Ethereum: Wallet 0.8.1 Question. How to proceed incase you choose the losing chain?

greenhatter (55)in #ethereum • 8 years ago (edited)

I selected YES for the fork, although I really hold no strong views either way. But what do I do if the anti-fork wins? What will happen to my Ether? I see I can switch later. Is my ETH good on both chains? Responses are appreciated!

#fork #blockchain

8 years ago in #ethereum by greenhatter (55)

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oleim (33) 8 years ago (edited)

Yes your ether is good on both chains until block number 1920000. then the winning branch will take over completely and exchanges and miners will continue to operate on the new branch as if nothing happened.

Technically both will run side-by-side, but doing any transactions beyond block #1920000 on the losing chain will be disqualified.

In either case nothing will happen to your ether, and there will most likely be an instant replacement for the wallet application once block #1920000 is hit. or simply selecting the winning chain in the client should move you over on the new chain

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2 votes

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greenhatter (55) 8 years ago

Thanks a lot! That puts my mind at ease. :0)

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trytobezen (42) 8 years ago (edited)

The soft fork accepts the mess-up and moves forward without the lost ether. The hard fork does not accept the mess-up, instead it creates a new chain off the original chain and recreates the lost #ether thus creating a fork.

You now have the decision for what path to be on - soft or hard fork.

notice how when you fork there are now new paths - the soft and the hard (no pun intended)

#Decentralized Philosophy, and Economic Implications

How I see it is this the #softfork accepts the faulty of the code, fixed it, and moved forward with growth without an unnatural response.

The #hardfork I believe is synonymous with a government bailing out a bank with tax payer money (stimulus). The system, in this case #theDAO unnaturally learns, and corrects. The ether is restored.

This is opposite of a natural #system like nature. For example a player of a natural system is not rewarded for misbehaving thus it corrects itself correctly when it misbehaves because more is on the line - there is no safety net. Where as a system with a safety net knows that if a mess-up were to occur again someone is there for them.

I hope this helps!

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greenhatter (55) 8 years ago

I thought the soft fork was unsafe do to concerns of DOS or something. I remember they were about to do the soft fork to just block TheDAO funds, but somebody realized it was not safe to do and the miners reversed their position.

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