Bitcoins may just vanish into the nothing next month
Many are panicking. As pending code change could bring about serious instability.
A community based organisation overseeing Bitcoin wans that Bitcoind received from August the 1st may disappear or be rejected as invalid.
Bitcoin.org said that at the start of next month, Bitcoin confirmation scores – a number representing the difficulty of altering the associated transaction – may deem Bitcoin unreliable for a while.
Bitcoins received from August 1st may vanish from your wallet or become Bitcoins that people will reject as payment according to this group.
This potential network disruption is caused by Bitcoin Improvement Proposal 148 (BIP 148)describing a user-activated soft fork. Reason is to implement a code revision called Segregated Witness, or SegWit, a way to separate identifier data in a Bitcoin transaction to a signature data from transaction.
Benefits include the Bitcoin block size increasing, third parties more limited in being able to modify transaction data, and making script upgrades more simple.
The consensus of Bitcoin miners is what the Segwit operation depend on. The change should become active to all compatible Bitcoin clients if the majority of Bitcoin miners give their support. But if only a minority of the miners support BIP 148, the blockchain may split. In this case. legacy Bitcoins and BIP 148 Bitcoins will become incompatible to each other. Therefore a lot of people's wallets will become useless...
So far only 35% of miners want this change after several months. Some propose that a different activation be used for Segwit that does not rely on miners. A method called 'User Activated Soft Fork (UASF)'. Similar mechanisms were used in Bitcoin upgrades in the past.
UASF is boycotting on steroids. If a large group boycotts any mining done by miners, it is not just them that are affected. But also anyone that uses Bitcoins from those miners. This can affect a lot of people. This is what is happening on August the 1st and people are forced to take a side.
If all people choose a side then there will be no issue. But if the outcome is indecisive and a rift forms dividing the 2 sides, then many will face the uncertainty that their Bitcoins may become invalid. Many are forced to m=out their money where their mouth is. See why there are so many people pulling out of the market causing the dips and affecting other cryptocurrencies into a downturn like steem? How does one decide when there is so much fear involved...
If Bitcoins are accepted from someone who is boycotted, it will vanish from those wallets. The best thing to do now is to stop using these Bitcoins until we know the result. For now:
- Think twice before trusting payments until resolution of this situation.
- Do not send payments during this period.
- Be informed before investing in a particular outcome.
It is unpleasant, but there is a potential of billions being wiped off the Bitcoin CAP.
Thank you for reading. I would really love some opinions and perspectives on this. Please resteem this so we can invite more more minds into this discussion, especially if you have crypto experts on your following list.
Looking forward to your comments.
Regards
Yoda
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Awesome post I upvote!! Your awake love people like you. I will follow you look forward to your posts, please follow me. Thanks
Sure thing :) Followed.
May I ask for a favour and get a resteem? I would like more people to see this before it dies. Thank you so much :)
You have some very interesting posts just got me as a follower now @yoda1917
Please check me out also I'm in Perth too :)
Oh wow, you're in Perth too :)
That's is an amasing post.with wonderful write up.well done.upvoted.
Jeez, as a newbie, I hope they don't dissapear. I certainly won't be doing anything on those days.
but here for steem and the long term, so..., or steempower really.
enjoyed the post
Thank you, I am glad you did. May I ask for a resteem before this disappears? It is very hard to get views at present. Thank you so much :)
done that my good fellow
so i wonder what i should be doing with my coins?
Resteem and invite more people into this conversation, I would like to know too :(
Surely it is in everyone's interest to continue to work with BIP 148. I thought we crossed that bridge and now the issue is not if we are supporting BIP148 anymore but if the bitcoin cash hardfork comes in to play. I still think this will not happen as the vast majority of miners would ensure the bitcoin retains the value it has now. Anyway, what a saga!
It sure is a good show though right ;)
May I ask for a resteem to keep this post going? It has been impossible lately to get decent views. Thanks so much :)
This post has received a 0.91 % upvote from @booster thanks to: @yoda1917.
I hope nothing terrible will happen) thanks for the message)
Looks like it won't, make sure you follow for the article I am about to release ;)
May I have a favour of a resteem?
In full, I think you deserve)
Hello. I like it. Thank for sharing :D
Most welcome, I upvoted one of your good posts, and I am trying to get you a big upvote from streemian :)