[MeanPeopleSuck]

Why did BCC/BCH's price triple this week to $900?

There's solid reasons for BCC's value to climb -- its fees are 99% less than BTC's, it's nearly instantaneous, miner's profits are climbing every day leading to increasing hash rates, and its usage is up 1,000% in 3 weeks -- but IMHO, none of those things justify a $15 billion market cap for a coin nobody had ever heard of until a month ago.

Here's the weirdness: almost 60% of the buy side pressure this week has come out of one country: South Korea. Nobody knows why. True, their biggest exchange just opened a couple branch offices, but for that kind of jump in demand, my guess is it's a few small institutional buyers, probably hedge funds, amassing huge positions. In crypto, price climbs driven by a few big buyers tend to have a sell-off component starting after the buyers turn off the money faucet.


Buy, Sell or Hold? (Bearing in mind all the usual warnings: I'm wrong almost as often as I'm right / Crypto makes fools of us all, etc., etc.):

1. If you sold your BCC/BCH right after the fork: I'd be patient, don't chase BCC at these levels. If you want a two chain presence -- a solid idea, IMHO -- my guess is a better entry point will come along. Don't let FOMO lead you into an overpriced buy.

2. If you kept exactly the same amount of BCC as your BTC (and might self identify as a HODLer): well done, you. I'd stick with where you are. You've got both chains covered, so you never have to care which way the collective BTC / BCC value gets pulled on any given day/week/month.

3. If you were a post hard fork buyer of BCC: Well, it's just one person's opinion, but I'm selling BCC today. FWIW, my sells are in at $898 / $949 / $998. If it really does break $1k, I'll be looking to sell some more.

GL to all!

[Optional]

Kind of wish I had stocked up on BTC before the fork now and collected a lot more of this.

Although I was fairly sure BCC would die off pretty fast, not be worth over 800 bucks fast, so doubtful I would have ever done that.

[Cookie Monster]

2. If you kept exactly the same amount of BCC as your BTC (and might self identify as a HODLer): well done, you. I'd stick with where you are. You've got both chains covered, so you never have to care which way the collective BTC / BCC value gets pulled on any given day/week/month.

That is the winner strategy. As a long time practitioner of buy & hold and indexing in the stock market, I think it is also the best way to limit risk on cryptocurrencies. Just make a portfolio mimicking the market cap and 30-day volume, and let it grow. Currently it is about 46% BTC, 25% ETH, 10% BCH, 4% XRP, 4% LTC, 3% NEO (I do not have it), 2% Dash, 2% ETC, 1% IOTA, 1% OMG. Tether is not accounted, for obvious reasons.

It is not a very diversified portfolio (only 10 holdings) but will eventually increase, as more coins eventually graduate to big leagues (as Iota and OMG did this month). Nice thing, this portfolio more or less self-adjusts (as price is strongly related to market cap), so no need to rebalance often. Just let it ride. And while holding, you can earn a bit on interest on BTC lending them at bitfinex (altcoins generate barely any interest).

[MeanPeopleSuck]

That is the winner strategy. As a long time practitioner of buy & hold and indexing in the stock market, I think it is also the best way to limit risk on cryptocurrencies. Just make a portfolio mimicking the market cap and 30-day volume, and let it grow. Currently it is about 46% BTC, 25% ETH, 10% BCH, 4% XRP, 4% LTC, 3% NEO (I do not have it), 2% Dash, 2% ETC, 1% IOTA, 1% OMG. Tether is not accounted, for obvious reasons.

It is not a very diversified portfolio (only 10 holdings) but will eventually increase, as more coins eventually graduate to big leagues (as Iota and OMG did this month). Nice thing, this portfolio more or less self-adjusts (as price is strongly related to market cap), so no need to rebalance often. Just let it ride. And while holding, you can earn a bit on interest on BTC lending them at bitfinex (altcoins generate barely any interest).

Very cool approach. Heh, although I fear "limiting risk on cryptocurrencies" may not be an accomplishable goal.

Since most alt coin transactions are in BTC, not fiat, they all tend to get tugged in the same direction as BTC. If you think of a Venn diagram, BTC's the big circle, with all the alts' circles mostly inside it, with just a little slice of each outside of it.

PS: Which site do you use for market caps? I only ask cuz a couple of your numbers are slightly different from the site I use: https://coinmarketcap.com/currencies/views/all/

[MeanPeopleSuck]

Kind of wish I had stocked up on BTC before the fork now and collected a lot more of this.

Although I was fairly sure BCC would die off pretty fast, not be worth over 800 bucks fast, so doubtful I would have ever done that.

Did you sell your BCC immediately after the fork? That's a completely defensible position. Nobody knew whether BCC would crash and burn. The frickin' thing was coded, in secret, in only 2 months. I thought the hurried code might have holes, so I feared hacking (so far, so good, but it's still early).

[Optional]

Did you sell your BCC immediately after the fork? That's a completely defensible position. Nobody knew whether BCC would crash and burn. The frickin' thing was coded, in secret, in only 2 months. I thought the hurried code might have holes, so I feared hacking (so far, so good, but it's still early).

Nah. I just left a hundred odd worth sitting in Blockchain as many users here have been told to use the Blockchain wallet and I wanted to be able to see what happened first hand if anyone needed help. And just retrieved the BCC yesterday.

If I had a heap I would have sold quick smart though.

Not that that is any disadvantage. Bitcoin has doubled in price since Aug 1 so if we sold BCC at 400ish and put it into Bitcoin on Aug 1, then it would be the same net result US$ wise now anyway.

[Cookie Monster]

Very cool approach. Heh, although I fear "limiting risk on cryptocurrencies" may not be an accomplishable goal.

Since most alt coin transactions are in BTC, not fiat, they all tend to get tugged in the same direction as BTC. If you think of a Venn diagram, BTC's the big circle, with all the alts' circles mostly inside it, with just a little slice of each outside of it.

PS: Which site do you use for market caps? I only ask cuz a couple of your numbers are slightly different from the site I use: https://coinmarketcap.com/currencies/views/all/

Of course, BTC affects altcoins, still they have big swings vs BTC, so hopefully some of risk is reduced. And coins like Ripple are mostly independent from BTC, as their value is linked to money transfers. Again, in the future more of these coins may be in the portfolio, diversifying a bit. In the meantime, I may underweight BTC slightly.

I use same coinmarketcap data, but average market cap with 30-day volume (also at their site). Take top 20 coins of market cap and volume, each is normalized to 100 and averaged. That is why some coins get downgraded, as Iota (large cap, but small volume).

[MeanPeopleSuck]

Nah. I just left a hundred odd worth sitting in Blockchain as many users here have been told to use the Blockchain wallet and I wanted to be able to see what happened first hand if anyone needed help. And just retrieved the BCC yesterday.

If I had a heap I would have sold quick smart though.

Not that that is any disadvantage. Bitcoin has doubled in price since Aug 1 so if we sold BCC at 400ish and put it into Bitcoin on Aug 1, then it would be the same net result US$ wise now anyway.

Fair point, but it kinda depends where you had your BCC. Remember, Bittrex BCC traded as high as $1200 on August 1st/2nd.

[hotcross]

And while holding, you can earn a bit on interest on BTC lending them at bitfinex (altcoins generate barely any interest).

Bitfinex made announcement they will no longer allow USA retail customers. Not sure I understand. What did that mean?

You can create anonymous account there, but whenever logging in they can see your IP address, so would know accessing from USA.

I withdrew all balances when I saw that, not sure if it was necessary. What did you guys make of that announcement?