How To Protect And Profit From Upcoming Bitcoin BIP 148 Fork with Trace Mayer of Bitcoin Knowledge

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Jeff interviews crypto-expert, Trace Mayer, in a TDV subscriber first release interview, topics include: BTC segwit adoption, user activated BIP148 softfork to force segwit, BIP 148 coming ready or not, bitcoin scalability, the risks of forking the blockchain, community power, the true value of miners, securing your bitcoin through the upcoming fork, big BTC losses through poor security technique, don't mix politics with investment, high transaction fees could be about to change, an examination of certain 'altcoins', and a hot tip on an altcoin with huge upside potential yet to take off.

Trace Mayer's Bitcoin Knowledge Podcast website:

View Jeff's Free Four Video Cryptocurrency Tutorial and Receive $50 in bitcoin here:

A beginner's guide to BIP 148 and a user activated softfork:

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41 thoughts on “How To Protect And Profit From Upcoming Bitcoin BIP 148 Fork with Trace Mayer of Bitcoin Knowledge

    1. the Dash Digital Cash does not need a SegWit, a true cryptocurrency does not need a SegWit. the Dash Masternode Network is the great idea of the criptocurrency world

    1. Looks like the miners will finally bow down to the users and activate SegWit before August 1st, which will nullify the risk of a bip 148 causing a fork.

  1. Trace claims that a HF is riskier because it can cause a chain split, then he spends the rest of the video explaining how to secure your bitcoins in case UASF causes a chain split. okay…

    BTW, Jeff, it isn’t only miners who don’t like UASF, a good chunk of the community outside of blockstream core are also against this BIP148 UASF, “really should be called developer activated softfork btw”. Do you recall the narrative when segwit was finally released last october? They set it to 95% threshold miner activation with a deadline of Nov 2017 because they want to be “safe”. Like the HK agreement, they are now reneging on this, is this any surprise?

    BTW, just because miners and community is against segwit doesn’t imply they’re against scaling, it just means they are against *this* solution as the way to scale.

    What is up with Trace demonizing Bitmain here? They’re not the only miners, yet he talks as if Bitmain is somehow forcing users to pay higher fees. Why doesn’t he say Bitfury is forcing users to pay higher fees? Because they support segwit as a scaling solution that’s why. But Bitmain supports big blocks which is another scaling solution. So this demonizing one side over the other is complete nonsense and propaganda to further blockstream’s agenda — they’re trying to play the role of State Government for bitcoin now Jeff.

    1. To validate means to run a full node client, and actually download and verify the entire transactional history of Bitcoin to ensure everything(chiefly transactions you send or receive, which requires validating any transactions in their history going back to when they were first mined) is cryptographically valid. Unless you are doing this you are essentially trusting that miners and everyone else doing this is not lying to you about your coin balance. Its okay in theory to not do this, but if everyone takes that attitude then the total security of everything is heavily degraded and at risk for obvious reasons.

    2. so it seems to me you guys are saying running a full node means having a wallet that’s up to date on all transactions and if you have an updated Bitcoin Core wallet like me then I’m good for the fork in August right?

    3. If you wish to follow the BIP148 chain in August you need to run a BIP148 client, you can find the repo at: Its a Core client with a patch to follow the BIP148 fork. Many Core devs have signed the packages, the signatures are available directly on that site.

    1. Ken Shoufer I’d like to know to!! I’m pretty sure network validation entails downloading and storing a complete record of the block chain and keeping it up to date, similar to what happens every time you open up Bitcoin core. this is just a guess, though. I could very wrong

    1. Yes, coinbase validates the transactions on their exchange. My super short bit of advice is to get a hardware wallet, and get your brain around it and get good at using it *then* start to work on learning to validate the transactions yourself.

      Using hardware wallet (ex: trezor, or Ledger are 2 good brands, imo) is a quick way to have control over your private keys. Whoever controls your private keys controls your BTC.

      Validation of transactions is a bit more advanced, and may take a little longer to get confortable with. Also, IMO (But Im betting this is historically borne out), people are much more likely to loose their bitcoins via loosing control over their keys than by not being able to validate/falsely validated transactions, etc.

      Trace mentions both the private keys and validation in the interview, but he (kinda sorta) lumps them into one thing (it seems like). I doubt that was his intent. I wish he had separated the two out a little more. He is super sharp, and a great source of info.

  2. You validate transactions by running a Full Node, ya, not super easy for most… but if you’re in cold storage during Aug 1st transition, then, as he said, you should be fine… and yes, educate yourself and take responsibility or move on…

  3. Well, what is his best bet for altcoin? And I have Bitcoins in paper wallets. What am I supposed to do on August 1st? How can I split and double my Bitcoins?

  4. I have the feeling that the new cryptocurrency financial elites are just as arrogant and self-serving as the old financial elites they seek to replace.

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