The big AltCoin sell off has begun as we approach the first of the Bitcoin forks coming up. October 25 for BitgoinGold. Alts are down and BTC is trading up over $4800.
In my view it is a really risky move to sell Altcoins to buy an every rising price of Bitcoin. in my view, the best approach is to sit tight. Make sure you have your BTC in a wallet with accessible private keys. Grab some popcorn and ride out the storm.
If you try to shuffle your assets around to maximise the number of 'free' coins you obtain. you could potentially risk a lot more. After the fork, as people dump BTC for profit and try to buy back into their original positions on the ALTs, the price movements could be significant and fast. Chance is you will end up selling your BTC you just bought for a loss, and buying into your original ALTs at a higher price than what you sold them for.
And what for? A coin that is unknown, not yet established, and little support. Look how BitcoinCash has dropped since it forked.
If anything, this is really just a buying opportunity on the Alts for those looking to a invest some more.
And what about Bitcoin Gold anyway, after all that is what the subject is all about? Well, this thread below appeared on Reddit, I don't know what value or truth it carries, but one things for sure, it will raise an eyebrow!
Take a read of it, it might just spark off something in your mind that triggers a bunch of questions on what your tactics might be.
Me, I'm just sitting back.........
Drop you comments below on how you think things are panning out or what your plans are, or any other info your have read/found etc. It you think it is useful share it on.......
Truly agree dave. I wudnt wanna loose my alt coin ;)
Thanks for the explanation.
I have one question, is there a limit to forks of bits?
What do you mean? A limit to the number of forks? There is an infinite number of forks possible, and also it could fork of a fork if the fork developers felt that is where they want to break from. E.g. a fork does not have to happen on the main bitcoin core chain, it could just as easily happen off the BitcoinCash chain. It all depends on where the developers of the new fork believe they improve things or can gain an advantage. Ultimately it depends on what they are trying to achieve.
Got it ,thanks