Had a chat with industry top bitcoin guru and he said this...

[ayurvedicurea2growtaller]

So few minutes ago I had a chat with a bitcoin guru on another forum and he said protect your wallet and bitcoin because August 1 is approaching near. He didn't replied when I asked about August 1? I don't get it, what's up with August 1? note that this guy owns 1200 BTC.

[Sniper44]

stop making repetitive topics, there are at least 50 topics talking about August 1 with worthless comments over and over, go read one of those instead of "chatting" with trolls "guru" on the internet.

[iamTom123]

I find it a little bit funny to be always reading many posts in the forum about the August 1 thing. Now, it is quite funnier that you are not really aware about what may happen in August 1. It is the date that can make or break Bitcoin...but the possibility that nothing really dramatic will happen is quite high.

The dark cloud hanging over Bitcoin can soon be lifted and I am personally hoping that things will get much better after the said date and that stakeholders would always rise up above their own interests...so as not to kill the golden goose that is laying the golden eggs, so to speak.

I am not anymore about worried about August 1 but then again it is the whole market that we are more concern of. So far, in my estimate the current value of Bitcoin has already discounted the fear for August 1 not unless there can really be a hard fork which is something we don't want to happen.

[Anegg]

So few minutes ago I had a chat with a bitcoin guru on another forum and he said protect your wallet and bitcoin because August 1 is approaching near. He didn't replied when I asked about August 1? I don't get it, what's up with August 1? note that this guy owns 1200 BTC.

It is pretty funny to see how confused some people are about like the make or break day for Bitcoin, I was talking to someone earlier today about hardware wallets and I congratulated him on keeping himself safe for August the first, he then asked me about August the first and hard forks and all that.

On August the first Segwit will be activated, which is basically a hard fork. If you don't have your private keys before August the first, you are most likely going to lose them. On online wallets, after August the first there is no guarantee that you will still have your Bitcoin. Start preparing with getting hardware wallet.

[se150401317]

What does protect your wallet means here? Are we expecting an attack on August 1? How to protect a wallet?

[meliodas]

stop making repetitive topics, there are at least 50 topics talking about August 1 with worthless comments over and over, go read one of those instead of "chatting" with trolls "guru" on the internet.

Yeah like I'm sick of reading some trolling about August 1. Keep saying words that can confuse the others. Better do some readings by yourself and stop believing in what others are saying.

[pooya87]

What does protect your wallet means here? Are we expecting an attack on August 1? How to protect a wallet?

no.
there is a tiny chance of chain split that date, but it is just a chance. some people like to exaggerate things or be vague on purpose to spread FUD to cause panic.
if you ask me, i say it is not going to happen.
but you should know it is a possibility. and "protect your wallet" means keep your coins in your bitcoin wallet, a wallet which you control the private keys of. not some web wallet or a third party like an exchange. and preferably if the chain split happened try not to spend anything for a short while until you are sure of the succeeding chain.

[Elwar]

Everything you need to know about Bitcoin August 1st is here:

http://lmgtfy.com/?q=bitcoin+august+1st

[Kakmakr]

Well, best practice might be to withdraw your coins from a 3rd party service where you do not have control over your private keys and to transfer it to a hardware wallet or a paper wallet. If the chain split happens, then you and only you, can decide what chain you want to go with. The way I understand it, you will get coins on both chains and you will have to decide what direction you would be going and to decide that, you will have to own the private key. If the private key for your coins is with a 3rd party, they can take away that decision by making the choice for you. < depending on what chain they support with their service >   ^grrrrrrrr^

[coynedterm]

So few minutes ago I had a chat with a bitcoin guru on another forum and he said protect your wallet and bitcoin because August 1 is approaching near. He didn't replied when I asked about August 1? I don't get it, what's up with August 1? note that this guy owns 1200 BTC.

I think the news of loss of btc at 1 August is a bad stupid news spread by some people .
Actually nothing is going to against the loss , you can think that what will happen with the owner of the Bitcoin who is rich because of the Bitcoin only .
So clearly nothing will goes bad in the Bitcoin .
And reality is that the Bitcoin will improve his network by double the size of the block and will introduce new chain to handle two types of the coins , So such types of experiments are better for us and we don't need to fear .
But a small problem will arise for us that the Bitcoin will remain seaze for about 1 week in August to complete the process of upgrade of blockchain network .