My Bitcoin Cash Is Not For Sale
The price decline of Bitcoin Cash is devastating. The price touched $155 as a bottom recently since exchanges are dedicated to supporting Bitcoin (BTC) by discarding the rest coins in the BTC trading pairs, coins they supposedly hold.
We know well that exchanges use a fractional reserves system and inflate the supply of cryptocurrencies.
Something that happens too often in Binance with Bitcoin Cash, unlike any other cryptocurrency. Meaning that Binance doesn't meet the demand for Bitcoin Cash by adequate supply, but sells more than it keeps in deposits.
Why I am not selling
I feel an obligation to Bitcoin Cash, Marc De Mesel, and the community.
I don't see a fair valuation at $300 or even $500 for BCH
The best time to accumulate is after prices drop 70% from ATH
The best coin to buy is Bitcoin Cash
I'm expecting to start paying with Bitcoin Cash soon. Adoption is rapid.
Marc trusted many of us with BCH, tipping us from the read.cash tip-bot, or even with some of the famous huge tips worth hundreds of dollar.
He never told us to hold, though. He never asked to keep our tips in a wallet or not sell our BCH for fiat. He has never expressed disappointment if we sell or whatever we do with the tips we receive.
Concerning trading to fiat, I didn't need more fiat money lately. I know it is never enough for some, even though probably the bills I have to pay monthly are more than my earnings from read.cash.
The rest reasons don't need an explanation. Just participating in a community, creates the commitment to support it in any possible way.
I talked with some trader friends and advised me to sell days ago, since when we were watching the charts, a price crash was looking imminent. Sometimes there are signs in the charts.
Before the big crash, I published this article: "Bears Come, Bulls Go, I Stay", Because Bitcoin Cash Works. This article is an in advance response to what happened later. I had no idea UST and Luna had these terrible issues and were going to collapse. Still, I had to explain I wasn't going to sell anything, no matter if a crash was about to happen.
Notice the quotes in the title. This title is related to an article by another writer I trusted, still he disappeared without an explanation or comment.
Cryptomax, was legit, and he had also given his real identity, so there is no question for me about his motives with the flipstarter or generally. I encouraged him to proceed with Bitworkerss and supported him any way I could. Maybe, he should have managed the flipstarter differently,though. Don't know his reasons, still, I've seen people coming to crypto out of nowhere, and disappearing as the first difficulty appears.
About trading again, I have stopped trading for many reasons. Cryptocurrencies may be today a manipulated market by whales, shady exchanges, and not so stable stablecoins, but soon we will witness a massive competition:
P2P Electronic Cash versus CBDCs.
Permissionless, decentralized, P2P Electronic Cash is more relevant today than ever.
In Conclusion
I can't claim I am a holder and plan to hold forever.
The plan is to use my BCH as P2P Electronic Cash for my payments. Until I travel somewhere or find merchants that will accept BCH, I will keep increasing this position, though.
Secondly, if the price rises significantly, I will sell a small portion. Probably 5-10%, but not right now, though, but only if the price revisits the 2021 ATH.
Lastly, you never know what the future brings. If there is an emergency, like a need that will choke me financially, I will have to de-invest part of my portfolio. This will perhaps force me to abandon hopes of early retirement and permanent vacations.
I care that price drops, and the more I hold the more I understand how the rest in the BCH community feels as price drops.
Cover Photo: by " PIRO4D " on Pixabay (modified)
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The thoughts you shared are truly an eye opener especially to those people who are prone to get swayed by the panic that the market gives. Your thoughts are verily helpful always my friend.