The Bitcoin UASF/UAHF Disruption has begun.

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The Bitcoin UASF/UAHF Disruption has begun.

25/7/2017

8 Comments

Have you become confused (or alarmed) at the new acronyms flying around, or the potential service disruptions that you’ve been learning about of late? Or (even more alarming), is your Bitcoin Club not even advising you about the events that are happening in just a few days?

Important Information That You Need to Know Now About the User Activated Forks.

Coinbase has published a helpful FAQs article that explains the difference between the User Activated Hard Fork and the User Activated Soft Fork. Click to access.
Coinbase is advising that Bitcoin Buys, Sells and Withdrawals will all be temporarily disabled on July 31, 2017.
Bitcoin.org is recommending that users wait for 30 or more confirmations before accepting any payment as final, effective July 22, 2017. According to Bitcoin.org, "Bitcoin confirmation scores may become less reliable than normal for a period of up to a month."
GDAX and Coinbase will not support the User Activated Hard Fork. UAHF customers are advised to withdraw their Bitcoin prior to July 31, 2017.

The bottom lines on Bitcoin, Ethereum, Litecoin and other crypto currency is that the gains have been meteoric in 2017, and so has the volatility and the amount of speculation and outright scams. It’s very important to get informed before you buy or trade crypto currency. If you don't understand the necessary confirmations, how to get a a reliable wallet, which websites are legit and which aren't, etc., then your first investment should be in information and wisdom (not crypto currency).

I’ve penned two important blogs over the last month. (See below for links.) And I will spend some time at the Old West Retreat Oct. 13-15, 2017 outlining how to embrace the opportunities and avoid the dangers of crypto currency. Call 310-430-2397 or email info @ NataliePace.com with your questions, or to learn more.

Crypto Currency Crashes and the Bitcoin Chain Split of July 31, 2017. (published on July 16, 2017).

Bitcoin and the Crypto Currency Flash Crash. (published on June 25, 2017).

8 Comments

Natalie Pace link

28/7/2017 06:46:18 am

Here's a statement from Coinbase to customers from 7.27.17:

Dear Coinbase Customer,

We wanted to provide an update on proposed changes to the Bitcoin network and what that means for bitcoin stored on Coinbase. You can read more about what a digital currency fork is https://blog.coinbase.com/what-is-a-bitcoin-fork-cba07fe73ef1.

Our first priority is the safety of customer funds. In the event of a fork, customer fiat currency (USD, EUR and GBP) and digital currencies (bitcoin, ether and litecoin) are safe.

On August 1st, 2017 there is a proposal to make changes to the bitcoin software. This proposal, known as Bitcoin Cash, is likely to create a fork in the Bitcoin network. This means that after August 1st, 2017 there are likely to be two versions of the Bitcoin blockchain and two separate digital currencies.

In the event of two separate blockchains after August 1, 2017 we will only support one version. We have no plans to support the Bitcoin Cash fork. We have made this decision because it is hard to predict how long the alternative version of bitcoin will survive and if Bitcoin Cash will have future market value.

This means if there are two separate digital currencies – bitcoin (BTC) and bitcoin cash (BCC) – customers with Bitcoin stored on Coinbase will only have access to the current version of bitcoin we support (BTC). Customers will not have access to, or be able to withdraw, bitcoin cash (BCC).

Customers who wish to access both bitcoin (BTC) and bitcoin cash (BCC) need to withdraw bitcoin stored on Coinbase before 11.59 pm PT July 31, 2017. If you do not wish to access bitcoin cash (BCC) then no action is required.

We plan to temporarily suspend bitcoin buy / sells, deposits and withdrawals on August 1, 2017 as the fork is likely to cause disruption to the bitcoin network. This means your funds will be safe but you will be unable to access your bitcoin (BTC) for a short period of time.

We will keep you updated on this event through our blog, status page and Twitter.

Thank you,

Coinbase Team

Natalie W Pace link

30/7/2017 03:27:45 pm

Updates on the UASF and UAHF splits are at these sites. Most recommend halting all trades and transactions until the fork is all sorted out, sometime in early August, hopefully. GDAX and Coinbase have alerts on their websites acknowledging that they are experiencing delays handling Bitcoin withdrawals.

"Be wary of offers to allow you to invest in the outcome of the event by “splitting” your coins. Some of these offers may be scams, and software claiming to split your coins can also steal them." bitcoin.org

https://bitcoin.org/en/alert/2017-07-12-potential-split

https://www.coinbase.com/dashboard

https://www.gdax.com/trade/BTC-USD

Natalie Pace link

30/7/2017 06:03:24 pm

Here's a good article on Bitcoin by FINRA.org

http://www.finra.org/investors/alerts/bitcoin-more-bit-risky

Natalie Pace link

4/8/2017 06:28:48 am

Bitcoin.org still has a warning in place as of August 4, 2017. "Do not trust any payments you receive after Mon Jul 31 2017 20:00:00 GMT-0400 (EDT) until the situation is resolved. No matter how many confirmations the new payment says it has, it can disappear from your wallet at any point up until the situation is resolved."

https://bitcoin.org/en/alert/2017-07-12-potential-split

Coinbase will support Bitcoin Cash, going forward, anticipating that will occur on Jan. 1, 2018 "assuming no additional risks emerge during that time." Until then, Bitcoin owners with their wallet stored on Coinbase have secure Bitcoin Cash Read the details in the blog below.

https://blog.coinbase.com/update-on-bitcoin-cash-8a67a7e8dbdf

https://blog.coinbase.com/

Natalie W Pace link

7/8/2017 08:28:07 am

Beware of spoofy... There are also fears that big traders are having an undue influence on the price of Bitcoin, with one blogger flagging the actions of "Spoofy" -- a nickname for traders who apparently place million-dollar orders without actually executing them.

https://www.bloomberg.com/gadfly/articles/2017-08-07/bitcoin-has-a-spoofy-problem

techubi link

15/8/2017 01:35:08 pm

Bitcoin is the worst thing which anyone can have in their wallet because you do not know when it will get down

Natalie Pace link

15/8/2017 04:14:48 pm

Thank you for your comment.

Bitcoin has a volatile price value, which is a risk. But the biggest risk today is actually from scams. A lot of people don't know how to buy or sell or trade Bitcoin, and they are subject to scams from people who prey upon that ignorance... Intentionally...

192.168.l.l link

15/6/2020 01:33:17 am

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The Bitcoin UASF/UAHF Disruption has begun.

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