[2017-07-14] August 1 and the Potential Disruption of the Bitcoin Network

[Iloveelvis]

If you’ve been listening to the bitcoin ‘community,’ you’d know in about two weeks the bitcoin network may face some protocol changes. Due to the possible user-activated soft fork (UASF) planned and the chance some groups may counter this plan, this has created thousands of discussions concerning August 1. Now the bitcoin-focused web portal Bitcoin.org has issued a warning on the site that informs users of a “potential network disruption.”

Bitcoin users everywhere are getting prepared and heavily discussing the possibility of a blockchain split. The subject was discussed a lot this past March when bitcoin proponents and cryptocurrency businesses feared a potential split when the Bitcoin Unlimited implementation was seeing strong support. Now the conversation has resurfaced, but the topic of UASF or BIP148 is an entirely different scenario.

Read More Here >>> https://news.bitcoin.com/august-1-potential-disruption-bitcoin-network/

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[Slow death]

 

I read this news as soon as I woke up, I was so sad that I thought of not posting this news here in the forum, to be honest I did not want anyone to post this news here in the forum just to not create more panic

In the next days or weeks, it will be very dark.

[1Referee]

I did not want anyone to post this news here in the forum just to not create more panic

You shouldn't feel like that. If you see an interesting news article that hasn't been posted yet, positive or negative, just post it. People for once should stop behaving like an imbecile, and properly try to understand what this situation is all about. It's like the 1st of August is some sort of a doomsday, while in fact, we are finally going to see Segwit activated, which obviously also depends on the proposal you look at. Whatever happens, people must understand that if we don't move over this obstacle, which might or might not cause the market to fall in the short term, there is no justification for the price to go up further.

In the next days or weeks, it will be very dark.

How do you know? You're acting exactly like the majority of the noobs by saying that.

[DooMAD]

An important thing to bear in mind is that we should have at least a few days' notice if there will indeed be any possibility of disruption or not.  It's likely that by July 26th, it should be apparent as to whether BIP148/UASF will be relevant or not.  There's an entirely plausible outcome that August 1st could come and go without consequence, just like any other day.  People shouldn't be overly concerned at this point and there certainly shouldn't be any "panic".  However, everyone should always have a secure backup of their exported private keys, not just in the event of a looming fork, but even when the network is operating normally. 

[TravelMug]

I read this news as soon as I woke up, I was so sad that I thought of not posting this news here in the forum, to be honest I did not want anyone to post this news here in the forum just to not create more panic

In the next days or weeks, it will be very dark.

Well this news should come out. The panic is not going away and may swell once we are nearing the Segwit2x activation. I think we have done enough to counter the FUD spread here. Its up to the forum members what they should listen and used their mind on what to believed to. We still don't know what's gonna happen after Aug 1 so I'm still optimistic that it will bring more harm that good in the ecosystem.

[Proton2233]

I'm optimistic and don't believe in sabotage. No one is interested in the death of bitcoin, and its division it will be almost death. But I think that technical failures can be. Until Segwit2x is fully tested I will not take any action with my BTC.

[iamTom123]

I did not want anyone to post this news here in the forum just to not create more panic

You shouldn't feel like that. If you see an interesting news article that hasn't been posted yet, positive or negative, just post it. People for once should stop behaving like an imbecile, and properly try to understand what this situation is all about. It's like the 1st of August is some sort of a doomsday, while in fact, we are finally going to see Segwit activated, which obviously also depends on the proposal you look at. Whatever happens, people must understand that if we don't move over this obstacle, which might or might not cause the market to fall in the short term, there is no justification for the price to go up further.

In the next days or weeks, it will be very dark.

How do you know? You're acting exactly like the majority of the noobs by saying that.

I can feel that the Bitcoin community has already become like a headless chicken running anywhere as if there is no one giving direction at all. This can be the main reason why many are expressing apprehensions and would soon start to panic by withdrawing their Bitcoin and many would soon start selling even if the value is not on a sell market.

You actually have a point here. We are already at the dawn for the coming of a better Bitcoin due to the activation of Segwit. People are, of course, focusing on the possible split just like what happened with Ethereum and ETC. I want to focus on the positive here that eventually we would not have a split and that things will turn out to be good and nice for all of us Bitcoin holders.

[richardsNY]

Until Segwit2x is fully tested I will not take any action with my BTC.

If you look at one of the main reasons people don't see much value in SegWit2X, then it's the fact that there simply isn't enough time to thoroughly put that proposal fully to the test. On the other hand, we have the UASF planned on the first of August, which understandably, may cause extra confusion. But keep in mind, whatever happens, Bitcoin won't die. Not sure why anyone would even have that thought in mind, but what I consider to be worse, is that people (you fit in that category as well) speak it out. Essentially, people are free to go with whichever proposal they want. Just let it happen so we can move forward.

[iram1011]

Until Segwit2x is fully tested I will not take any action with my BTC.

If you look at one of the main reasons people don't see much value in SegWit2X, then it's the fact that there simply isn't enough time to thoroughly put that proposal fully to the test. On the other hand, we have the UASF planned on the first of August, which understandably, may cause extra confusion. But keep in mind, whatever happens, Bitcoin won't die. Not sure why anyone would even have that thought in mind, but what I consider to be worse, is that people (you fit in that category as well) speak it out. Essentially, people are free to go with whichever proposal they want. Just let it happen so we can move forward.

If UASF gets activated without Segwit2x, then I think there will be a lot chaos. As UASF doesn't have major consensus, so its activation without Segwit2x will most likely lead to chain split. In that case, Bitcoin price will take time to recover unless we reach to a point where every miner is supporting coin on new blockchain.  Otherwise both the coins will compete with each other and we will see a long dip.

It would be best if Segwit2x gets activated with 95% support and it paves the way to Segwit on August 1. Then price will recover soon. I think this is the best possible option.

[Slow death]

How do you know? You're acting exactly like the majority of the noobs by saying that.

People are going to withdraw their bitcoins from the exchange and other people are going to exchange their bitcoins for altcoins




The price already fell to $2000, I suppose it's because of the panic, and many sites are advising people not to trade these days and not keep their bitcoin in the exchange... that's why I said that in the next Days or weeks will be dark

[CryptoBry]

We are witnessing right now an upheaval for Bitcoin due largely to uncertainties of what can be on and after August 1. People are pondering what will happen if there would be a split to come for Bitcoin. And many are afraid that their Bitcoin can be affected.

The whole Bitcoin community is now acting according to each other's interest and not anymore as one global family. Sadly, Bitcoin can not really change human nature...in fact no technology can change it but will in fact magnify its many weaknesses.

I am hoping that soon this can be over...and though am elated that am part of witnessing this Bitcoin history to be honest it hurts to see the value of Bitcoin steadily going down.

[luffy]

there are many other coins for the players-traders
but i think this is a major opportunity for new people to buy "cheap" coins
since all of them are decline in value
as for the BTC, all these are necessary in order for the bad actors to get out of the way.
and it is time for a little break, btc operates 24/7 for years now!

[1Referee]

The price already fell to $2000, I suppose it's because of the panic, and many sites are advising people not to trade these days and not keep their bitcoin in the exchange...

Well, in terms of keeping your Bitcoins off exchange or whatever other service, that makes sense. But still, as long as we remain above the $2000 level, which is also an important psychological price level, we'll be just fine. If we do end up falling below that level, we'll be up for an interesting few weeks. If that level gets broken, I am quite sure that we'll fall back to the $1500's.

that's why I said that in the next Days or weeks will be dark

That clears things up. I thought that it was yet another person worrying about a doom scenario.

[veleten]

we just have to wait through it ,HODL,see the price drop ,maybe even below 1700$ at some point
BUT there will be some good growth as soon as the dust settles
even if there is no economically  dominant fork,worst case scenario,for some time
this will take longer time to establish one,similar to ETH,then there could be some unexpected price figures
and some analysts predictions (5.000-30.000) may as well come true

[Zicadis]

I read this news as soon as I woke up, I was so sad that I thought of not posting this news here in the forum, to be honest I did not want anyone to post this news here in the forum just to not create more panic

It's just a couple of days no need to get sad or alarmed, as a matter of fact, we need to be excited that this is finally happening after waiting for so long for a fork. Just hope this turns out to be a fruitful change over

In the next days or weeks, it will be very dark.

That's one fact for sure as we get closer to Aug 1, the bitcoin network will no doubt have less activity
and it will be prudent of us not to make transactions during this period as advised by bitcoin.org to avoid been scammed as a result of the possible Chain split