Topic: Sell your bitcoins while you are still rich - page 2. (Read 1347 times)

You shouldn`t care about what the big exchange platforms are going ,OP.
They blocked BTC withdrawals and deposits,but that doesn`t mean that they would leave bitcoin forever.
Just don`t try do give advises about how the market is going to deal with Segwit.
Don`t be like the other newbie "sheep", saying "Bitcoin price decreased from $2753 to 2750 USD,
I have to sell everything,big crash is coming!"

Thats a good read, but there is one problem. The hard fork seems to be unlikely to happen since there is no evidence suggesting that a hard fork or soft fork might even come. BIP91 is stable and we should be good. Even the forum knows that at the top.

Right now, most exchanges have suspended activity in order to protect the user's funds until they have confirmed that the hard fork has passed, this should happen at around 1 week after August if everything goes smoothly.

To protect yourself from the fork, you just need access to your private keys, so you can just import your Bitcoin.

It is a good idea to sell btc and take advantage of the high value as of now before the splitting which result would be either a pump or a dump. Well I can it is a good way to avoid risk but I would still to one recommendation I had read on other thread that instead of selling or converting btc to cold cash its smarter to buy other strong altcoins like eth, stratis and other since other altcoins wont be affected by the chainsplit.

You missed the dip and afraid that another one won't come?


This is a wrong assumption. The rest I will not even quote since it's a lie. I do some speculation and I just withdrew today some more BTC from Poloniex.


Quite unlikely. People are aware that Bitcoin has ups and downs. Actually after the last BIP91 lock in and the good prospect of SegWit lock in in the next period, the confidence in Bitcoin has rise.
There will be more periods of uncertainty this year and I expect quite a limbo. Don't worry, you'll get your chance to buy Bitcoin. But I also expect that the ones holding it well to win at the end.

McAfee prognosis of $500k in 3 years is clearly over optimistic, but the future is going to be bright.

I use Bittrex, how do you recommend that I transfer BTC to my wallet? What steps should I do?

I also have a pending BTC transaction from GDAX that right now is 23 hours old, to Poloniex, and never confirmed. How do you recommend I move my funds from Gdax to my Wallet? I certainly am worried about my funds in Limbo and Gdax stating officially they are having problems with Bitcoins deposits and withdrawals.

You sounds so sure of your recommendation to sell Bitcoin while the value is still good and though there is nothing wrong with that idea the fact is that Bitcoin will remain strong and even if there will be a split or a new coin coming from Bitcoin network still its value can immediately soar up once all of this mess will settle down.

Exchanges are suspending their Bitcoin activities primarily to protect their members' funds and to protect their own business until it is clear on what can transpired on and after August 1. Though some are doing it too early, I have no doubt that they are doing things for our own good.

The best thing to do is to transfer your Bitcoin to a wallet where you have the control of the private keys. However, I have high hope on Bitcoin as it has proven itself to be very resilient and a survivor of many conflagrations in the past...this time we are expecting that Bitcoin can pass with flying colors despite all the FUD flying around.

My observation is that most people use Bitcoin as the default currency to trade on exchanges. Exchanges largely determine the price of bitcoin, because that's where they are traded for other goods. But now, most exchanges are disconnecting bitcoin from the world to protect themselves if their uses lose money for any glitch, bug or unforeseen reason, and they can't risk a huge backlash. Coinbase will stop withdrawals and deposits of Bitcoins, Bittrex has already done so, Poloniex has stated they may stop accepting deposits or allowing Withdrawals at any moment without notice (bad). Also, transactions are having problems at some exchanges, for example right now on Gdax (Coinbase) it's listed as a problem along with Wires. I have a Bitcoin transaction from Coinbase to Poloniex that has been in limbo for a full day now. When these problems start to become to surface, combined with recent announcement from for example Poloniex that the may give you just one coin if it splits, and whatever they chose to give you, or from Gdax that will take for themselves your BitcoinCash if you leave your money with them, has this effect:

1) Caos as people unawares of exchanges rejecting deposits will have their funds in limbo.
2) Those trading but that don't want the exchanges to steal their money, will now have to SELL bitcoin into another coin, transfer to an exchange or a service that still allows bitcoins transactions, to make it safe in a hardware wallet or desktop app.
3) Those with any problem or large delay in transactions will be heard loudly, and increasingly
4) Those trading that were not considering or giving much value to Bitcoin Cash, will see BTC starting to plummet as people are forced to sell into another coin to safeguard their funds
5) Trading on alt coins will lose volume, since most pairs are against BTC, and then start tanking rapidly as people want liquidity, which turns into bitcoins, and then as bitcoin tanks, rapidly into BTC/USD, BTC/CNY, etc.
6) As it gets worst, short sellers will become quite bold. They have been beaten by a lot of people not wanting to miss out, which made for price in increase despite a lot of sell pressure. Now they will triple effort.

I don't know how likely it is. But it's undeniable that you need to sell BTC not something else to get funds out of Bittrex and many other exchanges. And that a reason many people hold bitcoins is because they are the Currency in the trading pairs. This gave BTC a huge push up. But it will unwind for the same reason.

So let's see what happens. At least you get a contrarian voice to: Bitcoin will reach $500,000 in 3 years, or $4000 next month. It may reach that level, but short term, it can't be more risky that it currently is.

Cheers,