August 1, 2017: What happens to our bitcoins during a hard fork? [Explained]

I've seen a lot of questions and a lot of "GET YOUR COINS OUT OF EXCHANGES" comments. I've been looking around for some answers and stumbled upon this video (5 Min) from Andreas Antonopoulos, whom does a very good job of explaining what's going to happen and what choices you have. Hope it helps! 🙂

https://www.youtube.com/watch?v=sNR76fWd7-0

TL;DW: what to do

1) If you directly control the private keys to your bitcoins, you're fine: your coins aren't being invalidated or going anywhere. When the hard fork happens, you can just decide which chain you want to continue with. just HODL until things clarify.

2) If you don't control the private keys to your bitcoins (ex. on an exchange), move them to address that you control. If you don't, whoever controls your bitcoins will be deciding for you, and not all exchanges/ wallets will be supporting both sides of the fork.

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Bitcoin

Any pool that value those who mine during low difficulty more?

Imagine a pool having 2 people.

A mines for 1 minute when difficulty is 1000. Then B mine for 1 minute when difficulty is 1. Let’s for simplicity sake difficulty change from 1 to 1000 to 1 to 1000 to 1 to 1000 every minute. Say they both got the same machine.

Every 1-2 hours the pool solve some blocks.

The way I understand it is that the pool got far more contribution from B than from A. B contribution to solve some blocks is higher because B provides hash when difficulty is lower.

However, A and B will get roughly the exact same payment.

They submit the same number of shares for the same stratum difficulty.

Am I correct here?

This is important for those who are buying nicehash hash to sell to some other pool. Even though you time your buying when difficulty is low you are rewarded as much as anyone with worse timing,

Are there any pool that rewards you more when you mine at lower difficulty?

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Double spend question during fork

What happens to a double spend during a fork where one of the transactions are in a orphaned block and the other in the main chain?

2 transactions get broadcasted in the network and 2 conflicting blocks gets mined at the same time. The transaction that gets broadcasted first is for the seller and the second transaction is fraudulent. First transaction gets in the orphaned block and the second transaction goes in a block that becomes part of the main chain.

With the knowledge I have now, I assume the 2nd transaction is considered valid. While the first one gets returned to the memory pool and the pool sees that there is already a transaction in the main chain so it gets dropped. Is this true? And how do the confirmations show up?

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Is -blocknotify triggered during catch-up?

My node is way behind and I noticed the -blocknoitfy action specified in bitcoin.conf is not being triggered. Which is OK for now, because the node has so much catching up to do, the script wouldn’t do any good anyway.

Is this correct behavior? At what point does blocknotify start triggering again? My experience is that after a few hours or even a day of downtime, it gets triggered for every block during catch-up (so it could be a dozen triggers all at once, for example)

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