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Bitcoin => Bitcoin Discussion => Topic started by: coinmore_org on June 28, 2017, 05:06:21 PM



Title: What is the most likely outcome on August 1st ?
Post by: coinmore_org on June 28, 2017, 05:06:21 PM
This is a question on everyones mind but there is no solid answer. I have scrolled through bitcointalk / reddit / everywhere.
Its one camp vs another vs another ... Therefore many answers to "what will happen" are biased.
I want to simply know.. will Bitcoin scale this year or not? will Bitcoin ever scale ? will August 1st even be of any real significance or will it be Y2K all over again (where nothing happened) ? And if Bitcoin does scale what will happen to the Litecoin (which has recently been taking some of Bitcoins gleem/shine) ?



Title: Re: What is the most likely outcome on August 1st ?
Post by: mobnepal on June 28, 2017, 05:45:03 PM
I want to simply know.. will Bitcoin scale this year or not? will Bitcoin ever scale ? will August 1st even be of any real significance or will it be Y2K all over again (where nothing happened) ? And if Bitcoin does scale what will happen to the Litecoin (which has recently been taking some of Bitcoins gleem/shine) ?


Yes segwit2x might get activated by august this year which is one of the scaling solution supported by large community. There is no relation between litecoin and bitcoin, but I am expecting a good pump on bitcoin price when segwit2x will be activated. Litecoin also got good rise after segwit activation on litecoin network few weeks before.


Title: Re: What is the most likely outcome on August 1st ?
Post by: Emoclaw on June 28, 2017, 05:48:32 PM
On August 1st UASF will get activated, but literally nothing will happen because UASF is a joke.
The overwhelming majority of mining power supports Segwit2x, and we will get that first.


Title: Re: What is the most likely outcome on August 1st ?
Post by: cellard on June 28, 2017, 05:53:40 PM
Nothing will happen. We will get segwit through segwit2x. The ideal way to get segwit was BIP141, but we are getting segwit anyway. UASF won, because we are getting segwit, so UASF is no longer relevant, even tho people should still run it until segwit is locked in. Never trust miners, they are not your friends.

Once segwit is activated, there will be no hardfork, and whoever tries to hardfork will end up with a crashing altcoin.


Title: Re: What is the most likely outcome on August 1st ?
Post by: ebliever on June 28, 2017, 07:57:47 PM
Assuming the software doesn't blow up (I'm not real confident, but with so much riding on it they might actually get it right this time), the Segwit2X folks should have SW enabled for signaling on July 21. With 86% miner support at the moment, IF some of the miners don't pull out at the last minute (i.e., Bitmain) then SW will be close to activation on August 1.

Note that this depends on a couple things. I'd put the chances of SW2X pulling it off at around 60%, IMO.

If something goes wrong or Bitmain reneges again, then BIP148 gets activated. It will be messy but it will win. Jimmy Song has a good article explaining why, and the case has only gotten stronger since he wrote it.  The majority of miners, having just spent a month publicly declaring their intention to support SW, are not going to universally turn against it on August 1. Even if some follow Bitmain's lead or get cold feet, enough will stick with it to make BIP148 viable. And if it is viable on August 1, victory is virtually assured.

Song's article:
https://medium.com/@jimmysong/uasf-bip148-scenarios-and-game-theory-9530336d953e

So my prediction at this point looks something like this:

60% of Segwit activating thru SW2X, no BIP148 activation.
35% of Segwit activating though BIP148 w. some turmoil. Bitmain may try to fight with their planned fork, or may abandon its bluff. Doesn't matter either way.
5% of something else...


Title: Re: What is the most likely outcome on August 1st ?
Post by: Meuh6879 on June 28, 2017, 08:01:41 PM
Nothing will happen. We will get segwit through segwit2x. The ideal way to get segwit was BIP141, but we are getting segwit anyway. UASF won, because we are getting segwit, so UASF is no longer relevant, even tho people should still run it until segwit is locked in. Never trust miners, they are not your friends.

Once segwit is activated, there will be no hardfork, and whoever tries to hardfork will end up with a crashing altcoin.

+1

and a video : https://www.youtube.com/watch?v=rpeceXY1QBM


Title: Re: What is the most likely outcome on August 1st ?
Post by: OROBTC on June 28, 2017, 08:16:50 PM
...

Well it sure looks more optimistic than a few weeks ago when the two camps were close to going nuclear on each other.  If all goes well, I would go along with ebliever's probabilities.  Then, it's likely that with this BTC problem solved (for now), BTC price could move up nicely.

If they screw this up (Developers or Miners), then all bets are off, and BTC may crater.  But, I feel better about the likelihood that BTC's future outlook has improved over the past couple of weeks.

I hope that I am right...


Title: Re: What is the most likely outcome on August 1st ?
Post by: AleSergio on June 28, 2017, 08:26:53 PM
Bitcoin will not crash, that is 100%, but it could stop raising so fast. Fork can do some negative work, but if we will look in future, than we will see bitcoin growing stable, without any problems.


Title: Re: What is the most likely outcome on August 1st ?
Post by: odolvlobo on June 28, 2017, 09:57:20 PM
I don't expect anything to happen on August 1.

Without more than 50% of the hash rate, I don't see how a UASF fork can succeed. The UASF fork will fall behind and miners will abandon it. The already low transaction capacity will drop further and users will abandon it. The lower the UASF hash rate is, the more quickly it will fall behind and the more quickly it will be abandoned.

On the other hand, if miners signal Segwit because they fear UASF, then the UASF goal will be achieved even if the fork itself fails.


Title: Re: What is the most likely outcome on August 1st ?
Post by: coinmore_org on June 28, 2017, 10:01:53 PM
Nothing will happen. We will get segwit through segwit2x. The ideal way to get segwit was BIP141, but we are getting segwit anyway. UASF won, because we are getting segwit, so UASF is no longer relevant, even tho people should still run it until segwit is locked in. Never trust miners, they are not your friends.

Once segwit is activated, there will be no hardfork, and whoever tries to hardfork will end up with a crashing altcoin.

So in theory we will get the segwit without the 2x part down the line? (seems a lilttle bit fishy.. pardon the pun)
I just hope Bitcoin scales for the longterm. Its clear the world is ready for it.


Title: Re: What is the most likely outcome on August 1st ?
Post by: ArnoldChippy on June 28, 2017, 10:11:58 PM
Bitcoin will not crash, that is 100%, but it could stop raising so fast. Fork can do some negative work, but if we will look in future, than we will see bitcoin growing stable, without any problems.
ye we can hope so that August 1st is going not to do anything with bitcoin. i am sure bitcoin price will not be effected so much with that decision, and will continue increase with it s previous tool . hope we will see more increase in the price of bitcoin very soon.


Title: Re: What is the most likely outcome on August 1st ?
Post by: Eternu on June 28, 2017, 10:16:50 PM
I am not sure how Litecoin and Bitcoin are connected, i guess they are not. But i believe that there will be scaling on 1st of August. Also i believe that it will be good for Bitcoin. But i also believe that price of Bitcoin will go down, which is not so good for me or for other people that are saving Bitcoins. I will sell all i have (which is not much) before 1st of August.


Title: Re: What is the most likely outcome on August 1st ?
Post by: countryfree on June 28, 2017, 10:20:58 PM
Everybody shall remember what happened a year ago.

I mean the halving. Most people said at the time that BTC would go to the roof, because of that new scarcity, but nothing happened. The price BTC remained flat for several months after the halving.


Title: Re: What is the most likely outcome on August 1st ?
Post by: hardtime on June 28, 2017, 11:14:18 PM
Probably nothing is going to come out of it, I can personally see a ton of the miners just bowing out before something like this actually going through in fear of what the community is going to say and think and what the price is going to do because of it. Because the last thing these miners want is to lose out on potential profits as they trying to 'fix' all of this, while I do think they'll be looking out for the best interest I think they'd rather just try to squeeze out all of the money that they can out of Bitcoin, as that's usually all people care for these days.I don't think anything will come from it, sadly.



Title: Re: What is the most likely outcome on August 1st ?
Post by: shinratensei_ on June 28, 2017, 11:34:06 PM
On August 1st UASF will get activated, but literally nothing will happen because UASF is a joke.
The overwhelming majority of mining power supports Segwit2x, and we will get that first.
The majority Bitcoin users don't want the bitcoin will be ended like ETH with the forked one ETC. Say no to UASF and yes for Segwit. The UASF will be forked the chain and that makes another forked chain will have appeared.
UASF will never have happened and there is not something special at the first of August.  :P
Proud for SegWit.


Title: Re: What is the most likely outcome on August 1st ?
Post by: kalodu on June 28, 2017, 11:38:11 PM
UASF has almost no support but it seems the threat of it has got the community coming to a consensus, my prediction is that nothing major happens and the markets rejoice there will be no hardfork and hopefully even be a real scaling solution out of it all.


Title: Re: What is the most likely outcome on August 1st ?
Post by: bitcoinbox on June 28, 2017, 11:48:17 PM
Let's all be optimistic, everything will go fine and soon after august 1st we will be even richer.


Title: Re: What is the most likely outcome on August 1st ?
Post by: keithers on June 29, 2017, 12:02:04 AM
Some of the reports that I am reading have been suggesting that you move coins off of hot wallet sites like coinbase, etc, and into hardware wallets.  I am not sure if this is just because they may halt withdrawals until their systems can figure out how to accommodate the situation or what.

I have seen conflicting info regarding "older transactions being erased from the chain"  if we end up in a hard fork situation.  I'm happy this thread was started, as I was wondering other people's opinion on this matter as well.


Title: Re: What is the most likely outcome on August 1st ?
Post by: keithers on June 29, 2017, 12:06:49 AM
I am not sure how Litecoin and Bitcoin are connected, i guess they are not. But i believe that there will be scaling on 1st of August. Also i believe that it will be good for Bitcoin. But i also believe that price of Bitcoin will go down, which is not so good for me or for other people that are saving Bitcoins. I will sell all i have (which is not much) before 1st of August.

What is your reasoning behind thinking that bitcoin will go down in price if it is scaled to handle more transactions?  I'm curious because I am not quite sure why anyone wouldn't want bitcoin to be scaled to be able to handle the masses.

I get the libertarian point of view, but let's be honest, some people bought in as an experiment or to try and take the power away from big banks, but most people bought bitcoin as an investment to hopefully make money off of it.   


Title: Re: What is the most likely outcome on August 1st ?
Post by: Minecache on June 29, 2017, 01:12:32 AM
This is a question on everyones mind but there is no solid answer. I have scrolled through bitcointalk / reddit / everywhere.
Its one camp vs another vs another ... Therefore many answers to "what will happen" are biased.
I want to simply know.. will Bitcoin scale this year or not? will Bitcoin ever scale ? will August 1st even be of any real significance or will it be Y2K all over again (where nothing happened) ? And if Bitcoin does scale what will happen to the Litecoin (which has recently been taking some of Bitcoins gleem/shine) ?


I've absolutely no isea why you or anyone else keeps focusing on the 1st of August. Nothing is happening then. Ffs.


Title: Re: What is the most likely outcome on August 1st ?
Post by: Sniper150 on June 29, 2017, 01:44:26 AM
Let's all be optimistic, everything will go fine and soon after August 1st we will be even richer.

I don't think so. We can just predict what will happen for tomorrow. Maybe the Bitcoin price in August 1st will increase and everyone who saves bitcoin in their own wallet earns a big profit. If you save 1BTC in your own wallet, it maybe doubles soon after August 1st. As long as the day lasts, the prices rise too. There are people who are rich in Bitcoin. They are the one who saves a big money in their wallet and patiently waiting to raise its price. Bitcoin price was fluctuating. You don't know its rising again. But it better for you to save than selling it.


Title: Re: What is the most likely outcome on August 1st ?
Post by: robelneo on June 29, 2017, 01:48:22 AM
I don't see any spectacular or doom scenario on August 1,this segwit must happen and this is the right time to happen there's a lot of news coming out about it's negative effect but still everything is not yet confirm,but it's highly recommend that you have your coin in a wallet where you have the private keys


Title: Re: What is the most likely outcome on August 1st ?
Post by: keithers on June 29, 2017, 04:09:54 AM
I don't see any spectacular or doom scenario on August 1,this segwit must happen and this is the right time to happen there's a lot of news coming out about it's negative effect but still everything is not yet confirm,but it's highly recommend that you have your coin in a wallet where you have the private keys


Ok theoretically in the event of a hard fork with coins in a hardware wallet, what would happen in the event of a split into two different coins? I'm confused on how that would be handled and how our wallets or private keys would translate into two separate coins. Can anyone explain?


Title: Re: What is the most likely outcome on August 1st ?
Post by: qiwoman2 on June 29, 2017, 05:01:46 AM
I have no idea what will happen on August the 1st but I  do hope it will bring something positive for the Bitcoin Community because we have been waiting far too long for the scaling debacle to be sorted.


Title: Re: What is the most likely outcome on August 1st ?
Post by: Russlenat on June 30, 2017, 08:45:41 AM
I have no idea what will happen on August the 1st but I  do hope it will bring something positive for the Bitcoin Community because we have been waiting far too long for the scaling debacle to be sorted.

Yes you right! no one know exactly what happen on that date! may be it just some sort of propaganda for panic buying of cryptocurrencies. But for me let just see what happen then and I think this cannot be affect the bitcoin.


Title: Re: What is the most likely outcome on August 1st ?
Post by: coinmore_org on June 30, 2017, 11:14:34 AM
Lets just all hope Bitcoin manages to scale so it can be used as a payment system as intended by Satoshi. Because at the moment it's nothing more than a speculative "thing".


Title: Re: What is the most likely outcome on August 1st ?
Post by: haroldtee on June 30, 2017, 11:33:21 AM
Assuming the software doesn't blow up (I'm not real confident, but with so much riding on it they might actually get it right this time), the Segwit2X folks should have SW enabled for signaling on July 21. With 86% miner support at the moment, IF some of the miners don't pull out at the last minute (i.e., Bitmain) then SW will be close to activation on August 1.

Note that this depends on a couple things. I'd put the chances of SW2X pulling it off at around 60%, IMO.

If something goes wrong or Bitmain reneges again, then BIP148 gets activated. It will be messy but it will win. Jimmy Song has a good article explaining why, and the case has only gotten stronger since he wrote it.  The majority of miners, having just spent a month publicly declaring their intention to support SW, are not going to universally turn against it on August 1. Even if some follow Bitmain's lead or get cold feet, enough will stick with it to make BIP148 viable. And if it is viable on August 1, victory is virtually assured.

Song's article:
https://medium.com/@jimmysong/uasf-bip148-scenarios-and-game-theory-9530336d953e

So my prediction at this point looks something like this:

60% of Segwit activating thru SW2X, no BIP148 activation.
35% of Segwit activating though BIP148 w. some turmoil. Bitmain may try to fight with their planned fork, or may abandon its bluff. Doesn't matter either way.
5% of something else...

Sure! There is light at the end of the tunnel with segwit adoption, but still from the look of things, it is better safe than sorry by still having control of one's private key rather than getting too comfortable right?


Title: Re: What is the most likely outcome on August 1st ?
Post by: NUFCrichard on June 30, 2017, 01:45:58 PM
Even in the worst case scenario of having 2 active chains after 1st August, it doesn't have to be a bad thing for the price.
When ETH and ETC split the price of both were far far lower than they are now.  Different Bitcoin chains could both prosper, at least in terms of price.

The problem will be longer term, when new investors don't understand what has happened, or what will happen in the future.  I hope it stays orderly, but then I want the transaction fees to fall too, so we'll see if those 2 things are possible together.


Title: Re: What is the most likely outcome on August 1st ?
Post by: Eternu on June 30, 2017, 08:39:24 PM
Even in the worst case scenario of having 2 active chains after 1st August, it doesn't have to be a bad thing for the price.
When ETH and ETC split the price of both were far far lower than they are now.  Different Bitcoin chains could both prosper, at least in terms of price.

The problem will be longer term, when new investors don't understand what has happened, or what will happen in the future.  I hope it stays orderly, but then I want the transaction fees to fall too, so we'll see if those 2 things are possible together.
Hmm if i understood right, i share your thoughts and dilemma. I think no one can predict with certain what will happen. But i believe that at first price will go down, price of bitcoin of course. But after sometime, when people see what is better they will continue investing. I mean why would not they do that, fees will be lower and speed of transactions will be faster. Bitcoin will always stay the same in eyes of common people. We will continue to use it, and with that future of bitcoin is good.


Title: Re: What is the most likely outcome on August 1st ?
Post by: Bunsomjelican on June 30, 2017, 10:15:17 PM
This is a question on everyones mind but there is no solid answer. I have scrolled through bitcointalk / reddit / everywhere.
Its one camp vs another vs another ... Therefore many answers to "what will happen" are biased.
I want to simply know.. will Bitcoin scale this year or not? will Bitcoin ever scale ? will August 1st even be of any real significance or will it be Y2K all over again (where nothing happened) ? And if Bitcoin does scale what will happen to the Litecoin (which has recently been taking some of Bitcoins gleem/shine) ?


I don't know why some of the community in this industry are so worried about for the coming August 1,  actually they
heard was only a speculation or just a food. If you are not really deep in this world, this will cause only to be trap and deceive by the others for you to get panic on it. nothings gonna hap pulpened bad this coming august 1.


Title: Re: What is the most likely outcome on August 1st ?
Post by: keithers on June 30, 2017, 10:43:30 PM
Even in the worst case scenario of having 2 active chains after 1st August, it doesn't have to be a bad thing for the price.
When ETH and ETC split the price of both were far far lower than they are now.  Different Bitcoin chains could both prosper, at least in terms of price.

The problem will be longer term, when new investors don't understand what has happened, or what will happen in the future.  I hope it stays orderly, but then I want the transaction fees to fall too, so we'll see if those 2 things are possible together.

The part that I'm confused with...is let's say there is a hard fork and we end up with let's say "Bitcoin" and "Bitcoin Classic"  (I just tossed those two names out there obviously),   how would a hardware wallet like a nano or a trezor...support both coins without doing some major changes to their coding or whatever?

I don't have the slightest idea about coding, so I am just trying to get a grasp on what would happen in that event.   I would think that uncertainty would cause a at least a small sell off.


Title: Re: What is the most likely outcome on August 1st ?
Post by: Rahar02 on June 30, 2017, 11:23:00 PM
Assuming the software doesn't blow up (I'm not real confident, but with so much riding on it they might actually get it right this time), the Segwit2X folks should have SW enabled for signaling on July 21. With 86% miner support at the moment, IF some of the miners don't pull out at the last minute (i.e., Bitmain) then SW will be close to activation on August 1.

Note that this depends on a couple things. I'd put the chances of SW2X pulling it off at around 60%, IMO.

If something goes wrong or Bitmain reneges again, then BIP148 gets activated. It will be messy but it will win. Jimmy Song has a good article explaining why, and the case has only gotten stronger since he wrote it.  The majority of miners, having just spent a month publicly declaring their intention to support SW, are not going to universally turn against it on August 1. Even if some follow Bitmain's lead or get cold feet, enough will stick with it to make BIP148 viable. And if it is viable on August 1, victory is virtually assured.

Song's article:
https://medium.com/@jimmysong/uasf-bip148-scenarios-and-game-theory-9530336d953e

So my prediction at this point looks something like this:

60% of Segwit activating thru SW2X, no BIP148 activation.
35% of Segwit activating though BIP148 w. some turmoil. Bitmain may try to fight with their planned fork, or may abandon its bluff. Doesn't matter either way.
5% of something else...

The main question before what will happen after 1st August is ; if any of those solutions will be implemented, whether miners and core will come to an agreement or compatibility to activate one of the proposals?
If segwit2x really a good deal, than I'm sure bitcoin will continue to rise more than $5000 in this year, just hopefully nothing going wrong as we all in bitcoin community don't want something bad to our bitcoin, and so are miners and cores.


Title: Re: What is the most likely outcome on August 1st ?
Post by: Jewell on June 30, 2017, 11:46:42 PM
I have no idea what will happen on August the 1st but I  do hope it will bring something positive for the Bitcoin Community because we have been waiting far too long for the scaling debacle to be sorted.
we are also hopping so, that the there is not going to happen again bitcoin. hope that after 1st August bitcoin price will become skyrocket , because it trading at 2500$ for a long time, but still bitcoin price has too much potential and will very soon cross 4000$ level. i think we need to show a little patient and hope that we will get a good profit after some days.


Title: Re: What is the most likely outcome on August 1st ?
Post by: Makka on July 01, 2017, 03:33:40 AM
I have no idea what will happen on August the 1st but I  do hope it will bring something positive for the Bitcoin Community because we have been waiting far too long for the scaling debacle to be sorted.
we are also hopping so, that the there is not going to happen again bitcoin. hope that after 1st August bitcoin price will become skyrocket , because it trading at 2500$ for a long time, but still bitcoin price has too much potential and will very soon cross 4000$ level.

I think August 1 will present us some adjustments to bitcoin, making it a better one. I hope transaction fees will also be addressed. Before that date, people will remain fearful as to what will come out on that day. But after that, after realizing that everything is for the greater good of bitcoin, the price will leap high.


Title: Re: What is the most likely outcome on August 1st ?
Post by: johnscoin on July 01, 2017, 08:50:30 AM
This is a question on everyones mind but there is no solid answer. I have scrolled through bitcointalk / reddit / everywhere.



It's wrong to look for information in those sites.

Never believe anything from Reddit/Bitcoin Github/Bitcoin Bitcointalk Bitcoin.org. Nearly all are controlled by Theymos, who was said by resources to have scammed 6000 BTC, worth $14.8 million dollars today. (https://bitcointalk.org/index.php?topic=1995930.0)

They are censored deliberately to mislead you and they were hijacked years ago by people who hate Bitcoin. What you only can get is misinformation.

You are welcome to reddit.com/r/btc for some information. But please keep in mind that there are many altcoin-pumpers (especially ETH) around. (https://www.reddit.com/r/btc)


Title: Re: What is the most likely outcome on August 1st ?
Post by: canvan on July 01, 2017, 08:56:35 AM
I have no idea what will happen on August the 1st but I  do hope it will bring something positive for the Bitcoin Community because we have been waiting far too long for the scaling debacle to be sorted.
we are also hopping so, that the there is not going to happen again bitcoin. hope that after 1st August bitcoin price will become skyrocket , because it trading at 2500$ for a long time, but still bitcoin price has too much potential and will very soon cross 4000$ level.

I think August 1 will present us some adjustments to bitcoin, making it a better one. I hope transaction fees will also be addressed. Before that date, people will remain fearful as to what will come out on that day. But after that, after realizing that everything is for the greater good of bitcoin, the price will leap high.

Yes I think the closer we get the less fear people will have because as each day passes its less and less likely there will be a hardfork and more likely to see real solutions.


Title: Re: What is the most likely outcome on August 1st ?
Post by: deisik on July 01, 2017, 10:11:29 AM
This is a question on everyones mind but there is no solid answer. I have scrolled through bitcointalk / reddit / everywhere.
Its one camp vs another vs another ... Therefore many answers to "what will happen" are biased.
I want to simply know.. will Bitcoin scale this year or not? will Bitcoin ever scale ? will August 1st even be of any real significance or will it be Y2K all over again (where nothing happened) ? And if Bitcoin does scale what will happen to the Litecoin (which has recently been taking some of Bitcoins gleem/shine) ?

If Bitcoin doesn't scale it is set to die eventually

Of course, it is unlikely that it is going to die in the way as many if not all shitcoins die, but that might only make its slow and gradual decline more painful and miserable at the end of the day, so if it were a conscious being, it might have preferred a faster and more honorable demise. Obviously, Litecoin is likely to take its place since it has already solved the issues (more specifically, lack of scalability) which would be the ultimate causes of Bitcoin decline. Basically, Litecoin is the same Bitcoin as it should have become if it had managed to successfully scale up (I'm talking from the future where Bitcoin is left for dead)


Title: Re: What is the most likely outcome on August 1st ?
Post by: DoublerHunter on July 01, 2017, 10:13:34 AM
I think that the outcome on august 1st will be a split on the chain of bitcoin and the price might experience some dump because of the panic of the people in holding their bitcoins and also the fear of losing their bitcoin because they don't have the enough knowledge in securing their bitcoins for the upcoming fork on august 1st.


Title: Re: What is the most likely outcome on August 1st ?
Post by: deisik on July 01, 2017, 11:52:06 AM
Everybody shall remember what happened a year ago.

I mean the halving. Most people said at the time that BTC would go to the roof, because of that new scarcity, but nothing happened. The price BTC remained flat for several months after the halving

In fact, that had been expected

And not just by me alone, though I had written about that a few times two months before the halving. The price had been rising half a year before the actual event on halving hype alone, and it was as clear as day that most folks will try to outsmart the rest of the pack by cashing out before the halving. Exactly that happened in real life, and a few weeks before the event, Bitcoin crashed. Further, we shouldn't completely write off the impact of the Bitfinex hack in early August three weeks after the halving. Regarding current showdown, I basically agree with Jimmy Song that things might get uglier than most of us think. Personally, I would be greatly surprised if, for example, Jihan didn't come up with something really nasty as the time draws closer to the Bitcoin Judgment day


Title: Re: What is the most likely outcome on August 1st ?
Post by: BitcoinHodler on July 01, 2017, 01:03:29 PM
Everybody shall remember what happened a year ago.

I mean the halving. Most people said at the time that BTC would go to the roof, because of that new scarcity, but nothing happened. The price BTC remained flat for several months after the halving.

LOL the halving period was the most incident filled period of time last year. how can you say "nothing happened"!!

and it went "to the roof". it is a 60% rise before the halving because of hype and another 60% rise after the halving when actual "new scarcity" kicks in. what else do you want that is 120% rise in less than a year :D

here is summarized it:
https://i.imgur.com/tHhbWNK.jpg


Title: Re: What is the most likely outcome on August 1st ?
Post by: itot on July 01, 2017, 01:30:19 PM
If there's a split it will be a total clusterfuck
which will hurt "average joe" users confidence and
trust in Bitcoin or the entities that govern it in
their own way. Household users aren't going to
put the time and effort into finding out what
caused the split, and the potential loss of their
savings, they'll just think it was all one big scam.


Title: Re: What is the most likely outcome on August 1st ?
Post by: warrior333 on July 01, 2017, 01:40:06 PM
Now in the hands of people a lot of coins and I'm not sure that they will agree just to lose your money because of the panic. No way back, and those who already have the coins should not panic. Then no disasters will occur.


Title: Re: What is the most likely outcome on August 1st ?
Post by: YOYOY on July 01, 2017, 02:04:17 PM
Well there is a good thing to happen on August 1st about that segwit, and it will be divided into two, the soft and hard fork and what I like about it is the hard fork. Why? Unlike a soft fork, a hard fork is not backwards compatible and will lead to a chain split by default, as long as there is enough support on the minority chain for it to continue. And if this hard fork will be activated, a split of the Bitcoin community into two separate cryptocurrency networks is possible.


Title: Re: What is the most likely outcome on August 1st ?
Post by: bitcoinisbest on July 01, 2017, 02:07:47 PM
OP - As far as litecoin is concerned I would not prefer to invest going forward. Also btc and ETH looks strong if the cypto currency prices going forward rise. Well there are many other new coins coming in market and if you do research and find better to invest in other project that will be better rather than litecoin.


Title: Re: What is the most likely outcome on August 1st ?
Post by: bitofc on July 01, 2017, 02:19:37 PM
most likely segwit2x will get segwit activated.  UASF win, as they force segwit to get activated.  on August 1st, UASF is irrelevant, as segwit already activated.  whether it will get a hard fork after 3 months or not, we shall see how it goes.


Title: Re: What is the most likely outcome on August 1st ?
Post by: chixka000 on July 01, 2017, 02:22:22 PM
One thing is for sure that for now, I will be converting my amounts into fiat on the late part of july and holds for awhile if the price would goes down on the first week of august i will probably then buy all my current amount and hold then we'll see.


Title: Re: What is the most likely outcome on August 1st ?
Post by: thecodebear on July 01, 2017, 02:44:08 PM
Even in the worst case scenario of having 2 active chains after 1st August, it doesn't have to be a bad thing for the price.
When ETH and ETC split the price of both were far far lower than they are now.  Different Bitcoin chains could both prosper, at least in terms of price.

The problem will be longer term, when new investors don't understand what has happened, or what will happen in the future.  I hope it stays orderly, but then I want the transaction fees to fall too, so we'll see if those 2 things are possible together.

The part that I'm confused with...is let's say there is a hard fork and we end up with let's say "Bitcoin" and "Bitcoin Classic"  (I just tossed those two names out there obviously),   how would a hardware wallet like a nano or a trezor...support both coins without doing some major changes to their coding or whatever?

I don't have the slightest idea about coding, so I am just trying to get a grasp on what would happen in that event.   I would think that uncertainty would cause a at least a small sell off.

Can someone answer keithers question please!

I too am wondering how a hardware wallet will just automagically know to split your coins into equal holdings in two coins if there is a split. I have 90% of my coins in coinbase and the other 10% on an exchange for occasional trades. Was thinking about getting a hardware wallet. Generally I'm fine trusting coinbase but since I plan on holding for several years I figure I may as well get control of my bitcoins for the long haul. I'm not too worried about a split Aug 1 as I think segwit will be adopted just fine, but if the hard fork happens later I'm not sure how coinbase will handle it. But how would a hardware wallet do it? From what I've read everyone just says it will automatically give you coins in both. But that doesn't seem to make any sense at all. Seems it would be no different than having coins on an exchange or coinbase, ie the hardware wallet developer would have to decide to support the new chain and double everyones coins to that new chain, and you'd have to download that code update for it to work right? I don't see how this would all just happen automatically as if by magic as everyone I've ever seen mention it suggests. Could someone please explain this? Thanks! Trying to figure out how important it is that I get control over my coins before the hard fork.


Title: Re: What is the most likely outcome on August 1st ?
Post by: odolvlobo on July 01, 2017, 03:51:54 PM
I too am wondering how a hardware wallet will just automagically know to split your coins into equal holdings in two coins if there is a split.

Coins that exist before the fork are available to spend on both forks because both forks include the same chain before the fork. Nothing happens to your coins until you spend them.

Now, the tricky part is spending them after the fork. If you spent the coins normally after the fork, you will spend them on both forks and the receiver will get both. But, if you create a transaction that is valid on only one of the forks, then you can later create another transaction that spends them again on the other fork. If a fork occurs, I'm sure that someone will provide software that will allow you to do that.

... I have 90% of my coins in coinbase and the other 10% on an exchange for occasional trades. Was thinking about getting a hardware wallet. Generally I'm fine trusting coinbase  ...

Because you don't hold the coins yourself, you have no control over how they are spent after the fork. For example, if you tell Coinbase to send 1 BTC to someone, they could send 1 BTC on both forks, or they could even send 1 BTC on one fork and keep the 1 BTC on the other fork for themselves. For that reason, you should move your coins to a wallet you control if there is going to be a fork.


Title: Re: What is the most likely outcome on August 1st ?
Post by: deisik on July 01, 2017, 04:14:18 PM
Even in the worst case scenario of having 2 active chains after 1st August, it doesn't have to be a bad thing for the price.
When ETH and ETC split the price of both were far far lower than they are now.  Different Bitcoin chains could both prosper, at least in terms of price.

The problem will be longer term, when new investors don't understand what has happened, or what will happen in the future.  I hope it stays orderly, but then I want the transaction fees to fall too, so we'll see if those 2 things are possible together.

The part that I'm confused with...is let's say there is a hard fork and we end up with let's say "Bitcoin" and "Bitcoin Classic"  (I just tossed those two names out there obviously),   how would a hardware wallet like a nano or a trezor...support both coins without doing some major changes to their coding or whatever?

I don't have the slightest idea about coding, so I am just trying to get a grasp on what would happen in that event.   I would think that uncertainty would cause a at least a small sell off.

Can someone answer keithers question please!

I don't have a hardware wallet so take my words with a grain of salt

Until someone more knowledgeable comes and explains it better than me. The wallets obviously don't keep any coins, all they store are private keys with which you can access you coins on the blockchain (i.e. send them to someone). The same key would apparently give you access to coins on both blockchains, so if the underlying protocol for creating transactions doesn't change (it shouldn't), your transaction should appear on both blockchains. If this is not what you want, I guess you should wait until the hardware wallet manufacturer updates the firmware which would allow you to choose what specific blockchain to use


Title: Re: What is the most likely outcome on August 1st ?
Post by: BillyBobZorton on July 01, 2017, 05:02:04 PM
Everybody shall remember what happened a year ago.

I mean the halving. Most people said at the time that BTC would go to the roof, because of that new scarcity, but nothing happened. The price BTC remained flat for several months after the halving.

LOL the halving period was the most incident filled period of time last year. how can you say "nothing happened"!!

and it went "to the roof". it is a 60% rise before the halving because of hype and another 60% rise after the halving when actual "new scarcity" kicks in. what else do you want that is 120% rise in less than a year :D

here is summarized it:
https://i.imgur.com/tHhbWNK.jpg


This graph is missing the BUgcoin fears. Back in the day, when Bitmain announced official support for BUgcoin and started mining BUgcoin blocks, the market crashed, similarly to how the market collapsed recently upon the BitmainCoin blog post by "admin" on Bitmain's blog. It's always the same.


Title: Re: What is the most likely outcome on August 1st ?
Post by: odolvlobo on July 02, 2017, 02:33:36 AM
Until someone more knowledgeable comes and explains it better than me. The wallets obviously don't keep any coins, all they store are private keys with which you can access you coins on the blockchain (i.e. send them to someone). The same key would apparently give you access to coins on both blockchains, so if the underlying protocol for creating transactions doesn't change (it shouldn't), your transaction should appear on both blockchains. If this is not what you want, I guess you should wait until the hardware wallet manufacturer updates the firmware which would allow you to choose what specific blockchain to use

That is correct except that a hardware wallet doesn't create a transaction, it just signs it. So, it is up to the software accessing the hardware wallet (Mycelium and Electrum, in my case) to be able to create a transaction that is valid on one chain but not on the other.


Title: Re: What is the most likely outcome on August 1st ?
Post by: joromz1226 on July 02, 2017, 04:41:24 AM
This is a question on everyones mind but there is no solid answer. I have scrolled through bitcointalk / reddit / everywhere.
Its one camp vs another vs another ... Therefore many answers to "what will happen" are biased.
I want to simply know.. will Bitcoin scale this year or not? will Bitcoin ever scale ? will August 1st even be of any real significance or will it be Y2K all over again (where nothing happened) ? And if Bitcoin does scale what will happen to the Litecoin (which has recently been taking some of Bitcoins gleem/shine) ?


Those who believed and very worried about what will happened on august 1 are those fool and very lack of knowldege about in bitcoin. No one knows what will happen to that day. This is nothing difference for what happened before to eft this past march, or BU, this was just a FUD, poisoning others mind to get panic. Just stay calm and at ease for what they are believing it unto
Bitcoin.


Title: Re: What is the most likely outcome on August 1st ?
Post by: northstarh on July 02, 2017, 04:45:06 AM
One thing is for sure that for now, I will be converting my amounts into fiat on the late part of july and holds for awhile if the price would goes down on the first week of august i will probably then buy all my current amount and hold then we'll see.

It's a safe option for everyone, however, I would like an adventure, I would keep the bitcoin in a wallet and wait for the result, if the segwit succeed, I can get a benefit Big leap, conversely, I can lose a lot of money.


Title: Re: What is the most likely outcome on August 1st ?
Post by: Juggy777 on July 02, 2017, 05:01:02 AM
This is a question on everyones mind but there is no solid answer. I have scrolled through bitcointalk / reddit / everywhere.
Its one camp vs another vs another ... Therefore many answers to "what will happen" are biased.
I want to simply know.. will Bitcoin scale this year or not? will Bitcoin ever scale ? will August 1st even be of any real significance or will it be Y2K all over again (where nothing happened) ? And if Bitcoin does scale what will happen to the Litecoin (which has recently been taking some of Bitcoins gleem/shine) ?



If any one says that they have a specific answer then they are joking, cause they won't have a specific answer no one knows about it, all are trying their various theories but so far it's yet a mystery. At one time I read they are reaching a consensus then next I find a split shall happen, these are troubled times and one has to be really careful as to his next course of action cause the future of Bitcoin looks bleak there is no doubt about it


Title: Re: What is the most likely outcome on August 1st ?
Post by: BitcoinHodler on July 02, 2017, 11:49:13 AM
Everybody shall remember what happened a year ago.

I mean the halving. Most people said at the time that BTC would go to the roof, because of that new scarcity, but nothing happened. The price BTC remained flat for several months after the halving.

LOL the halving period was the most incident filled period of time last year. how can you say "nothing happened"!!

and it went "to the roof". it is a 60% rise before the halving because of hype and another 60% rise after the halving when actual "new scarcity" kicks in. what else do you want that is 120% rise in less than a year :D

here is summarized it:
[i m g]https://i.imgur.com/tHhbWNK.jpg[/img]


This graph is missing the BUgcoin fears. Back in the day, when Bitmain announced official support for BUgcoin and started mining BUgcoin blocks, the market crashed, similarly to how the market collapsed recently upon the BitmainCoin blog post by "admin" on Bitmain's blog. It's always the same.

unless i am mixing the dates, i don't think that is correct. i know the recent one and how it caused the drop but the only thing from 2016 i could find was this https://themerkle.com/bitmain-ceo-jihan-wu-will-firmly-support-funding-of-bitcoin-unlimited/
which has the date as 20 November and by that date price didn't move unless you are calling $750 to $714 a crash

with that said, give a link to a news or a tweet or something reliable with dates and i will update the chart ASAP :)


Title: Re: What is the most likely outcome on August 1st ?
Post by: keithers on July 03, 2017, 01:48:47 AM
I wonder where the Tezos team is storing their mountains of BTC and ETH that are being thrown at them by the minute?   They have probably been doing cartwheels since Friday night.

I wonder what their plans for August 1st are?


Title: Re: What is the most likely outcome on August 1st ?
Post by: jvdp on July 03, 2017, 03:09:40 AM
This is a question on everyones mind but there is no solid answer. I have scrolled through bitcointalk / reddit / everywhere.
Its one camp vs another vs another ... Therefore many answers to "what will happen" are biased.
I want to simply know.. will Bitcoin scale this year or not? will Bitcoin ever scale ? will August 1st even be of any real significance or will it be Y2K all over again (where nothing happened) ? And if Bitcoin does scale what will happen to the Litecoin (which has rethecently been taking some of Bitcoins gleem/shine) ?


I've absolutely no isea why you or anyone else keeps focusing on the 1st of August. Nothing is happening then. Ffs.

Ya I accept last year not such a peak  rise in bitcoin price. But this time their is a lot of chances that to happen. Now a days ,the number of bitcoin users is keeps on increasing due to increase in bitcoin price.So I am dam sure that ,their will be huge increase in price of bitcoin after August 1.


Title: Re: What is the most likely outcome on August 1st ?
Post by: szpalata on July 03, 2017, 05:19:31 AM
This is a question on everyones mind but there is no solid answer. I have scrolled through bitcointalk / reddit / everywhere.
Its one camp vs another vs another ... Therefore many answers to "what will happen" are biased.
I want to simply know.. will Bitcoin scale this year or not? will Bitcoin ever scale ? will August 1st even be of any real significance or will it be Y2K all over again (where nothing happened) ? And if Bitcoin does scale what will happen to the Litecoin (which has rethecently been taking some of Bitcoins gleem/shine) ?


I've absolutely no isea why you or anyone else keeps focusing on the 1st of August. Nothing is happening then. Ffs.

Ya I accept last year not such a peak  rise in bitcoin price. But this time their is a lot of chances that to happen. Now a days ,the number of bitcoin users is keeps on increasing due to increase in bitcoin price.So I am dam sure that ,their will be huge increase in price of bitcoin after August 1.

Yes, just like you I'm also expecting more increases in bitcoins after a successful August 1 implementation. We all know our beloved cryptocurrency needs some fixing and if all goes well and a possible solution is implemented I think we will see an even astronomical demand of Bitcoin which will affect the prices.


Title: Re: What is the most likely outcome on August 1st ?
Post by: Herbert2020 on July 03, 2017, 05:27:20 AM
I wonder where the Tezos team is storing their mountains of BTC and ETH that are being thrown at them by the minute?   They have probably been doing cartwheels since Friday night.

I wonder what their plans for August 1st are?

non of these ICOs care about anything, even if bitcoin or ethereum fall down and burn to the ground tomorrow they won't care because they haven't really invested anything. neither money nor time.
they just copy paste some code and do little changes in smallest amount of time then invest some money in advertising it. and millions of dollars is handed to them for doing nothing!


Title: Re: What is the most likely outcome on August 1st ?
Post by: giantrobot on July 03, 2017, 05:48:18 AM
This is a question on everyones mind but there is no solid answer. I have scrolled through bitcointalk / reddit / everywhere.
Its one camp vs another vs another ... Therefore many answers to "what will happen" are biased.
I want to simply know.. will Bitcoin scale this year or not? will Bitcoin ever scale ? will August 1st even be of any real significance or will it be Y2K all over again (where nothing happened) ? And if Bitcoin does scale what will happen to the Litecoin (which has recently been taking some of Bitcoins gleem/shine) ?



We are still having a lot of controversy about this, if it is not resolved, the bitcoin can be divided, and its value will be severely affected. The most important thing is that we have the same opinion.


Title: Re: What is the most likely outcome on August 1st ?
Post by: coinmore_org on July 03, 2017, 11:57:44 AM
This thread is not getting enough SERIOUS coverage. So i will give it a much needed "bump".


Title: Re: What is the most likely outcome on August 1st ?
Post by: fabiorem on July 04, 2017, 03:17:55 PM
I'm completely confused with some comments here.

I thought UASF was opposed to SegWit, and both to SegWit2x which is a big-block SegWit proposed by the miners. So I guessed it were three distinct camps.

Now how UASF "wins" if SegWit is activated instead of UASF?

And where in Bitcoin Core is the UASF option? If it is user-activated it would be in the program, right? However I'm with the latest version installed and there's not a single button to activate this soft fork.


Title: Re: What is the most likely outcome on August 1st ?
Post by: Neoliberalism on July 04, 2017, 05:40:32 PM
If the BTC price rises will alts follow, and vice versa if it falls?


Title: Re: What is the most likely outcome on August 1st ?
Post by: odolvlobo on July 04, 2017, 06:01:50 PM
I'm completely confused with some comments here.

I thought UASF was opposed to SegWit, and both to SegWit2x which is a big-block SegWit proposed by the miners. So I guessed it were three distinct camps.

Now how UASF "wins" if SegWit is activated instead of UASF?

You have it backwards. The intention of UASF is to coerce miners into activating Segwit.


Title: Re: What is the most likely outcome on August 1st ?
Post by: fullypak on July 04, 2017, 06:16:18 PM
I wonder where the Tezos team is storing their mountains of BTC and ETH that are being thrown at them by the minute?   They have probably been doing cartwheels since Friday night.

I wonder what their plans for August 1st are?

non of these ICOs care about anything, even if bitcoin or ethereum fall down and burn to the ground tomorrow they won't care because they haven't really invested anything. neither money nor time.
they just copy paste some code and do little changes in smallest amount of time then invest some money in advertising it. and millions of dollars is handed to them for doing nothing!

That is called intelligent work. Without doing nothing, they are earning millions of dollars. and we are investing millions of dollars, but the returns is just a few bucks. If we want to get back our investment we have to wait for years. I think just copy and paste code will not give this much profit they also work hard for this project.


Title: Re: What is the most likely outcome on August 1st ?
Post by: wuvdoll on July 04, 2017, 09:14:33 PM
OP - As far as litecoin is concerned I would not prefer to invest going forward. Also btc and ETH looks strong if the cypto currency prices going forward rise. Well there are many other new coins coming in market and if you do research and find better to invest in other project that will be better rather than litecoin.
It's not about litecoin concerned. We should look forward and stop thinking that other crypto currencies are better in a hard time of bitcoins. 1 August rumors were false still bitcoin is going above so don't compare other currencies and keep investing in bitcoin. And keep believe in a in our future result that we would see the bright future because of bitcoin.


Title: Re: What is the most likely outcome on August 1st ?
Post by: deisik on July 05, 2017, 08:49:17 AM
OP - As far as litecoin is concerned I would not prefer to invest going forward. Also btc and ETH looks strong if the cypto currency prices going forward rise. Well there are many other new coins coming in market and if you do research and find better to invest in other project that will be better rather than litecoin.
It's not about litecoin concerned. We should look forward and stop thinking that other crypto currencies are better in a hard time of bitcoins. 1 August rumors were false still bitcoin is going above so don't compare other currencies and keep investing in bitcoin. And keep believe in a in our future result that we would see the bright future because of bitcoin

I guess you miss an important point here

Namely, that for the majority of people it is not so much about Bitcoin as such as it is about profits that it brings. And if other cryptocurrencies are better in this regard, you may have hard time to assert your point that "we should look forward and stop thinking" about that. Try telling that to all these dudes for which Bitcoin is no more than a vehicle for speculation. In fact, I'm curious if it is really different for you personally, that it is not actually about profits deep down the line. Aside from that, Litecoin right now seems to be the best alternative out there that promises consistent profits while Bitcoin spirals down (or just continues to stagnate)


Title: Re: What is the most likely outcome on August 1st ?
Post by: minime on July 05, 2017, 09:03:20 AM
worst case we end up with 3 chains which would be the death of the btc as we know it or have gotten to kno it


Title: Re: What is the most likely outcome on August 1st ?
Post by: DoublerHunter on July 05, 2017, 09:57:58 AM
worst case we end up with 3 chains which would be the death of the btc as we know it or have gotten to kno it
We will not end up with 3 chains because there were only 2 chains to exist and that is for bitcoin and also for bitcoin unlimited (the forked one). Ending with 2 chains is not a worst case scenario because just look at ethereum, even there is a hard fork and they have ethereum classic, they can still get pumps on their price and compare the price a few years ago, it is already jumped very high.


Title: Re: What is the most likely outcome on August 1st ?
Post by: deisik on July 05, 2017, 07:41:32 PM
worst case we end up with 3 chains which would be the death of the btc as we know it or have gotten to kno it
We will not end up with 3 chains because there were only 2 chains to exist and that is for bitcoin and also for bitcoin unlimited (the forked one). Ending with 2 chains is not a worst case scenario because just look at ethereum, even there is a hard fork and they have ethereum classic, they can still get pumps on their price and compare the price a few years ago, it is already jumped very high

It may well be the worst case scenario

Especially, if the split gives birth to two equally strong blockchains. This will lead to all possible combinations of attack vectors that we might not even imagine or think of right now. The most obvious and dismal possibility would be an all-out war between these chains, but in war all bets are off, apparently. I'm sure that miners led by Jihad are already preparing the tools which will try to put to knees the competing chains (who knows what kind of creepy shit might be on their mind right now). And Core developers should expect that and thus prepare countermeasures themselves. In other words, all is fair in love and war


Title: Re: What is the most likely outcome on August 1st ?
Post by: Tyrantt on July 05, 2017, 07:55:17 PM
worst case we end up with 3 chains which would be the death of the btc as we know it or have gotten to kno it
We will not end up with 3 chains because there were only 2 chains to exist and that is for bitcoin and also for bitcoin unlimited (the forked one). Ending with 2 chains is not a worst case scenario because just look at ethereum, even there is a hard fork and they have ethereum classic, they can still get pumps on their price and compare the price a few years ago, it is already jumped very high

It may well be the worst case scenario

Especially, if the split gives birth to two equally strong blockchains. This will lead to all possible combinations of attack vectors that we might not even imagine or think of right now. The most obvious and dismal possibility would be an all-out war between these chains, but in war all bets are off, apparently. I'm sure that miners led by Jihad are already preparing the tools which will try to put to knees the competing chains. And Core developers should expect that and thus prepare countermeasures themselves. In other words, all is fair in love and war

still interests me, if there's a split, what would happen to the bitcoin all together, what would happen with peoples balances?


Title: Re: What is the most likely outcome on August 1st ?
Post by: deisik on July 05, 2017, 08:08:13 PM
worst case we end up with 3 chains which would be the death of the btc as we know it or have gotten to kno it
We will not end up with 3 chains because there were only 2 chains to exist and that is for bitcoin and also for bitcoin unlimited (the forked one). Ending with 2 chains is not a worst case scenario because just look at ethereum, even there is a hard fork and they have ethereum classic, they can still get pumps on their price and compare the price a few years ago, it is already jumped very high

It may well be the worst case scenario

Especially, if the split gives birth to two equally strong blockchains. This will lead to all possible combinations of attack vectors that we might not even imagine or think of right now. The most obvious and dismal possibility would be an all-out war between these chains, but in war all bets are off, apparently. I'm sure that miners led by Jihad are already preparing the tools which will try to put to knees the competing chains. And Core developers should expect that and thus prepare countermeasures themselves. In other words, all is fair in love and war

still interests me, if there's a split, what would happen to the bitcoin all together, what would happen with peoples balances?

Simply put, that might be the end

Your balances will be intact, but that would be a cold comfort if Bitcoin itself bites the dust (but as they say, a cold comfort is still better than a scolding hot truth). I've been telling it since times immemorial that Bitcoin is likely to kick the bucket due to internal problems, not some external impact (like a major government banning it or anything to that tune). There was a blog post of some fairly popular blogger which was widely cited here recently. In his blog he analyzes the possible outcomes of the showdown, and his conclusion wasn't very encouraging either. For me, Bitcoin is too risky nowadays, anyway


Title: Re: What is the most likely outcome on August 1st ?
Post by: buwaytress on July 05, 2017, 08:10:47 PM
I guess you miss an important point here

Namely, that for the majority of people it is not so much about Bitcoin as such as it is about profits that it brings. And if other cryptocurrencies are better in this regard, you may have hard time to assert your point that "we should look forward and stop thinking" about that. Try telling that to all these dudes for which Bitcoin is no more than a vehicle for speculation. In fact, I'm curious if it is really different for you personally, that it is not actually about profits deep down the line. Aside from that, Litecoin right now seems to be the best alternative out there that promises consistent profits while Bitcoin spirals down (or just continues to stagnate)

That's the honest truth, isn't it? Most people were drawn to, and then later involved with, Bitcoin only because it's the gateway crypto. As soon as the potential for profiteering seems bigger with an alt/token/ICO, that's where the interest will migrate to, regardless if cryptography or DAG or blockchain is only a convenient mask for the venture.

Look at the ICOs of Useless Ethereum Token launched yesterday. It's drawn more than a hundred thousand dollars in a day and is already trading. Few people are in this for anything less than money.


Title: Re: What is the most likely outcome on August 1st ?
Post by: skyline247 on July 05, 2017, 08:27:49 PM
The most likely outcome on August 1st is Segwit activation. There has already been a fork all the way back in 2010 and no one even talks about it, but guess what it is that time again and hopefully we get it right this time so scaling will no longer be an issue going forward.


Title: Re: What is the most likely outcome on August 1st ?
Post by: SHANTA on July 05, 2017, 08:37:02 PM
Presumably, nothing will leave it, I can by and by observing a huge amount of the diggers simply bowing out before something like this really experiencing in dread of what the group will state and think and what the cost will do as a result of it. Since the exact opposite thing these excavators need is to miss out on potential benefits as they attempting to "settle" the greater part of this, while I do think they'll be paying special mind to the best advantage I think they'd rather simply attempt to press out the majority of the cash that they can out of Bitcoin, as that is normally all individuals think about these days.I don't think anything will originate from it


Title: Re: What is the most likely outcome on August 1st ?
Post by: Krimster on July 06, 2017, 08:38:48 AM
But Deisik, what happens if Jihan and his goons are not really backing up one chain, but are (tinfoil theory here) paid by their gvt masters to destroy bitcoins after they have sold most of their mined coins for a good price?

Could they potentially just attack both chains with bogus transfers and render it useless thus effectively sending the BTC value to 0? I know it sounds like a Hollywood script, but my (admitedly very limited) knowledge of the coin leads me to believe this is actually possible.


Title: Re: What is the most likely outcome on August 1st ?
Post by: Amph on July 06, 2017, 08:42:09 AM
worst case we end up with 3 chains which would be the death of the btc as we know it or have gotten to kno it

that isn't happening, first because exchange don't care about any other chain that is not core

second because one of the chain will be an altcoin, there can't be 3 chain of bitcoin ever

worst case you get a crash in price below $2k and a recover that's it


Title: Re: What is the most likely outcome on August 1st ?
Post by: deisik on July 06, 2017, 08:54:17 AM
But Deisik, what happens if Jihan and his goons are not really backing up one chain, but are (tinfoil theory here) paid by their gvt masters to destroy bitcoins after they have sold most of their mined coins for a good price?

Could they potentially just attack both chains with bogus transfers and render it useless thus effectively sending the BTC value to 0? I know it sounds like a Hollywood script, but my (admitedly very limited) knowledge of the coin leads me to believe this is actually possible.

This is what many people suspect Jihan in aiming at

So that is not my idea though I also feel that it might well be the case. I first read about such a possibility more than half a year ago. But even if this were the case, they seem to be a little bit too late to the party, so to speak. Right now Bitcoin is not the only pebble on the cryptobeach, metaphorically speaking. In other words, when this attack could be successfully pulled off, they hadn't had enough power, but now when they have the required power, it doesn't already make a lot of sense. And if Bitcoin does in fact get attacked this way for real, that will likely make the whole cryptonomica more resilient and robust in the future since PoW will be completely discredited and eventually wiped out since all coins will try to switch to the PoS concept of validating transactions as quick as possible


Title: Re: What is the most likely outcome on August 1st ?
Post by: Monnt on July 06, 2017, 02:24:34 PM
If the BTC price rises will alts follow, and vice versa if it falls?
There is no way that the prices of bitcoins fall the way they rise up, because the prices start rising about one year ago. In start the prices start maximizing at very low ratio like 1$ per week and sometime 2$ per week but now its price increasing as 50$ per week. So it’s not possible to fall down the prices of bitcoins. Even if they start falling the holders have much time to sell bitcoins and get the money of higher price according to their expectation.


Title: Re: What is the most likely outcome on August 1st ?
Post by: Cosbycoin on July 07, 2017, 10:21:59 AM
I wonder where the Tezos team is storing their mountains of BTC and ETH that are being thrown at them by the minute?   They have probably been doing cartwheels since Friday night.

I wonder what their plans for August 1st are?

non of these ICOs care about anything, even if bitcoin or ethereum fall down and burn to the ground tomorrow they won't care because they haven't really invested anything. neither money nor time.
they just copy paste some code and do little changes in smallest amount of time then invest some money in advertising it. and millions of dollars is handed to them for doing nothing!

That is called intelligent work. Without doing nothing, they are earning millions of dollars. and we are investing millions of dollars, but the returns is just a few bucks. If we want to get back our investment we have to wait for years. I think just copy and paste code will not give this much profit they also work hard for this project.
it’s not that much easy to earn bitcoins, get money and become millionaire. You have to work hard for bitcoins but as I say it’s an addiction once you get bitcoins and sell them with the price which is maximum then your expectations and make you rich faster than you think then it’s become addiction and full of addiction you must work by your talent and intelligence. Bitcoins can easily change the life style of a poor beggar if he work for bitcoins and make bitcoin earning his habit.


Title: Re: What is the most likely outcome on August 1st ?
Post by: BarbieCasino on July 10, 2017, 01:43:34 PM
I wonder where the Tezos team is storing their mountains of BTC and ETH that are being thrown at them by the minute?   They have probably been doing cartwheels since Friday night.

I wonder what their plans for August 1st are?

non of these ICOs care about anything, even if bitcoin or ethereum fall down and burn to the ground tomorrow they won't care because they haven't really invested anything. neither money nor time.
they just copy paste some code and do little changes in smallest amount of time then invest some money in advertising it. and millions of dollars is handed to them for doing nothing!

That is called intelligent work. Without doing nothing, they are earning millions of dollars. and we are investing millions of dollars, but the returns is just a few bucks. If we want to get back our investment we have to wait for years. I think just copy and paste code will not give this much profit they also work hard for this project.
it’s not that much easy to earn bitcoins, get money and become millionaire. You have to work hard for bitcoins but as I say it’s an addiction once you get bitcoins and sell them with the price which is maximum then your expectations and make you rich faster than you think then it’s become addiction and full of addiction you must work by your talent and intelligence. Bitcoins can easily change the life style of a poor beggar if he work for bitcoins and make bitcoin earning his habit.
yes you are right bitcoin can be a bit difficult to earn, but it’s not so much difficult or impossible to get something you must have to do some had work. In bitcoin all you need is just to be patient and wait for the right time so you will be able to earn good profit.