What is the most likely outcome on August 1st ?

[itot]

If there's a split it will be a total clusterfuck
which will hurt "average joe" users confidence and
trust in Bitcoin or the entities that govern it in
their own way. Household users aren't going to
put the time and effort into finding out what
caused the split, and the potential loss of their
savings, they'll just think it was all one big scam.

[warrior333]

Now in the hands of people a lot of coins and I'm not sure that they will agree just to lose your money because of the panic. No way back, and those who already have the coins should not panic. Then no disasters will occur.

[YOYOY]

Well there is a good thing to happen on August 1st about that segwit, and it will be divided into two, the soft and hard fork and what I like about it is the hard fork. Why? Unlike a soft fork, a hard fork is not backwards compatible and will lead to a chain split by default, as long as there is enough support on the minority chain for it to continue. And if this hard fork will be activated, a split of the Bitcoin community into two separate cryptocurrency networks is possible.

[bitcoinisbest]

OP - As far as litecoin is concerned I would not prefer to invest going forward. Also btc and ETH looks strong if the cypto currency prices going forward rise. Well there are many other new coins coming in market and if you do research and find better to invest in other project that will be better rather than litecoin.

[bitofc]

most likely segwit2x will get segwit activated.  UASF win, as they force segwit to get activated.  on August 1st, UASF is irrelevant, as segwit already activated.  whether it will get a hard fork after 3 months or not, we shall see how it goes.

[chixka000]

One thing is for sure that for now, I will be converting my amounts into fiat on the late part of july and holds for awhile if the price would goes down on the first week of august i will probably then buy all my current amount and hold then we'll see.

[thecodebear]

Even in the worst case scenario of having 2 active chains after 1st August, it doesn't have to be a bad thing for the price.
When ETH and ETC split the price of both were far far lower than they are now.  Different Bitcoin chains could both prosper, at least in terms of price.

The problem will be longer term, when new investors don't understand what has happened, or what will happen in the future.  I hope it stays orderly, but then I want the transaction fees to fall too, so we'll see if those 2 things are possible together.

The part that I'm confused with...is let's say there is a hard fork and we end up with let's say "Bitcoin" and "Bitcoin Classic"  (I just tossed those two names out there obviously),   how would a hardware wallet like a nano or a trezor...support both coins without doing some major changes to their coding or whatever?

I don't have the slightest idea about coding, so I am just trying to get a grasp on what would happen in that event.   I would think that uncertainty would cause a at least a small sell off.

Can someone answer keithers question please!

I too am wondering how a hardware wallet will just automagically know to split your coins into equal holdings in two coins if there is a split. I have 90% of my coins in coinbase and the other 10% on an exchange for occasional trades. Was thinking about getting a hardware wallet. Generally I'm fine trusting coinbase but since I plan on holding for several years I figure I may as well get control of my bitcoins for the long haul. I'm not too worried about a split Aug 1 as I think segwit will be adopted just fine, but if the hard fork happens later I'm not sure how coinbase will handle it. But how would a hardware wallet do it? From what I've read everyone just says it will automatically give you coins in both. But that doesn't seem to make any sense at all. Seems it would be no different than having coins on an exchange or coinbase, ie the hardware wallet developer would have to decide to support the new chain and double everyones coins to that new chain, and you'd have to download that code update for it to work right? I don't see how this would all just happen automatically as if by magic as everyone I've ever seen mention it suggests. Could someone please explain this? Thanks! Trying to figure out how important it is that I get control over my coins before the hard fork.

[odolvlobo]

I too am wondering how a hardware wallet will just automagically know to split your coins into equal holdings in two coins if there is a split.

Coins that exist before the fork are available to spend on both forks because both forks include the same chain before the fork. Nothing happens to your coins until you spend them.

Now, the tricky part is spending them after the fork. If you spent the coins normally after the fork, you will spend them on both forks and the receiver will get both. But, if you create a transaction that is valid on only one of the forks, then you can later create another transaction that spends them again on the other fork. If a fork occurs, I'm sure that someone will provide software that will allow you to do that.

... I have 90% of my coins in coinbase and the other 10% on an exchange for occasional trades. Was thinking about getting a hardware wallet. Generally I'm fine trusting coinbase  ...

Because you don't hold the coins yourself, you have no control over how they are spent after the fork. For example, if you tell Coinbase to send 1 BTC to someone, they could send 1 BTC on both forks, or they could even send 1 BTC on one fork and keep the 1 BTC on the other fork for themselves. For that reason, you should move your coins to a wallet you control if there is going to be a fork.

[deisik]

Even in the worst case scenario of having 2 active chains after 1st August, it doesn't have to be a bad thing for the price.
When ETH and ETC split the price of both were far far lower than they are now.  Different Bitcoin chains could both prosper, at least in terms of price.

The problem will be longer term, when new investors don't understand what has happened, or what will happen in the future.  I hope it stays orderly, but then I want the transaction fees to fall too, so we'll see if those 2 things are possible together.

The part that I'm confused with...is let's say there is a hard fork and we end up with let's say "Bitcoin" and "Bitcoin Classic"  (I just tossed those two names out there obviously),   how would a hardware wallet like a nano or a trezor...support both coins without doing some major changes to their coding or whatever?

I don't have the slightest idea about coding, so I am just trying to get a grasp on what would happen in that event.   I would think that uncertainty would cause a at least a small sell off.

Can someone answer keithers question please!

I don't have a hardware wallet so take my words with a grain of salt

Until someone more knowledgeable comes and explains it better than me. The wallets obviously don't keep any coins, all they store are private keys with which you can access you coins on the blockchain (i.e. send them to someone). The same key would apparently give you access to coins on both blockchains, so if the underlying protocol for creating transactions doesn't change (it shouldn't), your transaction should appear on both blockchains. If this is not what you want, I guess you should wait until the hardware wallet manufacturer updates the firmware which would allow you to choose what specific blockchain to use

[BillyBobZorton]

Everybody shall remember what happened a year ago.

I mean the halving. Most people said at the time that BTC would go to the roof, because of that new scarcity, but nothing happened. The price BTC remained flat for several months after the halving.

LOL the halving period was the most incident filled period of time last year. how can you say "nothing happened"!!

and it went "to the roof". it is a 60% rise before the halving because of hype and another 60% rise after the halving when actual "new scarcity" kicks in. what else do you want that is 120% rise in less than a year

here is summarized it:

This graph is missing the BUgcoin fears. Back in the day, when Bitmain announced official support for BUgcoin and started mining BUgcoin blocks, the market crashed, similarly to how the market collapsed recently upon the BitmainCoin blog post by "admin" on Bitmain's blog. It's always the same.

[odolvlobo]

Until someone more knowledgeable comes and explains it better than me. The wallets obviously don't keep any coins, all they store are private keys with which you can access you coins on the blockchain (i.e. send them to someone). The same key would apparently give you access to coins on both blockchains, so if the underlying protocol for creating transactions doesn't change (it shouldn't), your transaction should appear on both blockchains. If this is not what you want, I guess you should wait until the hardware wallet manufacturer updates the firmware which would allow you to choose what specific blockchain to use

That is correct except that a hardware wallet doesn't create a transaction, it just signs it. So, it is up to the software accessing the hardware wallet (Mycelium and Electrum, in my case) to be able to create a transaction that is valid on one chain but not on the other.

[joromz1226]

This is a question on everyones mind but there is no solid answer. I have scrolled through bitcointalk / reddit / everywhere.
Its one camp vs another vs another ... Therefore many answers to "what will happen" are biased.
I want to simply know.. will Bitcoin scale this year or not? will Bitcoin ever scale ? will August 1st even be of any real significance or will it be Y2K all over again (where nothing happened) ? And if Bitcoin does scale what will happen to the Litecoin (which has recently been taking some of Bitcoins gleem/shine) ?

Those who believed and very worried about what will happened on august 1 are those fool and very lack of knowldege about in bitcoin. No one knows what will happen to that day. This is nothing difference for what happened before to eft this past march, or BU, this was just a FUD, poisoning others mind to get panic. Just stay calm and at ease for what they are believing it unto
Bitcoin.

[northstarh]

One thing is for sure that for now, I will be converting my amounts into fiat on the late part of july and holds for awhile if the price would goes down on the first week of august i will probably then buy all my current amount and hold then we'll see.

It's a safe option for everyone, however, I would like an adventure, I would keep the bitcoin in a wallet and wait for the result, if the segwit succeed, I can get a benefit Big leap, conversely, I can lose a lot of money.

[Juggy777]

This is a question on everyones mind but there is no solid answer. I have scrolled through bitcointalk / reddit / everywhere.
Its one camp vs another vs another ... Therefore many answers to "what will happen" are biased.
I want to simply know.. will Bitcoin scale this year or not? will Bitcoin ever scale ? will August 1st even be of any real significance or will it be Y2K all over again (where nothing happened) ? And if Bitcoin does scale what will happen to the Litecoin (which has recently been taking some of Bitcoins gleem/shine) ?

If any one says that they have a specific answer then they are joking, cause they won't have a specific answer no one knows about it, all are trying their various theories but so far it's yet a mystery. At one time I read they are reaching a consensus then next I find a split shall happen, these are troubled times and one has to be really careful as to his next course of action cause the future of Bitcoin looks bleak there is no doubt about it

[BitcoinHodler]

Everybody shall remember what happened a year ago.

I mean the halving. Most people said at the time that BTC would go to the roof, because of that new scarcity, but nothing happened. The price BTC remained flat for several months after the halving.

LOL the halving period was the most incident filled period of time last year. how can you say "nothing happened"!!

and it went "to the roof". it is a 60% rise before the halving because of hype and another 60% rise after the halving when actual "new scarcity" kicks in. what else do you want that is 120% rise in less than a year

here is summarized it:
[i m g]https://i.imgur.com/tHhbWNK.jpg[/img]

This graph is missing the BUgcoin fears. Back in the day, when Bitmain announced official support for BUgcoin and started mining BUgcoin blocks, the market crashed, similarly to how the market collapsed recently upon the BitmainCoin blog post by "admin" on Bitmain's blog. It's always the same.

unless i am mixing the dates, i don't think that is correct. i know the recent one and how it caused the drop but the only thing from 2016 i could find was this https://themerkle.com/bitmain-ceo-jihan-wu-will-firmly-support-funding-of-bitcoin-unlimited/
which has the date as 20 November and by that date price didn't move unless you are calling $750 to $714 a crash

with that said, give a link to a news or a tweet or something reliable with dates and i will update the chart ASAP

[keithers]

I wonder where the Tezos team is storing their mountains of BTC and ETH that are being thrown at them by the minute?   They have probably been doing cartwheels since Friday night.

I wonder what their plans for August 1st are?

[jvdp]

This is a question on everyones mind but there is no solid answer. I have scrolled through bitcointalk / reddit / everywhere.
Its one camp vs another vs another ... Therefore many answers to "what will happen" are biased.
I want to simply know.. will Bitcoin scale this year or not? will Bitcoin ever scale ? will August 1st even be of any real significance or will it be Y2K all over again (where nothing happened) ? And if Bitcoin does scale what will happen to the Litecoin (which has rethecently been taking some of Bitcoins gleem/shine) ?

I've absolutely no isea why you or anyone else keeps focusing on the 1st of August. Nothing is happening then. Ffs.

Ya I accept last year not such a peak  rise in bitcoin price. But this time their is a lot of chances that to happen. Now a days ,the number of bitcoin users is keeps on increasing due to increase in bitcoin price.So I am dam sure that ,their will be huge increase in price of bitcoin after August 1.

[szpalata]

This is a question on everyones mind but there is no solid answer. I have scrolled through bitcointalk / reddit / everywhere.
Its one camp vs another vs another ... Therefore many answers to "what will happen" are biased.
I want to simply know.. will Bitcoin scale this year or not? will Bitcoin ever scale ? will August 1st even be of any real significance or will it be Y2K all over again (where nothing happened) ? And if Bitcoin does scale what will happen to the Litecoin (which has rethecently been taking some of Bitcoins gleem/shine) ?

I've absolutely no isea why you or anyone else keeps focusing on the 1st of August. Nothing is happening then. Ffs.

Ya I accept last year not such a peak  rise in bitcoin price. But this time their is a lot of chances that to happen. Now a days ,the number of bitcoin users is keeps on increasing due to increase in bitcoin price.So I am dam sure that ,their will be huge increase in price of bitcoin after August 1.

Yes, just like you I'm also expecting more increases in bitcoins after a successful August 1 implementation. We all know our beloved cryptocurrency needs some fixing and if all goes well and a possible solution is implemented I think we will see an even astronomical demand of Bitcoin which will affect the prices.

[Herbert2020]

I wonder where the Tezos team is storing their mountains of BTC and ETH that are being thrown at them by the minute?   They have probably been doing cartwheels since Friday night.

I wonder what their plans for August 1st are?

non of these ICOs care about anything, even if bitcoin or ethereum fall down and burn to the ground tomorrow they won't care because they haven't really invested anything. neither money nor time.
they just copy paste some code and do little changes in smallest amount of time then invest some money in advertising it. and millions of dollars is handed to them for doing nothing!

[giantrobot]

This is a question on everyones mind but there is no solid answer. I have scrolled through bitcointalk / reddit / everywhere.
Its one camp vs another vs another ... Therefore many answers to "what will happen" are biased.
I want to simply know.. will Bitcoin scale this year or not? will Bitcoin ever scale ? will August 1st even be of any real significance or will it be Y2K all over again (where nothing happened) ? And if Bitcoin does scale what will happen to the Litecoin (which has recently been taking some of Bitcoins gleem/shine) ?

We are still having a lot of controversy about this, if it is not resolved, the bitcoin can be divided, and its value will be severely affected. The most important thing is that we have the same opinion.