BitCoinCash
If you were one of those lucky people who benefited from a cloning of the BlockChain ledger all those many day & nights ago and found yourself with an exact duplicate balance of the new BitCoinCash, you might still be wondering what to do with it. (There might be nothing you can do for the moment depending on where you collected your balance from.) Or you may soon be in a position to start moving them. You could sit on them, many people will but if their value falls to $20 as many in the sector predict, will you regret it ?
Warning !
A word of warning, if you do try and move them at the moment, it's flaky & shaky so you could be waiting for up to 20 confirmations. In these early days of block mining, that could take anywhere up to 24 hours ! (It should speed up over the next couple of weeks) but as the block mining speed increases, I predict the coin's value crashing to a near zero before establishing itself relative to Bitcoin as ETC is to ETH over the near term / to long.
Maintaining Privacy
If you do start moving coins around will you know how to remove your tracks from the duplicate addresses ? They will start revealing with unprecedented clarity, who might be moving coins from A to B if you don't take steps to shuffle coins around a bit. (Move your bitcoins to a new address once they split.) You might not be in the least bothered. It's not like you're Pablo Escobar is it. is it ? click here to find out how you may already be revealing your bitcoin identity
The Ship Sailed on Tuesday
Smart Cookies with significant Btc holdings who knew where to access them to take advantage of early lack of liquidity hit the Jackpot, no rollover. The money's been made already by the circling Sharks. Someone with a 100 Bitcoin holding who was able to move their BitCoinCash out at the earliest opportunity stood to make around the $100,000. Not bad for a lunchtime's work.
The Big If
If you had just 1 BitCoin on a supporting exchange who sorted their coin split and wallet immediately (no names mentioned) you could have started trading immediately and you still may have made close to $1,000 for your single whole clone, making that a rather large free lunch. Actually that would be a whole month's worth of business lunches @ $50 x 20 working days per month; each with a fairly decent 2 courses & a glass of Champagne to celebrate every single day.
FOMO
Prices rocketed initially as the hype surrounding the inception Block meant that BCC liquidity was low and Fear of Missing Out (FOMO) encouraged (someone) to buy in ? they've now plummeted back down to around the $300 dollar mark, which is still not bad for free sandwiches, depending on the relative values of everything else in your lunchbox / portfolio.
image sources
- BitCoinCash Graph courtesy of http://www.bittrex.com
- Peter Sellers Impatient Gif - http://media.tumblr.com
- Pablo Escobar - http://esquireuk.cdnds.net
- Wolf of Wall Street - https://typeset-beta.imgix.net/
- Free Lunch - http://www.wpri.org/
This was a great read thanks for actually sharing a damn good article I'm following you for sure.
thanks @subliminal-times.. I'm glad you like it and thanks for the appreciation !
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Glad I sat on the sidelines. I feel bad for the folks that just had to jump in right away and got burned.
FOMO & FUD the two worst enemies of investors large & small ! you did well to resist the urge to jump in.. somebody bought bitcoin cash @ $1,000 expecting the price to match BTC.. perhaps one day it will.. trading & speculation are two very different animals !