Why Zclassic is pumping?
Hello Steemit Community!
This past days were good for the whole market, the market going sideways with some gains each day but there is a crypto that the past days got a big pump, more than the general. The coin is Zclassic, a fork of the popular Zcash, why this pump?
The answer? .... free coins. The new Bitcoin Private fork, that is combining Bitcoin and Zclassic.
When is the hard fork?
Snapshot date: February 28th, 2018.
Fork Date & Main Net Launch: Approximately 2 days later.
How do I receive BTCP?
When the hard fork occurs, a snapshot of all existing ZCL and BTC holdings will occur. Anyone holding ZCL or BTC in a wallet or supported exchange will be credited Bitcoin Private (BTCP) at a 1:1 ratio. For example, if you hold 15.4 ZCL and 0.1 BTC, you will receive 15.5 BTCP.
How to play this fork?
Smart money are not buying the coin because of the free coins, they are buying because dumb money is going to buy to get the free coins. After the snapshot expect a big dump, so my suggestion is to sell before the snapshot, maybe 1 or 2 days before to be safe.
This is for short term and kinda high risk because the price allready pumped alot.
I expect a dump after the snapshot for the minimum the red zone but i think it can dump alot more. We dont know what the price of Bitcoin Private is going to be but depending what was your buy price the free coins can't be worth for the potential dump of Zclassic price and holding bags of this coin.
You are playing this fork game?
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Thanks for a good and detailed post, upvoted!
But why are so confident about price dump after fork? In August I thought that way when BTC pumped before Bitcoin Cash fork. I've stared shorting the next day after the fork but as you may guess I lost money :)
ZClassic is better than ZChash, so has chances to bypass it in and make x4-x5, with Bitcoin Private fork it may do much more.
I'm not а professional trader/investor and I draw conclusions based on my short experience. Maybe I'm missing something? If so can you, please, explain?
This is the typical buy the rumours sell the news, in the fork is always the same. big dump after the snapshot because a big % of the people just want the free coins and traders only follow the hype news events to get more bitcoin. Bitcoin Cash was a different case, basically was the first fork in crypto that gave free coins and got alot of attention and bitcoin price dumped because people was with FUD because they didnt understand what a fork was, bitcoin gold was the exact opposite.
Thanks for the comment.
Do you think BTCP may be just an attempt to create a FOMO?
For me is just one more money grabber
Lovely friend. upvoted!
Thanks
I think the big money has already been made here. I bought ZCL at $9 when I heard about this fork and sold progressively at $36, $91, and $137. I'm out and staying away for good.
Yeah for sure, i think some whales just want some more profit before the sell off. I don't think the project deserves 500m cap lol And check the Bitcoin Private team, the founder of zclassic is there lol this seems a last money grabber for the zclassic founder too