Are people moving their coins out of exchanges for 1 Aug 2017?

khufuking

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Quote from: pawanjain on July 21, 2017, 10:15:26 AM

Quote from: allthebitandbobs on July 15, 2017, 11:12:56 PM

why not just buy altcoins on the exchange till the august the first is done if you are so concerned ???U be able to switch back to bitcoin no problem right after

That's what i am doing. I dont know why people are freaking out so much. The two possible outcomes are that the bitcoin will split and not split. Lets consider that its gonna split which i dont think is gonna happen, If you care so much about the bitcoins why not just sell them a week before the split and buy it back after the event has finished. Atleast we will be having the coins than to lose it completely. The only risk here is that the exchange might shut down which wont be happening because there are still other coins than bitcoin and people are gonna continue trading. So just chill and go on.

The real problem is people who is worried is worried because they want to benefit from the split . That is why they want there coins on a wallet that give them the control over there private keys . then if split happen they can get double there coins on each chain

. buying alts will not give them that benefit . I am just trying to explain. I believe that there is never gonna be split .

SativaDiva

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23. English BA. OnlyFans.com/MistressLovely

I have never experienced a split but luckily I hold the priv keys for most of my BTC wallets as opposed too having coins in exchanges. I feel pretty prepared.

maeusi

sr. member

Activity: 462

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I think, exchangers will give out statements, how they will handle the happenings. Until this time, I have the most of my cryptos in own wallets. Also many altcoins could be part of changes. But I left a little part at exchangers.

pawanjain

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Nothing lasts forever

Quote from: allthebitandbobs on July 15, 2017, 11:12:56 PM

why not just buy altcoins on the exchange till the august the first is done if you are so concerned ???U be able to switch back to bitcoin no problem right after

That's what i am doing. I dont know why people are freaking out so much. The two possible outcomes are that the bitcoin will split and not split. Lets consider that its gonna split which i dont think is gonna happen, If you care so much about the bitcoins why not just sell them a week before the split and buy it back after the event has finished. Atleast we will be having the coins than to lose it completely. The only risk here is that the exchange might shut down which wont be happening because there are still other coins than bitcoin and people are gonna continue trading. So just chill and go on.

tylermine

newbie

Activity: 8

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im assuming,rightly or wrongly that exchanges will shut up shop prior to the looming hard fork,if indeed it does occur,i for one would not leave anything in any exchange,,nothing or nobody can be trusted in the wild wild west
"too big to fail" ? yeah right,pull the other one
take all your hard earned currency out of all exchanges,,,just my opinion,,and my opinion is like an asshole,we all got one

reffi

hero member

Activity: 770

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I tell the! I tell thee!!!
All hell breaketh loose on August the 1st of our lord Satoshi!
All hell upon cryptoland, all burn!
All coin drop maddness commenth theeeee!
You be warned I tell theeeE!!!!
The doomsday is comith upon us August 1sT!
I tell theeeee, keep your bitcoin safe in your wallet!

john yuan

full member

Activity: 154

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0x3a730F3323481De284C92Ad82764D095f188B41b

If the exchange helps the user BTC fork
I am happy to put BTC on the exchange
Kiss

aesma

hero member

Activity: 2520

Merit: 950

fly or die

As long as you don't do anything you have all the coins. Then you need to wait for Electrum to provide instructions on what to do to split your coins.

Electrum has a plan so it shouldn't be a problem.

ashish1234

full member

Activity: 158

Merit: 100

Anybody have good answer for my above query?
Thanks

ashish1234

full member

Activity: 158

Merit: 100

I have a query, Like i store my BTC within desktop wallet ( Electrum ).
Electrum provides passphrase and from that we can get private key, i noted down passphrase and private key on paper.
So now segwit implement ( as on 01st Aug. ). If there is chain split, will i get automatically both coins/address 148 BTC and Legacy BTC or what need to do ?

abhinav_thakur01

sr. member

Activity: 266

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There is an implementation of BTU against bitcoincore. BTU meaning bitcoin unlimited is an attempt to increase block size to facilitate the accommodation of more data in a block thereby increasing the transaction efficiency. It is obvious to have a depriciation in prices.

bet101

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This is indeed a very crucial issue, i do believe that major exchanges should go ahead and send a newsletter regarding 1st Aug 2017.

allthebitandbobs

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why not just buy altcoins on the exchange till the august the first is done if you are so concerned ???U be able to switch back to bitcoin no problem right after

EXtremeAEX

hero member

Activity: 798

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Quote from: jyotianand01 on July 15, 2017, 09:54:43 AM

I want to know, if someone not able to transfer his coins from exchanges or online wallets to offline wallet, what happens for those coins if the are there in exchange wallets after 1st August. Are they still safe there or any risk?

There will be risks, and if the exchange sites are not ready, you might not get your coins, hence the most secure way is to control your own private keys, for example you can download a desktop wallet like Bitcoin Core or Electrum, whichever suits you.

Also, it is always advised not to keep large amount of your coins in exchanges as you do not have the private keys, so you DO NOT actually own them until you have access to your private keys.

Check here too: https://bitcoinmagazine.com/articles/bitcoin-beginners-guide-surviving-bip-148-uasf/

The thread by theymos is very useful as well, be sure to read it if you haven't!
Are you ready for Aug 1st?

jyotianand01

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Activity: 980

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I want to know, if someone not able to transfer his coins from exchanges or online wallets to offline wallet, what happens for those coins if the are there in exchange wallets after 1st August. Are they still safe there or any risk?

mattermaster

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Activity: 476

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I am constantly watching the value of Bitcoin, it is gradually lowering down!
Bitcoin holders defenitely taking out their funds from online exchanger wallets and keeping offline.

U2

hero member

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I used to be indecisive, but now I'm not sure...

Omg if anyone hangs onto bitcoins in an exchange ever they aren't exactly educating themselves very well. This would be the single worst time to hold in an exchange though, of course.

Quickseller

copper member

Activity: 2926

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You can monitor the bitfinex cold storage address, 3D2oetdNuZUqQHPJmcMDDHYoqkyNVsFk9r to see if they are drawing down on BTC held in this address.

I also believe that 3Nxwenay9Z8Lc9JBiywExpnEFiLp6Afp8v is (one of the) cold storage address for xapo.

To get a more broad measure of coins held at exchanges, you can monitor the amount of BTC being held in multisig addresses.

khufuking

sr. member

Activity: 840

Merit: 266

If you look at the top left above home/help/search bar you will see a link to a post theymos made it have most of the info you need to be safe . Also you do not just need to move your BTC out of exchange but also out of any wallet that you do not have the control over your private key .But as above said it is too early to panic move your coins .

jjacob

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★Nitrogensports.eu★

Quote from: Kakmakr on July 13, 2017, 02:42:08 AM

Can one of the Bitcoin exchange owners deny or confirm that people are moving their coins out of exchanges in preparation for the 1st of Aug 2017? Will we see bigger price drops because of decreased trade volumes on the exchanges, building up to the 1st of Aug 2017? How are exchanges handling the whole issue to educate it's customers? The uncertainty will cause a lot of confusion and people might make wrong decisions.

I would have hoped to see more educational material and notices from these services to assist their users or are they playing for time to keep people from moving their coins Huh

I think it is too early for people to actually panic and start moving their coins. We will see a lot more action during the last week of July.
Expect transaction fees and network congestion to increase at that time.

Topic: Are people moving their coins out of exchanges for 1 Aug 2017? (Read 1302 times)