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What will happen to Bitcoin after August 1st?

Posted: Thu Jul 06, 2017 9:57 pm
by kateryna.oliinyk
What will happen to Bitcoin after August 1st?
Due to all news what do you think?

Re: What will happen to Bitcoin after August 1st?

Posted: Fri Jul 07, 2017 3:43 am
by Rmcdermott927
It is worth adding that this will create at least 2 chains. The majority chain will be called "Bitcoin" and the minority chain will be given some silly name post-facto.

Re: What will happen to Bitcoin after August 1st?

Posted: Fri Jul 07, 2017 6:02 am
by mjglqw
There will be a possible chain split. Not sure as of now, but last time I've checked Segwit2x was on the lead.

Re: What will happen to Bitcoin after August 1st?

Posted: Fri Jul 07, 2017 8:19 am
by andreevavik22
Well after the split, the bitcoin will drop or dump to $500. So investors will come and buy bitcoins at that time. As per the article I've read. The bitcoin's transaction will be so much faster. I'm not sure about this but bitcoin and the mining(bitcoin) will split. That's what I know.

Re: What will happen to Bitcoin after August 1st?

Posted: Fri Jul 07, 2017 8:30 am
by Daniel west
The possible chain split will definitely affect the situation, however, I do not believe that the changes will be huge, max +- 10 percents. The claim that it will drop down to 500 USD per BTC seems rather unfounded me.

Re: What will happen to Bitcoin after August 1st?

Posted: Sat Jul 08, 2017 8:56 am
by alinadixon11
I could not find any information about it anywhere. If I had not noticed this topic, I would have spent a lot of time searching. Thank you . :)

Re: What will happen to Bitcoin after August 1st?

Posted: Sat Jul 08, 2017 11:12 am
by grabberfish
There will be a possible chain split. Not sure as of now, but last time I've checked Segwit2x was on the lead.
In terms of signalling of intent, the Segwit2x project appears to have a majority of support. This is hardly surprising since Segwit2x gives Core and UASF supporters exactly what they want: Segwit and nothing else. Oh yes, they'll claim that they will deliver 2MB hardfork later but in reality Maxwell, Dashjr and Back are getting exactly what Blockstream has been pushing for.

And 2MB would be too little today. And 2MB would be too little at the end of the year.

#2Little2Late

I suspect we will have some turmoil at the start of August. There will be wild swings in the price and two chains will appear. Core/UASF supporters will claim "the other side" has failed to honour something-something-lots-of-handwaving, and once Segwit is locked in many miners will switch back to a recent version of Core, thereby blocking the miserable 2MB increase that is a waste of time. A brief battle will ensue, followed by a big block chain becmoing dominant. Sustained DDoS attacks will begin causing more uncertainty in the market. Blockstream will accuse $ENEMIES_OF_CARLOTTA of blocking bitcoin's growth, and we all know the SOP from here.

Re: What will happen to Bitcoin after August 1st?

Posted: Sat Jul 08, 2017 10:45 pm
by Possum577
The opinions on this forum are fantastic, however there's no substitution for doing your own reasearch.

There are several good articles form reputable people in this community on Medium. Here is a link to one such article from Jimmy Song. https://medium.com/@jimmysong/segwit2x- ... 749e1544ce

Good luck to you.

Re: What will happen to Bitcoin after August 1st?

Posted: Sat Jul 08, 2017 11:51 pm
by BitcoinNewsMagazine
While over 80% of miners are signaling NYA in the coinbase intent for SegWit2X has to be followed through with action. The action is running the btc1 client instead of Bitcoin Core. July 21 is the date for planned switch over. The btc1 client is already in beta and can be downloaded now. If running btc1 your node will show up as Satoshi:1.14.3 at bitnodes or btc1 at Coin Dance.

Re: What will happen to Bitcoin after August 1st?

Posted: Sun Jul 09, 2017 2:58 am
by Uwanna
I think a split of the blockchain may happen.
I'm not sure if the system will handle all implications, but it's definitely going to showcase how stable the bitcoin ecosystem is.

Re: What will happen to Bitcoin after August 1st?

Posted: Sun Jul 09, 2017 8:56 pm
by Neoclassical
Well the basic story is that a majority of the bitcoin nodes will Imagetry to force the miners to implement a protocol upgrade proposal called BIP148. They will try to do this to end the stalemate between the various parties in the block size debate which has stalled the evolution of bitcoin over the last year or so.
inb4 nothing happens hah

Re: What will happen to Bitcoin after August 1st?

Posted: Fri Jul 14, 2017 8:20 pm
by rizzlarolla
Well the basic story is that a majority of the bitcoin nodes will try to force the miners to implement a protocol upgrade proposal called BIP148. They will try to do this to end the stalemate between the various parties in the block size debate which has stalled the evolution of bitcoin over the last year or so.
Copy paste? or are you Knut Svanholm? https://hackernoon.com/casual-bitcoin-u ... 68e07418cb
Well after the split, the bitcoin will drop or dump to $500. So investors will come and buy bitcoins at that time. As per the article I've read. The bitcoin's transaction will be so much faster. I'm not sure about this but bitcoin and the mining(bitcoin) will split. That's what I know.
And more? https://bitcointalk.org/index.php?topic ... msg%msg_id%

Re: What will happen to Bitcoin after August 1st?

Posted: Sat Jul 15, 2017 6:31 am
by alexrose2699
It will drop down to 500 USD i guess

Re: What will happen to Bitcoin after August 1st?

Posted: Sun Jul 16, 2017 12:51 am
by patrick.miller
I think a split of the blockchain may happen.
I'm not sure if the system will handle all implications, but it's definitely going to showcase how stable the bitcoin ecosystem is.

I don't think there will be a chain split. I think that btc1 will activate SegWit on BIP91 and then we'll have a hardfork to 2mb in three months. IF btc1 is successful, then I think a lot of confidence will be instilled in Jeff Garzik and team.

https://bitcoinmagazine.com/articles/co ... -keep-eye/

Re: What will happen to Bitcoin after August 1st?

Posted: Sun Jul 16, 2017 7:45 pm
by Uwanna
I think a split of the blockchain may happen.
I'm not sure if the system will handle all implications, but it's definitely going to showcase how stable the bitcoin ecosystem is.

I don't think there will be a chain split. I think that btc1 will activate SegWit on BIP91 and then we'll have a hardfork to 2mb in three months. IF btc1 is successful, then I think a lot of confidence will be instilled in Jeff Garzik and team.

https://bitcoinmagazine.com/articles/co ... -keep-eye/
It's also possible. The fact of confidence growth will also depend on how the news and media will talk about it retrospectively. Basically, that can influence a whole lot about the public perception of bitcoin, at least to those not knowing too much about the details of the implementation.

Re: What will happen to Bitcoin after August 1st?

Posted: Sun Jul 16, 2017 11:29 pm
by vanityaddrs
Does anyone know if in fact the majority of hash power will use new software and start mining with these new types of blocks?

If they do, presumably they will out-compute other miners, and when other miners get news of these longer blocks, they reject them or have to support them and validate the transactions on the presumed longest fork of blocks produced with the separated witness data.

Can anyone explain why SegWit is preferable to say, Bitcoin Classic?

So far it looks like the push for SegWit has a lot to do with Lightning and off-chain use cases, micropayments, that sort of thing, which are settled elsewhere before reaching the main net block chain.

The claim from Lightning seems to be from that popular support of Bitcoin requires trust in its decentralized design. If blocks were bigger, somehow we end up with trust in centralized authorities because "implicitly" larger blocks means fewer people able to run Bitcoin Core. I doubt many do anyway, most people only seem to have a full service wallet on their phone, for example. And blah blah, therefore we need SegWit.

Litecoin managed to push through and have SegWit enforced. Still can't see how this was a great benefit. Then again I'm not that smart. Can anyone explain clearly why SegWit is great? Aside from a way of solving the potential problem of transaction malleability. Does it confer many benefits on those who have a commerical interest in these side chains for instance?