Bitcoin Forum

Most of people speculate bitcoin dump because of 1st Aug event. But this is one of my assumptions: most of people will withdraw their bitcoin to the wallet, there will be less bitcoin on exchange causing low supply >>> price will increase. What's your opinion?

If people are speculating a price dump Its because there is a chance of a chain split, If that happens some people will be interested in buying one coin while others buying the other one that what will cause the dump. If everything goes as planned and there is no chain split then I don't see any reason on why we should see a huge price decrease, maybe a little bit because some people will panic and sell. A pump is unlikely at first but could definitely happen a few weeks later.

I think there will be a pump because people will stop being afraid of a fork that will never happen.

Whether people withdraw to their wallets or not is irrelevant because if people really are afraid there will be lower supply yes but also lower demand. The real issue is whether you believe in a minority of users with no mining power being able to make any kind of significant fork.

It can be time people will buy altcoins :)

I would not discard that completely. Perhaps even some exchanges will fight the withdraws of funds putting higher prices to compensate. It is very uncertain.

YES! That s why I dont get. If u re afraid of BTC split, FFS, buy alts. Dont buy sell alts and buy BTC.

First of all I want to talk about the August 1 event where there would be a split on the mining and the bitcoin itself. It is something scary because of the alts and the bitcoins in your wallet might disappear. I've found an article saying that there would be a dump in bitcoin and altcoins. But the real thing here is that some of the bitcoins cannot be use because of the split it might become invalid.

Such minority chain with very little hashpower cannot work - its going to be attacked from every corner and no sane person going to use it. But kudos to these few people spreading propaganda and uncertainity their miority UASF BIP148 on 1st Aug can work, shorters sees profit so far because of their work.

The thing is most of the alts got their price hooked to BTCBTCBTC too. Except the big ones of course.

i do not think that  the price of bitcoin will fell down any more it is going to continue increasing from time to time and we can see that even in current situation the price of bitcoin is trading too much stable.

actually most people are speculating "things are not clear" and because of that anything is possible.
the only reason for the price drop is the fear of a fork and a split because of it. but if that date comes and none of that happens, things will change fast from a drop into a big ass rise. because that "fear" that i told you about will no longer exist.

I think that this will happen. The closer the date of August 1 approaches, the more the newcomers will panic. But after this date, people will want to go back to bitcoin and buy coins. This will lead to a rise in price of the coin

Buy the rumour, sell the fact is the old trading proverb.

In this case it would be sell Bitcoin before the possible fork, then on August 1st it would be time to buy, when the fact is know.
I can imagine that that would be the right way to go too, sell now, let the market fall due to uncertainty, then buy back low and wait for it to rise after the uncertainty is over.

Maybe the market pumps after you sold your coins.Then corrects down to a higher low as before and you still have to buy back in on a higher price.
Just because your assumption seems logical to you doesn't mean it will happen that way.
Therefore I would be really cautious with selling now.
Bitcoin always tends to react pretty strange when many people think this or that has to happen at a certain point in time.

I think that if everything goes alright, there will be pump instead of dump.
But before 1st of august, there will definitely be dumps. People are nervous.

Yes. Segwit happening soon and there will be no split as what the fudsters are spreading. I am not 100% sure but I am just confident that split won't happen. When segwit gets appropriate numbers bitcoin will be breaking another ath.

At first I'm sure the bitcoin price will be pumped after 1 August. But, i think if this chain split happens it will probably create a chaotic situation and maybe i will sell half of the balance i have in my wallet and the rest i will save because I'm still a little bit confident if bitcoin prices will be pumped maybe in mid-August or longer .

This whole Chain split thing are causing a lot of troubles. People do not understand the technical aspects of this event and they will make bad

decisions based on their lack of understanding. I know some members has explained most of the things that might or might not happen, but

for non-technical people this is a nightmare. The whole market will stagnate for a while, until the scaling uncertainties has sorted it self out. Will

you invest in something you do not understand ???

well i dont know if it will be the reason of the bitcoin price to pump but if the chain split will happen im really sure that will be a nightmare for all users in bitcoin i hope this issue will be resolve as soon as possible . even tho august 1 is nearly coming to us. there's a lot of people who will gonna sell their bitcoin on a 1 week before august 1st come but im not gonna sell my bitcoins because bitcoin will surely grow continuously.

It makes sense for me, I already got some notice about the upcoming hardfork and there are some possibilities will have followed by me to save my bitcoin in my wallet. I think after the segwit activation in august the price of bitcoin will only increase. Some said that the spliting chance already gone.

If you want to sell out, you better do it now! i'm gonna hold on to my coins, not selling any for another 5 years.

It might happen might not. why take the risk withdraw all your coins from exchanges before august 1.

https://bitcointalk.org/index.php?topic=2017191.0

It cuts both ways, apparently

If people move their coins to their private wallets to stay away from trading, then who, in your opinion, will make up all the demand which, according to you, should cause the price increase? If anything, demand should go down along with supply, and that would mean rising volatility to possibly insane levels. So it could mean price rise, price decline, or both intermittently. Some people may earn handsomely, some may lose heavily if they choose to trade instead of staying away from the market for the time being

Hopefully there will be panic sales before August 1st, and the price dip will be good for buying cheap coins. On the second, when it becomes obvious that there was no need to panic, the price will shoot back up for a tidy profit. Buy as much as you can on the  the 30/31 July.

I would refrain from advising and advertising such things

Bitcoin may spiral down, say, to 1,500 dollars per coin, but there is no guarantee that it will necessarily bounce back. As much as I myself want it to rise higher and higher, the current "stability" looks insanely suspicious to me. It seems like someone is trying to prop up the price when it starts to go down. Miners can be doing that since they are interested in this seeming stability for the time being. Otherwise, with the price severely crashed, people would attack them because it is due to them that Bitcoin didn't and doesn't evolve and there is no sensible development (in fact, no development at all). As to me, the price may crash after August, 1st, when there is no UASF activated, nor SegWit2x

Seems a practical predictions but we need to consider the sentiment of most people as bitcoin may have blockchain split as not all miners will be ready to accept what segit and segwit2x demonstrate. The blockchain split may get less significance when miners may form a working consensus which will secure our bitcoins more efficiently like all miners may start working accepting the one single type of fork. In this case too I guess bitcoin prices may start skyrocketing.

And who is creating the fear? How? and most important, Why? People who are interested to see the price drop (see july) for their own interest, knowing that the price will surely get a boost some days/weeks after the august 1. Good deal, cheap Bitcoin, quick profits. Who is not interested to get Bitcoin a lot cheaper?

People might not just withdraw their bitcoins; they might sell it for fiat. More people will be hesitant to buy bitcoins because of the uncertainty. In effect, that might be the cause of the dip in price we are seeing now.

IMO there won't be a fork, Bitcoin will continue as it is. The biggest thing holding the price back today is fork fear, and after that's gone the price will continue upwards. There will probably be a stampede of people buying back in after the fork fear's gone.

I am not panicking not selling and still buying but what makes you think there will not be a fork?

just seeing that point mate, with those who really doesn't understand how the system works and only look for this as an investment not a system that will help to lessen third party when making transactions, they are the reason why this certain downfall is happening so lets see if how this things change up after aug 1 how people or investors will survive.

We should seriously change the way we look at these things such as chain split, as we can all see there are some other coins attracting people, many of us mining alts already you asked why?
Because Bitcoin mining is not easy any more, how long before it gets so hard that not even big companies could keep it going?
What if it grows to a  certain level that only governments could provide the electricity and maintain the operations of mining?

We are looking at it like it's a girl and when some body talks about sharing/split we get mad and our blood start boiling for no reason lol it's not a girl.
I believe Bitcoin should split every 8 years and those new chains also could split after 16 years and then 32 years and so on, eventually we'll have 6-10 coins but we know they are all forks of BTC, that is why I'd say devs should plan these forks themselves and not letting strangers to code these new coins.

We need branches, how many alts are out there? they are low volume and price but still they are actively being traded.
Do you think it's a good thing if Bitcoin grows to the difficulty level that in order to mine you'd need to harness the energy from a star?

Some body has to take the lead before strangers AKA Wu lol split us with a shady new code.

When Ether had it's hard fork (and some people continued to mine ETC), the price tanked and stayed down for about nine months.

Speculators don't like these kinds of contentious disagreements. And there will be alts waiting on the sidelines hoping to take advantage and be the bitcoin killer.

You nailed it ;) Altcoins will try to take advantage of foggy situation. There are good alternative coins compared to bitcoin in terms of investing and high transaction fees.

Well i think we should don't focus speculate what will happen in august 1 you should think that the price drop was normal every year..
Expect that we will experience of price drop just a little bit this coming august but  we will see a large pump of the price if we will see a good result that can push the value more high i am expecting that the price could be hit $3,500 after activation..
So its still possible that bitcoin will pump but we will experience small drop price..

i am agree with you. for people which have join bitcoin for a long time ago, i think they are experience to see the price is drop and i think they don't panic because of august 1. if there will be a real pump coming in august, then i am sure that many people is waiting this moment and i am sure that they don't want missed the moment. i am sure that after the end of this month, after august 1, the price will be increase soon so lets we waiting this moment.

You seem to be confused

Splitting Bitcoin is not like making a Bitcoin copycat and creating a new altcoin. I don't think there will be many people honestly objecting to a new altcoin based on Bitcoin, and this is what you seem to actually mean. Splitting is more like someone taking your wife (provided you have one, of course) and claiming that she is no longer just your wife. What is it if not communism in disguise and will you like it?

And what now is Ether? If bitcoin has objective reasons for the price reduction that is why they talked about Ether? In the fall of bitcoin no one is interested so all come to an agreement after August 1, all will be well.

If the split doesn't happen, the price of bitcoin could increase. If everyone is expecting this fork and they expect a price drop as a result, then it seems likely that if nothing happens, people will jump back in aggressively.

Either way, I think bitcoin will eventually recover and the price will reach new highs at some point down the road, possibly next year.

No way there will be a pump. No one know exactly what will happen in August, so they will probably sell. And it is recommended that those holding Bitcoins leave them on their own wallet, not in exchanges, so the trade volume will be tiny.

Maybe some days after the 1sts August there will be a quick recovery, if things went well in 1, August.

Fork will get us an enhanced bitcoin system. It means it will start processing more transactions for every block hence there will be no more need of paying higher transaction fees. Then why should we sell. Anyone who understand what is going to happen will never think about shorting. We must support bitcoins system in its hard times rather than looking for short term profits. I am not going to sell, instead I may buy more now.

Which fork do you refer to?

If you mean a soft fork as per UASF (BIP148), then I'm all in. But as many experts, semi experts, and wannabe experts have already said, it is set to fall flat on its face unless something really extraordinary is going to happen (e.g. Satoshi coming out of his hide-out and strongly supporting UASF). If you in fact mean a hard fork by miners, and we consider this possibility seriously, then it would be bordering on ridiculous to think that miners are really wanting SegWit with Bad Blocks since they obviously want everything to remain as it is, i.e. high prices coupled with high fees

But that  scenario is only possible if most people decide to withdraw to their wallets, if instead of doing that they decide to sell their bitcoin for altcoins or fiat then there will be more supply of bitcoin and then the price will decrease, so it is not easy to predict what it is going to happen.

When Bitcoin takes a dive, Alt coins follow, so using Alt coins as a safe heaven is actually stupid. You just start buying before the 1st of Aug

when the price is at it's lowest and then push it to cold storage. You wait it out after the 1st of Aug, to see what the consequences will be of all

of this and then sell on the longest chain and continue as normal.  ;D

I'm sure prices will increase again but with a long time maybe late August or longer, because I'm not sure bitcoin prices will increase quickly after the implementation segwit2x on the 1st of August.

It kinda looks you are heavily uninformed

What you say might have been true half a year ago, but if you had followed Litecoin price dynamics recently, you would have noticed dramatic changes that happened within the last few months. Litecoin has been rising when Bitcoin has been stagnating, and right now, while it still goes down in dollar terms along with Bitcoin, it actually rises in Bitcoin terms. So if you want to stay in crypto without moving to fiat (which might have a better decision anyway, I mean, to cash out), Litecoin is a safe haven of sorts. In any case, it seems to be a better choice to keep your funds in if you don't want to leave crypto

If there is a pump, will most likely happen before Aug 1st. Smart money moves fast.

But the question is, are they really withdrawing their bitcoins to their personal wallet? What if they are cashing out their bitcoins already in order to avaoid more casualties? or what if instead of withdrawing, they are jumping on another boat (buying altcoins)? And since we experience major decline in the past days, it is obvious that it is either they cashed out or they jumped to alts.

if all goes well, im hoping to see a great pump to 3k

I know in present, most trader are going 50-80% or 100% their funds to FIAT or USDT. Let's imagine in next time if SegWit2x success and have some good news about Bitcoin, a huge number order buying Bitcoin will happening and the price will increasing very fast, then they will use this amount Bitcoin to buying cheap Altcoin and creating 2x profit from Crypto and USDT

=> USDT -> Bitcoin increasing -> Altcoin increasing too :P

I don't quite get your logic

Provided there is any, of course. First, what's the point of buying bitcoins with fiat and then buying altcoins with these bitcoins if you can buy altcoins directly with fiat? And second, I can't possibly see how it could ever give you 2x profit. In fact, I can't even see how you can get any profit at all unless Bitcoin continues to rise substantially above your entry point (which is not given either). Care to explain your reasoning and what am I missing here?

simple, not every country is able to buy altcoin with fiat... not all exchanges are worldwide.... some exchanges only allow people to buy bitcoins.... and this is why there people needs another site to convert them to altcoins....

What do you mean by every country?

People are buying coins at exchanges, and I have yet to see the one that would allow buying bitcoins for fiat and disallow buying altcoins with the same fiat. If you mean some backward exchanges that have only one trading pair (personally, I don't know of any such), then I would stay away from these exchanges in the first place. Further, I still can't see why it would make sense to first buy bitcoins and then convert these bitcoins to altcoins. How could that give you (or me) twice the profits (since that was the point)? I'm eagerly looking for a way to multiply my profits via altcoins

“We are going through the biggest wealth generation opportunity of the century, and people want to participate,” says Meltem Demirors, director of development at Digital Currency Group. DCG oversees a cryptocurrency portfolio including 1% of the total Bitcoin supply. It also invests in startups working on blockchains, accounting tools that use networks of computers to collectively sustain mutually trusted, shared ledgers of transactions, without relying on any outside institutions as middlemen.

The appeal of this tech is stoked by geopolitical unease. Since its inception in 2009, Bitcoin has fed off the festering distrust in institutions sown by the financial crisis. And as populist sentiment has spread in the West, so has the allure of a decentralized currency outside the grasp of governments and banks.

Why are you gravedigging this topic?