Ethereum hard fork will officially occur October 17th 2017
As you may have heard Ethereum is going to have another hard fork this year. It was set for September, but postponed to October 17th, 2017.
There are different things going on with this upgrade which is called "Metropolis". The first implementation is the "Geth" release, and wil happen at block number 4,730,000
The technical part is of course almost incomprehensible for humans, but "bla bla bla which will make previous versions incompatible with wider ethereum network following the upgrade trigger. Anyone running a ethereum node with Geth is requested to update their software to ensure a smooth transition"
Basically what it means is once again - make sure you control your own private keys.
In a reddit post recently, Peter Szilagyi advise node operators to update their software. A person asks if Myetherwallet is good, in which Peter replies that if you control your private keys in Myetherwallet you are good.
There are probably other wallets that are safe too, but do your own due diligence on that please. If you happen to get legit info on other safe wallets please post that with links in the comments field so others can do THEIR own due diligence :)
Thanks for the update! I'm using Exodus wallet, so my Ether will be safe with them. You scared me a little there haha, I went over to their slack channel for support.
Haha. It's good to be scared when it comes to these things. Double and triple check that you have your cryptos in the right spot when they are forking and spooning and knifing, so you can afford an extra meal at a nice restaurant afterwards ;)
Very true! But emotions can also make you take irrational decisions.. At least in trading, that is. :)
Thanks for the info! Followed and upvoted!
Thanks for the update! Followed and upvoted u!
I'm glad! Thanks!
The hard fork includes a reduction of the block reward from 5 ETH per block to 3ETH. This is important for the miners, mining profitability will drop on the short term, but after a few days the situation will likely stabilize, if enough miners stop mining ETH or the ETH price rise.
The rest of users have nothing to worry as long as they are using updated wallets and nodes.
Thanks for letting us know. It's funny that you say "The technical part is of course almost incomprehensible for humans, but ...". I feel the same way. Have a great day!
Hehe. Eventually we'll figure it all out as well. But it's like how it was for people to understand a computer 40 years ago. Only a few authists and strange thin guys with huuuuge glasses were able to fully understand it. The some normal interested people tried to convey the message to normal human beings. I try my best at becoming a translator. But I think eventually all these technical terms will become more understandable to all of us - while we are all trying to learn and understand what they are. Each time we learn some more.
A great day to you too!
Cant wait for the monster rally to follow.
This post has received a 5.25 % upvote from @booster thanks to: @scandinavianlife.
Hey, just wanting to clarify - you're saying to make sure all ethereum is off trading site like bittrex etc.? Or is this a warning against using other wallets that might not support the change properly?
Both really. I would make sure that I check out if the wallet youre using is supporting the fork. The only wallet I am sure about is Myetherwallet, because that was confirmed by one of the guys working on Ethereum.
I have a MEW wallet, so I'll just make sure to transfer everything over. Thanks for that!
Yep! It's never a good idea to keep your cryptos at the exchanges for a long time anyway, so just get them over to your private wallet.
Thanks for the nice update @ scandinavianlife!
I just up voted u!
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