Bitcoin at Exchanges on August 1

[shamzblueworld]

After reading this news https://bitcointalk.org/index.php?topic=2017191.0
Is the bitcoin on different exchanges is also at risk? Should we try to withdraw it?
What can we do to protect our bitcoins placed at different exchange sites like polo, bittrex or another?

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[iamTom123]

I think that risks are always present in anything we do and what would happen after that so-called August One thing is open to many speculations and even some wild imaginings (which may not be helping ordinary Bitcoin holders just like you and me). As for exchanges like Poloniex, Bittrex, etc, in my view these exchanges are always looking at the situation even more than we do and they know what they are doing to protect us their clients.

I have some Bitcoin and altcoins in Bittrex and C-Cex but I am not really worried that after August One, my funds can be gone for no reason at all. Technically, these exchanges are more qualified than me and you. Though, as what I said, risks can be anywhere.

However, if you feel that you need to protect your funds, of course, you can withdraw it and put it somewhere where they can protected much better than the exchanges.

[Amph]

poloniex bittrex and other, already said that they are with core, so no chain split will affect your balance with them, they also alert you when they will change their wallet, probably

i don't think they are so stupid to make their customers lose money, without saying anything

[Kakmakr]

The clever exchanges will host options to support both chains, if it comes down to a chain split. You will need to be able to sell your Original BTC for the JihanVer BTC and visa versa. It would be stupid not to offer people an option to exchange both. This is how, for example Freebitco.in will handle this :

" Recently, there have been discussions about the possibility of a bitcoin hard fork happening so we wanted to address the issue for users who have their coins stored with us.

We feel that the possibility of a hard fork has been greatly exaggerated, however we are prepared to deal with it if it does happen.

If there is a hard fork, we shall always follow the longest chain (the chain with the most proof of work) as our primary coin. Bitcoins on the secondary chain however, will be made available for withdrawal by users after there has been a clear winning chain. So for each satoshi that users have with us, they will receive 2 (or more if there are multiple forks), one on the longest chain and one in the minority chain/s. "

[Oliver2]

For hard fork, bitcoin developer Greg that the new scheme is more like a "compromise" and that he thinks the whole bitcoin does not currently need to block the revision of rules.

[YuginKadoya]

I would just go with what is the best way to do in order to be safe, and I guess theymos would not recommend in doing it if the impending event is not risky right, so for further precaution I can surely convert some bitcoin to Fiat money and the rest will go to the cold storage that I am preparing so if everything will be all cleared then I think I can surely choose the right Bitcoin to invest with.

[maokoto]

I think that it has been exaggerated too. Big exchanges are very likely to do well, as they risk losing their income if something goes wrong with august 1. However I have heard of small exchanges that aren't going to do much in case a hard fork happens. Better to keep coins out of these.

[Mpamaegbu]

The August 1 thingy is causing unnecessary panic if you asked me. I think the date will come and go just like the year 2000 when it was rumored that all computers would run haywire and the world would come to an end.  Year 2000 came and went without hassles. So shall August 1 come and go without much ado with the crypto world. I strongly believe this and I am leaving my coins in my exchanges. I will likely trade on the said day if potential coins for profit are spotted.

[Heartilly]

After reading this news https://bitcointalk.org/index.php?topic=2017191.0
Is the bitcoin on different exchanges is also at risk? Should we try to withdraw it?
What can we do to protect our bitcoins placed at different exchange sites like polo, bittrex or another?

Obviously yes unless they will have implement some options for their users to choose what chain should their bitcoin choose.

So to control things completely, take out for the meantime all your coins at exchanges and came back after everything was resolved.

[RoommateAgreement]

your bitcoins on exchanges are always at risk, the August 1 is no different either. the only thing that is new about that date is that the exchange (if you read the theymos's topic completely it explains it) may throw away one chain either by mistake or incompetance and that chain may be the main chain that succeeds.

and i am withe the above poster. i think that date is getting overly scary but it is not. it may come and go without an incident but with a lot of fear.

[piebeyb]

This sounds interesting if it is a frightening thing better to invest into altcoin, I think it's easy to do for bitcoin holders, at least looking for something safer to keep it on your trusted trading site

[chaser15]

After reading this news https://bitcointalk.org/index.php?topic=2017191.0
Is the bitcoin on different exchanges is also at risk? Should we try to withdraw it?
What can we do to protect our bitcoins placed at different exchange sites like polo, bittrex or another?

All articles, websites, and even direct advice from theymos recommend that we must transfer bitcoin to other wallet other than web wallets. There is also backed up information why we should do that.

If that is the majority of recommendations, still have some questions like that?

[Bitsbytes]

Technically what could happen to transaction on August 1st?   

[Yakamoto]

After reading this news https://bitcointalk.org/index.php?topic=2017191.0
Is the bitcoin on different exchanges is also at risk? Should we try to withdraw it?
What can we do to protect our bitcoins placed at different exchange sites like polo, bittrex or another?

Most exchanges and online wallets are likely going to have their own statements on how they're going to go through with the fork, assuming that it happens, and they may host both chains or just one if they're trying to unify the community on one side of the coin. Hosting both would offer more security for users in case the fork doesn't have the same enthusiasm it should, but it would also divide the community between those who are willing to "modernize" and those who want Bitcoin to remain mostly the same.

[shamzblueworld]

This sounds interesting if it is a frightening thing better to invest into altcoin, I think it's easy to do for bitcoin holders, at least looking for something safer to keep it on your trusted trading site

I was thinking the same thing, I think we should invest all bitcoins placed on different exchanges into our favorite altcoins, and once the segwit is over, we can trade back to whichever bitcoin version we want. By doing this, we can make some profit too if the split happens and effects the value of both bitcoin versions.

[Pursuer]

This sounds interesting if it is a frightening thing better to invest into altcoin, I think it's easy to do for bitcoin holders, at least looking for something safer to keep it on your trusted trading site

I was thinking the same thing, I think we should invest all bitcoins placed on different exchanges into our favorite altcoins, and once the segwit is over, we can trade back to whichever bitcoin version we want. By doing this, we can make some profit too if the split happens and effects the value of both bitcoin versions.

you should also consider the worse case scenario too if you want to make an investment like that:
- bitcoin splits, price goes down:
in this case altcoins will most probably crash harder. we see everytime bitcoin goes down small like 5%, altcoins drop bigger like >20%

- bitcoin splits, but it is resolved fast enough as the other chain dies fast because of lack of interest or support:
in this case altcoins drop as I said before but bitcoin will recover as there is only one chain in this scenario after a short time. so bitcoin recovers fast and now that the risk of split is over it goes up fast and big. altcoins again will drop some more.

- worse case scenario for your investment: bitcoin never splits, it is either a smooth activation or nothing happens:
altcoins drop because bitcoin is now scaling well enough and the drama is finally over and now bitcoin price is rising fast and all the money is exiting altcoins to come join the bitcoin biggest rally in order not to miss out.

[AgatioX]

If Mark Karpeles verdict will be - not guilty - then it is a signal for all stocks like polo bittrex etc. SEO and owners,that they can easily scam everyone and pay bails with stolen money and buy judges with stolen money again and will remain free in the end (with billions of stolen $).
That means - yes your money isnt secured very well on exchangers,and there is a good risk.

[Kakmakr]

This is surely going to be a very confusing time for a lot of people. The majority of the people are not going to make any transactions during this time and it will take at least 2 to 3 weeks for everything to go back to normal. The longest chain < if there are a chain split > will not be determined within the first 12 hours.

We are in for a rough ride, but we have survived much worst than this. Let's just hang in there and make the best of it. ^smile^

[kidsrock]

After reading this news https://bitcointalk.org/index.php?topic=2017191.0
Is the bitcoin on different exchanges is also at risk? Should we try to withdraw it?
What can we do to protect our bitcoins placed at different exchange sites like polo, bittrex or another?

i think its not risk but its not safe to make transaction in that day. you can withdraw it if you want and save your bitcoin by exchange into your local currency. i think there is no other we can do except waiting the result of august 1 and who know if we still save our bitcoin in exchanges, we can get free new coins with the same amount of bitcoin we have and we can sell it if the price is good enough.

[freedomno1]

After reading this news https://bitcointalk.org/index.php?topic=2017191.0
Is the bitcoin on different exchanges is also at risk? Should we try to withdraw it?
What can we do to protect our bitcoins placed at different exchange sites like polo, bittrex or another?

Yes they may be at risk, in that you will lose your split coins.
If you don't care about those then you have to trust the exchange to pick the right chain, as a precaution withdraw what you can't afford to lose better safe than sorry even if this is a non-event.
https://bitcointalk.org/index.php?topic=2012799.msg20099437#msg20099437