Bitcoin's potential forking on August 1st

I expect this to make BTC moon, as it will fix a number of the problems its been having. I realize I'm in the minority on this here though.

>>2363799
it wont, exchanges will have decided which chain to use by then

>>2363831
>>2363843

This is what concerns me the most - which of the two split coins will become the reserve currency on exchanges? If this is how it works out, what will happen to the other half of the BTC split? Will there be a large dump of the "old" Bitcoin to move to the "real" Bitcoin that exchanges decide to use?

>>2363799
If things go well Bitcoin is going 10K+ and not coming back

It doesn't look like it's happening to me. Sounds like a few assholes trying to hijack the bitcoin moniker for their fork to pretend it totally has value.

>>2363862
If the same things happens that happened with ETH/ETC the other one will dump hard and rebound much later.

>>2363799
If miners support as a majority then nothing will happen and BTC will increase. if it forks into legacy BTC and new BTC then prices will drop. simple OP.

Would the safest bet be to move our BTC to another coin while the split is happening, and then move back into BTC when we know what's what?

>>2363926
No, that would be fucking dumb. Keep your Bitcoins so you have them on both chains.

>buy btc
>move to cold storage
>hold
>invest in eth
>buy both btc branches during its dip

>>2363831
You are honestly probably right. It's already the gold standard.

If you already have BTC before the fork you will have two coins after the fact. I don't understand why people arent running over each other to get in before the fork.

>>2363880
Uh... It's already confirmed lol.
They are doing it to make Bitcoin faster and it will save the coin honestly

>>2364068
No, you will have some in legacy and some in new BTC. This is why BTC might dump before because nobody wants to wait with their thumb up their asses.

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>>2363862
literally no one knows, could go either way

But this could maybe make ethereum the middle man of the crypto world whilst bitcoin gets their shit together

no one wants to trade unstable forked bitcoins DESU

>>2364098
This is how I understand it as well. If BTC does dump before the split, that might be the best time to invest, but then you'll need to act fast depending on how the market interacts with the new and legacy markets. One of them might dump hard and cause some panic.

>>2364115
I am debating on shifting a lot over to ETH because of this, but like you say, we just don't know.

>>2364089
When people say btc is slow, what exactly do they mean?

>>2364068
because it can just as well crash and burn

its safer to shove your btc into eth for safe storage, and buy the forks

> bitcoin forking
> two week difficulty adjustment period

It's not happening.

When will you summerfags learn that Bitcoin will NEVER fork?

Remember XT, remember Classic, remember BUggy Unlimited?

The whales will Never allow that bullshit.

There are whale groups (real whales, top 10 BTC holders aka billionaires) that gather to crush any attempts of a fork.

All they have to do is dump their split on the market once the 2 coins appear and that's all.

"Omg a fork is comming" = mindless FUD.

You noobs need a lot of reading to do.

>>2363831
I'm with you. I think after much posturing, there will be an agreement that avoids a hard fork, bitcoin moons and hits 10k before end of year. Expect price stagnation or even a dip before then though.

>>2364153
The block size is too small now. There are thousands of transactions that are not going through in a timely manner. In order to get your transaction through you have to pay higher fees. I believe they are around $3 now which is ridiculous.

>>2364153
Transactions take a long time to complete and are prohibitively expensive for day to day purchases.

>>2364189
Bitcoin is for rich people. If you can't afford the transactions then use pajeetcoin.

>>2364174
we already have over 35% of miners explicitly supporting it so yes, it will actually fork.

>>2364212
I think more than that it's about showing that the community is capable of coming together and solving problems.

>>2364174
this is not 2013 anymore, desu

the crypto market is changing, there's been pumped over 80 billion dollars into the crypto market since january

bitcoin CANNOT go on as the trading standard on exchanges if the money keeps pouring in, there's a reason why exchanges are beginning to offer ethereum marketplaces now

Bitcoin has to adapt, fork or become worthless

At some point whales has to give in aswell, i doubt they want to run their coin into the ground

>>2364212
>he never read the bitcoin white paper
Rich people already have plenty of ways of transferring funds. That was never the intent of bitcoin.

Would exchanges like coinbase/gemini back one iteration of the fork?

>>2364174
>>2364233

The whale argument makes sense, but the faults of Bitcoin slowing down and being too expensive mean its growth might slow down, stagnate, and die.

>>2364266
>Bitcoin has to adapt, fork or become worthless

Bitcoin's relative market dominance has been slowly going down and I think this is indicative of what you're saying.

>>2364270
they might stick with the legacy bitcoin at the beginning, since its the standard

but forks are extremely volatile, a bitcoin fork will be all over the place

I honestly think exchanges will use ethereum instead untill one of the bitcoin forks pulls through

some exchanges already have ethereum marketplaces, like bittrex

So, what exactly will happen with our already owned bitcoins?

This "fork" will create another Coin?

>>2364671
some will stay in legacy and some will be in the new btc.

>>2364685

So, how do we know if our coins will become Legacy or New?

Like i ave 1 btc stored in my desktop wallet, what fuck will happen with it?

>>2364685
I'm ready to throw a few thousand at BTC but am very hesitant to do so while it's so close to ATH and August 1st could rock the market. Debating on waiting for a dip in ETH instead and converting after the 1st to the reserve BTC variant on exchanges.

>>2364297
>The whale argument makes sense, but the faults of Bitcoin slowing down and being too expensive mean its growth might slow down, stagnate, and die.

Blocks are full. There's people willing to pay the fee. It's hardly stagnating.

>Bitcoin's relative market dominance has been slowly going down and I think this is indicative of what you're saying.

Wrong. Shitcoins pumping is irrelevant about BTC.

So what happens to my BTC holdings? Do they auto convert or i have to choose?

>>2364745
No, please read up on what a fork it. you will have btc on both chains

>>2363897
Chink miners are resisting because they want high fees.

>>2364685
So everyone holding BTC is already halfway fucked if this happens? Is it like 50/50?

I'm not that new to crypto but to this I am...

>>2364895
if it forks into legacy and new btc, a significant percentage of BTC will be split between them. if this happens, shit's going down figuratively and literally.

>>2363926
if btc crashes everything crashes

>>2364989
Why do you think the split isn't getting more attention on /biz/, particularly with BTC hitting its all time high recently?

>>2365065
the potential split is already reflected in bitcoin's price

could you imagine if bitcoin had second layer payment systems already? It would destroy every alt and take back another 20-25% of market cap

>>2365102

How you know it's built in?

Also, other anon says 35% of miners are on board for the fork, seem likely to happen.

When it does which btc will be gooder?

>>2365102
It's literally a huge bubble of normies trying to get rich quick and not realizing that boat not only sailed, but landed on the moon awhile ago. Now it's just a feverish scramble for a few "thousand" (read also: like $20) in profits.

>>2365141
Assume it does fork, what happens? Do you literally wake up with 2 coins? How does that work in my wallet. I am so confused.

>>2364944
>>2364685
No

>>2365141
>How you know it's built in?

That's like the first rule of trading.

The market knows everything.

>>2365148
>It's literally a huge bubble of normies trying to get rich quick and not realizing that boat not only sailed, but landed on the moon awhile ago. Now it's just a feverish scramble for a few "thousand" (read also: like $20) in profits.


I've been invested in bitcoin since $6, and they said this at $20, $60, $90, $200, etc., etc.

Either you believe in the blockchain future or you don't. If you don't there's no reason to invest. If you do, then you should hold.

>>2364895
no, all current btc will be both, its only going to be fucked up if a large people keep mining with old

>>2365169
It wasn't true until this year or maybe half way through last year. Literally so many fucking oblivious cucks are buying in just at like $100 and $300 so it's swelling fast. THis is the phase of the game where everyone chants CHUG CHUG CHUG! and then you pass out.

>>2365065

because the majority of /biz/ are brainlet shitcoin pumpers. fortunes will be made and lost on this fork.

>>2365203
Feels like BTC might hit $3k between now and August, the split hits, newer investors have no idea what's happening, and they sell off to get a bit of profit and in a knee-jerk reaction to the split. Who knows. Depends on so many factors.

>>2365225
I'm definitely a brainlet but I've been practicing with only a few hundred dollars before throwing thousands at this market.

>>2363799

I honestly dont think bitcoin will split. I've heard top people say there is no way in the end they are going to kill the goose that lays golden eggs

Consensus may be difficult in a field with so many primadonnas but there remains a common interest in seeing bitcoin succeed.

>>2365254
It'll probably max to 3.2k that's my sell point. I'll rebuy after the huge crash. I want my FIAT gains - fuck these ponzi schemes.

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>>2365264

Do you trust this man to make rational decisions?

>>2364189
Actually the backlog has been decreasing since it peaked weeks ago. It sits at around 40k unconfirmed right now. It got over 200k at worst. I remember when it was well over 100k you still didn't hear much complaining about slowness.

It's ironic really. When the backlog was steadily increasing no one made a peep. Then it peaked and transactions were very slow for a few days. Only AFTER that ordeal, when the backlog is gradually decreasing, complaining about how slow it is is the new cool thing to say.

>>2365298
>Economics AND Psychology taught in China

I can't think of a more potent combination.

>>2365338
the guy is making millions a day off high tx fees and he looks like a resentful bullied nerd. I can see him crashing btc into the ground out of spite before acting in everyone's best interest.

>>2365338
That's the same combination that gave us the glorious modern martingale economy.

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>>2365374
>The Martingale system is commonly compared to betting in a casino. When a gambler using this method loses, he or she doubles his or her bet. By repeatedly doubling the bet when he or she loses, the gambler will (in theory) eventually even out with a win. Of course, this is assuming the gambler has an unlimited supply of money to bet with.

>unlimited supply of money to bet with.

Think I'm diving down this rabbit hole a bit too quickly.

I think we need 95% of peer approval for a single blockchain to happen, right?

>>2363799
How many of you are selling on July 31st?

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>>2364154
>eth
>safe

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I don't think BTC is going to crash ever. Usual financial crashes of major currencies are due to geopolitical events or unsustainable debts burdening the value of the currency. It will become highly sought after once the supply decreases and the cap is reached. You can't have a negative balance of BTC and its not tied to any one country. You tell me how this crashes.

>>2366961
multilateral gov crackdown discouraging law-abiding citizens/weak faggots from using it - only way I can see it crashing or replaced by something superior

>>2366900
it's totally safe dude vitalik will bail you out if anything goes wrong

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>>2363799
imma buy more when it drops