Guys, I've been reading this crazy stuff posted by someone called "Shelby Moore" (whose messages were recently re-posted in the WO thread by user THX 1138), about how all coins held in SegWit addresses will be donated to miners, as they are free-to-spend coins in the legacy (pre-SegWit) blockchain, and only the coins held in legacy addresses will stay intact and belonging to their owners (private key holders). Supposedly, this attack will occur near the 2020 Halving event and will wreak havoc, resulting in the legacy chain being resurrected from the dead and becoming the dominant one, and the SegWit chain disintegrating into oblivion and causing a massive BTC price drop to near-zero.
What do you make of this?
Some more Qs:
1. Is it possible to move any of our coins held in SegWit addresses to legacy addresses (so that they would belong to the legacy chain if the above attack does happen)? Does the fact that, at some point in their history, those coins were held in SegWit addresses, taint them in any way? Would they still be considered as fully belonging to the legacy chain once moved to legacy addresses?
2. Would you do it? Do you think it's worth it?
3. Do these questions even make any sense?
4. Am I wasting my time with all this?
Thanks for any insights.
1. With the SW exploit segwit coins will be unmovable at first, current transactions, then the coins resting in sw addresses and at last any coin ever moved through a sw address is frozen. Exchanges with coin in SW addresses may become insolvent.
2. Stick to Bitcoin fundamentals, decentralize not follow the herd, flock or mob. Everyone needs to do his own homework.
3. Yes
4. No
Core devs know the problems with segwit
https://www.reddit.com/r/btc/comments/6qftjc/holy_shit_greg_maxwell_and_peter_todd_both_just/?utm_source=reddit&utm_medium=usertext&utm_name=bitcoincashSV&utm_content=t3_dgbb1t
Segregated witnesses separates transaction information about what coins were transferred from the information proving those transfers were legitimate.
The precondition to creating a new block is the data of the last block, the witness.
If you belief to be the 10th owner of a stolen car and the 5th owner has stolen it, when it is established that this is the case you will lose the car and the last lawful owner (4th) will get it back.
This is the very basic rudimentary form of it.