I sold BitShares DNS based on the proposed merger

Wednesday, October 22, 2014

Today on the bitsharestalk forum I read about a proposal to combine several DACS into one.  I don't completely understand all of pros and cons of such a proposal, but I did read several members talking about selling the BitShares DNS notes because they were going to be greatly devalued.   I checked one of the exchanges and discovered the price had fallen over 40%.  

I decided to sell my DNS.  First, I had to transfer my funds from the KeyID client to the exchange.  Then I placed couple of sell orders and sold the DNS.  Afterwards, I bought BitShares BTSX with the funds from the previous trade.  

This was the first time I had performed a transfer from a BitShares X toolkit client (KeyID) directly to an exchange.  I took about 5 minutes for the funds to be posted to my exhange account balance.  The process was very straight forward.

I have been thinking about buying some BitUSD to hedge against a decline in BTSX.   Maybe I will one day, but with the rise in BTSX caused by the decrease in DNS, I guess I can wait a little longer.

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