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RE: My CryptFolio Investment - Why I Diversified Profits From Ethereum To Litecoin
Interesting post! I can imagine it to be a smart decision. I am curious about your thoughts on what will happen in the days after Aug 1st with BTC. How will you anticipate and what would trigger you to convert LTC into BTC after Aug 1st?
Hi @cryptotem thanks for the comment :)
I personally am very nervous about the events occurring around BTC. Part of me is very tempted to convert everything I have to BTC prior to the end of July. If there's a split having coins on both chains could be hugely profitable. However, I have a feeling that the dominance of Bitcoin is largely fuelled by first mover advantage, which just isn't enough. So many other cryptos offer much more than Bitcoin currently does (e.g. Ethereum, Stratis, and Neo) additionally, there are numerous currencies which work better as a currency than BTC currently does (Dash, or PIVX is my favourite).
My gut feeling, and unless something happens to change this, is that Bitcoin post-August will be a shadow of what it once was. Consequently, I am planning on holding a small amount of BTC as a contingency but think I will hold most of my portfolio in the other big coins around that time.
I would keep an eye on the situation very closely because BTC is a lot more resilient than people think, just like at the reaction to the ETF denial! A lot of people focus on the crypto/crypto ratios (e.g. LTC/BTC) however, I recommend watching the USD price around that time, pick a +/- % range and be ready to jump in if it doesn't leave that range!
How are you thinking of approaching it?
I have to say I am also nervous. It could go multiple directions and what happens can only be rationally explained after the fact. I agree that there is much better tech out there which also have more to offer. Probably I will convert my BTC into some other coins in the middle of July, just to minimize risk. I hope to get a better feeling about it in the coming weeks :-)
Haha, everything is clearer with hindsight. I think mid September we will all look back and think the outcome was blindingly obvious! Closer to the time should give greater insight, I saw something the other day saying (I think but I could be wrong) that Segwit2x will be signalled for around the 24th July to try and avoid the events on the 1st of August. Maybe by about July 10th It will be easier to see which way the community is swinging.