Sell your bitcoins while you are still rich

[pdpanzer]

My observation is that most people use Bitcoin as the default currency to trade on exchanges. Exchanges largely determine the price of bitcoin, because that's where they are traded for other goods. But now, most exchanges are disconnecting bitcoin from the world to protect themselves if their uses lose money for any glitch, bug or unforeseen reason, and they can't risk a huge backlash. Coinbase will stop withdrawals and deposits of Bitcoins, Bittrex has already done so, Poloniex has stated they may stop accepting deposits or allowing Withdrawals at any moment without notice (bad). Also, transactions are having problems at some exchanges, for example right now on Gdax (Coinbase) it's listed as a problem along with Wires. I have a Bitcoin transaction from Coinbase to Poloniex that has been in limbo for a full day now. When these problems start to become to surface, combined with recent announcement from for example Poloniex that the may give you just one coin if it splits, and whatever they chose to give you, or from Gdax that will take for themselves your BitcoinCash if you leave your money with them, has this effect:

1) Caos as people unawares of exchanges rejecting deposits will have their funds in limbo.
2) Those trading but that don't want the exchanges to steal their money, will now have to SELL bitcoin into another coin, transfer to an exchange or a service that still allows bitcoins transactions, to make it safe in a hardware wallet or desktop app.
3) Those with any problem or large delay in transactions will be heard loudly, and increasingly
4) Those trading that were not considering or giving much value to Bitcoin Cash, will see BTC starting to plummet as people are forced to sell into another coin to safeguard their funds
5) Trading on alt coins will lose volume, since most pairs are against BTC, and then start tanking rapidly as people want liquidity, which turns into bitcoins, and then as bitcoin tanks, rapidly into BTC/USD, BTC/CNY, etc.
6) As it gets worst, short sellers will become quite bold. They have been beaten by a lot of people not wanting to miss out, which made for price in increase despite a lot of sell pressure. Now they will triple effort.

I don't know how likely it is. But it's undeniable that you need to sell BTC not something else to get funds out of Bittrex and many other exchanges. And that a reason many people hold bitcoins is because they are the Currency in the trading pairs. This gave BTC a huge push up. But it will unwind for the same reason.

So let's see what happens. At least you get a contrarian voice to: Bitcoin will reach $500,000 in 3 years, or $4000 next month. It may reach that level, but short term, it can't be more risky that it currently is.

Cheers,

[iamTom123]

You sounds so sure of your recommendation to sell Bitcoin while the value is still good and though there is nothing wrong with that idea the fact is that Bitcoin will remain strong and even if there will be a split or a new coin coming from Bitcoin network still its value can immediately soar up once all of this mess will settle down.

Exchanges are suspending their Bitcoin activities primarily to protect their members' funds and to protect their own business until it is clear on what can transpired on and after August 1. Though some are doing it too early, I have no doubt that they are doing things for our own good.

The best thing to do is to transfer your Bitcoin to a wallet where you have the control of the private keys. However, I have high hope on Bitcoin as it has proven itself to be very resilient and a survivor of many conflagrations in the past...this time we are expecting that Bitcoin can pass with flying colors despite all the FUD flying around.

[pdpanzer]

You sounds so sure of your recommendation to sell Bitcoin while the value is still good and though there is nothing wrong with that idea the fact is that Bitcoin will remain strong and even if there will be a split or a new coin coming from Bitcoin network still its value can immediately soar up once all of this mess will settle down.

Exchanges are suspending their Bitcoin activities primarily to protect their members' funds and to protect their own business until it is clear on what can transpired on and after August 1. Though some are doing it too early, I have no doubt that they are doing things for our own good.

The best thing to do is to transfer your Bitcoin to a wallet where you have the control of the private keys. However, I have high hope on Bitcoin as it has proven itself to be very resilient and a survivor of many conflagrations in the past...this time we are expecting that Bitcoin can pass with flying colors despite all the FUD flying around.

I use Bittrex, how do you recommend that I transfer BTC to my wallet? What steps should I do?

I also have a pending BTC transaction from GDAX that right now is 23 hours old, to Poloniex, and never confirmed. How do you recommend I move my funds from Gdax to my Wallet? I certainly am worried about my funds in Limbo and Gdax stating officially they are having problems with Bitcoins deposits and withdrawals.

[NeuroticFish]

You missed the dip and afraid that another one won't come?

But now, most exchanges are disconnecting bitcoin from the world to protect themselves if their uses lose money for any glitch, bug or unforeseen reason, and they can't risk a huge backlash.

This is a wrong assumption. The rest I will not even quote since it's a lie. I do some speculation and I just withdrew today some more BTC from Poloniex.

I don't know how likely it is.

Quite unlikely. People are aware that Bitcoin has ups and downs. Actually after the last BIP91 lock in and the good prospect of SegWit lock in in the next period, the confidence in Bitcoin has rise.
There will be more periods of uncertainty this year and I expect quite a limbo. Don't worry, you'll get your chance to buy Bitcoin. But I also expect that the ones holding it well to win at the end.

McAfee prognosis of $500k in 3 years is clearly over optimistic, but the future is going to be bright.

[jzone23]

It is a good idea to sell btc and take advantage of the high value as of now before the splitting which result would be either a pump or a dump. Well I can it is a good way to avoid risk but I would still to one recommendation I had read on other thread that instead of selling or converting btc to cold cash its smarter to buy other strong altcoins like eth, stratis and other since other altcoins wont be affected by the chainsplit.

[cafucafucafu]

Thats a good read, but there is one problem. The hard fork seems to be unlikely to happen since there is no evidence suggesting that a hard fork or soft fork might even come. BIP91 is stable and we should be good. Even the forum knows that at the top.

Right now, most exchanges have suspended activity in order to protect the user's funds until they have confirmed that the hard fork has passed, this should happen at around 1 week after August if everything goes smoothly.

To protect yourself from the fork, you just need access to your private keys, so you can just import your Bitcoin.

[davis196]

You shouldn`t care about what the big exchange platforms are going ,OP.
They blocked BTC withdrawals and deposits,but that doesn`t mean that they would leave bitcoin forever.
Just don`t try do give advises about how the market is going to deal with Segwit.
Don`t be like the other newbie "sheep", saying "Bitcoin price decreased from $2753 to 2750 USD,
I have to sell everything,big crash is coming!"

[Wesimon]

You shouldn`t care about what the big exchange platforms are going ,OP.
They blocked BTC withdrawals and deposits,but that doesn`t mean that they would leave bitcoin forever.
Just don`t try do give advises about how the market is going to deal with Segwit.
Don`t be like the other newbie "sheep", saying "Bitcoin price decreased from $2753 to 2750 USD,
I have to sell everything,big crash is coming!"

Agree. Base from the title, I find it so irrelevant. Why would you sell bitcoin when you are rich. Why not hold bitcoin and let it grow. You'll become richer as the price of bitcoin soar in the future for sure. That's like you are panicking for a simple issue that will surely be resolved in no time.

[Clavulanic]

You shouldn`t care about what the big exchange platforms are going ,OP.
They blocked BTC withdrawals and deposits,but that doesn`t mean that they would leave bitcoin forever.
Just don`t try do give advises about how the market is going to deal with Segwit.
Don`t be like the other newbie "sheep", saying "Bitcoin price decreased from $2753 to 2750 USD,
I have to sell everything,big crash is coming!"

That decrease is not threatening for me and I don't mind that speculations of big crash to happen, eversince bitcoin created for money making lot's of negative thinkers and critics wanted to take down bitcoin economy by false predictions. So those rich guys over there wanted to sell everything and afraid of big crashes, well that's a worst decision ever made for their entire life. Holding for several months is a good choice to have now and don't mind those critics they won't help you reach your goals in life.

[mk4]

It is a good idea to sell btc and take advantage of the high value as of now before the splitting which result would be either a pump or a dump. Well I can it is a good way to avoid risk but I would still to one recommendation I had read on other thread that instead of selling or converting btc to cold cash its smarter to buy other strong altcoins like eth, stratis and other since other altcoins wont be affected by the chainsplit.

The thing is, we don't even know if bitcoin's price will crash after the split. My advice to you would be that you do your own research end decide for yourself if going for altcoins is the right move or not. So that if ever you lose money, you have no one to blame but yourself alone.

[Juggy777]

No I don't agree with your comments, to some they might seem right but to exit btc when it's about to enter the mother of its bull run it would be suicidal, have you made some looses? If yes then I would suggest you to hold on to your coins, we'll the issue with exchanges will always be there, that's why I have moved away from exchange but not leaving Bitcoins, but I must say after a while newbie post is good.

[crazyivan]

So you say you agree BTC ll reach $5k long term but suggest us to sell now for $2.5k. WTF stupid advice is that?

Why would I deprive myself of making double amount of fiat over a period of a couple of years? WHY? Cause it s risky holding crypto? Well, yes, that s why it s volatile and that s why people make so much money on it. If it would be bulletproof and 100% safe, nobody would make anything.

Nah, thx for the advice, I think I ll stick to my crypto which is what I suggest all of you other holders do. Unless you re a day trader or a speculator, remember BTC was $1830 a week ago. Then it went back to $2800. Guess how people who panic sold at $1830 feel like? I d say they feel pretty upset and disappointed. Do you want to become one of those people?

[Xavofat]

Guess how people who panic sold at $1830 feel like? I d say they feel pretty upset and disappointed. Do you want to become one of those people?

I'd say that's why the OP started a thread telling you to sell while it's high, which is the exact opposite of panic selling.

I don't know how likely it is. But it's undeniable that you need to sell BTC not something else to get funds out of Bittrex and many other exchanges.

Or perhaps you could just withdraw from Bittrex, because you're now allowed to do that again.  Most exchanges are only stopping activity from the day before August 1st.
You're both wrong.  Exchanges will not force people to sell their BTC, because they can just withdraw it now when they're widely warned to.  Also, what we think will happen to the BTC price long-term will not change what could happen to it short-term.

[williamuk]

My observation is that most people use Bitcoin as the default currency to trade on exchanges. Exchanges largely determine the price of bitcoin, because that's where they are traded for other goods. But now, most exchanges are disconnecting bitcoin from the world to protect themselves if their uses lose money for any glitch, bug or unforeseen reason, and they can't risk a huge backlash. Coinbase will stop withdrawals and deposits of Bitcoins, Bittrex has already done so, Poloniex has stated they may stop accepting deposits or allowing Withdrawals at any moment without notice (bad). Also, transactions are having problems at some exchanges, for example right now on Gdax (Coinbase) it's listed as a problem along with Wires. I have a Bitcoin transaction from Coinbase to Poloniex that has been in limbo for a full day now. When these problems start to become to surface, combined with recent announcement from for example Poloniex that the may give you just one coin if it splits, and whatever they chose to give you, or from Gdax that will take for themselves your BitcoinCash if you leave your money with them, has this effect:

1) Caos as people unawares of exchanges rejecting deposits will have their funds in limbo.
2) Those trading but that don't want the exchanges to steal their money, will now have to SELL bitcoin into another coin, transfer to an exchange or a service that still allows bitcoins transactions, to make it safe in a hardware wallet or desktop app.
3) Those with any problem or large delay in transactions will be heard loudly, and increasingly
4) Those trading that were not considering or giving much value to Bitcoin Cash, will see BTC starting to plummet as people are forced to sell into another coin to safeguard their funds
5) Trading on alt coins will lose volume, since most pairs are against BTC, and then start tanking rapidly as people want liquidity, which turns into bitcoins, and then as bitcoin tanks, rapidly into BTC/USD, BTC/CNY, etc.
6) As it gets worst, short sellers will become quite bold. They have been beaten by a lot of people not wanting to miss out, which made for price in increase despite a lot of sell pressure. Now they will triple effort.

I don't know how likely it is. But it's undeniable that you need to sell BTC not something else to get funds out of Bittrex and many other exchanges. And that a reason many people hold bitcoins is because they are the Currency in the trading pairs. This gave BTC a huge push up. But it will unwind for the same reason.

So let's see what happens. At least you get a contrarian voice to: Bitcoin will reach $500,000 in 3 years, or $4000 next month. It may reach that level, but short term, it can't be more risky that it currently is.

Cheers,

That's a very interesting analysis thanks for sharing.

I had missed that bitcoin actually has some currency value because of the sale and purchase of other cryptos, probably it's only use as a currency for now (similar to ETH).

Do you see this as only a temporary factor that will disappear once exchanges re-enable the transfer of bitcoins, or do you think there might be a longer lasting impact on confidence?

[pdpanzer]

My observation is that most people use Bitcoin as the default currency to trade on exchanges. Exchanges largely determine the price of bitcoin, because that's where they are traded for other goods. But now, most exchanges are disconnecting bitcoin from the world to protect themselves if their uses lose money for any glitch, bug or unforeseen reason, and they can't risk a huge backlash. Coinbase will stop withdrawals and deposits of Bitcoins, Bittrex has already done so, Poloniex has stated they may stop accepting deposits or allowing Withdrawals at any moment without notice (bad). Also, transactions are having problems at some exchanges, for example right now on Gdax (Coinbase) it's listed as a problem along with Wires. I have a Bitcoin transaction from Coinbase to Poloniex that has been in limbo for a full day now. When these problems start to become to surface, combined with recent announcement from for example Poloniex that the may give you just one coin if it splits, and whatever they chose to give you, or from Gdax that will take for themselves your BitcoinCash if you leave your money with them, has this effect:

1) Caos as people unawares of exchanges rejecting deposits will have their funds in limbo.
2) Those trading but that don't want the exchanges to steal their money, will now have to SELL bitcoin into another coin, transfer to an exchange or a service that still allows bitcoins transactions, to make it safe in a hardware wallet or desktop app.
3) Those with any problem or large delay in transactions will be heard loudly, and increasingly
4) Those trading that were not considering or giving much value to Bitcoin Cash, will see BTC starting to plummet as people are forced to sell into another coin to safeguard their funds
5) Trading on alt coins will lose volume, since most pairs are against BTC, and then start tanking rapidly as people want liquidity, which turns into bitcoins, and then as bitcoin tanks, rapidly into BTC/USD, BTC/CNY, etc.
6) As it gets worst, short sellers will become quite bold. They have been beaten by a lot of people not wanting to miss out, which made for price in increase despite a lot of sell pressure. Now they will triple effort.

I don't know how likely it is. But it's undeniable that you need to sell BTC not something else to get funds out of Bittrex and many other exchanges. And that a reason many people hold bitcoins is because they are the Currency in the trading pairs. This gave BTC a huge push up. But it will unwind for the same reason.

So let's see what happens. At least you get a contrarian voice to: Bitcoin will reach $500,000 in 3 years, or $4000 next month. It may reach that level, but short term, it can't be more risky that it currently is.

Cheers,

That's a very interesting analysis thanks for sharing.

I had missed that bitcoin actually has some currency value because of the sale and purchase of other cryptos, probably it's only use as a currency for now, similar to ETH.

Do you see this as only a temporary factor that will disappear once exchanges re-enable the transfer of bitcoins, or do you think there might be a longer lasting impact on confidence?

You shouldn`t care about what the big exchange platforms are going ,OP.
They blocked BTC withdrawals and deposits,but that doesn`t mean that they would leave bitcoin forever.
Just don`t try do give advises about how the market is going to deal with Segwit.
Don`t be like the other newbie "sheep", saying "Bitcoin price decreased from $2753 to 2750 USD,
I have to sell everything,big crash is coming!"

Yeah, the title was a bit for shock. As I said, this is a short term contrarian view, but not trade advise. I am observing what people might do, and worried short term a little bit at the little chaos that has ensued.

I think it's temporary.

[williamuk]

Yeah, the title was a bit for shock.

Well it did cause a bit of an emotional stir in some quarters

As I said, this is a short term contrarian view, but not trade advise. I am observing what people might do, and worried short term a little bit at the little chaos that has ensued.
I think it's temporary.

I hadn't factored that in before but thinking of it now I'd agree it should be temporary too.

Having said that, I am of the opinion that these kind of mistakes shouldn't be repeated to often or people will end up dumping this project for good.

[Pfizer]

..........
.........

At least you get a contrarian voice to: Bitcoin will reach $500,000 in 3 years, or $4000 next month. It may reach that level, but short term, it can't be more risky that it currently is.

Cheers,

This is the most important part of your message, you consider bitcoin as a short term investment and that's why you see it risky. Bitcoin has never become short term investment. For long holders, there is no such risk.

[williamuk]

This is the most important part of your message, you consider bitcoin as a short term investment and that's why you see it risky. Bitcoin has never become short term investment. For long holders, there is no such risk.

It's only long term value would be based on it's function as a transaction currency. It's use as a savings vehicle would be based on that.

This is the function Core is trying to take away from bitcoin. Until that question is settled, bitcoin is mostly speculation.

[allthingsluxury]

Like I've always said, it's never a bad idea to take your original investment off the table when you double and then double again. You are playing with "houses" money at that point and can relax.

[19Nov16]

I think this is a matter of time, when the high price makes us want to sell bitcoin, I think there is still hope the price will continue to rise so if not too need money then better hold bitcoin.