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Bitcoin Gold

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yeah what is this about ? 

 

IG struggling to make money on it 

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this is shocking behaviour

 

did anyone receive nay notification 

 

IG knows who has a bitcoin gold position so why doesn't it send them an email informing them what happens

 

rather than trying to trade and get a bs message pop up 

 

so unprofessional 

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It is pointless IG offering Bitcoin Gold when it is constantly showing:

Closing only: Market unavailable to open

My comments above back in April 2018 highlighting this very point. I think what has happened is that due to the 'hard forks' Bitcoin Gold was created and so IG has to offer Bitcoin Cash and Bitcoin Gold on its platform. Now what has happened is that the demand for going long on Bitcoin Gold is just not there on IG's platform so they are just allowing existing holders to close their positions and winding down.  

These 'hard forks' are going to continue being an issue until some sort of strategy is devised to deal with them as at the moment IG is not offering Stellar yet is offering Bitcoin Gold and looking at the results of the poll and posts on this forum that there appears to be a bigger demand for IG clients in Stellar than Bitcoin Gold. 

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On 7/29/2018 at 8:08 AM, TrendFollower said:

It is pointless IG offering Bitcoin Gold when it is constantly showing:

Closing only: Market unavailable to open

My comments above back in April 2018 highlighting this very point. I think what has happened is that due to the 'hard forks' Bitcoin Gold was created and so IG has to offer Bitcoin Cash and Bitcoin Gold on its platform. Now what has happened is that the demand for going long on Bitcoin Gold is just not there on IG's platform so they are just allowing existing holders to close their positions and winding down.  

These 'hard forks' are going to continue being an issue until some sort of strategy is devised to deal with them as at the moment IG is not offering Stellar yet is offering Bitcoin Gold and looking at the results of the poll and posts on this forum that there appears to be a bigger demand for IG clients in Stellar than Bitcoin Gold. 

Not sure I get your post? You’ve answered your own question...?

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I think for IG to offer Bitcoin Gold on the long side must be inefficient hence why you cannot open a long position. I use the word 'think' as I do not know that for sure but I assume that may be the reason. By having a closing position only it allows IG to start winding down themselves and reducing their risk on Bitcoin Gold. 

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I am not a fan of Bitcoin Gold.

However, out of all the Cryptocurrencies that IG offer on its platform, Bitcoin Gold, seems to have the better looking chart over the past three month period.

2017633592_BitcoinGold_20181018_20_13.thumb.png.973a32e0e354eca92afb260b21407eda.png

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@JamesIG,

Bitcoin Gold seems to have the most positive looking chart yet it is so frustrating that one cannot open a long position on this offering from IG. I keep on getting the message below which has been constant for many weeks if not months now.

Closing only: Market unavailable to open

It is also trading above its 20, 50 and 100 day moving averages as shown by the chart below which I have attached.

1199671111_BitcoinGold_20181024_20_32.thumb.png.4bf8392b46d67688f7bc8bed9aab6e20.png

I know that I have suggested in the past that Bitcoin is trying to become 'digital gold' and is looking at acting like a safe haven.

I have an assumption that needs to be tested.

What if Bitcoin Gold is finally trying to become this 'digital gold'? I doubt this very much but the price action is certainly interesting me.

Another example of IG not allowing its customers to take advantage of a crypto trend! 

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not sure that is entirely fair @TrendFollower, although would be good to hear from IG on the unavailability of the market for you.  Markets that are not very liquid often suffer this issue.  This is why I stick to the biggest, most liquid markets for my trading.  You know my views on Bitcoin and Cryptos in general so I wont reprise that but I can't help wondering how BitGold can become a safe haven if it lacks liquidity and therefore impossible to invest in.  Again an IG view would be helpful on this point.

Actual Gold in contract you can get in on no problem and looks poised to rally again...  I'm looking at 100-150 points (larger on Gold) and similar on Silver in an initial rally phase before any retrace.  So I gotta ask ya, why trade Bitgold with so much potential on actual gold?

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@Mercury, there have been many instances when there has been a trend for cryptos which IG customers have been unable to trade due to unavailability from IG.

I do state that Bitcoin / Bitcoin Gold is trying to become 'digital gold'. Whether it will or not time and price action will tell us. 

From your previous posts you have anticipated the rally in Gold and Silver well. I would certainly consider a long position on Gold and Silver were they to surpass the 200 day moving average. However my view is that should cryptos rally then they will rally far harder and quicker than the likes of Gold. They will also fall harder and quicker too so there will be opportunities to both go long and then go short on cryptos on the next rally which I am looking forward too. If it does not come then it could either be that cryptos are failing or from a positive perspective the volatility is reducing. 

You make valid points and I do agree with most of them. I am keeping a look out on Gold and Silver.

Another strategy could be going long on the dips using 'oscillators' if one thinks that the trend upwards has started for Gold and Silver.

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Hi. So as you know Bitcoin Gold was a hard fork of Bitcoin which occurred during the crypto boom. At the time it was somewhere within the top 10 and therefore offered on the platform. Since then it has seen a significant sell off and now settles somewhere in the top 30. Whilst we offer crypto, we are not a crypto broker and therefore aim to offer only the most liquid and popular coins in this asset class. Over the few months we offered it we had little to no interest (short of people closing their positions). Furthermore liquidity is terrible, hardly any exchanges offer it on an institutional dealing level, and price feeds etc are limited. 

This is the same as when we need to pull Stock listings on the leverage platform, generally after they see a significant sell off and fall into the same issues as above (liquidity, interest, pricing etc).

  • Thanks 2

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not a problem :) I appreciate that it can be frustrating, and in an ideal world we would just pull the asset completely, however due to the fork a number of people are holding so we need to leave it online so people can close it at their convenience. 

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@JamesIG,

Ok this will be my last post on this thread for Bitcoin Gold. 

If Bitcoin Gold miraculously succeeds and climbs back into the the top ten Cryptocurrencies, which is extremely doubtful, then this can always be revisited. If there are any changes to Bitcoin Gold from IG's perspective then please do post here and let us know.

Thanks

@TrendFollower

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Hi @TrendFollower - Yes - like you said, if we see a resurgence then we may be able to bring this back online. We periodically review all assets and if they fit the criteria as outlined roughly it bodes well. I'll update if this changes :) 

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