Dump tactics - where to protect your crypot's when during dump? - page 2.

Oceat

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Quote from: ?? on ??

The basic knowledge that must be known is to convert the coins you have into stablecoins if Bitcoin starts to dump.
So the assets we have can be safe, later if the coin price is at a low price. We can start buying back the coins that we sell.
By doing this, our assets can be protected. In my opinion converting crypto for gold is easier and profitable than converting
crypto for silver, for the simple reason that gold is more valuable than silver.

But the question is, do we really know when would actually the market starts dumping? It would be nice if we could just traded to the stable coins if we are on the top but we don't know it yet and the price in the market keeps fluctuating. We can't tell yet if the market is going to go down or going to go up but the charts suggest that it's slowly going down. So, what do you think about this? Is it trying to bounce back for a new ATH or is it just going to go down until correction hits?

Kelvinid

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win lambo...

Quote from: frosti7 on December 03, 2020, 12:05:27 PM

Warning - i'm a beginner.

1.
I'm trying to prepare myself, when BTC would start to "dump", what is the best place to protect your ASSets ?
Is it to convert to stable coin?

2.
What is the best easy way to convert crypto for gold or silver?

Thanks guys!

Only I can say is that you have to prepare for a long-term holding. Converting to a stable coin could be an option but can't be sure if you were able to hold it coz it is still the same if you are holding Bitcoin. For me, I'd rather have to convert it for Bitcoin or any potential coins ruler in the market and hold until the price goes back high again.

Holding could only save you, otherwise, you will be one of those panic sellers. So if you are going to invest crypto, make it happen when the market is in bearish season, not this bullish time.

stomachgrowls

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Quote from: DarkDays on December 08, 2020, 04:27:14 PM

It depends on you and what your future intentions are. If you want to continue staying in the market then converting your BTC to stable coins like USDT is a good option. And once you did that you may want to decide if you should keep your assets on the exchange wallet or a hardware wallet - this all depends on how safe you want to be and you have to compromise between safety and flexibility/accessibility.

As for your second question, which is better gold or silver, I'd think that the standard is the standard. that's to say Gold would be the better option than silver Wink

Nothing beats out gold when it comes to value and we know on how precious it is compared to others.So it would be worth on taking up Gold instead rather than making confusions between Silver.

Speaking of safety or securing out yourself in talks of dumps then this do most likely talks about in shorter time frame because if you do intend on holding up for too long then
you wont really be having these kind of words..Accumulation neither is on fiat value or in satoshi value which would really be the main factors you do consider
before making some decision.

Switching to stablecoin is a good option though but im not really that confident on making my money to be stagnant on a stable coin.I would rather accumulate or
convert it to fiat itself but if you do actively trading then this would be an ideal option.

militiariko

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Life is beautiful !

Quote from: frosti7 on December 03, 2020, 12:05:27 PM

Warning - i'm a beginner.

1.
I'm trying to prepare myself, when BTC would start to "dump", what is the best place to protect your ASSets ?
Is it to convert to stable coin?

2.
What is the best easy way to convert crypto for gold or silver?

Thanks guys!

Well, when there is any price correction or downtrend in the crypto currency market; i suggest the best thing to do is to sell your token to a stable coin; could be tusd, could be usdt; it will help you to protect your assets better. When it involves converting to gold or silver im not sure that is something you have to go for as a newbie. So for now as a newbie; you can stick to basics and grow daily.

iv4n

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Quote from: Issa56 on December 10, 2020, 02:14:21 PM

From the little experience am having from cryptocurrencies it is very annoying and painful when you see the coin you buy dumping!!!
The only thing I do when market is dumping I alway convert my money to usdt. Usdt is kind of easy to be converted into, More than gold and silver!!!

Except it's easier I believe it's cheaper too! Exchanges (at least I don't know for any!) don't do that, so you need to move the coins from exchange...fee here and the fee there, sounds like a lot of things to do and many fees to pay! With stable coin all you need is to place order and that's it!
When the price of some coin is going down you can't protect it, you protect the value of the crypto in dollars, so when the price goes down you can buy again if you believe that selected coin will rise again in the future! When you buy for a cheaper price you will have more coins, or you can buy the same amount you had and profit can be used for some other investment or anything else, it's on you!

Issa56

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From the little experience am having from cryptocurrencies it is very annoying and painful when you see the coin you buy dumping!!!
The only thing I do when market is dumping I alway convert my money to usdt. Usdt is kind of easy to be converted into, More than gold and silver!!!

South Park

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Quote from: Shasha80 on December 05, 2020, 07:52:40 PM

Based on my trading experience for 3 years, the best way to protect our assets when the market dumps suddenly is
to convert them into stablecoins. Because stablecoins are not affected by the volatile crypto market, later when the
market stabilizes, you can use trading again. I usually choose gold over silver to save the profit I get from crypto trading.

The good thing about this is that the market of bitcoin has a tendency to crash really fast so you do not have to hold those stable coins for long and then you can go back to trade bitcoin, now there are those that like to short bitcoin as well, personally I am not a big fan of shorting bitcoin since if you happen to be wrong then you could lose your money really quickly but it is a viable option for those that want to earn money as well while the market is going down.

doomloop

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Yes, stablecoins are a good option when the market is dumping, you can just quickly switch to a stablecoin and wait for the market to get back to normal and you can then switch again to Bitcoin and other volatile coins, or you can even just go ahead and sell it out for USD if you don’t like stablecoins, there are some exchanges that would let you switch to fiat and still hold it in your account on their exchange if you want to, and Binance has been doing that.

Then as for switching crypto to gold, it depends on what you really want, if you are talking about buying gold direct, I don’t know any gold selling platform that accepts Bitcoin, all they are accepting is payments with debit cards. But there are gold-backed cryptocurrencies, and the only one I know that is reliable and truly backed by gold is PAX gold coin.

hahay

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If you convert crypto to gold or real estate during a bearish or dumping period then still, you will lose money because for me it would be better to stay holding. This is an era where crypto will continue to grow, so any decline will eventually recover and be bullish. So, why panic when this crypto era is in a good situation, it's different if this is an era where crypto is easy to replace or something else negative, then clearly a holding strategy will not be right to be implemented.

FanEagle

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At the end of the day if you want to get out, there is really nothing more to it than that. If you want to get out by using USDT, do that, if you want to get out by getting out of it completely by going to fiat, do that. However you want to get out, just get out if you feel that way.

I do not really love people who want to get out with a fear of dump coming in because if you are not ready to brace that type of fall, you are not going to end up with much money when it is going up neither. You need to keep buying even when it is high so that it could go even higher, if you are afraid and get out, that means you do not want to be part of the people who makes $20k into $25k, you want to be the people that causes it to not go to $25k at all.

Christabel247

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Quote from: frosti7 on December 03, 2020, 12:05:27 PM

Warning - i'm a beginner.

1.
I'm trying to prepare myself, when BTC would start to "dump", what is the best place to protect your ASSets ?
Is it to convert to stable coin?

2.
What is the best easy way to convert crypto for gold or silver?

Thanks guys!

You know already as stablecoin is the best way to sell and maintain your assets. By so doing you have protected yourself back and beside gold isn't stablecoin.

DarkDays

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It depends on you and what your future intentions are. If you want to continue staying in the market then converting your BTC to stable coins like USDT is a good option. And once you did that you may want to decide if you should keep your assets on the exchange wallet or a hardware wallet - this all depends on how safe you want to be and you have to compromise between safety and flexibility/accessibility.

As for your second question, which is better gold or silver, I'd think that the standard is the standard. that's to say Gold would be the better option than silver Wink

CryptopreneurBrainboss

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Quote from: cheezcarls on December 06, 2020, 12:20:16 PM

Stablecoins are the best for you to protect your crypto asset from dumping even further and it should be backed by a legit asset like gold, etc. This is what I have been doing so far just in case that the chart signals a retracement or a healthy correction.

Most of the Gold backed stablecoin are scams and should be avoided, many of them that I have encountered either as a result of promotions or investment, end up scamming their Investors either by dumping on them or exiting scam. Until now it's just one that I have seen potential in which I believe are still active on the forum, I'm talking about @GOLD_official their announcement on the forum can be found here. That's if you're hoping to hold your funds in gold backed stablecoins.

We have alternative that are most recommended and friendly to the industry which has to do with decentralized stablecoin and not the centralized ones found all over the web. We have stablecoin like DAI that are backed by Ethereum smart contract (fully decentralized) that you can hold and have piece of mind that your funds are safe and can't be compromised.

minatour

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The best way to protect your cryptos when you noticed dip is coming is for you to convert to USDT, With USDT, your funds is secure and free from dip, and you can always convert back to ur favorite coin when the market bounce back.

sana54210

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I understand the logic that there could be market dumps and you should want to get out before that happens, there is no better logic to get out at 20k if you are afraid it will go under 15k and those are things nobody really questions. The trouble here is the fact that stablecoins are not trustworthy to some people, including me.

Whenever I have used stablecoins like USDT, I have used them quickly, just to move money around, like move from some small coin to usdt then to bitcoin right away just to be able to trade which I can't do directly so I had to use it. Otherwise I will never hold my money in usdt or any other stablecoin (except maybe DAI now but I am waiting for it to get more common). The only reason for it is the fact that I do not trust the companies behind them.

cheezcarls

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Stablecoins are the best for you to protect your crypto asset from dumping even further and it should be backed by a legit asset like gold, etc. This is what I have been doing so far just in case that the chart signals a retracement or a healthy correction.

JooBra

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Quote from: Shasha80 on December 05, 2020, 07:52:40 PM

Based on my trading experience for 3 years, the best way to protect our assets when the market dumps suddenly is
to convert them into stablecoins. Because stablecoins are not affected by the volatile crypto market, later when the
market stabilizes, you can use trading again. I usually choose gold over silver to save the profit I get from crypto trading.

More or less this is what can you do. I would include BTC into that too. It always keeps the price at the end. The hardest thing to do is to predict is it a correction in price or dump.

CryptopreneurBrainboss

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Quote from: leea-1334 on December 04, 2020, 12:53:57 PM

Just stick to Bitcoin if you really want to hold. Because BTC always recovers.

Stablecoin risk is if it gets seized or stopped or just becomes illegal.

I see nothing bad in wanting to take profit or avoid further loss in cases of market dump. Th best has to be trading your coins to stablecoins, there are may good ones out there that aren't shitty as Tether (USDT) is. We have DAI that's backed by ethereum (smart contract) and truely decentralized, meaning there's no risk of your funds getting seized unless you give control to centralized bodies like storing your funds in a centralized exchange.

If stablecoins are to become illegal then coins aren't excluded from that threat but the chances of that happening to decentralized project are zero therefore you holding your funds in them (decentralized stablecoin) are the safest alternative to holding assuming you wouldn't have the patience to hold through the bear market.

Shasha80

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Based on my trading experience for 3 years, the best way to protect our assets when the market dumps suddenly is
to convert them into stablecoins. Because stablecoins are not affected by the volatile crypto market, later when the
market stabilizes, you can use trading again. I usually choose gold over silver to save the profit I get from crypto trading.

Hamphser

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Quote from: South Park on December 05, 2020, 07:35:10 PM

Quote from: frosti7 on December 03, 2020, 12:05:27 PM

Warning - i'm a beginner.

1.
I'm trying to prepare myself, when BTC would start to "dump", what is the best place to protect your ASSets ?
Is it to convert to stable coin?

2.
What is the best easy way to convert crypto for gold or silver?

Thanks guys!

It is obvious that when the market begins to go down the best way to protect your gains is to be either in stable coins or in fiat currencies, many in the past tried to protect themselves with altcoins but that is a mistake as for the most part altcoins tend to exhibit a behaviour that is even more volatile than what we can see in bitcoin, however you need to be careful as it is not recommended that you keep your money long in one of those stable coins as you never know if they will disappear while you are holding a huge amount of them.

For those who do consider on switching up to altcoins to secure out their profits on what they had made in bitcoin then its really a very wrong idea.
Only noobs would really recognize or do such step because no experienced person will do this since they do know that volatility is always present way more than
with bitcoin and if you do just tend to make it as a safe haven then you did really make a very bad decision because you are putting your profits
even way more riskier when it was still in bitcoin form.Stable coin is a good option but i would rather to convert it to fiat directly yet i dont have much
confidence when it comes to stablecoins.

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