Topic: Possible BTC fork and implications for holding Altcoins (Read 725 times)
If you holding altcoins the only Implications you maybe experienced is dumping all atls . Because some Trading site does not accefted Bitcoin Cash(BCC) or not supported so the main exchange is Bitcoins(BTC) as I know Poliniex not supported this Altcoins . So you will not receive BCC if you are a trader in Polo.
In the end I decided to keep my Alts . . . and actually I've picked up a few more coins in the sale yesterday!
Overall I am holding a 1/3 in Fiat, 1/3 in BTC and 1/3 in Alts so I hope I am prepared for all possible scenario's!?
Overall I am holding a 1/3 in Fiat, 1/3 in BTC and 1/3 in Alts so I hope I am prepared for all possible scenario's!?
Thanks so much for your responses . . .
So since there is a fork imminent i.e. BCC would it be worth selling Altcoins back into BTC in order to gain the free BCC?
I'm not sure whether it will gain much support but it could given the small Chinese following.
So since there is a fork imminent i.e. BCC would it be worth selling Altcoins back into BTC in order to gain the free BCC?
I'm not sure whether it will gain much support but it could given the small Chinese following.
it is very hard to say if it is a good idea or not and when we become certain it would be already too late!
right now the price of BCC doesn't look good and as we get closer to the date it will probably drop even more. and when it is actually released price will tank hard because obviously a lot of us will sell. even if we sell 90% of it we will make sure to sell.
and on top of that the trusted exchanges have not yet added and may not even add BCC for you to sell easily. so far only 1 place has it which is an unknown and new exchange operated by the only mining pool supporting this split.... everything about it is fishy.
i say weigh your options. see if the altcoin you already have can give you more than the equivalent BCC can potentially give you after the drop or is it not worth it at all.
If there is hardfork, one of the coins will be choiced as the main one by the users, miners and exchanges so most likely there will be one pair like eth/btc or eth/btu
My question is what happens to Altcoins which you're holding and paired with BTC . . . if you want to sell later down the line what do you get in exchange? BTC Core or BTC Unlimited or both?
You'd get BTC - the alt/btc pairs will still be trading. As far as I can tell, neither Poloniex nor Bittrex plan to add BCC, let alone pairs with BCC.
Seems leaving Alts on Exhcnages is the same as leaving BTC since you're leaving it up to a third party to choose which pairing (or which coin) you receive when you come to sell . . .
Also your BTC is tied up in Alts so you won't receive free BCC.
Let's say BCC get's some support and acquires value then you will lose out, and if it surpasses BTC (highly unlikely) and Polo/Bittrex maintain their support of BTC you lose out more.
Just speculating what to do with my Altcoins on Exchanges.
My question is what happens to Altcoins which you're holding and paired with BTC . . . if you want to sell later down the line what do you get in exchange? BTC Core or BTC Unlimited or both?
You'd get BTC - the alt/btc pairs will still be trading. As far as I can tell, neither Poloniex nor Bittrex plan to add BCC, let alone pairs with BCC.
the pairs does not matter, first there might be some mispriced coins due to the fork but eventually everything will back to the right price.
Thanks so much for your responses . . .
So since there is a fork imminent i.e. BCC would it be worth selling Altcoins back into BTC in order to gain the free BCC?
I'm not sure whether it will gain much support but it could given the small Chinese following.
So since there is a fork imminent i.e. BCC would it be worth selling Altcoins back into BTC in order to gain the free BCC?
I'm not sure whether it will gain much support but it could given the small Chinese following.
what is up with all these new accounts asking about bitcoin unlimited! nothing about BU has changed. it is the same as before and this "split" doesn't seem to be related to it at all.
you won't get "Lots" of coin. you will have valid coins on any existing chain. and it will be as much as you had before. if you had 1 then you will have 1 on chain1 and 1 on chain2 and 1 on chain1000
for all that to happen, the other new chains have to be able to exist for a least amount of time and show thy can survive first. and since this is bitcoin i don't really think it is possible.
there is a high chance we won't see any forked chain to survive for long if the support is not there.
second because altcoins will be dumped hard if anything goes wrong with bitcoin price. you saw a glimpse of what could happen recently when price went down from >$2600
My understanding in the event of a split we will receive two lots of coin on each chain,
you won't get "Lots" of coin. you will have valid coins on any existing chain. and it will be as much as you had before. if you had 1 then you will have 1 on chain1 and 1 on chain2 and 1 on chain1000
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and the likelihood is people will flip coins from the least favourable (BTC Core or BTC Unlimited) and the price of both will go up/down accordingly.
for "flipping" coins there must be a place to do it. it means an exchange has to list them for trading, they have to download the specific other client, sync, change their platform code, do something against replay attack, an a lot more headache and issues then allow users to deposit coins to "flip"for all that to happen, the other new chains have to be able to exist for a least amount of time and show thy can survive first. and since this is bitcoin i don't really think it is possible.
there is a high chance we won't see any forked chain to survive for long if the support is not there.
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My question is what happens to Altcoins which you're holding and paired with BTC . . . if you want to sell later down the line what do you get in exchange? BTC Core or BTC Unlimited or both?
doesn't really matter first because of what i explained above. second because altcoins will be dumped hard if anything goes wrong with bitcoin price. you saw a glimpse of what could happen recently when price went down from >$2600
this kind of FORK is the term inflation in fiat world.
or shall we call it "Coinflation"
or shall we call it "Coinflation"
If I understand what you are asking correctly, it depends on the exchange you use. They might list all the different forks of Bitcoin or just the one that wins out on the exchange and then you would buy/sell like normal between your altcoins and whichever bitcoin chain the exchange lists that you want.
So really nothing changes for altcoins except needing to wait a bit to see which bitcoin chain ends up being the new dominant one and then using the exchanges that support it to swap altcoins to it.
So really nothing changes for altcoins except needing to wait a bit to see which bitcoin chain ends up being the new dominant one and then using the exchanges that support it to swap altcoins to it.
Hey,
Obviously there are a lot of different opinions on what may happen to Bitcoin and other Crypto Currencies on 1st August . . . so I'm only speculating but can I inquire about the following outcome.
My understanding in the event of a split we will receive two lots of coin on each chain, and the likelihood is people will flip coins from the least favourable (BTC Core or BTC Unlimited) and the price of both will go up/down accordingly.
My question is what happens to Altcoins which you're holding and paired with BTC . . . if you want to sell later down the line what do you get in exchange? BTC Core or BTC Unlimited or both?
I am holding a lot of Altcoins and just wondering if it is better to sell now so I can independently choose which BTC chain to invest in.
Many thanks,
Rich
Obviously there are a lot of different opinions on what may happen to Bitcoin and other Crypto Currencies on 1st August . . . so I'm only speculating but can I inquire about the following outcome.
My understanding in the event of a split we will receive two lots of coin on each chain, and the likelihood is people will flip coins from the least favourable (BTC Core or BTC Unlimited) and the price of both will go up/down accordingly.
My question is what happens to Altcoins which you're holding and paired with BTC . . . if you want to sell later down the line what do you get in exchange? BTC Core or BTC Unlimited or both?
I am holding a lot of Altcoins and just wondering if it is better to sell now so I can independently choose which BTC chain to invest in.
Many thanks,
Rich
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