There has been plenty of talk and arguments about the August 1 hard fork. Personally I am more worried about the potential hard fork in November. If that one happens, I think the consequence will be much greater than the one in August. Am I wrong to be concerned?
It helps if you become a little bit "chain agnostic" and just go with the flow. Most of the drama stems from this strange notion that one chain has to vanquish the other and anything short of that is somehow a disaster. But, as with all things in Bitcoin, it's a little more nuanced than that. One
could argue that a split might actually be healthy for the community, since it's clear there are some diametrically opposed beliefs that can never be resolved by simply arguing about it. Maybe it's better to just let the market decide and empirically resolve the conflict once and for all without all the squabbling.
Know that whatever happens, if you feel strongly enough about it to not follow the longest chain, you have a choice over which chain you want to transact on (but please note if you use an SPV or lightweight wallet client, then consensus will effectively decide for you and simply follow the longest chain). Also remember that other people wishing to transact on a different chain doesn't necessarily diminish your chain (providing your preferred chain still receives adequate miner and node support to continue operating smoothly). Ultimately, you still have the freedom to do whatever you want with your own private keys and bitcoins, even if others don't agree with you.
The only people who should be concerned are the ones who obsess about the fiat price of their bitcoins and don't like volatility. That said, some traders see volatility as an opportunity, so even then, it's not necessarily bad news. Forks are just one of those things you have to accept if you want to be involved in this space. Sit back and enjoy the ride.
