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by BinaryIdiot 3148 days ago
> There are going to be a lot of forks in the future.

I tend to agree. The problem, then, is what happens after 3 forks? 4? 10? We're going to keep increasing the number of crypto currencies we own and then we figure to figure out who supports what version of the currency we have to figure out how to cash out...

The entire idea of a fork sounds like an absolute nightmare. This is why I'm not putting any serious amount of money in crypto currencies.
2 comments
eterm 3148 days ago
Yes, bitcoiners like to say "It's deflationary because the number of bitcoin is fixed" but you can instantly double all bitcoin in existence by forking to two otherwise identical (but incompatible) chains.
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nikcub 3148 days ago
More dangerous than the tech part of the fork IMO is that with any one fork one or more of the bitcoin deposit holding companies can decide at-will that they'll follow a fork as the "new" bitcoin

This is an even bigger threat when you consider that they could be incentivized to follow a less valuable fork: exchange your new bitcoin for the old, convert all your users to the new bitcoin - you can now pocket the difference.

On the other hand you can also attempt to keep the airdropped funds from forks. Coinbase at first didn't recognize the Bitcoin Cash fork - it was only with pressure that they relented. But there have been other trusted holders who just "ignored" forks

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acchow 3148 days ago
Or you could hold your own bitcoin in your own wallet.
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nikcub 3148 days ago
That's the moral of the story - but a lot of people don't

I still haven't convinced my own brother that he needs to move his coins off-market - he said he'll "get around to it at some point"

Also have tech friends who keep coins in Coinbase/Coinbase Vault

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BinaryIdiot 3147 days ago
It's hard to ignore how handy it is when someone else holds your money. When my bank holds my money I can send it to anywhere from any place. Using a crypto wallet I now have this file I have to somehow keep safe and with me at all times. What happens when or if it gets stolen? Like cash it's gone.

So I understand why people do it. Ease of use typically outshines most security issues. Someone needs to figure out how to strike a better balance.

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nicky0 3147 days ago
Keep a paper or electronic backup at home and/or another safe place.

Also your should protect mobile/app wallet with a passphrase so it is safe if you lose it.

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