Bitcoin Forum

Simple two questions, any advice as to whether to be concerned to either transfer the coins to a hard wallet from Coinbase prior to the Aug 1st or not really needed?
2nd, is this Aug 1st situation going to kill the value of Bitcoin?

I seriously doubt anything will be happening as not a single miner has signaled yet for 'uasf'. 

the segwit2x team led by Jeff Garzik is coding a scaling a solution.

that being said, Its always better to HODL your own coins...Coinbase customer service is terrible.  If you ever have an issue, it could be a long time before its resolved.

As jonald said, I'm starting to believe there is no chance of UASF to succeed. It is much more likely that segwit2x is the winner solution.

Just make sure to keep your coins stored in a wallet you control the keys. That way, you are the one controlling your coins future in case of a possible chain split. More reasons to not hold your Bitcoins on a web wallet/exchange.

Just like with other "fork" dates before it, there is a very low chance that there is going to be anything happening on August 1st and everything will continue on as normal unless something is decided, and if something is decided, then there will be instructions for what to do when it happens.

Just like with Segwit and BU unlimited, neither have been activated despite a few target dates and nothing has changed, yet.

So regardless if anything, should you store them in a hard wallet?
If yes, and the world changes in terms of blockchains, splits etc isnt there a chance your offline keys can be worthless or problematic to cash or convert in the future since you stored them one way back in the day and now things work differently, code is different etc.

Also if you don't control your key anymore, what does that mean then to me?
What is the best offline hard wallet recommended?

That is best practice, assuming you are technically capable/proficient at doing so.

I've been waiting almost a week to transfer coins I bought.
It took support 4 days to send me an automated response saying they would get back to me.
The amount of money I could have made if I bought the alt-coins I wanted is substantial.

Its always recommended to own the private keys. If you store the Bitcoin today to your wallet, there is no way the private keys going to be incompatible with Bitcoin in the future.

The problem if you dont own the private keys (like on Coinbase) is you just might get your Bitcoin, but if you own the private keys you have potentional access to both Bitcoin and USAF BIP148 coins (or any future minority split coins, or any alt coins based on Bitcoin ledger - like Clams in the past).

Agree. I don't think it will get to this; the other major forks were inevitable, like ethereum for example. But if we do, it's really important to have these coins in a private wallet, like the above poster stated. Few exchanges will give you your full value, they salivate for moments like this. So be your own bank, it matters for once.

If I were holding a large amount of Bitcoins worth millions of dollars, I would start cashing out right now before it's too late.
Think about it deeply, either split happens and value halves in less than half of the current value or everything will go smooth.
But if split happens then imagine that your coins will be priced 50% less for almost 2-3 years before the market gains the trust and starts growing again.
Are you willing to put millions of dollars on hold for 2-3 years?

Is this really what everyone expects to happen, a 50% drop?
What is the effect on ETH LTC? Same ?

Who cares what happens to ETH and LTC, they are separate from Bitcoin, if I'm not saying when but if a chain split happens then yes price will immediately drops 50% wide spread across all the exchanges, another possible scenario is that everything will go as smooth and without any major loss of blocks found by miners then price will increase further more, who knows maybe it hits $6000 within 2 weeks after the fork. so basically we're looking at a 50-50 situation, however I'm not saying Bitcoin will lose it's value forever not at all but since there are billions of dollars at stake market might react badly and we could see at least 2 years of distrust and doubt but after that it will start to roll.
I'm just saying that such a scenario is not far from happening.

you shouldn't even begin to compare ethereum split with bitcoin's possible split.
ethereum is centralized and they have millions of coins at their disposal (some speculate about 70 million) and when the split happened they started dumping coins on ETC market to prevent its price to go up and then used the funds to put up buy walls to prevent ETH crash.

there is no such thing in bitcoin!

as long as you own the private key it doesn't matter where you store them, you can always retrieve them at any time, just keep them safe and wait for the split, nothing should happen to your coins

to make it simple i would secure those coins in a simple usb stick to not have to worry about anything


no the ETH dropped for another reason not because there was a "split", it dropped because of the hacker

i don't think the value will drop even after the split, if it was the case people should have already panic and sell now

What is ethereum? isn't a blockchain capable of handling tokens and smart contracts? now what is ETC mate can you tell me?

Did ETC miners also split the ethereum foundation in half and if so then what is stopping people from copying the entire thing and

Have their own version of ETH? at least with Bitcoin even with two blockchains both of them will function the same capable of transferring value.

The exchanges will usually put something out to let everyone know what their stance is, if they will handle everything or if you will need to take action.  I wouldn't worry too much about it at this stage though, you should however keep a % of your bitcoin off exchanges just in case.

August 1st is very soon to really make something happen. You are using the worst practice of storing your coins as you are storing them on Coinbase, a wallet which does not give access to you to your private keys and if you don't own your private keys you don't own any bitcoin. It is always advisable to withdraw your coins to a wallet where you are in full control and a wallet that has promised is ready for whatever happens in case of a split. Electrum is such a wallet if you don't want to spend any money for a hardware one. If you have money I believe you should buy a Ledger Nano S as a hardware wallet. Both wallets are very easy to set up, just follow the on screen instructions.

Holding your coins in a personal wallet seems to be the only viable option

If you are going to keep your bitcoins through these times of "hardship" at all. But are you sure that it is the best idea overall? Personally, I'm skeptical that we won't see more argument in the near future, and thus no matter how things are going to unfold eventually (i.e. after August, 1st), the Bitcoin price may decline dramatically. In this manner, it may be prudent to move some part of your wealth from Bitcoin to, say, the US dollar, which won't be affected by the quarrels that are likely set to heat up as the days count down. And then, when the prices crash outlandishly with each party dumping the coins of the other side, you can safely invest in both parties and reap the fruits of the victory no matter who is going to win in the end. Invest in future!

What hardship mate you think people are stupid enough actually to believe this false and made up drama and easily will dump their coins?

Am I the only uneducated newbie here to see this as a smoking mirror just to persuade the weakest investors to dump so they can buy cheap?

Nothing will happen and price will not crash, this is just another bull shit stunt from opportunists.

Mempool is really gonna spike as people start to move funds from exchange to hardware wallets. There will be an early mover advantage to those who move assets well in advanced of aug 1st  (lower fees & faster confirmation). Laggards will be exposed to the harshness of the elements and may not get a baggage coin..

I think this will do a couple things. 1. some exchanges may get shakey as they may not have enough BTC in hot and cold wallets for the exodus. 2. Price will spike as the available supply to sell will be taken offline for 2-3 months.

With the sell side thin at the exchanges, immediately after I expect both forks to rise in value in tandem but then have great volatility as individuals dump what they deem as the baggage coin and look to acquire more of their favored side of the split with the proceeds. As soon as a clear winner starts to emerge, the loser will be the baggage and be cast off. Hot fiat on the sidelines will pounce as soon as this is evident and there will be a massive pile-on effect. Then back to some level of normalcy. Great fortunes will be lost and won in the next quarter.

I would go for paper myself. There's so much seed incompatibility that I don't think I could be arsed to figure out where to go in the scenario of my wallet not supporting two chains.

Another day another story, this has happened in the past, they shouted end of Bitcoin, it will spilt and blah, don't we all know what happened? Bitcoin stood strong as it was and it shall always be strong, I don't see anything happening to Bitcoin in August 1 except that it may just have a price hike lol, I am not really worried about what may happen. I am pretty convinced that all will be good and that it shall be a positive year for Bitcoin. I feel you should also stay calm, and if there a dip buy and collect more that's what my plan will be.

I don't really know

And I can't speak for other people either. Obviously, I'm talking about what I'm going to do myself (and which I already do anyway). Am I (not) stupid enough to believe in this drama? In my view, things are going to escalate further as the time runs out, therefore I am thinking, first, how to preserve my wealth, and, second, how to monetize from the current situation, i.e. earn some bucks. As the saying goes, buy when there's blood in the streets, though it doesn't specify what exactly we should buy, so everyone and his goddamn dog are to decide on their own

Things might actually develop along a different scenario

First, people might not go for Bitcoin withdrawals as such but rather try to convert bitcoins to other coins as well as fiat (most likely, the US dollar whenever possible), and that would evidently lead to the opposite effect, i.e. not rising prices but sooner declining or even crashing since moving coins to personal wallets doesn't remove the systemic risk of Bitcoin devaluation. Further, once the panic selling sets in, it will be hard to stop until it gets exhausted on its own (with prices wiping the floor). The bottom line is that any serious confrontation will cause the price to go down, so it is unlikely that we will see prices of the two forks exceeding in sum the price of now defunct Bitcoin

I will be exactly like the ETH/ETC story if not every body jump on the biggest chain, if some of the miners insist on their own chain settings and refuse to upgrade they will become an alt and soon to be forgotten since they will not be able to carry the Bitcoin name BTC.
First I thought people are converting into ETH from BTC to keep the value of their investment up but then I see every time ETH pumps BTC pumps more, not only people are converting BTC to ETH but at the same time some people are injecting cash to buy BTC. I suppose they are seeing the future and don't care for even 3-4 years later. any body investing heavily on Bitcoin now with the current situation is looking for 5-10+ and long term investments.

what is a segwit2x ??? and why it has better chances than UASF?

Things might be a lot more interesting with Bitcoin

I don't know much about the Ethereum split, but it seems that the game was far from being equal there. Basically, the major chain dumped the price of the competitor since it was a lot stronger financially. This is not the case with Bitcoin, so we may not know who will be the winner till the last moment. And when everyone and his wretched dog have already made up their mind, Satoshi himself might come out of oblivion and trash the winner into dust with his stash of coins

UASF won't happen because it won't work.

* changing my username to uasfsucks *

I don't think it'll drop that easy and if it does it'll rebound.

So am I supposed to buy a UASF hat and start shorting BTC on August 1?

This whole thing reeks. Now these UASF-bois want to banhammer franky1?

This echo-chamber.

Basically SegWit+2MB HF
At 2017 NY scalling conference, considerable amount of Bitcoin business, miners (over 80%) and individuals from both camps agreed to fund such code creation, provide technical help for anybody implementing it, and enforcing such Bitcoin consensus rules after activated:
https://medium.com/@DCGco/bitcoin-scaling-agreement-at-consensus-2017-133521fe9a77

SegWit2x code creation is open process and received constructive feedback from Core developers so far:
https://github.com/btc1/bitcoin/

Now compare it with BIP148 UASF:
- no Bitcoin business support
- no know miners behind it (they migh get just few % from individuals, 80%+ is tied to SegWit2x agreement)
- no exchange decided to choose altcoin name for trading coins from expected minority BIP148 chain yet
- most Core developers opose it  https://bitcointalk.org/index.php?topic=1942729.msg19317662#msg19317662

I will use bitcoin for the future I have planned from far away days, I will start cashing it now before it's too late to welcome the future.
Are you willing to postpone millions of dollars for 2-3 years?

We should be prepared for the transition, and there is a very important thing we must do. We have to put the whole bitcoin on the web wallet about the hardware wallet. That is the way we ensure our safety and our rights. Coinbase is a terrible wallet.

It may not be quite there yet

But it is well under way to arrive at the destination in due course. My acquaintance with Bitcoin happened thanks to Coinbase and their massive ad campaign which they had been running in the fall of 2013. But right now they have become "incorporated" and sided with evil. Basically, the same happened with Google in their time as well, they eventually turned into another Microsoft, while Android became a new Windows

I guess when your a miner you really need to use a hardware wallet to store your bitcoin came from mining but i guess for me it is more manageable if your going to put your bitcoin earnings in coinbase bitcoin wallet so your can really manage and check your bitcoin earning every time.

Hey there jonald_fyookball,

Could you please elucidate what you mean when you say 'technically capable/proficient at doing so'

From what I see it's pretty simple. Is there some tricks that you could explain involved?

Thanks in advance,

-jd

There is a possibility that you may lose your bitcoin if you keep it in a web wallet that you do not control the private keys. Before aug 1, you should transfer your bitcoin into a wallet that you control the private key.

Though I believe we should be concerned on this latest development, I don't think this whole thing is meant to kill or delete our Bitcoin holdings. The best thing to do is to ask our wallet provider to clarify their stand on this matter and if they are really ready when August 1 strikes on the clock.

I am assuming that all of our wallet service providers are really aware of the situation and they would act according to the best interest of their existing clients which in turn can be acting for their own best interest likewise.

Right now, there are already many guide and clarifications published on net on this important subject.

All this drama for August 1st effect on current holdings. I will hold my coins in my wallet which is ready for whichever routes bitcoin takes. I have no intention to spend my bitcoins. The stable increase in price these days after the correction made me think that is a lot more worthy to keep my coins and watch the developments from the sidelines rather than to sell coins because of panic created from a possible hard fork.

sorry if this has been answered before *I couldn't really see anything on the forum about it specifically..*

So: What happens to the BTC stored on a hardware wallet like Ledger or TREZOR when these changes take place?

I don't understand how if it isn't connected the changes could apply to the BTC stored there, rather, only the system as a whole.

How could one wallet support one thing and another support a different thing? Wouldn't there have to be consensus in order to transfer/use coins for say, someone like me with stored BTC on a hardware wallet or cold storage hard drive?

Thanks in advance,

-jd

quit bitching. BTU shills lost with their chinese overlords. Time to learn some decentralization. Aug 1 Bitcoin Independence day. Behold UASF BIP148

For the Bitcoins stored on your wallet nothing changes. Just dont use yours Bitcoins after Aug 1 until the dust settles. There are possibilites:

1) BIP148 fork dies up  OR  BIP148 fork replaces Bitcoin because it gets most mining support: you will be able to use Bitcoins only from your wallet as usual
2) BIP148 fork lives forever but is minority chain thus altcoin: you will be able to use Bitcoins from your wallet as usual, but if you want use the BIP148 altcoin as well, you must first get more infomation how to do this before you ever start using your Bitcoins