USDT bomb goes off - massive BTC drop. Or how about Binance major hack?
USDT bomb goes off - massive BTC drop. Or how about Binance major hack?
Nobody knows what will happen in this market. Nobody. Not you, not Warren Buffet, not Satoshi. We do not know the upper limits of the “bubble”, and we do not know the bottom. So when you sell its true that you cut you potential downside losses, but you are also limiting your upside. But see, there is a subtle difference between upside and downside - its not symmetrical in payout. The downside is known and limited, its zero. We all know this. We cant lose more than we put in. But upside is unknown. This asymmetry is all that matters. Not exposing oneself to the potential upside is not rational imo. It could go to the moon, even if the chances are slim. Don´t put more than you can lose, yes, of course, the downside is that you can lose it all. But selling everything is not rational because you could miss the train.
“But selling everything is not rational because you could miss the train.”
By sitting in fiat or usdt, i can still look at the market everyday, let us say tomorrow btc starts to pump to the moon, i can buy in very quickly, doesn’t mean i would miss out, i would have a lesser profit yes, but overall(after not holding through a dump) maybe not.
Maybe you could. But not everybody (me included) knows how to trade. I always lose money when I try to trade. Its always been better for me to Hodl
I agree with quite a few of the points you mentioned @Danosaurs, It’s probably well known that most newbies including myself got caught up in the crypto craze last 6 months. I got in at 13k in Jan… probably not the wisest entry point to enter into crypto, oh well. I probably learned more about myself in those three months than in the last three years!
Back to fiat/usdt and the bear market - I don’t see no shame in using those tools when the time is right. Though I am still cautious of holding a massive tether position, just in case… well, um, it goes under for whatever reason. Let’s be perfectly honest too, this current market, is a tough one to make any money (unless you are an advanced and experienced trader doing shorting, etc). But yeah, if you can learn some of these mistakes “the hard way” at the start, then at least you can hopefully move forward better prepared for all the possibilities.
Moons… lambos… c’mon, we got to be realistic sometimes too!
EDIT: Crypto still has a bright future long term, this “Bear market” probably will take out a lot of the shit-projects once and for all?
I would not hold anything in tether. I have everything in fiat on coinbase. I know it costs money and fees to convert, but I rather pay a small percentage than lose everything by holding it in a make believe currency that even comes with a warning that it is not actually USD.
Also in terms of “shit” projects being taken out. I agree, but I don’t think this is just limited to small projects. There is also a good chance that projects that are in the top 20 or even top 10 in current market cap will get taken out. Look at the internet bubble, there were projects with market caps just as big and they died.
Most of these projects are also just an idea at this point, and none of them outside like maybe BTC is safe. And tbh, who knows, maybe even one day BTC is gone (unlikely but you never know).
So I would do a lot of research, but at the same time, diversify into a bunch of coins. Just because a coin is top 10 market cap atm, does not mean it can’t die. The internet bubble showed this, and many of those investments actually had a working concept and not just a white paper.
it was at this point when i had to ask myself… “why is this guy even still here…?”
then it hit me. Government shill trying to spread fud to destabilize the community and confidence in crypto. I see you big brother… iiiiiiiii see you!
If u are worried about tether then send ur coins to a exchange and cash out. I’m sitting in fiat. I use tether for alt gains on a moon and that’s it then cash out for dirty paper. I don’t trust tether
I think you are looking at this whole thing in the wrong way.
Bitcoin has gone up in value year after year in the last decade, meanwhile, fiat has gone down.
Bitcoin is still up significantly from where it was this time last year.
If anyone puts their entire networth into bitcoin that would be silly. But it’s the only economic asymmetric bet we’ve got.
I’m on Binance, so until they add the USD pairs (coming soon aparently) I have to use USDT
I don’t trust it either TBH.
Send the coins to a cash fiat exchange like Coinbase for example
Pretty excited for this. Binance is taking over the world.
Malta here we come baby!
I am actually confused by your last sentence. So, if you don’t HODL through a bear market, are you suggesting selling in a bear market? Isn’t that the very definition of selling low?
If you are a trader, you sell during a bull market, not bear. If you trade, you sell high, not low.
Conversely, I am an investor. These market movements mean nothing to me, because I am looking at the big picture; a time frame of 20-30 years from now. Since my investment doesn’t infringe on my bread money, I don’t lose sleep, I don’t look at Blockfolio, I don’t sweat over these seemingly minute market corrections.
I don’t think you understand what Bitcoin and cryptocurrencies, in general, do to humanity and the conventional financial system. If you do, you won’t be recommending selling back to FIAT, which is essentially reverting to financial slavery.
ding ding ding we have a fucking winner!!!
Just overly bearish panic selling at its finest. You never sell red…NEVER especially back into FIAT. LMBO great job you hit that right on the head. New people dont get it, Im ashamed of the herd I came in here with, bunch of weak hands.
Well ofc it´s best to sell at a resistance level when up, but a lot of people here have been HODLing for example since last week when icx hit more or less 4000 a brilliant opportunity to sell for the correction. What i meant from this last sentance is, let say 2 days ago ICX was down 20% on the week, the signs were there to see if was going to continue to go down, but people still HODL and are now another 15% down. That´s what i mean by i don´t understand why they are hodling their bags when not only is icx dumping, btc is in a bear market.
With ICX i understand a little more with the token swap and mobile wallet as this SHOULD be realeased in the next few days, which i don´t see happening btw. If the token swap and mobile wallet don´t happen in the next few days, and we reach April i see ICX tanking so hard.
@Danosaurs I wonder how many smart Traders, people who owned Bitcoin under $100 are nocoiners today? People who are bitter that they sold well under $1,000. maybe they doubled their money. But they could never bring themselves to buy Bitcoin back. Other than that, very sound advice.
I’m in the HODL camp, I’ve only sold BTC to fiat to buy some nice things like a new car for my wife. Unless I need the fiat immediately to pay for something, I’m happy to HODL and buy dips. I new to crypto, only in since June 2017, lucky to have stopped buying during the massive bull run from Nov onwards. It appears not everyone bought during that bull run, so does it make sense to talk down on people who HODL who have never been in RED? IMO this negativity comes from people who lost their shit in this recent bear market. As others have said before, if you’re an investor who is not into the get rich quick and the magic insta-lambo, just HODL, we have time on our side.
But then again, nothing wrong on treating yourself with some profits. I made the mistake with ICX didn’t sell at ATH while I was at 8000% profit, now I have to settle with 2000% profit if I sold now. I’m in no hurry to sell, as I can see it reaching >$15 by EOY.