Monday, October 29, 2018

Starting to think about ways to separate coins in case of persistent split on Nov15

Based on Twitter thread started here. An unrolled version is available but the content has been copied below (with minor edits) so that we may better discuss it here.

There is also a related Memo topic which has been opened to persistently record opinions and announcements in this regard, on the chain.


In brief: This is a thread to discuss ways for Bitcoin Cash $BCH users to safely split their coins in the eventuality of two persistent chains emerging from the Nov 15 upgrade forks.

For those who wish to respond claiming there won't be a persistent split - please note that in that case, your opinion is noted and there is no need for you to discuss in this thread. This thread is for people who realize that clients with divergent consensus rules are likely to result in chain splits, and would like to be able to split their coins for safe and separate transaction in the chains. This does not mean the chain splits will persist, but there is a chance they could.

Services like @chopsticks_cash have announced they will be replaying transactions between chains.

This means the likelihood of just sending a small standard transaction and hoping it will be mined on just one chain, is very slim. But if you are lucky and patient, maybe you can achieve to separate your coins by repeated tries.

An alternative could be for some large service providers like https://bitcoin.com to offer a "splitting faucet" which would allow users to obtain a small amount of coins which have already been split.

Users could then use this tiny amount of "tainted" coins to split their own coins.

It is very important that a user who wishes to split their coins creates a backup of their wallets before doing any separation onto one chain. They will need this backup copy later on to spend the coins differently on the other chain, using some wallet that supports the other.

Another way to obtain split coins for splitting the remainder of your holdings (if you so wish) is to transfer a small amount onto an exchange like CoinEx who have announced that they will split the coins on your behalf.

You can then, if there are persistent split chains, withdraw the tiny "tained" amounts back to separate wallets of your own to split any further coins that you wish. This assumes that your wallets have coin control features so that you can mix in the already split coins.

Another option which doesn't exist today but could perhaps be done, is to persuade a miner to offer an interface where users can send tiny amounts of their coins to have them split via non-standard transactions created by the miner, perhaps for a small service charge.

Another options is for expert users to split their own coins and share tiny amounts with others, in a sort of "split coin roll" event on social media such as Twitter or Memo . In this event, users who receive split coins should split a little more of their own and pass on.

Other options are basically DIY or using tools that might be developed. These would be discussed later once they appear. Such options would be very appealing since they could be used in a completely decentralized way. Wallets might offer such integrated services, for example.

Related thread, Memo topic and this post will be updated with more concrete information and tips as it becomes available.


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