Aug 1st and forward effect on current holdings

[sonicd0012]

Simple two questions, any advice as to whether to be concerned to either transfer the coins to a hard wallet from Coinbase prior to the Aug 1st or not really needed?
2nd, is this Aug 1st situation going to kill the value of Bitcoin?

[jonald_fyookball]

Simple two questions, any advice as to whether to be concerned to either transfer the coins to a hard wallet from Coinbase prior to the Aug 1st or not really needed?
2nd, is this Aug 1st situation going to kill the value of Bitcoin?

I seriously doubt anything will be happening as not a single miner has signaled yet for 'uasf'. 

the segwit2x team led by Jeff Garzik is coding a scaling a solution.

that being said, Its always better to HODL your own coins...Coinbase customer service is terrible.  If you ever have an issue, it could be a long time before its resolved.

[TryNinja]

Simple two questions, any advice as to whether to be concerned to either transfer the coins to a hard wallet from Coinbase prior to the Aug 1st or not really needed?
2nd, is this Aug 1st situation going to kill the value of Bitcoin?

As jonald said, I'm starting to believe there is no chance of UASF to succeed. It is much more likely that segwit2x is the winner solution.

Just make sure to keep your coins stored in a wallet you control the keys. That way, you are the one controlling your coins future in case of a possible chain split. More reasons to not hold your Bitcoins on a web wallet/exchange.

[Yakamoto]

Simple two questions, any advice as to whether to be concerned to either transfer the coins to a hard wallet from Coinbase prior to the Aug 1st or not really needed?
2nd, is this Aug 1st situation going to kill the value of Bitcoin?

Just like with other "fork" dates before it, there is a very low chance that there is going to be anything happening on August 1st and everything will continue on as normal unless something is decided, and if something is decided, then there will be instructions for what to do when it happens.

Just like with Segwit and BU unlimited, neither have been activated despite a few target dates and nothing has changed, yet.

[sonicd0012]

So regardless if anything, should you store them in a hard wallet?
If yes, and the world changes in terms of blockchains, splits etc isnt there a chance your offline keys can be worthless or problematic to cash or convert in the future since you stored them one way back in the day and now things work differently, code is different etc.

Also if you don't control your key anymore, what does that mean then to me?
What is the best offline hard wallet recommended?

[jonald_fyookball]

So regardless if anything, should you store them in a hard wallet?

That is best practice, assuming you are technically capable/proficient at doing so.

[Shiroslullaby]

Coinbase customer service is terrible.  If you ever have an issue, it could be a long time before its resolved.

I've been waiting almost a week to transfer coins I bought.
It took support 4 days to send me an automated response saying they would get back to me.
The amount of money I could have made if I bought the alt-coins I wanted is substantial.

[Variogam]

So regardless if anything, should you store them in a hard wallet?
If yes, and the world changes in terms of blockchains, splits etc isnt there a chance your offline keys can be worthless or problematic to cash or convert in the future since you stored them one way back in the day and now things work differently, code is different etc.

Its always recommended to own the private keys. If you store the Bitcoin today to your wallet, there is no way the private keys going to be incompatible with Bitcoin in the future.

The problem if you dont own the private keys (like on Coinbase) is you just might get your Bitcoin, but if you own the private keys you have potentional access to both Bitcoin and USAF BIP148 coins (or any future minority split coins, or any alt coins based on Bitcoin ledger - like Clams in the past).

[GreenBits]

Simple two questions, any advice as to whether to be concerned to either transfer the coins to a hard wallet from Coinbase prior to the Aug 1st or not really needed?
2nd, is this Aug 1st situation going to kill the value of Bitcoin?

Just like with other "fork" dates before it, there is a very low chance that there is going to be anything happening on August 1st and everything will continue on as normal unless something is decided, and if something is decided, then there will be instructions for what to do when it happens.

Just like with Segwit and BU unlimited, neither have been activated despite a few target dates and nothing has changed, yet.

Agree. I don't think it will get to this; the other major forks were inevitable, like ethereum for example. But if we do, it's really important to have these coins in a private wallet, like the above poster stated. Few exchanges will give you your full value, they salivate for moments like this. So be your own bank, it matters for once.

[digaran]

If I were holding a large amount of Bitcoins worth millions of dollars, I would start cashing out right now before it's too late.
Think about it deeply, either split happens and value halves in less than half of the current value or everything will go smooth.
But if split happens then imagine that your coins will be priced 50% less for almost 2-3 years before the market gains the trust and starts growing again.
Are you willing to put millions of dollars on hold for 2-3 years?

[sonicd0012]

If I were holding a large amount of Bitcoins worth millions of dollars, I would start cashing out right now before it's too late.
Think about it deeply, either split happens and value halves in less than half of the current value or everything will go smooth.
But if split happens then imagine that your coins will be priced 50% less for almost 2-3 years before the market gains the trust and starts growing again.
Are you willing to put millions of dollars on hold for 2-3 years?

Is this really what everyone expects to happen, a 50% drop?
What is the effect on ETH LTC? Same ?

[digaran]

If I were holding a large amount of Bitcoins worth millions of dollars, I would start cashing out right now before it's too late.
Think about it deeply, either split happens and value halves in less than half of the current value or everything will go smooth.
But if split happens then imagine that your coins will be priced 50% less for almost 2-3 years before the market gains the trust and starts growing again.
Are you willing to put millions of dollars on hold for 2-3 years?

Is this really what everyone expects to happen, a 50% drop?
What is the effect on ETH LTC? Same ?

Who cares what happens to ETH and LTC, they are separate from Bitcoin, if I'm not saying when but if a chain split happens then yes price will immediately drops 50% wide spread across all the exchanges, another possible scenario is that everything will go as smooth and without any major loss of blocks found by miners then price will increase further more, who knows maybe it hits $6000 within 2 weeks after the fork. so basically we're looking at a 50-50 situation, however I'm not saying Bitcoin will lose it's value forever not at all but since there are billions of dollars at stake market might react badly and we could see at least 2 years of distrust and doubt but after that it will start to roll.
I'm just saying that such a scenario is not far from happening.

[pooya87]

If I were holding a large amount of Bitcoins worth millions of dollars, I would start cashing out right now before it's too late.
Think about it deeply, either split happens and value halves in less than half of the current value or everything will go smooth.
But if split happens then imagine that your coins will be priced 50% less for almost 2-3 years before the market gains the trust and starts growing again.
Are you willing to put millions of dollars on hold for 2-3 years?

Is this really what everyone expects to happen, a 50% drop?
What is the effect on ETH LTC? Same ?

you shouldn't even begin to compare ethereum split with bitcoin's possible split.
ethereum is centralized and they have millions of coins at their disposal (some speculate about 70 million) and when the split happened they started dumping coins on ETC market to prevent its price to go up and then used the funds to put up buy walls to prevent ETH crash.

there is no such thing in bitcoin!

[Amph]

So regardless if anything, should you store them in a hard wallet?
If yes, and the world changes in terms of blockchains, splits etc isnt there a chance your offline keys can be worthless or problematic to cash or convert in the future since you stored them one way back in the day and now things work differently, code is different etc.

Also if you don't control your key anymore, what does that mean then to me?
What is the best offline hard wallet recommended?

as long as you own the private key it doesn't matter where you store them, you can always retrieve them at any time, just keep them safe and wait for the split, nothing should happen to your coins

to make it simple i would secure those coins in a simple usb stick to not have to worry about anything

If I were holding a large amount of Bitcoins worth millions of dollars, I would start cashing out right now before it's too late.
Think about it deeply, either split happens and value halves in less than half of the current value or everything will go smooth.
But if split happens then imagine that your coins will be priced 50% less for almost 2-3 years before the market gains the trust and starts growing again.
Are you willing to put millions of dollars on hold for 2-3 years?

Is this really what everyone expects to happen, a 50% drop?
What is the effect on ETH LTC? Same ?

no the ETH dropped for another reason not because there was a "split", it dropped because of the hacker

i don't think the value will drop even after the split, if it was the case people should have already panic and sell now

[freebutcaged]

you shouldn't even begin to compare ethereum split with bitcoin's possible split.
ethereum is centralized and they have millions of coins at their disposal (some speculate about 70 million) and when the split happened they started dumping coins on ETC market to prevent its price to go up and then used the funds to put up buy walls to prevent ETH crash.

there is no such thing in bitcoin!

What is ethereum? isn't a blockchain capable of handling tokens and smart contracts? now what is ETC mate can you tell me?

Did ETC miners also split the ethereum foundation in half and if so then what is stopping people from copying the entire thing and

Have their own version of ETH? at least with Bitcoin even with two blockchains both of them will function the same capable of transferring value.

[tiggytomb]

The exchanges will usually put something out to let everyone know what their stance is, if they will handle everything or if you will need to take action.  I wouldn't worry too much about it at this stage though, you should however keep a % of your bitcoin off exchanges just in case.

[zend7]

August 1st is very soon to really make something happen. You are using the worst practice of storing your coins as you are storing them on Coinbase, a wallet which does not give access to you to your private keys and if you don't own your private keys you don't own any bitcoin. It is always advisable to withdraw your coins to a wallet where you are in full control and a wallet that has promised is ready for whatever happens in case of a split. Electrum is such a wallet if you don't want to spend any money for a hardware one. If you have money I believe you should buy a Ledger Nano S as a hardware wallet. Both wallets are very easy to set up, just follow the on screen instructions.

[deisik]

Simple two questions, any advice as to whether to be concerned to either transfer the coins to a hard wallet from Coinbase prior to the Aug 1st or not really needed?
2nd, is this Aug 1st situation going to kill the value of Bitcoin?

I seriously doubt anything will be happening as not a single miner has signaled yet for 'uasf'. 

the segwit2x team led by Jeff Garzik is coding a scaling a solution.

that being said, Its always better to HODL your own coins...Coinbase customer service is terrible.  If you ever have an issue, it could be a long time before its resolved.

Holding your coins in a personal wallet seems to be the only viable option

If you are going to keep your bitcoins through these times of "hardship" at all. But are you sure that it is the best idea overall? Personally, I'm skeptical that we won't see more argument in the near future, and thus no matter how things are going to unfold eventually (i.e. after August, 1st), the Bitcoin price may decline dramatically. In this manner, it may be prudent to move some part of your wealth from Bitcoin to, say, the US dollar, which won't be affected by the quarrels that are likely set to heat up as the days count down. And then, when the prices crash outlandishly with each party dumping the coins of the other side, you can safely invest in both parties and reap the fruits of the victory no matter who is going to win in the end. Invest in future!

[freebutcaged]

Simple two questions, any advice as to whether to be concerned to either transfer the coins to a hard wallet from Coinbase prior to the Aug 1st or not really needed?
2nd, is this Aug 1st situation going to kill the value of Bitcoin?

I seriously doubt anything will be happening as not a single miner has signaled yet for 'uasf'. 

the segwit2x team led by Jeff Garzik is coding a scaling a solution.

that being said, Its always better to HODL your own coins...Coinbase customer service is terrible.  If you ever have an issue, it could be a long time before its resolved.

Holding your coins in a personal wallet seems to be the only viable option

If you are going to keep your bitcoins through these times of "hardship" at all. But are you sure that it is the best idea overall? Personally, I'm skeptical that we won't see more argument in the near future, and thus no matter how things are going to unfold eventually (i.e. after August, 1st), the Bitcoin price may decline dramatically. In this manner, it may be prudent to move some part of your wealth from Bitcoin to, say, the US dollar, which won't be affected by the quarrels that are likely set to heat up as the days count down. And then, when the prices crash outlandishly with each party dumping the coins of the other side, you can safely invest in both parties and reap the fruits of the victory no matter who is going to win in the end. Invest in future!

What hardship mate you think people are stupid enough actually to believe this false and made up drama and easily will dump their coins?

Am I the only uneducated newbie here to see this as a smoking mirror just to persuade the weakest investors to dump so they can buy cheap?

Nothing will happen and price will not crash, this is just another bull shit stunt from opportunists.

[MachineZero]

Mempool is really gonna spike as people start to move funds from exchange to hardware wallets. There will be an early mover advantage to those who move assets well in advanced of aug 1st  (lower fees & faster confirmation). Laggards will be exposed to the harshness of the elements and may not get a baggage coin..

I think this will do a couple things. 1. some exchanges may get shakey as they may not have enough BTC in hot and cold wallets for the exodus. 2. Price will spike as the available supply to sell will be taken offline for 2-3 months.

With the sell side thin at the exchanges, immediately after I expect both forks to rise in value in tandem but then have great volatility as individuals dump what they deem as the baggage coin and look to acquire more of their favored side of the split with the proceeds. As soon as a clear winner starts to emerge, the loser will be the baggage and be cast off. Hot fiat on the sidelines will pounce as soon as this is evident and there will be a massive pile-on effect. Then back to some level of normalcy. Great fortunes will be lost and won in the next quarter.