August 1st is Bitcoin’s Judgement Day: “Bitcoin may Need to Die”

Vinny Lingham, CEO of Civic Keys, thinks August 1, the proposed date for the Bitcoin scaling, is not an independence day for the trailblazer of cryptocurrencies – but in fact a judgement day. In a Twitter post on early Thursday morning, the crypto investor and analysis pundit wrote that: “Bitcoin may need to “die” just one more time so that it can live forever. August 1 is NOT Independence Day, it’s Judgement Day”

When Hacked.com asked Vinny why he took that position, he explained the situation is blurry.

“.. it’s not clear which split or fork will win,”

Vinny told Hacked.com.

He also believes the upcoming event accounts for the ongoing Bitcoin price adjustment. Since Wednesday evening, prices have been falling.

It is interesting to note that Bitmain, the Chinese mining company, has published a contingency plan calling for User Activated Hard Fork (UAHF) in the likelihood of UASF being implemented on August 1.

Responses From His Followers

But some people who replied to Vinny’s post expressed reservations. Rob Furse urged Vinny not to be afraid of the hard fork since massive hash rates are still ready to be deployed on a UASF chain. “No other crypto comes close in their POW,” Rob replied.

“One side will win after August 1. There will be a carnage but Bitcoin will survive,” wrote John Pitchers.

Others were of the opinion that with a hard fork or not, Bitmain is going to lose the acrimonious scaling dispute and that people should keep trading.

“Either outcome is good. Segwit passes – sweet, or eventually, there is a hard fork and Ver and Wu sell coffee for BUtcoin,” another follower commented.

Matthew Achak also believes that if you believe in Bitcoin, you think in decades, not in days.

Jimmy Song’s Response To Bitmain

Meanwhile, Jimmy Song has published a piece on Medium explaining what Bitmain’s contingency plan for a hard fork after Segwit means. The Dev and entrepreneur maintains the main thing everyone needs to know is that Bitmain wants to add a wipeout and replay protection.

He wrote:

“Note that the hard fork starts roughly half a day after the UASF. Most likely, this is to see exactly how much of a threat the UASF soft fork is. If the hash rate of UASF is below 1% of the network, it’s likely that a single block won’t be found on the UASF in those 12 hours and gives Bitmain time to not mind with a hard fork.”

Author:
Multiple journalists and analysts are behind the name Edward Talliot.