Why I sold 20% of my BTC and the effect of BTC futures
If you have read my post about IOTA, you already might have a guess.. Although, for bitcoin there is something different. In the last two days, bitcoin has risen more than 3000$ that's unbelievable!
But now, why am I selling?
First of all, the increase was crazy. I'm also thinking about the futures that will be released this weekend. Probably the men with the big money are buying as much bitcoin as they can just to make a huge increase. (Keep in mind that only 3% of BTC is being traded). Once the futures are launched they have the ability to massively short it and make a lot of money by selling the BTC they are buying at this moment... So be prepared, stay safe...
Why do I keep most of it?
In the (very) long term, I'm still bullish on bitcoin. I hope I can hold it for a few years.
source: pixabay
With the potential ability to short bitcoin, and the disincentive for people to mine, or reinvest in cloud mining, is that likely going to reduce the consumption of electricity and possibly produce a glut of electricity and hardware?
Hmm nice Insight @firstamendment, that can be true.. To be honest, I think the volatility will increase hugely so probably those effects will occur occassionaly (and for a short time?)
thanks for sharing
The short selling wave is going to be insane. Why not sell a good chunk now and reinvest at a lower amount?
Because it is really hard to know what will really happen. They can also try do double it. And in the long term i don't think there are too many problems ;)
Hope this does come true! Some of us light on BTC but loaded on Alts will certainly appreciate some correction on BTC. Currently it has moved too fast and all my alts are REKT. Hate to admit that I did sell some BTC a month or so back hoping to catch the correction and I could never buy that back and price more than doubled. I made fiat profit but missed out on bigger stuff, so for now just sticking to HODLing as timing this right is damn impossible for me in crypto unlike stocks!
I'm sorry to hear that :/
That is one of the reasons why I never go totally in/out crypto ;)
good luck!
I liked your post very much, we share the same thoughts,
please take a look at the below post, it was published before 6 day
https://steemit.com/bitcoin/@ehabakhdar/what-is-after-usd11000-for-btc-and-where-it-could-go-in-2018
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