Post
Topic
Board Bitcoin Discussion
Re: Bitcoin Strategy amidst the looming BitcoinGold Fork?
by
cryptodoll
on 21/10/2017, 21:55:21 UTC
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.

Yeah, I am starting to rethink the fiat move. Its pretty easy to hold fiat in a trading position on GDAX. It's the exchange that Coinbase uses for their transactions. It's pretty cool, I just discovered it.

Valid point, altcoin has paled in comparison to the BTC dominance. I have dabbled in alt trading and I would have had better luck just HODLing my BTC.

Good points here!