Sorry I might have missed it but how do you intend to make money out of this scenario? From what I can see, BTC and Litecoin seem to be the most resilient so I'm considering keeping my funds mostly in those, although am still deciding whether I move a chunk into fiat as well.
Unfortunately I have a large amount of ether locked up in ENS contracts so I'll need to short ethereum on poloniex as a hedge against a fallout there.
What do you think?
You can definetely hedge yourself going short, but this is quite risky, as volatility even with a negative trend can result in positive spikes which will close automatically your position on a loss.
I suggest changing funds to USDT and wait until the 4th of August to rebuy BTC and alt coins with big betas, which will suffer the biggest corrections. Examples such as SC, BCN, REP, BTS, STRAT
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Usdt? I dont agree that is a safe place to hold it :) Personally I will use them and put the rest into SP. Seems to me to be a small error but it might pay itself off later on.
Reason I dont agree with usdt is that it does not have a unified value between exchanges and due to this the market prices gets skewed.
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No crypto has the same value throughout exchanges, and there's always chances of arbitraging during volatile periods. Having said this, 1 USDT is backed by 1 USD, therefore the price always ranges between 0.95-1.05 depending on liquidity of the market
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I think thats a good advice, Earlier today I converted quite substantial amount to FIAT, I think I will be able to buy BTC back at 2200 or similar. For average non technical person / investor, all the commotions around the bitcoin protocol is just bad news.
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Well, as per today if you did so, you can buy at 2100. I still anyhow expect the drop to the 1600-1800 level.
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I actually didn't buy back yet. I think the same, maybe a bit more optimistic 1700-1800 level. I hope everything will be fine on August with SEGWIT and good news should bring back a positive trend.
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wait did you just recommend BCN as a SAFE place to hold cash? Are you kidding? have you seen the chart? that coin is going closer and closer to 0 every day, I'm kinda amazed it hasn't been straight up removed from Polo.
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I did not. I mentioned that after the 4th of August, it is interesting consider currencies with high betas that have suffered from the BTC uncertainty, and BCN is an example.
BCN is definetely not a safe currency, but rather completely the opposite (precisely that's the definition of a high beta).
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