Bitcoin Forum

In the past there were many hardfork events and I remember people did not fear them. Why does 1st Aug hardfork make people worry? And why don't they make it a softfork so Bitcoin won't be splitted?

Because there could be a coin split and people are worried about that.

A few different factions don't agree on what is a proper update and what isn't. Greed comes into play on all sides and it is worrisome.

That's exactly we all are anxious. We fear splitting bitcoin into two.
So price might go up or fall really hard. Soft fork ? Sounds great but too many greedy people don't agree (I really don't know much why ).

It's just messy and needs to be solved out. Hopefully no HUGE price drops happen.

why coin split can cause a price drop?

Isn't segwit2x a soft fork? I swear I read that somewhere. I guess I don't really know what the differences are (except soft forks are easier to pull off than a hard fork).

yup they are afraid that bitcoin will reduce its value especially with the price that will be gets down but i think many divisions or many people don't want bitcoin to split into 2 parts. they only want bitcoin is only one and will be stay as a king in the cryptocurrency world so people will know bitcoin is a mother of cryptocurrency.

To my mind, it's the matter of experience. Experienced users see much further, than newcomers, so they consider hardfork just as a "working moment"

It's a matter that anyone who is using bitcoin is worried, bitcoin can be divided into two, so bitcoin prices can be drastically reduced and thus bitcoin users can lose money, bitcoin will not be able to grow in future. That's really what people are worried about.

Because the hard fork might cause a chain split which could put users at risk losing their bitcoin and that's why some users feared the upcoming chain split on August 1. The reason is if segwit2x didn't get enough support from the miners before August 1, UASF will activate in august 1 and will cause a chain split.

The first part of Segwit2x is a soft fork, 2 MB part is the hard fork. If I am right there would be no hard fork around August, but yeah a minute chance of chain split is there.

1. Segwit2x activates Segwit with 80% majority before August 1 and then tries to hard fork the network around November (this is not likely going to happen, majority of the bitcoin community wants Segwit to be activated, hard forking the network wouldn't get much support).

2. Segwit2x has shown the intent to start signalling Segwit by July 21, if a few miners back out and they lose majority, UASF would be deployed on August 1 and there would be a chain split.

In August, Segwit would get activated either through one of the soft forks. The possibility of a chain split can't be ignored.

As a precaution, just don't keep your bitcoins in exchanges or online wallets, store it offline, your coins wouldn't get affected in any way if a split happens in August.

The fear of the unknown, really. And of course being on the wrong side of the blockchain if/when Bitcoin forks and becomes two versions of Bitcoin. It's happened to Ethereum, there's an Ethereum Core that's mostly being ignored and not following the same appreciation that Ethereum has.

Also, all the infighting between miners and developers presents reason to be worried about the future of Bitcoin. I mean, if together we stand then divided we fall.

In my understanding, if we are in the possession of the private key to the BTC, then there is no chance that we will lose our coins. But if the BTC is stored in exchange wallets, then there is a serious risk that you will get only one of the coins out of the two (or three, if you add in Jihancoin / Bitmaincoin as well).

weren't there many Bitcoin splits in the past? Why do people fear this time? What about Bitcoin Unlimited ?

i am curious with saving our coins into offline wallet like bitcoin-qt and android phone wallet. did our coins will stay remain with the same amount and without having split into another bitcoin? did the exchanges makes a new wallet for new bitcoin? i wonder how much the price of bitcoin and the other coin will be. i hope bitcoin price is not down more than $2,0xx.

Totally agree with you .
But here the reason to introduce the word hardfork instead of softfork is because they want upgrade the network of Bitcoin in such way , so that in the future Bitcoin can easily handle the crowd and bulk transaction .
I means to say they are making some changes in the network of blockchain and that will results into increase in the size of the block , so that we can make transaction if Bitcoin at low fee and also with these experiments there is chance of generate new coin .
Overall the team.of the blockchain only wants to make the future of the Bitcoin more bright .

You understood it incorrectly. You need to differentiate the bitcoin splitting and hard forking. If any fork stabs on bitcoin sure value will be drop something very little what value we are seeing now. But this view and spec is not sure we may see in the month June because btc many time falsify the these kind view.

A lot of people are fearing the hard fork because they don't want to end up with two different types of bitcoin.  There are also some reports floating around that in the event of a hard fork, that if one of the chains doesn't survive, that some of the really old transactions would effectively be erased from the blockchain.  Whether there is any truth to that, I don't know.

Also certain hot wallets like Coinbase have openly stated they would only support one type of scaling option i believe.

Maybe because they dont want loose money thats why selling on panic, a lot of newbies are scared and being hype for what ever speculation is, but two things is sure on august 1, Its either the price will pump high or dump very low.

Probably if we would have 2 bitcoins such competition for miners and devs would create some benefits for the ecosystem

I don't think that mostly people are feeling fear or anything like fear for the hardfork at 1 August because 80% of the people in my network of social media don't  know about the fork ( whether soft or hard ) and they have no tension at all .
Even they have putted their money in the third party wallet where they can't handle Thier Bitcoin address with the private key .
So I don't think most of them are in dear but here instead to get fear , who are feared , should know about it exactly and then make mind free from all types of the feers .
And also here my simple suggestion for everyone is that , put your Bitcoin in that address which have a private key and you are the only owner of that private key .

You said it well. I think that is the main sentiment of ordinary Bitcoin holders like you and me. The possibility of a split can be a major cause of anxiety and this is reflecting right now on the market. So far, there is no one who can say definitely what can happen because Bitcoin (unlike Ethereum) has no single leader that can unite many stakeholders. We are dealing here with so many people and they are promoting their own self-vested business interests every time. That can be the sad reality affecting Bitcoin. There is so much greed and they tend to forget that they can be killing the very geese that lays the golden eggs.

However, I still have that strong faith on Bitcoin. Bitcoin can be able to surmount all of these present challenges it is facing and soon we can wake up with our dear Bitcoin already flying high. There is no big reason why we should not continue on supporting Bitcoin. We should tell all of the Bitcoin leaders to once and for all go for something that can be more beneficial for the many small Bitcoin holders and not just their own pockets.

1. That is why storing your bitcoins offline is the best option. As far as you have the private keys and your funds are not stored in exchanges, I don't think your coins would split in two, you have the full freedom to choose a chain of your choice. Some exchanges would give you the option to split your coins into two chains or move to a single chain, some exchanges based on their rules would split your coins without your consent, and maybe exchanges like Coinbase would only list a single coin.

2. In case of a split, all exchanges would stop buy/sell options maybe up to 24 hours to prevent any issues arising from replay attacks and network instability/vulnerability.

3. The split might be short-lived, based on economic majority, one chain would get the better of other and split would be over. Or it could go over a longer period of time, Ethereum Classic vs Ethereum is an example.

4. A soft fork adds new rules to the existing rules in the network, but a hard fork removes the existing rules and adds new so I guess a HF would make old transactions to be erased from the blockchain. Maybe I am wrong.

again, do you still remember Bitcoin Unlimited? Is this the thing that will happen to Bitcoin on 1st Aug? How did Bitcoin Unlimited's event affect the market?

A Chain split will not be good. It will influence the decentralization <nodes> and the security of the network. <hash power> It will also split the merchant network < merchants will have to chose what they will support > It will also increase confusion and slow down adoption. Bitcoin is at it's strongest when it has one big network. I have been saying from the start that our enemies are trying to implement a divide and conquer strategy and so far it has worked. ^grrrrrrrrr^

Maybe because they are doubtful about how bitcoin will be after the hardfork on august. They are afraid they will lose bitcoin in their account and btc value will dump.

hardfork. the btc value may drop or will double it's value.

The people that only fear about the hardfork in august 1st are the newbies because they don't have enough knowledge about bitcoin and the things that they can do to secure their bitcoins from the on going fork in the august 1st. There is a lot of positive effects of hardfork for me and one of them is to improve the block size of bitcoin and make its transactions faster.

Chaos and this one has a potential impact on the real supply depending on how hash signals and what occurs. The previous hardforks could be considered errors and corrected but part of normal operation this one would not be because it is a signal towards another path and adjustment.
https://bitcointalk.org/index.php?topic=2012799.0

A lot of the exchanges will be listing as Bitcoin Core and Bitcoin Unlimited so will be treating the alternative chain as an altcoin.  In either case I think moving coins into your own local wallet is the best thing to do http://www.coindesk.com/bitcoin-exchanges-unveil-emergency-hard-fork-contingency-plan/

i think the segwit2x is a soft fork or something near to it.
The fear is obvious in such a situation where you know that the Bitcoin  is going to split which could cause a difficulties for the bitcoin holders, regarding the price of the bitcoin and even loss of your coins if not protected.

Because this Hard fork is not just a topic here in the crypto that we should ignore, this is a serious problem since for sure the first one that will be affected is the bitcoin's price, that is why we do fear this Hard fork that will happen on August 1, but we are still not sure if this thing is really going to happen, because the last time, this was just a whale, and didn't happen, so let's pray that this will not going to happen.

August 1st will be a non event. Bitcoin will mostly likely not scale until early 2018.
As you can see Bitcoin does NOT need to scale now. The mempool is back to acceptable levels and the network fees have decreased substantially. Bitcoin "status quo" is better than Bitcoin "segwit2x" or any other messy/rash upgrade. Bitcoin does not need to rush this upgrade or it might well regret it in the future.

people are afraid because this is a point of making an important  decision on one of the major cryptocurrency,most people have investor alot and still want to invest more on bitcoin,should bitcoin split into two like we already had in the past,the price won t remain the same as either bitcoin price goes  up or it will go down and this will generally affect the market and other altcoin,so many people predicted the price to rise but you can't tell until August 1st

i think you no need to worry,its just hardfork,bitcoin will split,and if you storing your bitcoin on wallet,its best decision to avoid any unwanted things,because you should remember that holding cryptocurrency on an exchange is not recommended even during non-eventful times,after a blockchain split customers storing bitcoin on an exchange will have to succumb to the rules of that specific trading platform. just my opinion

On August 1, the btc system will have the changes. It is possible that btc will be divided into two currencies and this will impact the price of btc causing it to drastically decrease. Of course it will affect the number of btc that people are having, reducing the profits they make or may be at a loss.

Bitcoin network might split into two and many worries that price will dump hard because bitcoin's total marketcap will be shared by those two splitted coins.

Many newbie fear to loss coin in another chain after a split because they don't know how to get coins in both chain.

Pro-traders are just creating fud regarding possible hardfork after segwit to create panic on market and get cheap coins from the market.

Are you spreading FUD? I was the old news that the majority of the voters are supporting segwit till it reach 90 percent of the signal. But your link looks give the more panic feel to the bitcoin holders.
The split will never be happened and you can try to erase the BTuseless coin from bitfinex.  ::)

I don't fear the fork however I'm anticipating the fear of others to hopefully grab a good deal.   :)

I am not afraid of anything, this is an improvement and for the future bitcoin better. But most importantly do not panic and keep thinking positive.
My problem is: i do not have much bitcoin.  ;D

Since the hard fork may cause a chain split which could put clients at chance losing their bitcoin and that is the reason a few clients dreaded the forthcoming chain part on August 1. The reason is if segwit2x didn't get enough help from the mineworkers before August 1, UASF will initiate on August 1 and will cause a chain split.I believe it's the matter of first Aug hard fork make individuals stress

Hello Guys,

Is blockchain safe for holding BTC during this segwit2x period. Thanks.

I think you are right.Right now we can see what happen.Just wait and watch.  ;D

Agreed, it will be a good opportunity to acquire BTC during a dip.

Really you don't fear about forks happening?? Its opportunity how? What if you buy bitcoin at 2000$ and suddenly after 1st august price get dumpest dump then what will you do??? If you have huge money then you no need to fear but for small investors it has to fear

We do not need to get fear when all miners will be accepting only one type of fork. When some percentage of miners will not be accepting the forks then they might be following currently following system which will be resulting in 2 bitcoin system and sending payments to each other will not be possible. Only one can be considered as original system and the rest will be treated as derived/bitcoin based altcoins.

I'm in agreement with OP. What hardfork? There's no chance of it happening unless there is a tremendous switch in signalling that takes places over the next 2 weeks.


Lets say BU added SegWit. I don't care if that doesn't make sense. For the purposes of this demonstration, all the pie slivers that are not Core are SegWit, or any kind of fork. They add up to a whopping 22.2% of that pie chart.

Is there something I'm missing here?

Even if you go by blocks, SegWit still only hovers right about 45%, a far cry from the 80% needed to initiate the soft fork.

https://i.imgur.com/ZO9KfS1.png

I agree, too much FUD.  People want your BTC as cheap as possible. 

Nick

I guess the price will go down until the 1st of August. After the fork the price will slowly recover and hopefully stay stable.

So the majority of the consensus that I am reading as advice is to move all of your coins off of any exchanges and most hotwallets "i.e. Coinbase" during the August 1st timeframe just because your BTC could be tied up while everyone figures out what they are doing.

Does anyone know Blockchain.info's stance on the potential fork?   I was considering moving a bit of my hot wallet funds over there, but wasn't sure. 

One question:

At 31 of July, I have 1 bitcoin in my wallet.

At 1st of August, there is a hard fork. Ok, I have my bitcoin in my wallet, but, where is my bitcoin in the new blockchain? Where I can see and move the new bitcoin to a "new bitcoin" wallet?

Thanks!

Because people know two kinds of cryptocurrencies : Bitcoin and the other altcoins.
With the hardfork to come with the split that may follow, people will say : come on, Bitcoin is just like any other altcoin! There's no much big difference! Few persons just fighting for supremacy! Altcoins problems also exists in Bitcoin! We thought Bitcoin is just one, not many like altcoins! And now Bitcoin is acting like other altcoins.

That's sad.  >:(

In the same wallet I guess, do you belong to a particular side of the divide? If not then stay with Bitcoin core and keep your Bitcoin in your Bitcoin core wallet.

I make reference to the words in bold: In that past not much was known about Bitcoin and the price wasn't this high as it is now. People now see Bitcoin as an end to all their financial problems and would understandably kick against anything that threatens its existence. That's why the so much apprehension with August 1.

I agree. There are many people who would rather want bitcoin to remain as a whole and to be the 'main' cryptocurrency. The fear comes around that bitcoin might be split in 1/2 if a hard fork goes wrong (I think).


The best way to solve this in my opinion is to transfer your funds to a hardware wallet that allows only you to access the private key. This way, if a split does occur in the blockchain, you will have both parts of this split in your 'hands'.

I predict that the price will take another substantial hit right before August 1 before rapidly climbing again after Segwit2x's implementation.

Because there could be a coin split and people are worried about that.That's exactly we all are anxious. We fear splitting bitcoin into two.
So price might go up or fall really hard. Soft fork ? Sounds great but too many greedy people don't agree (I really don't know much why ).
To my mind, it's the matter of experience. Experienced users see much further, than newcomers, so they consider hardfork just as a "working moment"

Because they think that Bitcoin coins will collapse in 1st August. That is why many investors do not want to lose their money. They think that the price of Bitcoin will never increase in the future.

I understand why people are so scared. It's because with so many forks coming they think it will affect the price of bitcoin. I think these fears are unfounded though because it will not affect it.

after see this thread i remember that i was afraid at that moment lol. actually after that fork we all know that about bitcoin, bitcoin is more popular and making big different, and reach almot $23000 usd after that fork. i hope it can happen again in next august  ;D ;D