Why do people fear 1st Aug hardfork?

[btcethgold]

Hello Guys,

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

[Shofiqul]

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

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

[faimloup]

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

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

[ankit10]

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

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

[Monnt]

I don't really understand why people fear block/chain split since majority miners agree to use segwit even though with different scaling proposal (UASF aka BIP148, BIP141 or SegWit2x).
People don't need to fear about BU since many people already forget it and i doubt miners/community will support BU.

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.

[nutildah]

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.

[NPFC]

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

Nick

[Selmor]

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

[keithers]

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. 

[Modiri]

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!

[corpsejunior]

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.  

[megynacuna]

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!

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.

[Mpamaegbu]

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 13405497 be splitted?

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.

[Vixmore]

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.

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).

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!

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.

[whitemacna]

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"

[ALI AKBAR]

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.

[joel123]

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.

[vonnyaries]

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