in #bitcoin4 years ago

Even though most Bitcoin users feel that there will be no chain split in the next few weeks, they may be wrong. While the BIP91 lock-in makes SegWit2x and the UAHF compatible, it does nothing to address the Bitcoin ABC issue. This user-activated hard fork will still go into effect on August 1st and seemingly gains more traction every single week. Various exchanges will support this solution come August 1st.

Why is this happening?

For solving the scalability problem of the Bitcoin, two methods or algorithms had been employed. They are the Segregated Witness and BIP 148. Developers have worked to make these two compatible, so, if enough mining pools support SegWit2x before August 1, Bitcoin can avoid a split. But still there is a chance for the split. Starting from August 1, BIP 148 nodes will reject any Bitcoin blocks that do not signal support for Segregated Witness via BIP 9. After the implementation, if they want to get their blocks accepted, users and miners have to shift into this new upgrade.

Could We Have Both Bitcoin's Work Together?

There is a possible scenario where the two chains — 148 BTC and Legacy BTC — coexist. What’s more, even a scenario where more than two chains emerge can’t be taken out of the equation. In these cases, there is a chance that coins will be existing in two different forks. And users may confuse themselves with the two coins while sending them on an exchange. Splitting of the coins is a very complex process.

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hi there a manual upvote from a PAL member
seen your post from upvote room
nice post

Whether there is or there isn't, "perception of loss" will probably drive the into a temporary downspiral. It will be interesting to watch.

Another bloodbath perhaps?

I don't think so. I think what we will see is a classic case of human psychology play out. A movement in the market that is separate from the actual value of the currencies. Crypto currency is not a tangible asset so people will fear "losing everything". The dip will be human expectation and tendency toward negativity / chaos when there is change. I.e. We don't err on the side of positivity when the unknown / change strikes. I think we will get dip, plateau, dip and then rise to a new height. I'm tipping August 8th will be a prime time to buy back in. At a guess. Predictable.

It won't be Bitcoin Segwit vs Legacy. It's more Bitcoin vs Bitcoin Cash (China):