Now is Not the Time to Be Buying Bitcoin Cash.

erodriguezc11 (58) · 7 years ago

You're right, even though there is a huge support from China behind BCC, it is clearly overbought, once those coins are liberated from private wallets, the selloff would be massive, it could even crash and trap all these antsy bulls.

Another thing to take into account are the BCC's of Coinbase, Xapo and the NO SUPPORTERS, ironic but because of the NO SUPPORTERS there will be NO SUPPORT technically trading speaking with those funds.

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8 votes

booster (68) · 7 years ago

This comment has received a 1.20 % upvote from @booster thanks to: @erodriguezc11.

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bcn (49) · 7 years ago

The market is crazy. The price will increase till deposits and withdrawals will be opened on exchanges, then dumping will start and lots of traders will lose a lot.

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finnian (58) · 7 years ago (edited)

Yep, the same pattern repeats over and over, and people keep getting ripped off. I almost feel sorry for them. Friends of mine who do trading love this stuff. They make tons of money. How?

They are taking other people's money of course. I know we are not supposed to get emotional about investments, but it is hard for me not to knowing what I know.

hilarski (76) · 7 years ago

I want to be the guy that warned them.

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dreamrafa (66) · 7 years ago

Well said my friend... Maybe some are aware of this and they are just waiting to take the highest profit...

What would happen if people decide to keep their BCC in their wallet anyway?, as its raising some could decide to hold instead of dumping it... This is so unpredictable...

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8 votes

zeugen (57) · 7 years ago

Good idea !!!
Let the craziness cool off and then look out !!!
Keep on steemit!!

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7 votes

rocksg (69) · 7 years ago

This is the time to sit back and relax after the indications become obvious we will buy it.

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elderfinancial (56) · 7 years ago

Thanks for the advice. I was originally planning on selling my BCC, but after some deliberation and recent events I think I have changed my mind and will hold it. Thank you for your opinion on the matter @hilarski!

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kyusho (68) · 7 years ago

But selling BHC seems like a great opportunity now at over $700.00 if you have 4 BTC, you get one free!

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yogi (64) · 7 years ago

If you have some BCC in an exchange, it's probably not a bad idea to sell at these FOMO prices... Almost guaranteed to buy back at a cheaper price....

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hilarski (76) · 7 years ago

I sure would!

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dim753 (65) · 7 years ago

The price of BCH is growing i don't know what i think now

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paulygg (42) · 7 years ago

I first saw BCH on bittrex trading for 450$. When i saw it hit 1300$ i shit myself.

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hilarski (76) · 7 years ago

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paulygg (42) · 7 years ago

Hahaha accurate response.

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shahzaib (48) · 7 years ago

thanx sir for help me in this issue i really dont know about this and know ur post teach me some things and i really know something about this @hilarski sir thanx

8 votes

robrowe (56) · 7 years ago

yes sir u r also right and now i improve my some knowledge from ur post keep it up good work for us always

neiraurdaneta (59) · 7 years ago

For inexperienced in markets like me it is very dangerous to do so now, thanks for the advice ;)

hotsauceislethal (64) · 7 years ago

I just wrote an article about FOMO :) https://steemit.com/bitcoin/@hotsauceislethal/how-to-conquer-fomo-fear-of-missing-out

Interesting how you say that BCH is in line with Satoshi's original vision... Almost like we are a religion now :)

hilarski (76) · 7 years ago

It sure does feel like a religion. I signed up a long time ago.

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codypanama (57) · 7 years ago

Words of wisdom my friend. Chinese support each other by their very nature so I believe BCH will do well in the long run, but profit taking is going to huge with a corresponding large drop in price. Should be another long term holding coin. after all it was a gift :-) And you don't sell or give away gifts right LOL
Cheers

dekanac (45) · 7 years ago

I'm waiting to see in the future if there is going to be more than one node of bitcoin cash.

freakyfriday (46) · 7 years ago

Hi Randy, overal I liked your article. Thanks for the heads up. But I find it very concerning that you say BCC is in line with Satoshi Nakamoto's original version. It simply is not. It breaks the core rule of 1 mb blocks. That it is not in line is the reason for a hard fork in the first place. If you go deeper in why bcc exist in the first place i expect you will have no apetite in buying it either.

ashaman (57) · 7 years ago

It breaks the core rule of 1 mb blocks.

If you bother to read the whitepaper, you will find that 1mb blocks are in no way part of his vision. The 1mb limit was imposed as a temporary antispam measure and was meant to be removed long before the limit was reached.

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freakyfriday (46) · 7 years ago (edited)

In that case it seems like I am misinformed that it was one of the core rules. Thanks for pointing that out. I will read the white paper from a to z.

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ashaman (57) · 7 years ago

There's been an effort to rewrite history in regards to that point by certain parties. For example I've heard the claim that there was always a limit, even though the so-called limit being referred to was due to a bug in one of the libraries used in early versions of Bitcoin, rather than a feature there by design.
The whitepaper clearly describes scaling as involving full nodes being run out of datacenters and SPV wallets being the norm for users - the very same scenario that people are claiming will harm decentralization with big blocks. Relying on full nodes to be run by altruistic hobbyists is absurd. As long as there are businesses who have a need for their own full node in many jurisdictions, decentralization remains unharmed, whether nodes need to be run on high-end hardware or not.

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freakyfriday (46) · 7 years ago

Thanks for sharing your views. Very much appreciated. I have not yet made up my mind what to think exactly after what you told me. I first want to read the white paper to know every single detail. Obviously I was misibformed about 1 important detail. :) I do not know if I would be all to happy about businesses running the full nodes. A healthy mix between regular people and businesses would keep the network more save to my mind.

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hilarski (76) · 7 years ago

I don't argue BTC/BCC/BCH or the ideas. I like what I see and will support both with my money for now. I leave the arguing to devs. I do find the BCC/BCH idea for scaling more inline with Satoshi. We all have opinions.

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freakyfriday (46) · 7 years ago (edited)

Thanks for your reply. :) As we can not argue on opinions we can talk facts. But I agree. Let the devs do the arguing on the facts. In meanwhile we can share our ideas.

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anomiej (45) · 7 years ago

shhh noo don't tell them, I wanna sell my BCH altcoin for a good price!

hilarski (76) · 7 years ago

Gangsta!

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englishtchrivy (72) · 7 years ago

shared to hubby via skype!
thanks!

prakashghai (63) · 7 years ago

Good if it falls back to $300 after touch $1000 plus

arckrai (62) · 7 years ago

It seemed like people are consumed thinking that BCH will be the next big thing but it seems like most people's investments are still with BTC.
I think sooner or later the price will drop but the price keeps ramping up most likely because of FOMO as well as bittrex releasing it later as well as people who kept their bitcoin in cold storage.
Let's see what will happen in the end

hilarski (76) · 7 years ago

Purely, supply and demand.

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trendo (58) · 7 years ago

I was surprised when I saw the price today ! But yeah it will probably go down once exchanges allow sending it.

quinneaker (74) · 7 years ago

Awesome post!
You are my go to account for crypto updates!
Keep em coming!

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aenor (64) · 7 years ago

This always happens. I think cryptocurrency has more Momentum traders than any other type.

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10 votes

ljd91 (30) · 7 years ago

I agree with bcn, the price for Bitcoin Cash is rising simply because of supply constraints on exchanges. As soon as deposits are available, we will see a huge dump of Bitcoin Cash on the exchanges. It'd be great if anyone had any info regarding when this might be (say for Bittrex or Bitfinex). Until then, I'm just refreshing the websites...

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maven2017 (44) · 7 years ago

Hi Randy,
I am confused how to claim my BCC since I held by btc in Blockchain.info wallet. any advice?

hilarski (76) · 7 years ago

I am not sure @maven2017. Every wallet is different.

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team101 (61) · 7 years ago

Thanks for this good information. Let's just let everything chill for a moment. LOL

anarcotech (66) · 7 years ago

I could not believe the price rise over the last 24 hours. Just kind of wish trezor would sort their shit out and release my BCH now!

ljd91 (30) · 7 years ago

Although there is no Trezor support for a BCH wallet, you can still claim your Bitcoin Cash and transfer it to another wallet / exchange account. The problem there, however, is the vast majority of exchanges are not yet accepting BCH deposits.

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gniksivart (67) · 7 years ago

this is great advice. Dont buy on fomo. wait for consolidation and then pick some upif you want more.

aedroberts (54) · 7 years ago

@hilarski Hello Randy, thanks for the information. I'm still a cryptocurrency noob. However, I noticed that you used the word, normalizes, in a sentence.

ionlysaymeep (50) · 7 years ago

meep

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aedroberts (54) · 7 years ago

Monty Python and the Holy Grail had the Knights Who Said, "Ni!" I don't recall "Meep" in this terrestrial.

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ionlysaymeep (50) · 7 years ago

meep

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joanstewart (65) · 7 years ago

Shared the warning @hilarski and appreciate your insight, normally spot on. Will keep an eye on this over the next couple of weeks.

hilarski (76) · 7 years ago

Thank you Joan, always beware the FOMO!

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nguyenthanh (63) · 7 years ago

I can not believe my eyes anymore!

shawnfishbit (55) · 7 years ago (edited)

I agree 100 percent. I already sold my position at a hefty .42 btc per BCH coin on Trex. I didn't expect it to go up that far. I can't believe someone would be willing to pay that price. Be careful guys . . . it's already fallen to .31 at the time of my comment.

hilarski (76) · 7 years ago (edited)

#HIGHFIVE I sold at .063 bought back at .055, sold again at .15 and never got a chance for another entry point.

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donniedeluxe (49) · 7 years ago

Informative post mate, thanks a lot. In your opinion when would be the opportune time to buy more bitcoin cash?

hilarski (76) · 7 years ago

Let it drop like a rock. If it stays at this level after a month this could be the true price but I highly doubt it.

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donniedeluxe (49) · 7 years ago

great advice, I felt the same. let it be tested before invested ;)

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viking747 (41) · 7 years ago

Another great common sense post... thank you!

creative-mind (52) · 7 years ago

Bitcoin cash have lot of potential. I see its bright future :)

brothermic (68) · 7 years ago

no, everyone is dumping, defenitly not a time to buy :)

enazwahsdarb (66) · 7 years ago

What kind of retreat price-levels are we talking here?

100%+ in 24 hours.. I think there is a lot of FOMO.. But in the same breath, how can one rely on investing into something, and making a decent choice, if they only get in after it's just done 100%+.. Crazy

Thanks for the post @Hilarski! Talk soon.

hilarski (76) · 7 years ago

Big once deposits are allowed.

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enazwahsdarb (66) · 7 years ago

Yeah, what I was asking is at around what draw-back price are you looking at purchasing?

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finnian (58) · 7 years ago

Thanks for the warning! It is a wise one. I'm not in this at all though. All my crypto is in other places. Humans are sadly very predictable though, and even I've made mistakes with ICO's and related events. For now I'm concentrating on accumulating more SP anyway, so avoiding FOMO is easy.

sandstorm (67) · 7 years ago

The ride is real, being buckled in and having restraint will save some sanity for many people. Thanks for the WARNING Randy!

sunscape (70) · 7 years ago

Thank you for the wonderful heads up. Not jumping in yet? ;-)

hilarski (76) · 7 years ago

No way!

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cryptocoinclub (47) · 7 years ago

Anyone else getting blockfolio addiction because of BCH? - https://steemit.com/cryptocurrency/@cryptocoinclub/blockfolio-addiction-help-group

arcange (73) · 7 years ago

Congratulations @hilarski!
Your post was mentioned in the hit parade in the following category:

Comments - Ranked 10 with 116 comments

maurocostarica (61) · 7 years ago

I bougth some yesterday at a price of $310 USD, I'll sell it now, so I won a very juicy profit of it, and buy it again when all this stuff ends

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hilarski (76) · 7 years ago

Probably bought from me ; )

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maurocostarica (61) · 7 years ago

lol, maybe!

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automaton (56) · 7 years ago

I would be careful either way. There is only one Bitcoin..;)

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andr1an0 (6) · 7 years ago (edited)

That's crazy! Those people who held their private keys or Bitcoin off of exchanges are unable to send their Bitcoin Cash to the exchanges. I think that those exchanges will have to find i solution quick to solve this issue otherwise this will turn people crazy.

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scaredycatguide (73) · 7 years ago

"Now is definitely not the times to buy bitcoin cash" - that statement sums it all up.

Regardless of market, you don't buy after a big rip. Chasing never made anyone money in the long run.

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rt395 (65) · 7 years ago (edited)

Thank you for the explanation Randy. Looks like a great time to sell my BCC. I'd rather take my chances with alts.

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diggerdugg (54) · 7 years ago

Huge FOMO going on here @hilarski! I too believe that right now is a time to as you put it, sip some coffee and walk the dog! I noticed on bittrex the wallet is offline so as I take it you can purchase BCC now but you cant do anything with it ATM, which inturn leaves you vulnerable to not do any selling IF the price tanks. Think that would be a correct statement in saying?
How did you make out yesterday? I myself played it safe and didnt dabble too much, still very new to me :)
Cheers mate!

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yaan (59) · 7 years ago

Everyone is going crazy, it's fun!

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mnur (65) · 7 years ago

I think your post is very interesting. I want to like you your post is so amazing it is interesting that I can succeed in steemit. My post no one visit please help thanks @

jamhuery (61) · 7 years ago

i still hold another ALt coin, i dont brave yet for new coin, investment is not for today to next week , but investment for next mount and next years

msg768 (65) · 7 years ago

I can't agree more. Thanks for warning your followers!

adnanrabbani (70) · 7 years ago

Great thoughts @hilarski BCC won't accepted by majority of peoples worldwide its only small group of peoples in viabtc who support this coin Bitcoin segwith is the original bitcoin and its best for all of us that we have only 01 bitcoin and that is bitcoin segwit.

akkha (59) · 7 years ago

Thank you so much for the information @hilarski ! one thingin my mind: is it possible to drop dwon the price of BCH to minimum level ?

hilarski (76) · 7 years ago

It will come down substantially.

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akkha (59) · 7 years ago

thank you !!!

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evanrvoss (67) · 7 years ago

I think it is doing a big PUMP...Then DUMP....but I will be ready to acquire some coins when the price stabilizes.

In the mean time buy Steempower when the price is cheap.

hilarski (76) · 7 years ago

Now that is a good idea. I actually had buy orders at $.30 hoping that the BTC price crashed and took Steem with it. That same BTC is what gave me free BCH/BCC.

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theguruasia (67) · 7 years ago

@hilarski,
Few friends of mine asked this from me too. Yeah I feel the same! Actually this is a great post, I mean great guidance, I will resteem your post, coz most of my followers are already trapped with BCC /BCH and willing to buy it at any cost!
Thank you very much for this useful information! Really appreciate yuor effort!

Cheers~

jeezzle (70) · 7 years ago

Yes I saw all those huge highs and I was like...... what the heck is going on.

hansen7 (49) · 7 years ago

BCH price is waaaaaay to high!

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fenequedvm (46) · 7 years ago

Great info. Thanks for make us aware of what is going on with bitcoin cash.

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hms818 (61) · 7 years ago

Thanks @hilarski for sharing the insights of BItcoin cash... will definitely keep an eye on it.

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jessicakroe (41) · 7 years ago

thanks for advice your really a big help especially to newbie like me .

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rtdcs (63) · 7 years ago

Whoever left their BTC's in paper wallet is now loving it.

But let's wait and see what will happen :)

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hedge-x (57) · 7 years ago

Probably smart to just hold on to both Bitcoins at this point and see which one wins out long term. A lot depends upon Segwit + LN and if Bitcoin follows through with the HF in Nov.

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world-travel-pro (76) · 7 years ago

I'm impressed on how well you and many other's have done in the crypto world. I'm an old school invester. precious metals, stocks, and high interest CDs in Ecuador that earn me about 9% insured.

I see you following a friend @lenatramper. I found you through her. I'm kind of new on here, looking to meet people and get the word out. That I'm the world travel pro on steemit!

I've been living out of a backpack for about 10 years. People find my blog interesting and highly informative. Maybe you'd want to check it out. I'll be following you for crypto currency advice. Have a great day! -Dan World Travel Pro!

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kcm1105 (41) · 7 years ago

It's has the same potential as BTC has. So yeah will be buying it when it gets stress test.

stackin (78) · 7 years ago

Im finding out everyday that these exchanges arbitrage and can manipulate the supply of tons of cryptos. I'm like hmmm 😂😂😂

hilarski (76) · 7 years ago

It's all a big game and we are just here for the ride!

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pablo-patada (36) · 7 years ago

Can FOMO also stand for, "FFS People!"?

I love crypto. My kind of crazy.

blazing (70) · 7 years ago

you are absolutely right we need to wait some days these are early trends and some free BCH has worked the magic for the price gain.

monukaith (33) · 7 years ago

Dont u guys think big whales and some farms supporting bcc stratagicaly and strongly ???

hilarski (76) · 7 years ago

Of course

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bibek (54) · 7 years ago (edited)

great article...i have already started trading bcc on bittrex..its really going high..i see it will do better in future:)

sevinwilson (65) · 7 years ago (edited)

It is insane how much more expensive it is on Bittrex than everywhere else!!! Currently like $300 more on Bittrex than Kraken..

hilarski (76) · 7 years ago

Too bad it is impossible to arbitrage.

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sevinwilson (65) · 7 years ago

Haha I know! I logged into Bittrex and saw it was disabled! Back to the rabbit hole!

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thebul (38) · 7 years ago (edited)

Thanks for the advice. As a newbie in the crypto world FOMO is hard to resist. I have learned to be a little more patient now after seeing the volatility that has taken place in the one month I have been buying. Every other week there seems to be a clearance sale. Just sit back and wait.

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shahzaib (48) · 7 years ago

can any one @helpme to recover my password this account i dont save my passwrd and sign in from that day when i make this account @helpme for recover my password this account

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hilarski (76) · 7 years ago

Why is this a comment on my post?

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shahzaib (48) · 7 years ago

because i think in ur coment many talented person are coment and may be any one solve this and i think u also better than everyone sir

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hilarski (76) · 7 years ago

Nope, just another blogger like you.

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zoef (64) · 7 years ago

crazy shizzels here

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