Bitcoin is going to go down.

in bitcoin •  last year

I just watched a video from Trevon James titled:
LIVE: WHEN WILL ETHEREUM AND BITCOIN GO BACK UP?

In this video, Trevon ponders the price of Bitcon and where it is going.
As I haven't seen much lately about Segwit BIP148 on Steemit I decided I should post this to warn people about the possible dangers to their BTC on and after the first of August 2017.

BIP148 (Bitcoin Improvement Proposal 148) proposes to invoke a soft fork of Bitcoin.
This is supposedly a UASF (User Activated Soft Fork).

The danger is that on and after the first of August, BIP148 will be activated and if your BTC is on an exchange that does not support BIP148 your BTC may not exist if you try to use them with any group that does not support BIP148.

Of course it is not certain that this UASF will work at all and any BTC you have validated on a 148 node may cease to exist if the UASF BIP148 fails to gain traction with the majority of miners.
In addition, BIP148 may become supported by the majority of hash power meaning that BTC on the old legacy blockchain will not exist on the new Segwit spawn.
In fact, we could end up with two BTC block chains, effectively a split or even more than two depending on what happens.
Nobody actually knows what will happen except that BIP148 will activate on the first of August 2017.

So, in order to protect your BTC from either scenario, I would suggest that the best course of action would be to remove your BTC from any exchange, wallet or location that does not support BIP148.
Basically, get your BTC into a paper wallet or a hardware wallet or wherever you can so long as you are the keeper of the private keys.

So, after the uncertainty of Segwit passes over and we know which way the miners have gone, we can then use our BTC as normal.

And while the uncertainty of UASF builds toward August, the USD price of BTC will go down and possibly crash on or just before the first of August.

In the mean time you should learn more about this by researching this topic online.

Thanks for reading,

Monty.

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