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Do not send POW ETH right away

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by COINS NEWS 186 Views

When the Merge happens ETH will be forked, and all users will receive a corresponding amount of ETH on the new POW ETH chain.

It will likely be a race to dump POW eth as fast as possible to get USDC or regular ETH. People might offer to trade you POW ETH for $40 USDC or something. Free money right?

DO NOT DO THIS

As of right now, the clowns behind POW ETH can't even agree on a new chain ID. If POW ETH forks without a new chain ID this is bad. It means is that when you send a transaction on the POW chain it can be replayed on the POS chain, and vice versa.

So if you send someone POW ETH for $40, they will replay that transaction on mainnet and take your hard earned regular ETH for a fraction of what its worth.

If you really want to send POW Eth, here's how to do it safely:

  1. Create two new wallets (B) and (C). Transfer all your assets from the main wallet (A) to wallet B just before the merge.
  2. After the merge, you can transfer all assets from wallet “B” to the main wallet (A) for the PoS chain.
  3. Then, transfer all PoW assets from wallet “B” to “C,” the latter becomes your primary wallet for trading on the PoW chain.

Now when you send POW ETH from wallet C, it contains no regular ETH for attackers to replay the transaction with.

Stay safe out there

EDIT: This is only for people who want to try to interact with the POW ETH hard fork. This is a hard fork of ETH set up by miners so they have something to mine - it is NOT the merge. If you have no plans to interact with POW ETH this will not affect you, your ETH will make it through the merge without you doing anything

submitted by /u/icecube404
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