A lot of people have declared themselves selling their Altcoins in order to obtain Bitcoins (BTC) while keeping in mind getting the same amount of Bitcoin Cash (BCH) during the fork. This is why all altcoins have dropped significantly over the course of the last couple of days. People just converted their altcoins into BTC.
ETH hit 0.067BTC on July 28, 2017
ETC hit 0.0049BTC on July 28, 2017 ... and so on.
I can continue this list, but there is no need. We all know that it has happened pretty much to all altcoins.
But I've emphasized on these two altcoins intentionally.
Do you remember recent HIGHs for these two coins?
ETH was sold ~0.15BTC on June 11, 2017 - this is very recently I would say
ETC was sold ~0.0081BTC on July 12, 2017 - this is just two weeks ago
In other words, when you have major cryptos falling like this without any significant reason, then it is GREED.
Yes, people, it is nothing else but G R E E D.....
ETH drop = 0.15BTC / 0.067BTC = 2.23 times or 223%
ETC drop = 0.0081BTC / 0.0049BTC = 1.65 time or 165%
We did not have any bad news regarding these two cryptos so far, and they dropped 223% and 165% respectively, just because everyone decided to be "proactive" and have as much Bitcoins (BTC) as they can.
When other people are greedy, sell it. When other people are experiencing the fear, buy it. These are not my words. We all know who said it. I've just modified the original phrase little bit.
So, sell BTC now and buy your altcoins back. This is my advice because ETH and ETC will restore their values relatively quickly after the fork. This is for sure. And you may end up losing ~223% and ~165% profit respectively.
But Bitcoin Cash ( BCH) is unlikely will give you that amount of return.
I guess it will sink very quickly and not many of you will be able to sell their BCH when trades will be open.
Most likely majority of us will get something by selling their BCH, but it will be peanuts compared to potential profit described above.
This is why I think people's logic "Why not to get some free money by selling BCH" is wrong.
BCH price is going to be near zero as soon as trading starts. Very small amount of people will catch the highest price.
The rest will be left with their BCH worth almost zero.
So, the better strategy is - go and buy depreciated altcoins now. They are still insanely low cost now. Wait week or two after the fork and sell them by having ~2x.
Regarding BCH - wait till it drops At August 1st or 2nd ( depends on when your exchange will open ) and buy it when it will cost a penny or so.
This is a strategy for getting guaranteed 2x in about two weeks or so on Altcoins, and get 10x or 100x on BCH if it raises in the future.
Thanks, I will post another article with analysis later, when it all happens and fork issue will fade away from us.
Should be interesting,
Congratulations @labeotairovo! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPCongratulations @labeotairovo! You have received a personal award!
Click on the badge to view your Board of Honor.
Do not miss the last post from @steemitboard:
SteemitBoard World Cup Contest - Round of 16 - Day 4
Participate in the SteemitBoard World Cup Contest!
Collect World Cup badges and win free SBD
Support the Gold Sponsors of the contest: @good-karma and @lukestokes
Congratulations @labeotairovo! You received a personal award!
You can view your badges on your Steem Board and compare to others on the Steem Ranking
Vote for @Steemitboard as a witness to get one more award and increased upvotes!