Sell Bitcoin ahead of 1st Aug Hard Fork

[Matt01061983]

Hi everyone,

I have recently sold a large part of my BTC  portfolio as I was spooked by a various sources telling me that BTC was heading for plummeting prices  following 1st Aug and hard fork.  They have also said that  July will be incredibly unstable in terms of price as we approach the deadline.  I a now sitting on cash and waiting for the best time t go back into BTC

Given that the price of BTC has risen every day this week and feeling that I sold unnecessarily and am considering buying back in.  can you feedback to me.

1) Is the 1st Aug really going to be that bad and should we expect volatility in July as we approach the date?
2)  Would you buy back in now or wait sitting on cash for a better price entry point in the coming weeks?

Thanks all

Matt

[Dude.Lebowski]

Hi everyone,

I have recently sold a large part of my BTC  portfolio as I was spooked by a various sources telling me that BTC was heading for plummeting prices  following 1st Aug and hard fork.  They have also said that  July will be incredibly unstable in terms of price as we approach the deadline.  I a now sitting on cash and waiting for the best time t go back into BTC

Given that the price of BTC has risen every day this week and feeling that I sold unnecessarily and am considering buying back in.  can you feedback to me.

1) Is the 1st Aug really going to be that bad and should we expect volatility in July as we approach the date?
2)  Would you buy back in now or wait sitting on cash for a better price entry point in the coming weeks?

Thanks all

Matt

Quite the opposite. Many people are acquiring extra in anticipation of a coin split. You would then have coins on two networks!

[TryNinja]

Quite the opposite. Many people are acquiring extra in anticipation of a coin split. You would then have coins on two networks!

This doesn't look like a good idea because: If we end up spliting the chain in two, the price will probably go down a lot on both chains. And it's also possible for people to lose its coins if they sell on one chain and buy in the one with lower amount of hash rate.

Most people are actually trading for altcoins to avoid any conflict in this period.

It's also possible that we won't need to do a hard fork in August 1st because miners are starting to work to activate Segwit2x before the this date. Maybe the chain won't need to split after all...

[Minecache]

Hi everyone,

I have recently sold a large part of my BTC  portfolio as I was spooked by a various sources telling me that BTC was heading for plummeting prices  following 1st Aug and hard fork.  They have also said that  July will be incredibly unstable in terms of price as we approach the deadline.  I a now sitting on cash and waiting for the best time t go back into BTC

Given that the price of BTC has risen every day this week and feeling that I sold unnecessarily and am considering buying back in.  can you feedback to me.

1) Is the 1st Aug really going to be that bad and should we expect volatility in July as we approach the date?
2)  Would you buy back in now or wait sitting on cash for a better price entry point in the coming weeks?

Thanks all

Matt

When will people learn? It is extremely difficult and rare to short the cryptosphere and anyone that does deserves to lose their skin in the game. BTC is a nascent technology and will benefit all longterm hodlers. Besides even if their is a spilt by hodling BTC you'll get the spilt tokens too and whatever value they may reach. Think ETH and ETC. in summary I think you were very very foolish.

[Minecache]

Btw I'm more convinced than ever that there won't be a split and the market appears to agree as the BTC price is moving upwards. I think you've made a foolish mistake but each to their own.

[Adbitco]

Maybe this is going to bring us some relief and prove to be a ray of hope and there's no chain split and bitcoin stays on one chain
https://cointelegraph.com/news/segwait-is-over-bitcoin-network-shows-80-percent-support-for-segwit2x

[mamaya]

Btw I'm more convinced than ever that there won't be a split and the market appears to agree as the BTC price is moving upwards. I think you've made a foolish mistake but each to their own.

The same for me there is too much at stake by all participants to actually fork bitcoin. Also as seen with ethereum even if it does hardfork there is no reason it should hurt the price of btc in the long term anyway.

[slaman29]

Maybe this is going to bring us some relief and prove to be a ray of hope and there's no chain split and bitcoin stays on one chain
https://cointelegraph.com/news/segwait-is-over-bitcoin-network-shows-80-percent-support-for-segwit2x

Doesn't seem to be correct. I thought segwit2x means yes, segwit first, but then LATER 2MB block increase aka hard fork aka chain split? Or did I misunderstand it all along? Time to hit the books again.

[gentlemand]

There won't be a split. There's a chance the price will go fucking ballistic. An actual increase in capacity has been waited for by mountains of people for years on end.

And there are no worthwhile BTC sources so I've no idea why you'd listen to them.

[Matt01061983]

Thanks all

The price is now pretty much what I sold at a few weeks ago - do you think I should buy all back in that case?

[Jordan_Hodge]

I'd reverse the old adage of "Only put in what you can afford to lose" to, "Only convert what you need to fiat". Make sure you don't need to touch your BTC for Aug - I definitely will not have any BTC on exchanges come Aug 1st. I think there will be buying opportunities during July. Always be Holding.

[pearlmen]

Hi everyone,

I have recently sold a large part of my BTC  portfolio as I was spooked by a various sources telling me that BTC was heading for plummeting prices  following 1st Aug and hard fork.  They have also said that  July will be incredibly unstable in terms of price as we approach the deadline.  I a now sitting on cash and waiting for the best time t go back into BTC

Given that the price of BTC has risen every day this week and feeling that I sold unnecessarily and am considering buying back in.  can you feedback to me.

1) Is the 1st Aug really going to be that bad and should we expect volatility in July as we approach the date?
2)  Would you buy back in now or wait sitting on cash for a better price entry point in the coming weeks?

Thanks all

Matt

Most times we always try to get ahead of ourselves without really understanding what will be the outcome. Aug 1 will come and go but we will still be standing the issue of whether price will fall or rise is largely based on speculation and the real effect of the hardfork is to be determined by the market forces on that very day and not speculations and guesses. What will happen will happen there is no point giving myself headaches over that.

[digaran]

Yes they are buying in bulk to have double the amount and then just wait for 6-12 months for both coins to have an increase of price in market just like what happened with ETH/ETC, but let me remind you if Bitcoin splits then people will see no difference between BTC and ETH other than ETH having lower difficulty and fast block time and more easier to mine, I for one would gladly switch to ETH and will just leave my Bitcoins in wallet for 5 years straight.

[Minecache]

There won't be a split. There's a chance the price will go fucking ballistic. An actual increase in capacity has been waited for by mountains of people for years on end.

And there are no worthwhile BTC sources so I've no idea why you'd listen to them.

Yup look what happened to LTC after SegWit. And if/when the price goes ballistic very fast I doubt we will be seeing cheap coinage for sometime afterwards, if ever. Either way I am hodling because I don't want to have to buy back in at higher prices. My coins are too precious to gamble like that.

[Minecache]

Also I'm not sure why you sold before 1st July or at least waited until after that date.

If you're not aware it is the date that Austrialia follows Japan in legalising BTC and removeing all Bitcoin taxes.

[shinratensei_]

1) Is the 1st Aug really going to be that bad and should we expect volatility in July as we approach the date?

The price will be get dumped so hard. Avoid holding btc and try to hold another coin. The bitcoin will migrate or save his decimal to the fiat.

2)  Would you buy back in now or wait sitting on cash for a better price entry point in the coming weeks?

I will try another chance in altcoin. I think the fork of bitcoin will give me the more opportunity to get a decent profit on there.

More people will try to cash out.

[wdnj]

Also I'm not sure why you sold before 1st July or at least waited until after that date.

If you're not aware it is the date that Austrialia follows Japan in legalising BTC and removeing all Bitcoin taxes.

This seems perfect, honestly, I didn't know that Australia is going to accept bitcoin as a legal currency and removing the taxes on bitcoin.
If this happens then I think that the price will get increased a bit but the split that OP is talking about I don;t  think will happen otherwise there will be a mess on all cryptocurrencies.

[Minecache]

1) Is the 1st Aug really going to be that bad and should we expect volatility in July as we approach the date?

The price will be get dumped so hard. Avoid holding btc and try to hold another coin. The bitcoin will migrate or save his decimal to the fiat.

2)  Would you buy back in now or wait sitting on cash for a better price entry point in the coming weeks?

I will try another chance in altcoin. I think the fork of bitcoin will give me the more opportunity to get a decent profit on there.

More people will try to cash out.

Big gamble. There is no fork.

[Minecache]

Also I'm not sure why you sold before 1st July or at least waited until after that date.

If you're not aware it is the date that Austrialia follows Japan in legalising BTC and removeing all Bitcoin taxes.

This seems perfect, honestly, I didn't know that Australia is going to accept bitcoin as a legal currency and removing the taxes on bitcoin.
If this happens then I think that the price will get increased a bit but the split that OP is talking about I don;t  think will happen otherwise there will be a mess on all cryptocurrencies.

Well we all know exactly what happened to the price with Japan...

https://cointelegraph.com/news/bitcoin-to-become-just-like-money-in-australia-july-1

Bitcoin To Become ‘Just Like Money’ In Australia July 1
Australia has officially confirmed it will treat Bitcoin “just like money” from this year and it will no longer be subject to double taxation.

In its budget summary for 2017-18, the government states that as part of its plan to “make it easier” for digital currency businesses to operate in the country.

[Fredomago]

Also I'm not sure why you sold before 1st July or at least waited until after that date.

If you're not aware it is the date that Austrialia follows Japan in legalising BTC and removeing all Bitcoin taxes.

quite interesting mate, when this two countries already step up for this currency well i guess selling what you are holding is not a good idea, even there's speculation regarding to this  split up i think japan and australia already anticipated that possibilities and they will continue supporting this currency if there's a little downfall for sure support will show up back.