August 1 is a critical day for Bitcoin, and if you own any you should be aware.
Something called a "hard fork" is likely coming on Aug 1. From what I understand, it is like a stock split - you will end up with 2 coins for every 1 coin you have now, but the value should remain equal. From then on, there will basically be two types of bitcoin forever and they will essentially be their own currencies.
This is all due to slow transaction times and high transaction fees. This will apparently solve those issues.
Everything I have seen and read suggests that you get your money out of all exchanges on to private wallets at least a week before Aug 1. This means any wallet where you hold the private keys (the 24 word passphrase).
I am not a bitcoin expert. Please google Bitcoin hardfork and watch some videos or do your own research. I am just pointing out that if you own BTC - you need to be aware of this and August 1 is coming fast....
GL
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To remove first post, remove entire topic.
August 1 is a critical day for Bitcoin, and if you own any you should be aware.
Something called a "hard fork" is likely coming on Aug 1. From what I understand, it is like a stock split - you will end up with 2 coins for every 1 coin you have now, but the value should remain equal. From then on, there will basically be two types of bitcoin forever and they will essentially be their own currencies.
This is all due to slow transaction times and high transaction fees. This will apparently solve those issues.
Everything I have seen and read suggests that you get your money out of all exchanges on to private wallets at least a week before Aug 1. This means any wallet where you hold the private keys (the 24 word passphrase).
I am not a bitcoin expert. Please google Bitcoin hardfork and watch some videos or do your own research. I am just pointing out that if you own BTC - you need to be aware of this and August 1 is coming fast....
ETH played the hard fork blockchain in 2016 and investors didn't respond well at all. BC is flirting with it but it's not 100% on the table. Both are reacting now ahead of the news.
I'm holding long on eth but careful if you're in at a high cost basis. The glide path imo might be scary for both but post Aug 1st there could be a strong breakout...I hope.
ETH played the hard fork blockchain in 2016 and investors didn't respond well at all. BC is flirting with it but it's not 100% on the table. Both are reacting now ahead of the news.
I'm holding long on eth but careful if you're in at a high cost basis. The glide path imo might be scary for both but post Aug 1st there could be a strong breakout...I hope.
So I read not recommended to have money on exchanges and they can and will probably stop deposits and withdrawals for 2 3 days I no longer use exchanges I use bitcoin aims with a blockchain wallet . my thing is will the value of coin or us dollar change when this happens as to money still at books whether its a bitcoin book like nitrogensports or sbg,5d ,etc..I can see the books bullshitting too I already have had trouble with all of them on timing of deposits and withdrawals I can foresee a nightmare coming but hope not as vanzak said anyone with info or education in this matter please post
So I read not recommended to have money on exchanges and they can and will probably stop deposits and withdrawals for 2 3 days I no longer use exchanges I use bitcoin aims with a blockchain wallet . my thing is will the value of coin or us dollar change when this happens as to money still at books whether its a bitcoin book like nitrogensports or sbg,5d ,etc..I can see the books bullshitting too I already have had trouble with all of them on timing of deposits and withdrawals I can foresee a nightmare coming but hope not as vanzak said anyone with info or education in this matter please post
ETH played the hard fork blockchain in 2016 and investors didn't respond well at all. BC is flirting with it but it's not 100% on the table. Both are reacting now ahead of the news.
I'm holding long on eth but careful if you're in at a high cost basis. The glide path imo might be scary for both but post Aug 1st there could be a strong breakout...I hope.
I think in the end Ethereum pretty quickly bounced back right?
My thinking is the classic "public" situation with this BTC. I have heard SO MANY people say that you should buy ETH now, and wait for BTC to drop and then buy back - that I am staying in BTC because I would bet that the price drop is already priced in.
Thoughts?
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Quote Originally Posted by searchwarrant:
ETH played the hard fork blockchain in 2016 and investors didn't respond well at all. BC is flirting with it but it's not 100% on the table. Both are reacting now ahead of the news.
I'm holding long on eth but careful if you're in at a high cost basis. The glide path imo might be scary for both but post Aug 1st there could be a strong breakout...I hope.
I think in the end Ethereum pretty quickly bounced back right?
My thinking is the classic "public" situation with this BTC. I have heard SO MANY people say that you should buy ETH now, and wait for BTC to drop and then buy back - that I am staying in BTC because I would bet that the price drop is already priced in.
I think in the end Ethereum pretty quickly bounced back right?
My thinking is the classic "public" situation with this BTC. I have heard SO MANY people say that you should buy ETH now, and wait for BTC to drop and then buy back - that I am staying in BTC because I would bet that the price drop is already priced in.
Thoughts?
Yes it did bounce quickly and I agree with you on the price already factored in. I'm optimistic that after or on Aug 1st we may see some pretty significant upside for eth and Bc. Hang in there. The tree is shaking a little but hopefully we'll be rewarded.
Quote Originally Posted by vanzack:
I think in the end Ethereum pretty quickly bounced back right?
My thinking is the classic "public" situation with this BTC. I have heard SO MANY people say that you should buy ETH now, and wait for BTC to drop and then buy back - that I am staying in BTC because I would bet that the price drop is already priced in.
Thoughts?
Yes it did bounce quickly and I agree with you on the price already factored in. I'm optimistic that after or on Aug 1st we may see some pretty significant upside for eth and Bc. Hang in there. The tree is shaking a little but hopefully we'll be rewarded.
I think in the end Ethereum pretty quickly bounced back right?
My thinking is the classic "public" situation with this BTC. I have heard SO MANY people say that you should buy ETH now, and wait for BTC to drop and then buy back - that I am staying in BTC because I would bet that the price drop is already priced in.
Thoughts?
my original thought, like many, was to transfer some BTC profits to ETH. that was when ETH was at 130 or so. then it shot up into the 300's and i decided against it. now, it looks like it's going back down. i'm not doing anything for now other than taking money out of fairlay.
Quote Originally Posted by vanzack:
I think in the end Ethereum pretty quickly bounced back right?
My thinking is the classic "public" situation with this BTC. I have heard SO MANY people say that you should buy ETH now, and wait for BTC to drop and then buy back - that I am staying in BTC because I would bet that the price drop is already priced in.
Thoughts?
my original thought, like many, was to transfer some BTC profits to ETH. that was when ETH was at 130 or so. then it shot up into the 300's and i decided against it. now, it looks like it's going back down. i'm not doing anything for now other than taking money out of fairlay.
Looks like from what I read the issue wont really cool off until the data is in on what percentage of miners/programmers use the different versions of that SegWit platform.
So the Aug 1 date doesnt seem to be the end date and if I were in this position I would try to analyze what the true odds are of this split and why it might happen.
If you can determine with a high degree of confidence that programmers will prefer one heavily vs the other and there is not a split off then yeah it should bounce, but what if the original is chosen and people do not feel confident in the security of that platform and do not want to risk theft and loss and decide to leave for good?
I wouldnt want to own BTC if I thought the platform was ripe for theft and loss, that is what caused it to get smacked around and those exchanges to go under, I have to think that the new platform will be adopted because of the higher security and why it was needed in the first place.
Looks like from what I read the issue wont really cool off until the data is in on what percentage of miners/programmers use the different versions of that SegWit platform.
So the Aug 1 date doesnt seem to be the end date and if I were in this position I would try to analyze what the true odds are of this split and why it might happen.
If you can determine with a high degree of confidence that programmers will prefer one heavily vs the other and there is not a split off then yeah it should bounce, but what if the original is chosen and people do not feel confident in the security of that platform and do not want to risk theft and loss and decide to leave for good?
I wouldnt want to own BTC if I thought the platform was ripe for theft and loss, that is what caused it to get smacked around and those exchanges to go under, I have to think that the new platform will be adopted because of the higher security and why it was needed in the first place.
honestly, i just bought a little because it gave me access to books that have better soccer live bets (which i just do for fun and to kill time when i'm bored). and because depositing and withdrawing the old way is such a pain in the behind. and then the price went through the roof. i still don't have a whole lot but it's getting to the point where i should pay more attention to what's going on.
honestly, i just bought a little because it gave me access to books that have better soccer live bets (which i just do for fun and to kill time when i'm bored). and because depositing and withdrawing the old way is such a pain in the behind. and then the price went through the roof. i still don't have a whole lot but it's getting to the point where i should pay more attention to what's going on.
Alright - so today BTC price is skyrocketing. Basically going from 2,200 to 2,700 in a few hours.
This is because BIP91 is at 80%.
I have no idea what this means, and cant understand it when I research. I know this is an alternate solution to the BTC split, so why did it take so long to develop?
Can anyone explain this in laymans terms? Is Aug 1 now a non-factor?
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Alright - so today BTC price is skyrocketing. Basically going from 2,200 to 2,700 in a few hours.
This is because BIP91 is at 80%.
I have no idea what this means, and cant understand it when I research. I know this is an alternate solution to the BTC split, so why did it take so long to develop?
Can anyone explain this in laymans terms? Is Aug 1 now a non-factor?
I think this explains it pretty well...but interesting I did not read previously that there was this BIP91 even as an option. It looks like developers came up with this as a solution other than the two given initially. It seems to lower costs which was a big deal?
I think this explains it pretty well...but interesting I did not read previously that there was this BIP91 even as an option. It looks like developers came up with this as a solution other than the two given initially. It seems to lower costs which was a big deal?
I think this explains it pretty well...but interesting I did not read previously that there was this BIP91 even as an option. It looks like developers came up with this as a solution other than the two given initially. It seems to lower costs which was a big deal?
Thanks Wall. This is a pretty good description. But I still have the same question - why did this take so long to come about?
In contrast to user-activated soft fork, BIP 91 is a miner-activated soft fork, which will activate SegWit, a transaction malleability fix and scaling solution developed by the Bitcoin Core development team at an 80 percent activation threshold, as listed on the SegWit2x proposal.
The 80 percent activation threshold was surpassed on July 18 with major mining pools including Antpool, BTCC and Bitfury signaling for the activation of BIP 91. At the time of reporting, hash rate signaling BIP 91 is at 83.3 percent and analysts including Squeeze have noted that BIP 91 could be fully locked in within the next few days.
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Quote Originally Posted by wallstreetcappers:
I think this explains it pretty well...but interesting I did not read previously that there was this BIP91 even as an option. It looks like developers came up with this as a solution other than the two given initially. It seems to lower costs which was a big deal?
Thanks Wall. This is a pretty good description. But I still have the same question - why did this take so long to come about?
In contrast to user-activated soft fork, BIP 91 is a miner-activated soft fork, which will activate SegWit, a transaction malleability fix and scaling solution developed by the Bitcoin Core development team at an 80 percent activation threshold, as listed on the SegWit2x proposal.
The 80 percent activation threshold was surpassed on July 18 with major mining pools including Antpool, BTCC and Bitfury signaling for the activation of BIP 91. At the time of reporting, hash rate signaling BIP 91 is at 83.3 percent and analysts including Squeeze have noted that BIP 91 could be fully locked in within the next few days.
My opinion is this came about at the last minute, meaning it was not previously anticipated and was developed recently.
I am also not sure if this resolves to me what is the larger issue and that is security. Costs from that article said spiked a big ammt recently and seems to be a driving force since the bigger players likely get hit harder with transaction costs due to number of transactions...but for a person like you I dont think cost is such a big deal.
I didnt see any reference to security and if that issue was resolved, rather than the threshold was met that 80% number, that seemed to be the key component. Maybe security wasnt the big thing, to me it seemed to be the biggest point but this made it seem to not as much be the case.
My opinion is this came about at the last minute, meaning it was not previously anticipated and was developed recently.
I am also not sure if this resolves to me what is the larger issue and that is security. Costs from that article said spiked a big ammt recently and seems to be a driving force since the bigger players likely get hit harder with transaction costs due to number of transactions...but for a person like you I dont think cost is such a big deal.
I didnt see any reference to security and if that issue was resolved, rather than the threshold was met that 80% number, that seemed to be the key component. Maybe security wasnt the big thing, to me it seemed to be the biggest point but this made it seem to not as much be the case.
One thing to note further- BCC won't be the new aka for BitCoin Cash as it already exists for the BitConnectCoin. Although it's traded insignificantly, duplicate naming conventions aren't allowed. Not sure why people are running with BCC but it's going to land as something else.
Quote Originally Posted by vanzack:
I have a Ledger Nano S hardware wallet.
I strongly recommend it, independent of this whole August 1st deal.
But they have written a blog post which explains a lot of this, in pretty close to laymans terms.
One thing to note further- BCC won't be the new aka for BitCoin Cash as it already exists for the BitConnectCoin. Although it's traded insignificantly, duplicate naming conventions aren't allowed. Not sure why people are running with BCC but it's going to land as something else.
We wanted to provide an update on proposed changes to the Bitcoin network and what that means for bitcoin stored on Coinbase. You can read more about what a digital currency fork is https://blog.coinbase.com/what-is-a-bitcoin-fork-cba07fe73ef1.
Our first priority is the safety of customer funds. In the event of a fork, customer fiat currency (USD, EUR and GBP) and digital currencies (bitcoin, ether and litecoin) are safe.
On August 1st, 2017 there is a proposal to make changes to the bitcoin software. This proposal, known as Bitcoin Cash, is likely to create a fork in the Bitcoin network. This means that after August 1st, 2017 there are likely to be two versions of the Bitcoin blockchain and two separate digital currencies.
In the event of two separate blockchains after August 1, 2017 we will only support one version. We have no plans to support the Bitcoin Cash fork. We have made this decision because it is hard to predict how long the alternative version of bitcoin will survive and if Bitcoin Cash will have future market value.
This means if there are two separate digital currencies – bitcoin (BTC) and bitcoin cash (BCC) – customers with Bitcoin stored on Coinbase will only have access to the current version of bitcoin we support (BTC). Customers will not have access to, or be able to withdraw, bitcoin cash (BCC).
Customers who wish to access both bitcoin (BTC) and bitcoin cash (BCC) need to withdraw bitcoin stored on Coinbase before 11.59 pm PT July 31, 2017. If you do not wish to access bitcoin cash (BCC) then no action is required.
We plan to temporarily suspend bitcoin buy / sells, deposits and withdrawals on August 1, 2017 as the fork is likely to cause disruption to the bitcoin network. This means your funds will be safe but you will be unable to access your bitcoin (BTC) for a short period of time.
We will keep you updated on this event through our blog, status page and Twitter.
Thank you,
Coinbase Team
The pen is mightier than the pigs
Dear Coinbase Customer,
We wanted to provide an update on proposed changes to the Bitcoin network and what that means for bitcoin stored on Coinbase. You can read more about what a digital currency fork is https://blog.coinbase.com/what-is-a-bitcoin-fork-cba07fe73ef1.
Our first priority is the safety of customer funds. In the event of a fork, customer fiat currency (USD, EUR and GBP) and digital currencies (bitcoin, ether and litecoin) are safe.
On August 1st, 2017 there is a proposal to make changes to the bitcoin software. This proposal, known as Bitcoin Cash, is likely to create a fork in the Bitcoin network. This means that after August 1st, 2017 there are likely to be two versions of the Bitcoin blockchain and two separate digital currencies.
In the event of two separate blockchains after August 1, 2017 we will only support one version. We have no plans to support the Bitcoin Cash fork. We have made this decision because it is hard to predict how long the alternative version of bitcoin will survive and if Bitcoin Cash will have future market value.
This means if there are two separate digital currencies – bitcoin (BTC) and bitcoin cash (BCC) – customers with Bitcoin stored on Coinbase will only have access to the current version of bitcoin we support (BTC). Customers will not have access to, or be able to withdraw, bitcoin cash (BCC).
Customers who wish to access both bitcoin (BTC) and bitcoin cash (BCC) need to withdraw bitcoin stored on Coinbase before 11.59 pm PT July 31, 2017. If you do not wish to access bitcoin cash (BCC) then no action is required.
We plan to temporarily suspend bitcoin buy / sells, deposits and withdrawals on August 1, 2017 as the fork is likely to cause disruption to the bitcoin network. This means your funds will be safe but you will be unable to access your bitcoin (BTC) for a short period of time.
We will keep you updated on this event through our blog, status page and Twitter.
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