What do traders think about the possible Bitcoin hard fork?

As the disagreement over Bitcoin’s expansion grows, traders are ready to take action. Some say they have sold most of their Bitcoin, some plan to short before the fork, and some industry leaders have made harsh remarks, saying that once the fork occurs, they will smash their core chain coins... Of course, these remarks only represent a minority of coin holders, and these inflammatory remarks have also aroused doubts from many people.

Foreign media coindesk published a very interesting report, saying that many traders are preparing to withdraw funds from the Bitcoin market in order to cope with possible chain splits, and some people have expressed their willingness to bet that the price of this digital currency will fall in the short term.

Harry Yeh, managing partner of Binary Financial, a firm that helps high-net-worth individuals buy bitcoin and other cryptocurrencies, said the firm has pulled most of its money out of the market in anticipation of volatility.

He said:

“We have sold most of our bitcoin holdings and only kept a portion.”

Tim Enneking, chairman of hedge fund Crypto Asset Management and an industry veteran who once served as a partner at a firm with nearly 100,000 BTC, has indicated a similar strategy.

“We have sold almost all of our Bitcoin holdings, and we don’t think waiting for a fork is a good option,” he said.

The comments come as bitcoin alternative software, Bitcoin Unlimited, is gaining traction among the industry’s largest mining hardware makers.

The scaling debate has intensified in recent weeks, with miners and developers largely supporting two different paths to network expansion.

The Big Short

Other smaller trading firms and individual investors made similar comments in response to the news.

For example, investor and entrepreneur Vinny Lingham emphasized the importance of scaling issues for investors.

Lingham said:

“At the beginning of this month, I sold most of my Bitcoin holdings, about 90%, and I don’t plan to buy back any amount of Bitcoin for long-term holding until the path of scaling becomes clear.”

China’s major over-the-counter (OTC) firms and traders have made similar comments, arguing that it is necessary to take early action in the face of a period of possible volatility.

Coindesk reported that OTC trader Zhao Dong and Zhou Shuoji, who runs the OTC trading company FinTech Blockchain Group, both said they intended to short Bitcoin before the fork occurred.

Zhou Shuoji said that the assets managed by FinTech Blockchain Group are currently about 20 million US dollars, and the amount of Bitcoin traded by Zhao Dong every day is about 250,000 US dollars.

However, most market stakeholders believe that the Bitcoin network split will be a boon for traders, who believe that the ups and downs of the market will be a good time to make money.

Cryptocurrency fund manager Jacob Eliosoff offered a more optimistic view, saying investors should take a wait-and-see approach.

“Most people don’t need to make rash decisions after the split. By default, you will have the same amount of coins on both chains. The easiest thing to do is to just hold on to both coins and let the market decide.”

Of course, some people also said that they had made their choice in advance.

Roger Ver, an early adopter of Bitcoin, is known as Bitcoin Jesus because he holds a large amount of Bitcoin and has invested in many startups in the industry. He said that once Bitcoin forks, he will sell the coins on the core chain. (Source: https://www.youtube.com/watch?v=XpOnolf1tS8&feature=youtu.be&t=23m9s)

Doubts

These inflammatory remarks have also attracted many people's doubts. For example, commentator Andrzej Kre said:

“I didn’t see 100,000+ trades the last time the price dropped, and some of the comments in the article are disgusting.”

tbel: “This article tells us to sell and short? Does anyone think Coindesk has become a financial advisor?”

Xenthor: “Once again, after such articles are published, the price of Bitcoin suddenly rises. The article tells us that traders are preparing to dump the market.”

Core supporter Aviathor expressed his opinion on Roger Ver’s remarks on r/bitcoin:

“If this scammer is willing to leave, it will have a bad impact on the price of the currency in the short or medium term, but it will be good news for Bitcoin in the long run.”

What do you think?