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Update for Customers with Bitcoin Stored on GDAX

blog.gdax.com

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Re: Update for Customers with Bitcoin Stored on GDAX

#41

Post by Frogolocalypse »

mirimir wrote: post #19
Animats wrote: post #9

Earlier quoted context omitted.

The Bitcoin block size limits the transaction rate, because when a new block is generated by a mining operation, every 10 minutes or so, only a limited number of transactions will fit. Anyone generating a transaction can set the fee they will pay to have it processed, and higher fees are done first. Until recently, even zero-fee transactions tended to be processed eventually. But due to increased traffic, the queue t…

Woah, I hadn't realized that. So once BTU was created, could I just create new wallets on it, and import the keys from BTC wallets?

You would need to find exchanges that recognized the china-coin tokens. 97% of nodes in the bitcoin network currently enforce the same consensus rules. As soon as bitcoin forks, they will no-longer understand, nor view, the tokens in their forked crypto-coin.

Re: Update for Customers with Bitcoin Stored on GDAX

#42

Post by zik »

mirimir wrote: post #19
Animats wrote: post #9

Earlier quoted context omitted.

The Bitcoin block size limits the transaction rate, because when a new block is generated by a mining operation, every 10 minutes or so, only a limited number of transactions will fit. Anyone generating a transaction can set the fee they will pay to have it processed, and higher fees are done first. Until recently, even zero-fee transactions tended to be processed eventually. But due to increased traffic, the queue t…

Woah, I hadn't realized that. So once BTU was created, could I just create new wallets on it, and import the keys from BTC wallets?

No, after the hard fork has settled Unlimited will simply "be" bitcoin. There's no need to change wallets.

On the other hand if the current "Core" development team prevails with their much more complex "Segwit" soft fork you'll need to create new wallets to use it and you'll have to transfer your bitcoins from your old wallet to it.

Re: Update for Customers with Bitcoin Stored on GDAX

#43

Post by canistr »

So does this mean we need to stop trading BTC on GDAX until Coinbase considers the issue resolved after the fork?

What if we haven't touched the BTC on GDAX in a while? Wouldn't those chains still exist post-fork?

They left a bit of ambiguity in there specifying that we should move BTC out if we want access to both Unlimited and Core. But I'm unclear what to do since it doesn't matter to me either way. I just don't want to lose anything and I want the ability to continue trading.

Re: Update for Customers with Bitcoin Stored on GDAX

#44

Post by iopq »

Frogolocalypse wrote: post #41
mirimir wrote: post #19

Earlier quoted context omitted.

Woah, I hadn't realized that. So once BTU was created, could I just create new wallets on it, and import the keys from BTC wallets?

You would need to find exchanges that recognized the china-coin tokens. 97% of nodes in the bitcoin network currently enforce the same consensus rules. As soon as bitcoin forks, they will no-longer understand, nor view, the tokens in their forked crypto-coin.

Exchanges confirmed they will have BTC-U and BTC-C both available if a hardfork happens. Whichever fork wins in the end will just be bitcoin.

Re: Update for Customers with Bitcoin Stored on GDAX

#45

Post by Frogolocalypse »

iopq wrote: post #44
Frogolocalypse wrote: post #41

Earlier quoted context omitted.

You would need to find exchanges that recognized the china-coin tokens. 97% of nodes in the bitcoin network currently enforce the same consensus rules. As soon as bitcoin forks, they will no-longer understand, nor view, the tokens in their forked crypto-coin.

Exchanges confirmed they will have BTC-U and BTC-C both available if a hardfork happens. Whichever fork wins in the end will just be bitcoin.

Some have. No merchants have. So if you pay by bitcoin to bpay, your china-coin isn't going to be recognized. You would need to find exchanges that recognized the china-coin tokens. 97% of nodes in the bitcoin network currently enforce the same consensus rules. As soon as bitcoin forks, they will no-longer understand, nor view, the tokens in their forked crypto-coin. You might, or might not, find someone who is willing to trade with you.

Re: Update for Customers with Bitcoin Stored on GDAX

#46

Post by jlrubin »

zik wrote: post #37
jlrubin wrote: post #35

Earlier quoted context omitted.

I'm not invoking authority, I'm invoking independence. Core isn't owned or run by Blockstream.

I don't claim or believe that the core team is owned by Blockstream. However top contributors like Greg Maxwell, Luke Dashjr and Peter Wuille are Blockstream employees and there's no doubting that they have considerable influence in the team.

They gained the influence through being really really good at what they do. They don't command it though by illegitimate means. I regularly disagree with Greg, Luke, and Pieter; while I don't always come around to their 'side' completely, I always learn something new about how the system works/functions or considerations I hadn't made. That's why they seem so influential on the core team; through a big 'peer review' process, most of the 'top'* engineers in this space respect them a great deal.

* not trying to appeal to authority, but you can go compare across all competing clients and see who is contributing the most meaningfully _to you_ and contrast that with who listens to gmaxwell and sipa.

Re: Update for Customers with Bitcoin Stored on GDAX

#47

Post by iopq »

Frogolocalypse wrote: post #45
iopq wrote: post #44

Earlier quoted context omitted.

Exchanges confirmed they will have BTC-U and BTC-C both available if a hardfork happens. Whichever fork wins in the end will just be bitcoin.

Some have. No merchants have. So if you pay by bitcoin to bpay, your china-coin isn't going to be recognized. You would need to find exchanges that recognized the china-coin tokens. 97% of nodes in the bitcoin network currently enforce the same consensus rules. As soon as bitcoin forks, they will no-longer understand, nor view, the tokens in their forked crypto-coin. You might, or might not, find someone who is willi…

I think it's around 90% use core and 10% use unlimited. There aren't that many full nodes.

Re: Update for Customers with Bitcoin Stored on GDAX

#48

Post by Frogolocalypse »

canistr wrote: post #43

So does this mean we need to stop trading BTC on GDAX until Coinbase considers the issue resolved after the fork? What if we haven't touched the BTC on GDAX in a while? Wouldn't those chains still exist post-fork? They left a bit of ambiguity in there specifying that we should move BTC out if we want access to both Unlimited and Core. But I'm unclear what to do since it doesn't matter to me either way. I just don't w…

You have no idea whether GDAX will allow you to collect both coins in each chain if there is a fork. They might only honour one of the chains.

Unless you own the private keys yourself, you have no idea whether your bitcoin is going to be worth anything at all.

Re: Update for Customers with Bitcoin Stored on GDAX

#49

Post by jlrubin »

zik wrote: post #14
jlrubin wrote: post #11

Earlier quoted context omitted.

I'm a Bitcoin Core Dev. I'm not employed by Blockstream. I work extensively on scalability, having personality designed and written patches to Bitcoin which have drastically improved block validation times in the Bitcoin Core client. For the benefit of anyone taking your comment at face value, I'm here to say: Your response is total garbage. edit: More details, my response was written slightly in haste... 1. I'm a (n…

I respect your work on bitcoin, and don't get me wrong - I don't think most core developers are complicit in what's going on. I think all you guys are doing great work and will be welcome on whichever team prevails in this mess. On the other hand I don't respect the political moves made by some other people in this whole fiasco. They've damaged bitcoin horribly. Edit: just repeating - I don't think most core develope…

I guess that's what I'm trying to get across: I fundamentally agree with core's approach over any other. That's why I work on Core. Core not prevailing here would be upsetting to me because it would be opting for a subpar design and review system which I think will make Bitcoin a lower utility platform overall.
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