I have a concern and would appreciate a technical sanity check.
Because of the recent COLDCARD seed-generation vulnerability, I had to move all my BTC to exchanges as an emergency measure while I set up a new and properly secured multisig wallet.
When the BIP-110-enforcing branch split from Bitcoin on August 8, my coins were therefore held by exchanges. I only regained full self-custody around late August, when I withdrew everything to my new multisig wallet on the current Bitcoin chain.
As I understand it, the UTXOs I received from those withdrawals may not exist on the BIP-110 branch (or its proposed BLAKE2b continuation). At the time of the split, the exchanges controlled the corresponding UTXOs on that branch. I checked one transaction ID, and it appears only on the current Bitcoin chain, not on the BIP-110 chain.
More broadly, this situation is not unique to me. Anyone who has bought bitcoin since the split through a transaction confirmed only on the current chain would potentially be in the same position : their post-split balance would not exist on the BIP-110 branch.
Now imagine the extremely unlikely scenario in which the BLAKE2b chain eventually becomes economically dominant and is widely recognized by exchanges, businesses and users as “Bitcoin.”
My coins on the current Bitcoin chain would not technically disappear, but will have fewer or no value left.
Would I then be left holding coins only on the SHA256 chain (with no value?), with no coins or enforceable claim on the chain that the market had come to recognize as BTC?
In other words, did having my BTC on exchanges at the time of the August 8 split expose me to this worst-case outcome?
submitted by /u/Few-Marsupial7659
[link] [comments]
