Aug 1st and forward effect on current holdings

Variogam

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Quote from: johndoe784r on June 03, 2017, 11:02:21 PM

sorry if this has been answered before *I couldn't really see anything on the forum about it specifically..*

So: What happens to the BTC stored on a hardware wallet like Ledger or TREZOR when these changes take place?

I don't understand how if it isn't connected the changes could apply to the BTC stored there, rather, only the system as a whole.

How could one wallet support one thing and another support a different thing? Wouldn't there have to be consensus in order to transfer/use coins for say, someone like me with stored BTC on a hardware wallet or cold storage hard drive?

For the Bitcoins stored on your wallet nothing changes. Just dont use yours Bitcoins after Aug 1 until the dust settles. There are possibilites:

1) BIP148 fork dies up OR BIP148 fork replaces Bitcoin because it gets most mining support: you will be able to use Bitcoins only from your wallet as usual
2) BIP148 fork lives forever but is minority chain thus altcoin: you will be able to use Bitcoins from your wallet as usual, but if you want use the BIP148 altcoin as well, you must first get more infomation how to do this before you ever start using your Bitcoins

aarturka

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Quote from: classicsucks on June 02, 2017, 05:13:15 AM

So am I supposed to buy a UASF hat and start shorting BTC on August 1?

This whole thing reeks. Now these UASF-bois want to banhammer franky1?

This echo-chamber.

quit bitching. BTU shills lost with their chinese overlords. Time to learn some decentralization. Aug 1 Bitcoin Independence day. Behold UASF BIP148

johndoe784r

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Text goes here

sorry if this has been answered before *I couldn't really see anything on the forum about it specifically..*

So: What happens to the BTC stored on a hardware wallet like Ledger or TREZOR when these changes take place?

I don't understand how if it isn't connected the changes could apply to the BTC stored there, rather, only the system as a whole.

How could one wallet support one thing and another support a different thing? Wouldn't there have to be consensus in order to transfer/use coins for say, someone like me with stored BTC on a hardware wallet or cold storage hard drive?

Thanks in advance,

-jd

swogerino

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Bitcoin Casino Est. 2013

All this drama for August 1st effect on current holdings. I will hold my coins in my wallet which is ready for whichever routes bitcoin takes. I have no intention to spend my bitcoins. The stable increase in price these days after the correction made me think that is a lot more worthy to keep my coins and watch the developments from the sidelines rather than to sell coins because of panic created from a possible hard fork.

iamTom123

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Quote from: sonicd0012 on May 31, 2017, 06:01:07 PM

Simple two questions, any advice as to whether to be concerned to either transfer the coins to a hard wallet from Coinbase prior to the Aug 1st or not really needed? 2nd, is this Aug 1st situation going to kill the value of Bitcoin?

Though I believe we should be concerned on this latest development, I don't think this whole thing is meant to kill or delete our Bitcoin holdings. The best thing to do is to ask our wallet provider to clarify their stand on this matter and if they are really ready when August 1 strikes on the clock.

I am assuming that all of our wallet service providers are really aware of the situation and they would act according to the best interest of their existing clients which in turn can be acting for their own best interest likewise.

Right now, there are already many guide and clarifications published on net on this important subject.

bamboylee

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Quote from: lemonade09 on June 02, 2017, 04:10:05 PM

Quote from: sonicd0012 on May 31, 2017, 06:01:07 PM

Simple two questions, any advice as to whether to be concerned to either transfer the coins to a hard wallet from Coinbase prior to the Aug 1st or not really needed?
2nd, is this Aug 1st situation going to kill the value of Bitcoin?

I guess when your a miner you really need to use a hardware wallet to store your bitcoin came from mining but i guess for me it is more manageable if your going to put your bitcoin earnings in coinbase bitcoin wallet so your can really manage and check your bitcoin earning every time.

There is a possibility that you may lose your bitcoin if you keep it in a web wallet that you do not control the private keys. Before aug 1, you should transfer your bitcoin into a wallet that you control the private key.

johndoe784r

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Text goes here

Quote from: jonald_fyookball on May 31, 2017, 06:41:36 PM

Quote from: sonicd0012 on May 31, 2017, 06:19:42 PM

So regardless if anything, should you store them in a hard wallet?

That is best practice, assuming you are technically capable/proficient at doing so.

Hey there jonald_fyookball,

Could you please elucidate what you mean when you say 'technically capable/proficient at doing so'

From what I see it's pretty simple. Is there some tricks that you could explain involved?

Thanks in advance,

-jd

lemonade09

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Quote from: sonicd0012 on May 31, 2017, 06:01:07 PM

Simple two questions, any advice as to whether to be concerned to either transfer the coins to a hard wallet from Coinbase prior to the Aug 1st or not really needed?
2nd, is this Aug 1st situation going to kill the value of Bitcoin?

I guess when your a miner you really need to use a hardware wallet to store your bitcoin came from mining but i guess for me it is more manageable if your going to put your bitcoin earnings in coinbase bitcoin wallet so your can really manage and check your bitcoin earning every time.

deisik

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Quote from: soul-impact on June 02, 2017, 12:42:57 PM

Quote from: sonicd0012 on May 31, 2017, 06:01:07 PM

Simple two questions, any advice as to whether to be concerned to either transfer the coins to a hard wallet from Coinbase prior to the Aug 1st or not really needed?
2nd, is this Aug 1st situation going to kill the value of Bitcoin?

We should be prepared for the transition, and there is a very important thing we must do. We have to put the whole bitcoin on the web wallet about the hardware wallet. That is the way we ensure our safety and our rights. Coinbase is a terrible wallet

It may not be quite there yet

But it is well under way to arrive at the destination in due course. My acquaintance with Bitcoin happened thanks to Coinbase and their massive ad campaign which they had been running in the fall of 2013. But right now they have become "incorporated" and sided with evil. Basically, the same happened with Google in their time as well, they eventually turned into another Microsoft, while Android became a new Windows

soul-impact

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Quote from: sonicd0012 on May 31, 2017, 06:01:07 PM

Simple two questions, any advice as to whether to be concerned to either transfer the coins to a hard wallet from Coinbase prior to the Aug 1st or not really needed?
2nd, is this Aug 1st situation going to kill the value of Bitcoin?

We should be prepared for the transition, and there is a very important thing we must do. We have to put the whole bitcoin on the web wallet about the hardware wallet. That is the way we ensure our safety and our rights. Coinbase is a terrible wallet.

fathur.aza

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I will use bitcoin for the future I have planned from far away days, I will start cashing it now before it's too late to welcome the future.
Are you willing to postpone millions of dollars for 2-3 years?

Variogam

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Quote from: r1973 on June 01, 2017, 02:04:35 PM

what is a segwit2x Huh

and why it has better chances than UASF?

Basically SegWit+2MB HF
At 2017 NY scalling conference, considerable amount of Bitcoin business, miners (over 80%) and individuals from both camps agreed to fund such code creation, provide technical help for anybody implementing it, and enforcing such Bitcoin consensus rules after activated:
https://medium.com/@DCGco/bitcoin-scaling-agreement-at-consensus-2017-133521fe9a77

SegWit2x code creation is open process and received constructive feedback from Core developers so far:
https://github.com/btc1/bitcoin/

Now compare it with BIP148 UASF:
- no Bitcoin business support
- no know miners behind it (they migh get just few % from individuals, 80%+ is tied to SegWit2x agreement)
- no exchange decided to choose altcoin name for trading coins from expected minority BIP148 chain yet
- most Core developers opose it https://bitcointalksearch.org/topic/m.19317662

classicsucks

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So am I supposed to buy a UASF hat and start shorting BTC on August 1?

This whole thing reeks. Now these UASF-bois want to banhammer franky1?

This echo-chamber.

CheapVccSeller

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Quote from: sonicd0012 on May 31, 2017, 08:11:28 PM

Quote from: digaran on May 31, 2017, 07:51:32 PM

If I were holding a large amount of Bitcoins worth millions of dollars, I would start cashing out right now before it's too late.
Think about it deeply, either split happens and value halves in less than half of the current value or everything will go smooth.
But if split happens then imagine that your coins will be priced 50% less for almost 2-3 years before the market gains the trust and starts growing again.
Are you willing to put millions of dollars on hold for 2-3 years?

Is this really what everyone expects to happen, a 50% drop?
What is the effect on ETH LTC? Same ?

I don't think it'll drop that easy and if it does it'll rebound.

classicsucks

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UASF won't happen because it won't work.

* changing my username to uasfsucks *

deisik

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Quote from: digaran on June 01, 2017, 01:55:26 PM

I will be exactly like the ETH/ETC story if not every body jump on the biggest chain, if some of the miners insist on their own chain settings and refuse to upgrade they will become an alt and soon to be forgotten since they will not be able to carry the Bitcoin name BTC.
First I thought people are converting into ETH from BTC to keep the value of their investment up but then I see every time ETH pumps BTC pumps more, not only people are converting BTC to ETH but at the same time some people are injecting cash to buy BTC. I suppose they are seeing the future and don't care for even 3-4 years later. any body investing heavily on Bitcoin now with the current situation is looking for 5-10+ and long term investments.

Things might be a lot more interesting with Bitcoin

I don't know much about the Ethereum split, but it seems that the game was far from being equal there. Basically, the major chain dumped the price of the competitor since it was a lot stronger financially. This is not the case with Bitcoin, so we may not know who will be the winner till the last moment. And when everyone and his wretched dog have already made up their mind, Satoshi himself might come out of oblivion and trash the winner into dust with his stash of coins

r1973

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what is a segwit2x Huh

and why it has better chances than UASF?

digaran

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🖤😏

I will be exactly like the ETH/ETC story if not every body jump on the biggest chain, if some of the miners insist on their own chain settings and refuse to upgrade they will become an alt and soon to be forgotten since they will not be able to carry the Bitcoin name BTC.
First I thought people are converting into ETH from BTC to keep the value of their investment up but then I see every time ETH pumps BTC pumps more, not only people are converting BTC to ETH but at the same time some people are injecting cash to buy BTC. I suppose they are seeing the future and don't care for even 3-4 years later. any body investing heavily on Bitcoin now with the current situation is looking for 5-10+ and long term investments.

deisik

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Quote from: MachineZero on June 01, 2017, 07:15:35 AM

Mempool is really gonna spike as people start to move funds from exchange to hardware wallets. There will be an early mover advantage to those who move assets well in advanced of aug 1st (lower fees & faster confirmation). Laggards will be exposed to the harshness of the elements and may not get a baggage coin..

I think this will do a couple things. 1. some exchanges may get shakey as they may not have enough BTC in hot and cold wallets for the exodus. 2. Price will spike as the available supply to sell will be taken offline for 2-3 months.

With the sell side thin at the exchanges, immediately after I expect both forks to rise in value in tandem but then have great volatility as individuals dump what they deem as the baggage coin and look to acquire more of their favored side of the split with the proceeds. As soon as a clear winner starts to emerge, the loser will be the baggage and be cast off. Hot fiat on the sidelines will pounce as soon as this is evident and there will be a massive pile-on effect. Then back to some level of normalcy. Great fortunes will be lost and won in the next quarter.

Things might actually develop along a different scenario

First, people might not go for Bitcoin withdrawals as such but rather try to convert bitcoins to other coins as well as fiat (most likely, the US dollar whenever possible), and that would evidently lead to the opposite effect, i.e. not rising prices but sooner declining or even crashing since moving coins to personal wallets doesn't remove the systemic risk of Bitcoin devaluation. Further, once the panic selling sets in, it will be hard to stop until it gets exhausted on its own (with prices wiping the floor). The bottom line is that any serious confrontation will cause the price to go down, so it is unlikely that we will see prices of the two forks exceeding in sum the price of now defunct Bitcoin

deisik

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Quote from: freebutcaged on June 01, 2017, 06:57:56 AM

Quote from: deisik on June 01, 2017, 02:52:52 AM

Quote from: jonald_fyookball on May 31, 2017, 06:10:50 PM

Quote from: sonicd0012 on May 31, 2017, 06:01:07 PM

Simple two questions, any advice as to whether to be concerned to either transfer the coins to a hard wallet from Coinbase prior to the Aug 1st or not really needed?
2nd, is this Aug 1st situation going to kill the value of Bitcoin?

I seriously doubt anything will be happening as not a single miner has signaled yet for 'uasf'.

the segwit2x team led by Jeff Garzik is coding a scaling a solution.

that being said, Its always better to HODL your own coins...Coinbase customer service is terrible. If you ever have an issue, it could be a long time before its resolved.

Holding your coins in a personal wallet seems to be the only viable option

If you are going to keep your bitcoins through these times of "hardship" at all. But are you sure that it is the best idea overall? Personally, I'm skeptical that we won't see more argument in the near future, and thus no matter how things are going to unfold eventually (i.e. after August, 1st), the Bitcoin price may decline dramatically. In this manner, it may be prudent to move some part of your wealth from Bitcoin to, say, the US dollar, which won't be affected by the quarrels that are likely set to heat up as the days count down. And then, when the prices crash outlandishly with each party dumping the coins of the other side, you can safely invest in both parties and reap the fruits of the victory no matter who is going to win in the end. Invest in future!

What hardship mate you think people are stupid enough actually to believe this false and made up drama and easily will dump their coins?

I don't really know

And I can't speak for other people either. Obviously, I'm talking about what I'm going to do myself (and which I already do anyway). Am I (not) stupid enough to believe in this drama? In my view, things are going to escalate further as the time runs out, therefore I am thinking, first, how to preserve my wealth, and, second, how to monetize from the current situation, i.e. earn some bucks. As the saying goes, buy when there's blood in the streets, though it doesn't specify what exactly we should buy, so everyone and his goddamn dog are to decide on their own

Topic: Aug 1st and forward effect on current holdings (Read 2107 times)