Episode #34 – This is the definitive guide to the Bitcoin August 1, 2017 decision. You guys already know what to do. HODL!
1 – BIP148
2 – SegWit2X
Both could lead to bitcoin splits!
SegWit – backwards com patible protocal upgrade
proposed by bitcoin core dev team
– part of NY Agreement
BIP148 – user activated soft fork
– also intends to activate SegWit
The issue really is:
HOW ACTIVATION SHOULD HAPPEN
First option proposed by Bitcoin Core dev team:
– BIP141 – activates if 95% of hash power signals readiness.
However, only 40/45% of hashpower is signaling readiness for BIP 141
Therefore, Bitcoin users plan to roll out BIP148 UASF
BUT! In the NY Agreement also known as the silbert accord or SegWit2x
plans ot activate SegWit through BIP91
There is a second step of the NY agreement that makes a hard fork to double
bitcoins “base block size.”
Here are the dates that you need to know about:
July 14 – BTC1 Deployment – DOESN”T AFFECT U
July 21 – BIP91 Signalling to start – NOPE
July 23 Potential BIP91 Lock In – NOPE
July 25 – Potential BIP91 Activation – control private keys, avoid transactions, prepare for new wallets for 2 coins
July 29 – BIP91 Deadline – last chance to be ready
July 31 – BIP141 Deadline – prepped and ready!
Aug 1, BIP148 activation – HODL!
Aug 3 – Potential Bitcoin ABC launch – miners get to mine moar!
Aug 15 – Potential BIP148 – proof of work change – could create a new coin: NewPoWBTC – WTF?!
Late Aug – SegWit lock in – HODL!
Late Aug-Mid Sept – SegWit activation – HODL!
Late Oct – SegWit2x Hard fork – HODL!
Also published on Medium.