Topic: Bitcoin Strategy amidst the looming BitcoinGold Fork? (Read 604 times)

I found out today that Bittrex will be supporting the fork! So you can hold your BTC there, but they also said that all withdrawals and deposits will be frozen for 24 hours . . . thats a little intense. Here is the article: https://cointelegraph.com/news/bittrex-issues-official-statement-about-bitcoin-gold-warns-users

what i suggest is to still hodl, and if you have a lot of extra cash,try buying, however it's up to you to take the risk. we all know that bitcoin gold is only a few days away, however, the price of bitcoin is becoming very volatile as of the moment, it goes 300 usd up and down by 200 usd and vice-versa, before having the bitcoin gold, i see that the best way is to hodl bitcoin and buy altcoins, since the majority of altcoins now are now taking a dip, and soon bitcoin gold will join them too, since right after having bitcoin gold, majority then, will use their bitcoins to buy altcoins since they are still low, and then we will certainly see a drop on the value of bitcoin and a rise to altcoins, then after that, the correction will take place and you can buy bitcoins at a lower value, compared today. i  think for bitcoin, the strategy is still hodl for a long time, and buy altcoins for now, wait for the correction, then buy bitcoins afterwards, the key here is still delayed gratification, we should just let bitcoin go higher and higher and after several years, we can spend a bit of bitcoins we have invested on.

About situation with Bitcoin Gold (30 sec)
https://youtu.be/Zt48H3J82Ss

First off, dont go buy btc to participate in this. if you dont have bitcoin already, literally (not cryptos, bitcoin) I wouldnt really fuck with these price levels. first off, lets assume that like every other fork, bitcoin will be the more expensive coin. that means eventually people will dump the alt to flee back into bitcoin. the price is elevated because people didnt heed my first sentence. if you buy into this peak, a retraction could hurt short term, or leave you tied up moderate term until you can get back out

my only strategy? park it on a reputable exchange and dump those fuckers for additional btc. i didnt ask for an alt; if they are giving them away for free and folks are buying them, i see that as an op to stock up on more bitcoin

look at this as a free 10-50% "early adoption bonus". warm and fuzzy right?

dont lan on moving the coins on the lesser network. it will take forever initially.

i try no to decide too fast about these things. today we saw bitcoin dip unexpectedly and these "usual suspects" recovered a little.

but i will keep my eyes open and watch the prices and volumes to see which one is showing more "potential".
i am also known to be a hardcore LTC hodler too and if bitcoin drops LTC usually goes up against it

i am going to risk it with 0.5BTC because i already have it there LOL

there are some more wallets and exchanges listed on their website (btcgpu.org). i saw it myself today.

Thanks for your points of interest! Any personal picks on good alt to pickup after fork? I've been keeping my eye on the usual suspects, but I think a good hidden gem could be KORE.

Def not going to move my BTC to yobit, hells no. lol. I am using Exodus wallet, been pretty happy with them.

Hello fellow coinsters!!! I have been contemplating my Bitcoin strategy throughout this fork event.

My first move was to cease trading altcoin, starting about the 19th. Phew! Looks like that was a smart move from all the falling knives today.

Now, my planned moves WERE as followed:

1. Cease trading altcoin one week before fork. Check.

2. HODL the Bitcoin throughout the forking event (10/25 - 11/01).

3. After the event, move the Bitcoin into fiat for temporary safekeeping, as Bitcoin may lose a lot of value after the fork.

4. Dump the BGold and collect the ca$h.

5. Pickup cheap altcoin after the fork!

Sounds great, right? Well. There are some ISSUES with this method. The issues are:

1. I cannot find a stable or trustworthy BGold wallet. Has anyone found one? I imagine there will be many shady wallets out there, just waiting to rip off our precious coins.

2. Will the price of Bitcoin really go down after the fork? With the Segwit 2x split following closely after, I don't think there will be as big of a dump as I originally thought. It may go down a couple hundred bucks, only to pickup momentum again.

3. The above is the "herd mentality". I think everyone plans to follow this strategy. Isn't it best to move against the grain to win?

4. Will BGold have value after all the dust settles? I think there are a lot of GPU miners out there just waiting to put their hardware back to work. Of course the coin will DUMP right out of the gate, but maybe it is wiser to HODL for a while?

So, what is your Bitcoin strategy? Do you agree with my findings above? Or should I stick to the original plan?

This should be interesting!

it is good, but i prefer not to make strategies like this but instead wait and see what will happen and how the market will react to things before i move to act on it.

obviously i will sell some BTG at first wave to get some profit out but afterwards i will wait to see how the price of it moves. there may be pumps soon enough and there is good profit there.

as for bitcoin. i have been thinking about the possibility of a drop after BTG fork but it may turn out to be a bear trap. so if you decided to sell expecting a big drop, be extra careful.

Your strategies are okay, and could be followed by many other people seeking profit during the fork. Just an advice, you can keep the BTG for a week or so since it has the tendency to be pumped like hell just like what happened to BCH back then for maximum profits. Other traders will also take advantage of the opportunity so why not wait it out first? Afterwards, convert everything to alts for the meantime or cash until everything stabilizes.

I don't think there is anything wrong with your strategy but there are some hard to achieve points in your strategy. Maybe they are not hard for you, but they sure are for me. You say you will hold BTC during the fork. That's perfect to me, and I think everyone will agree with you on that.

But then you say you will move BTC into fiat, for safekeeping. This is where it gets complicated in my opinion. First, like it happened on bcash, I think you should really wait for a while, before you start moving your BTC around. Nothing should go wrong, but I wouldn't risk it. After that, like you said yourself, there is another fork coming soon (that might happen or not, I'm not sure now, from what I've been reading lately). So bitcoin might not go down at all, and as you convert it to fiat, you might be losing money already, if it continues to move up. I wouldn't convert it to fiat if I were you.

Then you say dump the bgold for cash, or some alt. This looks ok to me, but why not trade them into BTC? Bitcoin's dominance over alts is increasing, and it's already at 58.8%, so I would prefer to convert bgold into BTC and not on some alt.

As for the wallet, I don't think you should have a problem with it. I will keep an eye on their site, and wait for new official releases. If I don't trust any, I will just wait.

So in conclusion, everything looks fine with your strategy, I'm just not sure about that point where you convert BTC to fiat, and Bgold to other coins that not BTC.

there is no need to completely cease altcoin trading just because they are getting dumped. there is also profit to made in dumped altcoins like by shorting.
besides there are others which rise. see Vertcoin for example, it was pumped!

now you are speaking my language

this is a good strategy and i will be doing this too. but with my trading funds not with my stash. never with my stash actually.

i will be dumping some BTG at least but i have some long term prediction about this which makes me want to hold some too.
i have not decided how much and what i will do yet though.
you can read my thoughts here: https://bitcointalksearch.org/topic/btg-my-bitcoin-gold-speculation-2254572

a little risky but a good option if you can pick up those which have a good chance of big rise.

the code was not exactly finished last i checked! there is only their github repository which you can clone and build yourself. find the link on btcgpu.org there may be wallets by 24-25th.

there is also exchanges that "may" credit 1:1 BTG for your BTC. yobit already said they will but it is yobit, AKA a shitty exchange.

there will surely be a correction, there is no doubt about it. and a correction is a couple of hundred bucks drop.
then since people expect the drop it may get bigger. some also may be in it only for BTG so they may go out after the fork so the dip may go deeper.

the 2x stuff is another story though. the drop may be tiny or may be huge. we shall wait and see.

not everyone but if enough people do, there will be a small dip and that is enough to follow this strategy.

my thoughts exactly

1. Cease trading altcoin one week before fork. Check.

2. HODL the Bitcoin throughout the forking event (10/25 - 11/01).

3. After the event, move the Bitcoin into fiat for temporary safekeeping, as Bitcoin may lose a lot of value after the fork.

4. Dump the BGold and collect the ca$h.

5. Pickup cheap altcoin after the fork!

1. I cannot find a stable or trustworthy BGold wallet. Has anyone found one? I imagine there will be many shady wallets out there, just waiting to rip off our precious coins.

2. Will the price of Bitcoin really go down after the fork? With the Segwit 2x split following closely after, I don't think there will be as big of a dump as I originally thought. It may go down a couple hundred bucks, only to pickup momentum again.

3. The above is the "herd mentality". I think everyone plans to follow this strategy. Isn't it best to move against the grain to win?

4. Will BGold have value after all the dust settles? I think there are a lot of GPU miners out there just waiting to put their hardware back to work. Of course the coin will DUMP right out of the gate, but maybe it is wiser to HODL for a while?