bitcoin Unlimited is an implementation of the Bitcoin protocol it is designed to follow the longest bitcoin blockchain as described, and the Bitcoin white paper according to bitcoin's 8 years of empirical history.

I wouldn't leave a lot of money on the Bitfinex exchange it is showing singes that users are going to get burned.
http://www.zerohedge.com/news/2017-05-03/worlds-largest-bitcoin-exchange-headed-mt-gox-style-collapse

There is asymmetric investor information in this crypto space. I'd read with healthy skepticism the forums that are known to censor information, the ones that come to mind in order of priority are r/bitcoin bitcointalk.org bitcoin.org. Opposing opinions that don't fit the official BS/Core narrative are manipulated to block critical knowledge as well as those advocating for the company Blockstream.

 

[shriishivvajra]

Thank you AdrianX, it's now getting clearer; though, some clouds remain:
1. It means the BTU, as currency, is FALSE and DOES NOT EXIST. Correct?
2. About the BU software: Is the wallet I created in Bitcoin Core is compatible in BU (meaning, can I import those public keys from BC to create Watch Only account in BU)?
3. If I use the BU software, using the addresses created in BC, would this be 100% safe as of that BC?

Once again, thanks a lot!

 

[Bloomie]

It's futures, so they are selling you a gambling bet.

 

[shriishivvajra]

Yes, Bloomie. Is it not futures relate to the future price, in this case BTU?

As I understood, the price (meaning, the rate) is of that BTU in the future. Am I wrong?

 

[Bloomie]

They are assuming BU will be a separate currency, which it doesn't plan to be. Bitcoin Unlimited is just an efficient way to run Bitcoin.

 

[shriishivvajra]

I understand Bloomie, thanks again... Please, help me to clarify my doubt about this issue (same question already asked to AdrianX):
1. It means the BTU, as currency, is FALSE, DOES NOT EXIST and will NEVER EXIST. Correct?
2. About the BU software: Is the wallet I created in Bitcoin Core is compatible in BU (meaning, can I import those public keys from BC to create Watch Only account in BU)?
3. If I use the BU software, using the addresses created in BC, would this be 100% safe as of that BC?

 

[AdrianX]

Thank you AdrianX, it's now getting clearer; though, some clouds remain:
1. It means the BTU, as currency, is FALSE and DOES NOT EXIST. Correct?
2. About the BU software: Is the wallet I created in Bitcoin Core is compatible in BU (meaning, can I import those public keys from BC to create Watch Only account in BU)?
3. If I use the BU software, using the addresses created in BC, would this be 100% safe as of that BC?

Once again, thanks a lot!

@shriishivvajra

1. Yes you are correct.
   
   
2. Yes, they are 100% compatible, BU is more compatible with the bitcoin network, if a block with valid transaction showing valid PoW is mined and accepted by the majority of the network you don't have to do anything where as with Core you will need to upgrade to use your Keys. with Core you will be forked off but with BU you won't be forked off.
   
   Back up your wallet.dat before you do this, but if you installed BU it will use the same blockchain data, and wallet.dat file BU is just a fork of Core with a user adjustable setting for blocksize.
   
   
   
3. Yes, there is no reason it wont be as safe.

Running a Node is effectively broadcasting your IP address to the internet (it's an advert saying I use Bitcoin) To avoid hacking and key loggers, I would avoid using the node's wallet software.

I use an offline wallet called Armory 9.3 and I sign bitcoin transactions and broadcast them through my node, my bitcoin keys are never online. My keys and passwords are always off line. (I use a phone wallet much like my pocket wallet for spending cash I just keep a small amount of BTC handy for convenience)

I wouldn't recommend Armory today as it is clunky, I would recommend using something like a hardware wallet. https://99bitcoins.com/winners2017-best-bitcoin-hardware-wallet/

 

[shriishivvajra]

Somehow it's a bit confusing when you mentioned "...with Core you will need to upgrade to use your Keys. with Core you will be forked off but with BU you won't be forked off."

For me, hard forking the blockchain creates the "new altcoin" (as many consider it). Please, elaborate a little more.

I appreciate your pacience... Once again AdrianX - Thank you so much!

 

[Zangelbert Bingledack]

Hard forking doesn't create an altcoin. It creates a ledger copy. An altcoin is a new ledger unrelated to Bitcoin's ledger. And Bitcoin is designed so that the ledger copy on the minority blockchain doesn't survive for long.

If you read the original whitepaper, Satoshi talks about mining as a block voting market where miners "vote with their CPU power" on the blocks of their choice. This means there's really no such thing as a fork or a change in protocol rules. There are no rules, only voting patterns. These voting patterns will for a time appear to follow certain "rules" only because miners have a strong incentive to hold to certain voting patterns. The incentive to continue voting against any blocks greater in size than 1MB is pretty much gone now. We just wait for a coordinated move from miners, who wait for the ecosystem to signal clearly its approval, which it has only failed to do because of continual Core FUD and censorship/manipulation of the legacy discussion forums and valuable /r/Bitcoin namespace.

 

[shriishivvajra]

Hi Zangelbert, thanks for your kind reply... Please tell me, if this kind of fork happenned, would the price/rate of bitcoin used in BU and BC be the same?

 

[Zangelbert Bingledack]

If a fork results in a persistent split into two separate blockchains, which is highly unlikely, the price will be different between the two (see ETH vs. ETC). This doesn't matter to holders though, since you would have equal stake in both by default.

So even in the most unlikely case, you don't need to do anything special as long as you are the only person who knows your private keys. Though if there is a persistent split your keys will control your coins on both chains, so you will have to be careful not to spend on both chains at the same time if you only wanted to spend coins on one chain.

By the way, it wouldn't be "BC and BU" chains but just "big block and small block" chains. BU is just one of many ways for miners to raise the blocksize cap. BU doesn't change the protocol rules in any way, just makes it easier for miners to change their voting patterns, resulting in different "rules" (loosely speaking). All BU does is make it more convenient for miners to up the blocksize cap without having to know C++.

 

[shriishivvajra]

Ok, Zangelbert. I now understand. As a Well-Know Member, I consider your answer FACT. Thank you so much!

 

[AdrianX]

For me, hard forking the blockchain creates the "new altcoin" (as many consider it). Please, elaborate a little more.

Bitcoin managers forks every day. The bitcoin has been hard forked in the past.

There is lots of FUD and PR pushing an agenda to limit bitcoin growth and adoption. Forcing demand into new transaction networks Banking 2.0.

Limiting bitcoin transactions to 1MB is not what defines the rules that give bitcoin value. Section 5 of the white paper summarizes what is a valid block.

There is no need to limit transactions with an artificial limit. Valid bitcoin transactions are valid if there are 10 in a block or 5000 in a block. Transactions don't become invalid when you have a total that is greater than 1MB.

HF is not the problem maintaining incentives that keep the network honest is the goal.

A HF that removes the 21M limit would be more like an altcoin. Such actions are not a threat. If you control your keys you have both coins.

A soft fork that does the same would still be bitcoin the irony is soft fork changes are top down control of the rules where as HF changes require you to upgrade.

 

[shriishivvajra]

Thank you so much, AdrianX! I really appreciate this reply ;-)

 

[Zangelbert Bingledack]

@shriishivvajra Don't consider anyone's statements as fact, please. This space is too dangerous for that. Ask several people in several places when you need to be totally sure.