Price dump from a Bitcoin folk?

[Bitcoin Guy]

In a month, Segwit (BIP148) will be implemented on Bitcoin and many people are uncertain on what effect it would have on Bitcoin's price.  Maybe that is why the price of Bitcoin has been fluctuated, on the most part, between $2400 and $2800 for the last one month and not going higher despite of many positive and encouraging news that recently came out.  It is possible that after the Segwit implementation, Bitcoin may folk into two.  When that happened, it may cause confusing to the market. 

Question is, if folk happened, for those vendors who accept bitcoins, how are they going to manage accepting the two different coins?  For those who keep their coins in cold wallets, what would happen to the coins?  How does a Bitcoin platform, like Coinbase for example, manage its customers' deposited coins?  And the most important question is - would Bitcoin price drop in the short run or even in the long run due to the folk?

What do you think? 

[1715544145]

1715544145

[1715544145]

1715544145

[1715544145]

1715544145

[1715544145]

1715544145

[1715544145]

1715544145

[skorupi17]

It is FORK not FOLK.

I also believe that the uncertainties about the upcoming activation of segwit is the main reason why we are experiencing a very bumpy road. And the price had become surprisingly stable in these past days.

The fork issue is not yet final. There is no formal announcement that there will be a hard fork at about 3 months after the activation of Segwit so nothing is to worry about, for now. However, if ever there will be a split on Bitcoin's chain, I am not sure about how can people cope with that event. It might be catastrophic.

[Herbert2020]

In a month, Segwit (BIP148) will be implemented on Bitcoin

i believe it will be implemented only if it can gain enough support.

and many people are uncertain on what effect it would have on Bitcoin's price. 

the effects of implementing SegWit on bitcoin is pretty clear. there will be a rise.
the effects of how to implement it is unclear. it can be a smooth transition with majority support or it can be a hostile change with low support and a risk of chain split.

Maybe that is why the price of Bitcoin has been fluctuated,

no it is not.
the fluctuations are normal and they happen every time after there is a rise. price becomes stable between two high and low prices where people who don't know what is happening are becoming confused why bitcoin is not rising 24/7/365!

folk

do you have a lisp?

Question is, if folk happened, for those vendors who accept bitcoins, how are they going to manage accepting the two different coins? 

fork does NOT mean automatically we get two coins!
there is a small chance a split happens from any kind of fork and if that happens because of how big bitcoin is i expect one of the chains to die soon and we will be left with only one chain.

For those who keep their coins in cold wallets, what would happen to the coins? 

there are many topics on this. please use the search function!

How does a Bitcoin platform, like Coinbase for example, manage its customers' deposited coins? 

you have to ask Coinbase.

And the most important question is - would Bitcoin price drop in the short run or even in the long run due to the folk?

i explained this already.
it depends on how the fork is going to happen.

[davis196]

It is FORK not FOLK.

I also believe that the uncertainties about the upcoming activation of segwit is the main reason why we are experiencing a very bumpy road. And the price had become surprisingly stable in these past days.

The fork issue is not yet final. There is no formal announcement that there will be a hard fork at about 3 months after the activation of Segwit so nothing is to worry about, for now. However, if ever there will be a split on Bitcoin's chain, I am not sure about how can people cope with that event. It might be catastrophic.

It won`t be catastrophic,don`t scare the newbies OP.
Do you remember Bitcoin Unlimited?What happened to BU?
Bitcoin will survive the fork and will grow stronger.The only problem will be when all the newbies (like the OP asking the questions in the thread)panic and leave bitcoin for some altcoin like ethereum.

[digaran]

Did you see what happened with those folks from Ethereum? those folks suddenly folked it just because they were too idiots and some other folk stole some tokens legitimately and supposedly apparently, instead of accepting their own stupidity they rolled back the chain(fixed) by resetting the game, it was like a game for them where after dying you could drink from the fountain and resurrect your self.
Now some folks from China, the same nefarious Wu gangnam style gang thinks that it's possible to do the same with Bitcoin, but when they switch their mining power into mining a different coin they'll realize what the fack did they just do but it'd be too late by then because in Bitcoin mining every second counts, if you are not mining for 1 hour you could lose more than $50K now imagine how much they'd lose in a single day? almost $750K.
If that is an acceptable loss then I'm sure they'll folk and we all go home with coins worth $880.

[deisik]

In a month, Segwit (BIP148) will be implemented on Bitcoin and many people are uncertain on what effect it would have on Bitcoin's price.  Maybe that is why the price of Bitcoin has been fluctuated, on the most part, between $2400 and $2800 for the last one month and not going higher despite of many positive and encouraging news that recently came out.  It is possible that after the Segwit implementation, Bitcoin may folk into two.  When that happened, it may cause confusing to the market. 

Question is, if folk happened, for those vendors who accept bitcoins, how are they going to manage accepting the two different coins?  For those who keep their coins in cold wallets, what would happen to the coins?  How does a Bitcoin platform, like Coinbase for example, manage its customers' deposited coins?  And the most important question is - would Bitcoin price drop in the short run or even in the long run due to the folk?

What do you think? 

If Bitcoin splits that might mark the end

Though this is not set in stone and we should hope for the best (since all cryptosphere will get affected). I guess it will be like supernova exploding and that supernova would be our sun. So merchants' fate should be your least concern then, they will obviously just stay away from Bitcoin for the time being. I don't think there are many merchants that are living off Bitcoin (so they certainly won't miss Bitcoin much). Regarding coins in cold storage, they should be safe (and get doubled or tripled), but Coinbase is obviously a big no-no (we may see a massive exodus of bitcoins from every web wallet out there right before the Judgment day)



If the chain split happens for real there will be a war

[topper26]

Fear the folk!

[Wind_FURY]

A dump could happen. There are whales who can cause fear in the market and use that to make some profit by shorting Bitcoin. As an ordinary holder, I see any dump as another opportunity to buy more. There is no use to look deeper into it because the markets are all really out of our control.

[mrayazgul]

A dump could happen. There are whales who can cause fear in the market and use that to make some profit by shorting Bitcoin. As an ordinary holder, I see any dump as another opportunity to buy more. There is no use to look deeper into it because the markets are all really out of our control.

Will it really dump or it will just a artificial dump and price will pump after that. The point is that bitcoin is the need of the today digital world and many online business are using bitcoin. Anything which has a demand, that cant be put down so easily.

[Denker]

A dump could happen. There are whales who can cause fear in the market and use that to make some profit by shorting Bitcoin. As an ordinary holder, I see any dump as another opportunity to buy more. There is no use to look deeper into it because the markets are all really out of our control.

Any dump happening right now is just an attempt to get rid of the last weak hands imo.
No whale in the long has the intention to harm Bitcoin. It's all about accumulation.
So yes I would and will buy as much as BTC as I can afford. Let the others freak out.
I will gladly pick up the fruits they drop.

[Bitcoin Guy]

It is FORK not FOLK.

Ha ha.... My bad.

[CriptoSven]

A dump could happen. There are whales who can cause fear in the market and use that to make some profit by shorting Bitcoin. As an ordinary holder, I see any dump as another opportunity to buy more. There is no use to look deeper into it because the markets are all really out of our control.

Any dump happening right now is just an attempt to get rid of the last weak hands imo.
No whale in the long has the intention to harm Bitcoin. It's all about accumulation.
So yes I would and will buy as much as BTC as I can afford. Let the others freak out.
I will gladly pick up the fruits they drop.

Today the crypto currency market is exactly what you mentioned. The fact is that all crypto-currencies today are falling and even Bitcoin has fallen by $ 400.

[Baofeng]

A dump could happen. There are whales who can cause fear in the market and use that to make some profit by shorting Bitcoin. As an ordinary holder, I see any dump as another opportunity to buy more. There is no use to look deeper into it because the markets are all really out of our control.

Any dump happening right now is just an attempt to get rid of the last weak hands imo.
No whale in the long has the intention to harm Bitcoin. It's all about accumulation.
So yes I would and will buy as much as BTC as I can afford. Let the others freak out.
I will gladly pick up the fruits they drop.

Today the crypto currency market is exactly what you mentioned. The fact is that all crypto-currencies today are falling and even Bitcoin has fallen by $ 400.

Lol. Bitcoin has not fallen by $400 currently, but I agree it has fallen to $2400 now. Its just how the market really works. Sometimes we experienced this kind of dip. We have similar instance last May (2x). And I think this is the third time in June. But after this kind of dip, bitcoin price recovers because a lot of investors are attracted to buy because of the low price. They don't want to miss this opportunity to get bitcoin back.

[skorupi17]

It is FORK not FOLK.

I also believe that the uncertainties about the upcoming activation of segwit is the main reason why we are experiencing a very bumpy road. And the price had become surprisingly stable in these past days.

The fork issue is not yet final. There is no formal announcement that there will be a hard fork at about 3 months after the activation of Segwit so nothing is to worry about, for now. However, if ever there will be a split on Bitcoin's chain, I am not sure about how can people cope with that event. It might be catastrophic.

It won`t be catastrophic,don`t scare the newbies OP.
Do you remember Bitcoin Unlimited?What happened to BU?
Bitcoin will survive the fork and will grow stronger.The only problem will be when all the newbies (like the OP asking the questions in the thread)panic and leave bitcoin for some altcoin like ethereum.

I am not the OP, just to make clarifications here.

Yes, I remember BU but did the hard fork happen at that time and did BU ever existed at that time? No so how can you be so sure that the possible fork will not be catastrophic? I did not even say with guarantee that the fork will be catastrophic, better check my post again:

It might be catastrophic.

I am not scaring anyone but a hard fork is not healthy for Bitcoin. You can ask some legit expert out there and they can say that the fork is not healthy at all.

I am not neglecting the possibility that Bitcoin can survive, I am hoping for it.

[BitHodler]

The point is that bitcoin is the need of the today digital world and many online business are using bitcoin.

Strictly speaking, the far majority of the merchants that are accepting Bitcoin aren't really using it.

It's just them making use of third party payment services to settle Bitcoin related payments, where after that the merchants get their so loved fiat sent to their bank account.

In most cases these third party payment services do allow merchants to partially get paid in fiat, and a small part in Bitcoin that they get to keep, but not many are choosing for that option.

[Slark]

If Bitcoin splits that might mark the end

Ethereum failed so hard so they had to do emergency hard fork/rollback update, at that time people were saying that ETH is done for and this is the end.
Look at ETH now, the second biggest crypto. Just to remind everyone, price after the fork was around $10 or even less, now it is like $222?
As always, speculations about future and potential demise/fail of bitcoin are exaggerated greatly. Bitcoin will survive even after a split.

[richardsNY]

Just to remind everyone, price after the fork was around $10 or even less, now it is like $222?
As always, speculations about future and potential demise/fail of bitcoin are exaggerated greatly. Bitcoin will survive even after a split.

The problem here is that noobs tend to take everything for granted too easily. If you look at how many threads have been popping up with the split/fork as subject, it shouldn't surprise anyone that noobs can't hold themselves anymore. The entire forum has been infested with clowns spreading false and wrong information. If you widely browse through this forum, you'll see that the majority of the people look at forks as something negative, while in fact these 'updates' are needed to push Bitcoin forward to let it cope with the increased demand.

[Bitcoin Guy]

If Bitcoin splits that might mark the end

.... Regarding coins in cold storage, they should be safe (and get doubled or tripled), but Coinbase is obviously a big no-no (we may see a massive exodus of bitcoins from every web wallet out there right before the Judgment day)

Hope the whole Bitcoin community will understand that and work together to prevent the fork to happen.

If one has 1 BTC in a cold wallet and if Bitcoin forked into two - BTC(A) and BTC(B), would it be so happened that after the split, the combination of (A) and (B) would be less than 1 BTC?

Ethereum failed so hard so they had to do emergency hard fork/rollback update, at that time people were saying that ETH is done for and this is the end.
Look at ETH now, the second biggest crypto. Just to remind everyone, price after the fork was around $10 or even less, now it is like $222?
As always, speculations about future and potential demise/fail of bitcoin are exaggerated greatly. Bitcoin will survive even after a split.

Isn't ETH different from BTC as BTC is a more commonly used currency and ETH is more like a tokens (which is currently not being accepted by general public for payment)?  In such case, the impact of a fork on them would be different.  Impact on BTC would be much sever?

[tabas]

Just to remind everyone, price after the fork was around $10 or even less, now it is like $222?
As always, speculations about future and potential demise/fail of bitcoin are exaggerated greatly. Bitcoin will survive even after a split.

The problem here is that noobs tend to take everything for granted too easily. If you look at how many threads have been popping up with the split/fork as subject, it shouldn't surprise anyone that noobs can't hold themselves anymore. The entire forum has been infested with clowns spreading false and wrong information. If you widely browse through this forum, you'll see that the majority of the people look at forks as something negative, while in fact these 'updates' are needed to push Bitcoin forward to let it cope with the increased demand.

That's why I don't who am I going to believe with this split. Anyway, I'm planning to sell now at $2,375 not because I'm a weakling but I just need some bucks. Though still it's a good thing for me to have some holdings just going to wait for some good news for the next few days before August 1 comes.

[darkangel11]

That's why I don't who am I going to believe with this split. Anyway, I'm planning to sell now at $2,375 not because I'm a weakling but I just need some bucks. Though still it's a good thing for me to have some holdings just going to wait for some good news for the next few days before August 1 comes.

Why sell all if you need "some bucks" sell just the amount that you need and hold the rest.
On the other hand if you don't know who to believe, in other words you don't have your own opinion, but rely on others with your finances, you should sell and stay away from it until you gain some confidence. Nobody should invest in something he fears, just because others have made money on it.



The bitcoin folk