3 reasons why i sold my BTC for now? I think you should do the same.
Hello Steemian, I sold all my BTC today at 1120$ for 3 reasons, i will discuss them shortly and i hope to read your opinion also.
1 - BTC Hard fork almost a reality now
Hard fork or Hardfork is a radical change to blockchain that result in 2 different blockchains, one of them is a permanent divergence from the old version. In other words it is disagreement about transaction end in tow different blockchain, So we will have 2 version of BTC.
The product of this fork would be BTC core and BTC unlimited, which one represent Bitcoin? Well it is hard to say now but Poloniex already made their plan to support BTC core.
Simply it is better either to avoid holding BTC till this forking issue sorted all out or to hold BTC core, keep in mind that BTC price likely will fall more.
2 - China Central bank keep pushing obstacles for trading platforms
China as the biggest market for BTC have huge effect on the price. With that in mind a news about China central bank circulate a new regulation for cryptocurrency trading platform confirmed, BTC withdrawal on hold from leading exchange platforms like Huobi, OKCoin, and BTCC. That basically freeze huge amount of BTC and will for sure and decrease total daily transaction. Someone might argue that less liquid BTC mains less offer and that drive the price up. Well not if those frozen BTC due to central authority new regulation, how these new rules will affect crypto market in China? I think it have more negativity for cryptocurrency in short term.
3 - Mining difficulty
The number of BTC miners are fixed relatively. With Hard fork each miner will chose one way to go, that will diffidently decrease mining difficulty, Moreover frozen huge amount of BTC in China will make mining easier due to less transactions per block. I think you know that when mining difficulty fall price fall and vice versa.
My plan is simple
I sold already all my BTC. I toke a position in Dash and ETH, this tow fellows on fire now, i hope price in $ will rise for both regardless of BTC fall. other option would be to keep my money in $ on my Poloniex account.
I made a twitter poll here on this topic (bitcoin split and price) if anyone is interested in answering or sharing:
https://twitter.com/Soul_Eater_43/status/842898687185604609
I voted yes
seems that most people till now think BTC will fall to less than 1000$
I will follow poll result, Thanks
Thanks!
#bitcoincore #BitcoinUnlimited #btc
Disclaimer: I am just a bot trying to be helpful.
Poloniex plan for Hard fork-click here
Then i will go BTC core
Sure after the price fall :)
Interesting thoughts. I have shifted almost completely back into alts because of the exchange announcements. I think it is possible we will see some instability and retreat in the BTC price plus likely a continuing boost in alts due to this.
https://twitter.com/Soul_Eater_43/status/842879799790108672
Totally agree @thecryptofiend, I did the same. interesting time for crypto, a lot of votality and opurtunity, in fact because all altcoin going up, i was confuse which way to go. Thank you for your input
Disclaimer: I am just a bot trying to be helpful.
Thank you so much @thecryptofiend, really appreciate it man
Water.
I didn't get you but am sure you have interesting point there. Anyway thanks for commenting @tuck-fheman
http://vintagevalueinvesting.com/how-to-invest-in-water-like-michael-burry-from-the-big-short
;)
Hmm, realy interesting, Thanks for sharing your plan
Interestingly, the price of BTC steeply declined today, while Steem's price got a boost. I still don't understand though why people are buying Dash. Where has Dash been applicable? And in what circumstances is it used that is not applicable for BTC?
Marketing my friend, Dash have good tech but also some other cryptocurrency, moreover they targeting in thither marketing campaign average user , making Dash more easy to use for daily transaction but nothing significant achieved yet. Dash is dangerous right now, risky but looks sexy. It can crash at any time to half the current price.
Thanks for your input @migo25
Thanks for the info on China freezing Bitcoin (as much as they can anyhow). I was not aware of this (I am just a light player in Bitcoin at the moment). This coming hard fork is going to be interesting indeed.
You are Welcome @triverse. totally agree it will be volitile month in cryptospace, those who make good decisions will cash out decent amount of $$$. By the way am not a big player in Crypto, Thanks for your comment.
Resteemed my friend
Thank you so much @araki
Great ideas, although I'm very new at this. I doubled my Steem in ETH, hope to do similar in Monero. What do you think about investing in Monero?
If it does fork you get 2 coins. The fork brings improvements to Bitcoin. If Bitcoin does not fork as it gets more users it will fail. Its like what Ethereum is doing now continuing to fork because its not safe and secure as it should be. I think the fork is not a big deal anymore like when it was first done with Ethereum. Now the forks are looked at as a good thing to make the ecosystem better. It could cause some confusion early on, but I think forking is something all the crypto currencies will do eventually. I do think its smart to get into Dash and Ethereum