Vlog #63: Bitcoin Cash price thoughts, Poloniex vs Bittrex STEEM price is getting ridiculous.
Come August 1st everyone that owns Bitcoin will get Bitcoin + Bitcoin Cash.
I think Bitcoin Cash will be dumped the moment people receive it. It's basically free money.
It's trading at a future price of $330 as of writing. We are talking about Billions of free money in the form of Bitcoin Cash. I don't believe that price will be sustained at all.
My reference is Ethereum Classic, which I received after the Ethereum DAO fork. I sold that straight away and received free money. Many did the same. The price plunged.
I think this will happen again.
Of course, I never thought that Ethereum Classic could be a viable chain at the time. I was wrong there.
If I had kept my Ethereum Classic I would have had way more money for free (thousands today).
So, my plan (if I'm right) is to scoop some cheap Bitcoin Cash up after the dump. And hold it. A small gamble.
Poloniex vs Bittrex STEEM price
The spread between the exchanges is 10000 Satoshi's as of writing. That's a lot!
We know Poloniex has the Steem in their Wallet. It's on the Steem blockchain. Yet, they have issues with withdrawals.
I talk about it more in my vlog.
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Tell Bianca Happy Birthday! Glad you touched on both these subjects b/c they have both been at the forefront of my mind in recent days. I have my BTC in cold storage and will either transfer to Kraken or Bitfinex to get BCH and then sell immediately like you said and look to buy back in once the dust has settled. Opportunities like this simply don't come around very often and I need to read up more to make sure I'm 100% comfortable with how to do this correctly.
The whole Polo situation with Steem is just so bizarre. The price disparity is so large that you can't help but seriously look into taking advantage of this situation, but the fear of the unknown with Polo gives me cold feet. I may regret refraining to take action here, but I feel this is a risk better off not taken. Have a great day and enjoy your weekend brother!!
I think I will leave my BTC in cold storage until more becomes clear.
The pump of bitcoin has begun and it seems like everyone wants to benefit from BCC as some exchanges(including bittrex so you may want to use that)are offering 1:1 with the new coin.
What I'm fearful is the backlash and the rubber band effect it will have. I feel like people see no value in BCC, they only want it as they see it as a way to get free money so it will almost inevitably get dumped but I don't think it will drive the markets down in the process. If anything this pump in BTC may be beneficial in the long run
I guess we will have to wait and see but at the moment there is a huge altcoin dump and squeeze as people are craving to get them hands on some 'free money'.
However, with all this new money generated I think people instead of converting it to fiat may just convert it to all the altcoins that have dropped dramatically in value.
Your comment about how Ethereum Classic was dumped is pretty interesting. I may make a post about this but I'm not much of a superb market analyst sort of guy haha.
Bitcoin Cash could be a good gamble to take for the long term as it could accumulate value over time but I guess we will just have to see @exyle but let's see what will happen when this huge dump happens on the 1st August.
Also CONGRATULATIONS ON 2000 FOLLOWERS @exyle!!!!!
Thanks, man! I just saw!
I hope people dump bitcoin cash QUICK when it comes out
the price will be dirt cheap so it can be picked up at a discount
people dont realize that bitcoin cash will from the start be 8x quicker than normal bitcoin
there will also be no two year discussion on scaling issues
so please, everyone sell them quick so that everyone else who knows what bitcoin cash really is can buy them for cheap
I think it will be dumped as well.
Initially both BTC and BCC may go down when the hard fork settles down. Right now BTC price is going up due to low supply (people are transferring to hard wallet and buying up for free BCC) and people are also selling alts to have BTC. However, it is an interesting idea to catch BCC's bottom. If BCC holds three figures it will have at least $1.67B bigger than ETC market which is quite possible.
I wonder what wrong with Polo that can't fix steem transfer. Even HitBTC disabled steem transfer recently (:
Anyway, nice informative post :)
Your strategy is perfect to wait for Bitcoin Cash to crash to $30-$40 and then buy it at that bottom and hold for sometime, may be it can turn out to be another ETC.
Where can you sell BTC Cash when you receive it???
Awesome article @exyle full of knowledge these kinds of articles are needed right now to become up to date on current bitcoin situation.
Whatever, there is no such thing as free money. I'd rather not risk too much. Even though it's very tempting.
Let's see, let's see, what's gonna happen!
That would be smart for people to do... sell all your BCC instantly and buy it back after a few days. Smart :)
I feel like something huge is coming to crypto land but I don't know what to do