OMG Randy The AltCoins are Bleeding! What is Happening?
The Bitcoin Gold Hardfork is What is Happening.
Just like when Bitcoin Cash was created, holders of Bitcoin will automatically get an equivalent amount of Bitcoin Gold for all of the Bitcoin they hold. If you hold the keys to your Bitcoin you will automatically get your Bitcoin Gold in your wallet.
Who will support & match your BTC balance?
Bitfinex
New CFD exchange - Bitstar
Bitexchange
More exchanges supporting the fork are sure to be announced. I capitalized big time on Bitcoin Cash when they showed up in my Bittrex wallet. Hopefully they will support Bitcoin Gold also.
See @RevNissan's Post, Bitcoingold's (BTG) hardfork on October 25th
But My Altcoins are Getting Hammered!
Now this event makes for an interesting time in the altcoin markets. People are FOMOing all over the place, selling their alts so that they can prepare for the upcoming fork. I personally did it a few days ago. This weekend the FOMO has kicked in big time. This means that stop orders are causing the alts to tumble. This equals blood in the streets.
What Are Your Options for the Bitcoin Gold Hardfork?
1. Sell Your Altcoins and Move into Bitcoin.
2. Sell Your Altcoins and use Leverage on Exchanges Like Bitmex.
3. Buy More Altcoins and Wait for the Post Bitcoin Gold Hard Fork Profits.
4. Hold Your Altcoins and Not Fall Victim to FOMO because they will be back.
If it turns out to be anything like the Bitcoin Cash Fork we will all be wealthier for it; 1 + 1 = 2.5
Realy, If it turns out to be anything like the Bitcoin Cash Fork we will all be wealthier for it; 1 + 1 = 2.5
Its sell your altcoin and move to bitcoin then move your bitcoin to a offline wallet, before the hard fork, then after the fork u can always put your btc back on exchanges a buy the altcoin back, they aren't running anywhere
I am holding my alt coins through and will buy more while they are "on sale". I'm no expert. But I hope it works out for both the alt coin sellers and holders.
Smart money will probably adhere to options 3 and 4 and so will I.
It will be a good opportunity to accumulate discounted altcoins with long-term potential.
I dont know if I am smart but I do agree with you on that...I am in the 3 and 4 camp.
My entire premise with cryptocurrencies is long term. I figure BTC, LTC, Steem, ETH, and a bunch of other altcoins will be worth a lot more in the future.
Last time everyone expected a disastrous BCH fork (which turned out quite succesful) while this time everyone expects risk free profit by liquidating altcoins and jumping on the Bitcoin Gold wagon.
But a chain fork does not necessarily generate value out of thin air, the last time we just saw a positive dissolution of pre-fork uncertainty boosting both BTC and BCH. I'm not so sure this will repeat with the inverted market expectations that we have now.
amigo #resteemia at your service
that's why we called them as alts. when alpha walks alts bleed. so collect alpha & make more free btc gold ;) excellent post @hilarski
ReSteemia
'UpVoted ReSteemed Commented'
I am new to crypto so thanks for this information! My question is how many of these forks are we predicting in the future? If these bitcoin forks become somewhat of a regular occurrence, then wouldn't just buying, accumulating, and holding bitcoin be the best strategy to maximize profit?
I have no idea but sticking to Bitcoin never hurts.
I'm in got bitcoin... small stake but investing as I go. . ..
I'm sticking to 3 and 4 mostly. I've got some nice long trades locked in for my alts that I am very happy with. It will be interesting to see how the Bitcoin Gold fork plays out though. I'd like to remind everyone that holding your private keys is a better idea than letting an exchange deal with it for you. Who knows how long those exchanges will wait before giving you your coins.
Bittrex was super quick last time. I agree that people should hold their keys.
Yea, people that had their BTC on Bittrex got the best deal as they could sell they BCH stash at the highest prices. In hindsight, it was the smartest move to have your btc sitting on Bittrex. Will that be the case with Bitcoin Gold and the 2X split? I don't know.
nice post @hilarski, i will go with 1st option move into bitcoin.
Excellent post @hilarski I have moved to bitcoin and hold it for future.thanks for sharing
FUDOMO ... I thought it would sound worse than it does, or harder to speak. But, its not.
Fear uncertainty and Doubt of missing out.
Good one! It has a nice ring to it.