After reading this little post, I decided to reset my Bittrex orders.
I will not pretend to know anywhere near enough about this whole Bitcoin thing that's going to happen on the 1st of august. I do know many people are worried and unsure of what's going to happen. That's why I figured it's best to cancel all of my open orders for now. I will move most of my bitcoin into alt coins and keep them there until after the 1st of august.
I don't know what will happen, but I'd rather not have all of these open trade orders when it's the 1st of august. No idea if this is a good call or not, but I really don't know enough about the situation for me to feel comfortable in any other way.
What do you think? Is this a good idea, or am I taking the wrong precautions (and please understand you're talking to a newbie here, so use baby words)?
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It is a wise decision. After 1 august if everything runs smoothly, we can convert back our alt coins to bitcoins. You have taken a great step. Have you seen my photo manilpulation post?
Thank you for your input :-)
I've moved a lot of crypto into altcoins, largely Litecoin tbh. Even aside from BIP148 there's a lot of positive things on the horizon from LTC.
I'm sad to admit I've also moved a rather large amount back into fiat. It just seems a little to risky atm, I may end up buying back in at lows and missing out, but I would kick myself even more if I lost a lot due to it all :/
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Yeah, I completely understand. I haven't invested any of my fiat money into crypto yet. It's all earnings from Steemit. I still have most value on my Steemit account, but I've practiced trading this last year aswell.
I have most in ETH, SBD and LTC now, but still have some BTC left to trade for alt coins.
Thank you very much for your input :-)
I think it's a good idea, let's wait and see how it goes 👍
just like @classydapper said, i think we should wait
As I think no one actually knows exactly what is going to happen, I think it always is best to follow your own feeling to be comfortable. All in crypto is so unpredictable. You just ride the waves!
Very true!
No problems here.I only have around 0.01 btc.Nothing. :)
I think minimising risk where you can is good idea. But, if you're concerned about what's happening with Bitcoin, you might want to keep in mind options like USDT and SBD (both are dollar pegs).
If Bitcoin does make some sudden price changes then rest of the crypto-market will likely also be effected by it.
Choosing something that is self stabilising like dollar-pegged tokens is a good way to ride out a storm it also means you don't have to cash out to Fiat. However, Fiat would still be the safest bet from any potential losses.
Best of luck
Thank you for your input! Yeah, I still have quite a bit in SBD aswell (though my majority is still Steem Power, as I refuse to power down as long as I don't need money). I figured I might aswell spread over a few altcoins to spread my risks.
Do you hold just btc now or ltc too?
I hold ltc aswell and some other alt coins, but I'm going to move most of my btc to alt coins this week. (Not that I have a lot at all, but still :-))