Topic: Why do people fear 1st Aug hardfork? - page 3. (Read 2116 times)
Maybe because they dont want loose money thats why selling on panic, a lot of newbies are scared and being hype for what ever speculation is, but two things is sure on august 1, Its either the price will pump high or dump very low.
A lot of people are fearing the hard fork because they don't want to end up with two different types of bitcoin. There are also some reports floating around that in the event of a hard fork, that if one of the chains doesn't survive, that some of the really old transactions would effectively be erased from the blockchain. Whether there is any truth to that, I don't know.
Also certain hot wallets like Coinbase have openly stated they would only support one type of scaling option i believe.
Also certain hot wallets like Coinbase have openly stated they would only support one type of scaling option i believe.
Because the hard fork might cause a chain split which could put users at risk losing their bitcoin and that's why some users feared the upcoming chain split on August 1. The reason is if segwit2x didn't get enough support from the miners before August 1, UASF will activate in august 1 and will cause a chain split.
In my understanding, if we are in the possession of the private key to the BTC, then there is no chance that we will lose our coins. But if the BTC is stored in exchange wallets, then there is a serious risk that you will get only one of the coins out of the two (or three, if you add in Jihancoin / Bitmaincoin as well).
You understood it incorrectly. You need to differentiate the bitcoin splitting and hard forking. If any fork stabs on bitcoin sure value will be drop something very little what value we are seeing now. But this view and spec is not sure we may see in the month June because btc many time falsify the these kind view.
In the past there were many hardfork events and I remember people did not fear them. Why does 1st Aug hardfork make people worry? And why don't they make it a softfork so Bitcoin won't be splitted?
Totally agree with you .But here the reason to introduce the word hardfork instead of softfork is because they want upgrade the network of Bitcoin in such way , so that in the future Bitcoin can easily handle the crowd and bulk transaction .
I means to say they are making some changes in the network of blockchain and that will results into increase in the size of the block , so that we can make transaction if Bitcoin at low fee and also with these experiments there is chance of generate new coin .
Overall the team.of the blockchain only wants to make the future of the Bitcoin more bright .
The first part of Segwit2x is a soft fork, 2 MB part is the hard fork. If I am right there would be no hard fork around August, but yeah a minute chance of chain split is there.
1. Segwit2x activates Segwit with 80% majority before August 1 and then tries to hard fork the network around November (this is not likely going to happen, majority of the bitcoin community wants Segwit to be activated, hard forking the network wouldn't get much support).
2. Segwit2x has shown the intent to start signalling Segwit by July 21, if a few miners back out and they lose majority, UASF would be deployed on August 1 and there would be a chain split.
In August, Segwit would get activated either through one of the soft forks. The possibility of a chain split can't be ignored.
As a precaution, just don't keep your bitcoins in exchanges or online wallets, store it offline, your coins wouldn't get affected in any way if a split happens in August.
1. Segwit2x activates Segwit with 80% majority before August 1 and then tries to hard fork the network around November (this is not likely going to happen, majority of the bitcoin community wants Segwit to be activated, hard forking the network wouldn't get much support).
2. Segwit2x has shown the intent to start signalling Segwit by July 21, if a few miners back out and they lose majority, UASF would be deployed on August 1 and there would be a chain split.
In August, Segwit would get activated either through one of the soft forks. The possibility of a chain split can't be ignored.
As a precaution, just don't keep your bitcoins in exchanges or online wallets, store it offline, your coins wouldn't get affected in any way if a split happens in August.
i am curious with saving our coins into offline wallet like bitcoin-qt and android phone wallet. did our coins will stay remain with the same amount and without having split into another bitcoin? did the exchanges makes a new wallet for new bitcoin? i wonder how much the price of bitcoin and the other coin will be. i hope bitcoin price is not down more than $2,0xx.
weren't there many Bitcoin splits in the past? Why do people fear this time? What about Bitcoin Unlimited ?
Because the hard fork might cause a chain split which could put users at risk losing their bitcoin and that's why some users feared the upcoming chain split on August 1. The reason is if segwit2x didn't get enough support from the miners before August 1, UASF will activate in august 1 and will cause a chain split.
In my understanding, if we are in the possession of the private key to the BTC, then there is no chance that we will lose our coins. But if the BTC is stored in exchange wallets, then there is a serious risk that you will get only one of the coins out of the two (or three, if you add in Jihancoin / Bitmaincoin as well).
In the past there were many hardfork events and I remember people did not fear them. Why does 1st Aug hardfork make people worry? And why don't they make it a softfork so Bitcoin won't be splitted?
The fear of the unknown, really. And of course being on the wrong side of the blockchain if/when Bitcoin forks and becomes two versions of Bitcoin. It's happened to Ethereum, there's an Ethereum Core that's mostly being ignored and not following the same appreciation that Ethereum has.
Also, all the infighting between miners and developers presents reason to be worried about the future of Bitcoin. I mean, if together we stand then divided we fall.
The first part of Segwit2x is a soft fork, 2 MB part is the hard fork. If I am right there would be no hard fork around August, but yeah a minute chance of chain split is there.
1. Segwit2x activates Segwit with 80% majority before August 1 and then tries to hard fork the network around November (this is not likely going to happen, majority of the bitcoin community wants Segwit to be activated, hard forking the network wouldn't get much support).
2. Segwit2x has shown the intent to start signalling Segwit by July 21, if a few miners back out and they lose majority, UASF would be deployed on August 1 and there would be a chain split.
In August, Segwit would get activated either through one of the soft forks. The possibility of a chain split can't be ignored.
As a precaution, just don't keep your bitcoins in exchanges or online wallets, store it offline, your coins wouldn't get affected in any way if a split happens in August.
1. Segwit2x activates Segwit with 80% majority before August 1 and then tries to hard fork the network around November (this is not likely going to happen, majority of the bitcoin community wants Segwit to be activated, hard forking the network wouldn't get much support).
2. Segwit2x has shown the intent to start signalling Segwit by July 21, if a few miners back out and they lose majority, UASF would be deployed on August 1 and there would be a chain split.
In August, Segwit would get activated either through one of the soft forks. The possibility of a chain split can't be ignored.
As a precaution, just don't keep your bitcoins in exchanges or online wallets, store it offline, your coins wouldn't get affected in any way if a split happens in August.
Because the hard fork might cause a chain split which could put users at risk losing their bitcoin and that's why some users feared the upcoming chain split on August 1. The reason is if segwit2x didn't get enough support from the miners before August 1, UASF will activate in august 1 and will cause a chain split.
In the past there were many hardfork events and I remember people did not fear them. Why does 1st Aug hardfork make people worry? And why don't they make it a softfork so Bitcoin won't be splitted?
It's a matter that anyone who is using bitcoin is worried, bitcoin can be divided into two, so bitcoin prices can be drastically reduced and thus bitcoin users can lose money, bitcoin will not be able to grow in future. That's really what people are worried about. 
To my mind, it's the matter of experience. Experienced users see much further, than newcomers, so they consider hardfork just as a "working moment"
Because there could be a coin split and people are worried about that.
A few different factions don't agree on what is a proper update and what isn't. Greed comes into play on all sides and it is worrisome.
A few different factions don't agree on what is a proper update and what isn't. Greed comes into play on all sides and it is worrisome.
yup they are afraid that bitcoin will reduce its value especially with the price that will be gets down but i think many divisions or many people don't want bitcoin to split into 2 parts. they only want bitcoin is only one and will be stay as a king in the cryptocurrency world so people will know bitcoin is a mother of cryptocurrency.
Isn't segwit2x a soft fork? I swear I read that somewhere. I guess I don't really know what the differences are (except soft forks are easier to pull off than a hard fork).
why coin split can cause a price drop?
Because there could be a coin split and people are worried about that.
A few different factions don't agree on what is a proper update and what isn't. Greed comes into play on all sides and it is worrisome.
A few different factions don't agree on what is a proper update and what isn't. Greed comes into play on all sides and it is worrisome.
And why don't they make it a softfork so Bitcoin won't be splitted?
That's exactly we all are anxious. We fear splitting bitcoin into two.
So price might go up or fall really hard. Soft fork ? Sounds great but too many greedy people don't agree (I really don't know much why ).
It's just messy and needs to be solved out. Hopefully no HUGE price drops happen.
Because there could be a coin split and people are worried about that.
A few different factions don't agree on what is a proper update and what isn't. Greed comes into play on all sides and it is worrisome.
A few different factions don't agree on what is a proper update and what isn't. Greed comes into play on all sides and it is worrisome.
In the past there were many hardfork events and I remember people did not fear them. Why does 1st Aug hardfork make people worry? And why don't they make it a softfork so Bitcoin won't be splitted?
Jump to: