Damn, why are my Alt coins down and BTC up? Spoiler alert...Upcoming Bitcoin Cash payouts!
I sold 1/3 of my alt coin positions to add BTC.
Why? Because I want Bitcoin Cash !!! It's currently pricing at $338 or so. Bitfinex will give a 1:1 allotment of Bitcoin Cash for every BTC held. See this link for more info: https://steemit.com/bitcoin/@haejin/bitfinex-giving-bitcoin-cash-coins-on-aug-1-post-fork-of-btc
Bitfinex will provide payouts in this manner:
So let's do simple hypothetical math:
BTC balance = 10
Bitcoin Cash = 10 x $388 = $3,880
This is a gift horse so don't stare at it and have it pass.
Now, notice how I didn't convert 100% of all my Alt coin holdings to BTC because of unforeseen risk and that could be anything.
You might want to transfer BTC into your private wallet and out of exchange wallet and claim your Bitcoin Cash that way. Here is a good reference: https://cryptotradersclub.smartmember.com/where-do-they-stand-bitcoin-exchanges-vs-bitcoincash-chain-split-segwit
So, why are Alt coins down? Many are doing what I've done to cash in on Bitcoin Cash allotments.
If this blog post has entertained or helped you to profit, please follow, upvote and/or consider buying me a beer:
BTC Wallet - 19gHMJc9wi9KkP47wokz8y4cFNgz1kAAUE
ETH Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
LTC Wallet - LU1mEw1LHvffoWf9VDEVdP7Day4jv6VLqu
EOS Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
Legal Mumbo Jumbo: This is only my opinion, make of it what you wish.
Time to wait few day then buy low price alt then hold :)
Nice! My Bitcoin cash payout will buy me goody Alts!
why do you think LTC and ETH are down to 187.77 and dropping and LTC $39.48 what is this i here about hack on ETH and a deal that was a hoax with MIT has something to do with it , that is the replies i have recieved and another had a link to your post but this was 12 hours ago , what are you doing with your ETH and LTC ?
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STOPthis does explain why it seems all altcoins crashed, everyone was selling to stock up on BTC ... so now that it is done, altcoins should be climbing again, ya think? #mrsray