I use a kyc exchange to buy sats. I don't want a ton of utxos, so I withdraw every 3 months or so, when I have built up a balance -- I'd normally withdraw right about now.
I'm wondering whether I should leave the sats I have on the exchange a little longer so that I can quickly sell my forkcoins (if either of the upcoming forks result in forkcoins with meaningful value).
Some things to consider:
- I expect both forkcoins to be volatile in the first week and then settle at a very low price
- I don't know whether the kyc exchange will even provide forkcoins for coins in their custody
What should I do?
leave on exchange for quick fork sell5.9%
withdraw to self custody94.1%
17 votes \ poll ended
I'd pull them off the exchange. you are sure to get coins on both sides of whatever splits happen and you don't have to worry about weirdness in the event that weirdness occurs.
Plus, you'll actually have coin in the first place:
yes I recognize that custody is just a promise, but on the other hand, i wonder if I might get an interesting price for fork coins if I'm able to sell them quickly. emphasis on quickly.
this is a greedy proposition, i don't deny. but if one plans on being greedy/risky, i'm wondering what's the best strategy.
If there is conviction but not majority (I still don't see it) then you can just buy a lambo on each chaintip from the same sats.
And second the exchange has to support the forked coin.
Bitcoin only ones I doubt will. Kraken and Coinbase might
I still can't tell!
Withdraw. Business as usual is generally a better strategy than trying to prepare for every possible outcome. If there is a fork you get the coins anyways. There is no guarantee your exchange is going to offer a market for the fork coins. Might need to let the dust settle to see where there is a market.
My strategy is to front run both sides of the fork by spending all my Bitcoin on goods and services before the block height triggers.
Imagine the following scenario...the coins on your exchange account will only give the new coins to the exchange, not to the customer...and maybe the give you access to this new coins after some time.
If anyone votes for "leave on exchange", please consider answering the following question:
which exchanges, if any, have pledged that they have prepared for the fork and will list a separate token after a chain split?
The exchange probably won't pay out the fork. Even if they do it will be delayed.
KYC is one of the bad practices that can be done since it goes against the privacy of individuals... I suggest you remove the SATs and stop using it as soon as possible... look for another platform but without KYC
KYC is one of the bad practices that can be done since it goes against the privacy of individuals... I suggest you remove the SATs and stop using it as soon as possible... look for another platform but without KYC