Topic: Genuine concern of a trader - page 2. (Read 1634 times)
You are going to withdraw the usd means you will not trade with that value. So why not just conbert them to bitcoin and make them rest in a cold wallet. When you will see the price is going to decrease too much just trade them again to usd.
How tether work? Why it always at 1 dollar?
Does it also had price determined by market, buyer and sellers?
Does it also had price determined by market, buyer and sellers?
tether.to
How tether work? Why it always at 1 dollar?
Does it also had price determined by market, buyer and sellers?
Does it also had price determined by market, buyer and sellers?
RawDog has it spot on, but do you want something pegged to the dollar, with the dollar losing it's value? I would just split the risk and go for more exchanges, to prevent a situation where you lose everything in
one go. We have learned from Mt Gox that saving loads of coins on exchanges are not a good idea... let's not repeat the same mistakes twice. I also like https://1broker.com/ if you are into CFD's. In any way,
split the coins over different exchanges and your losses will be less. Good luck.
one go. We have learned from Mt Gox that saving loads of coins on exchanges are not a good idea... let's not repeat the same mistakes twice. I also like https://1broker.com/ if you are into CFD's. In any way,
split the coins over different exchanges and your losses will be less. Good luck.
If it were me I couldn't bring myself to leave that much on an exchange. If the exchange dies then you're just another creditor at the bottom of a long line. And I guess you're just another creditor while it's operating too.
I really can't wrap my mind around what happened to all the fiat on Gox. There's been virtually no mention of it and surely it's easily traceable.
I'd be running in and out with Bitcoin only even if I was losing a bit in fees and sales.
Gemini and Itbit do have full insurance for your dollars but I guess that margin stuff is too tempting.
I really can't wrap my mind around what happened to all the fiat on Gox. There's been virtually no mention of it and surely it's easily traceable.
I'd be running in and out with Bitcoin only even if I was losing a bit in fees and sales.
Gemini and Itbit do have full insurance for your dollars but I guess that margin stuff is too tempting.
This is actually very easy. Let's say you need to keep $50K denominated in dollars - but don't want the exposure of the exchange failure risk, just buy Tether. Tether is USD 1:1 and never changes. Trades with BTC in an instant. So, sell some trading pair to get USD, then convert those to Tether. Let them sit around until you think BTC, or LTC price is low against the dollar and convert the Tether (tUSD) back into BTC. Full solution.
Tether is 100% on the bitcoin blockchain - it isn't some wonky bullshit chain. Tether is always 1:1. Very cool. It is like USD is already a cryptocurrency.
Tether is 100% on the bitcoin blockchain - it isn't some wonky bullshit chain. Tether is always 1:1. Very cool. It is like USD is already a cryptocurrency.
Who guarantees that there will always be a counterparty to trade you 1 USD for every 1 Tether that you have?
It sounds to me like you are just swapping trust from an exchange to the entity guaranteeing Tether's exchange rate.
Hi everyone, I trade actively on bitfinex and poloniex, and usually end up keeping big amounts of USD on the exchanges (mostly bitfinex)
Sometimes exceeds 50k USD. And my concern is, what if bitfinex closes down or vanishes? The funds will be gone along with them.
And to prevent such tragic loss, withdrawing the USD to my bank account (a procedure that takes 7 business days +2 business days to arrive to my account) isn't an ideal method as that prevents me from trading. And I also dont want to keep say 50k USD sitting in an exchange with fingers crossed that nothing bad will happen.
I usually trade BTC/USD, ETH/USD pairs, so buying other currency (for example ltc, with current high rates) isn't ideal either.
What do you do? And what would you suggest in my position?
Thanks for your time.
Sometimes exceeds 50k USD. And my concern is, what if bitfinex closes down or vanishes? The funds will be gone along with them.
And to prevent such tragic loss, withdrawing the USD to my bank account (a procedure that takes 7 business days +2 business days to arrive to my account) isn't an ideal method as that prevents me from trading. And I also dont want to keep say 50k USD sitting in an exchange with fingers crossed that nothing bad will happen.
I usually trade BTC/USD, ETH/USD pairs, so buying other currency (for example ltc, with current high rates) isn't ideal either.
What do you do? And what would you suggest in my position?
Thanks for your time.
This is actually very easy. Let's say you need to keep $50K denominated in dollars - but don't want the exposure of the exchange failure risk, just buy Tether. Tether is USD 1:1 and never changes. Trades with BTC in an instant. So, sell some trading pair to get USD, then convert those to Tether. Let them sit around until you think BTC, or LTC price is low against the dollar and convert the Tether (tUSD) back into BTC. Full solution.
Tether is 100% on the bitcoin blockchain - it isn't some wonky bullshit chain. Tether is always 1:1. Very cool. It is like USD is already a cryptocurrency.
You have answered my question, thank you
Hi everyone, I trade actively on bitfinex and poloniex, and usually end up keeping big amounts of USD on the exchanges (mostly bitfinex)
Sometimes exceeds 50k USD. And my concern is, what if bitfinex closes down or vanishes? The funds will be gone along with them.
And to prevent such tragic loss, withdrawing the USD to my bank account (a procedure that takes 7 business days +2 business days to arrive to my account) isn't an ideal method as that prevents me from trading. And I also dont want to keep say 50k USD sitting in an exchange with fingers crossed that nothing bad will happen.
I usually trade BTC/USD, ETH/USD pairs, so buying other currency (for example ltc, with current high rates) isn't ideal either.
What do you do? And what would you suggest in my position?
Thanks for your time.
Sometimes exceeds 50k USD. And my concern is, what if bitfinex closes down or vanishes? The funds will be gone along with them.
And to prevent such tragic loss, withdrawing the USD to my bank account (a procedure that takes 7 business days +2 business days to arrive to my account) isn't an ideal method as that prevents me from trading. And I also dont want to keep say 50k USD sitting in an exchange with fingers crossed that nothing bad will happen.
I usually trade BTC/USD, ETH/USD pairs, so buying other currency (for example ltc, with current high rates) isn't ideal either.
What do you do? And what would you suggest in my position?
Thanks for your time.
This is actually very easy. Let's say you need to keep $50K denominated in dollars - but don't want the exposure of the exchange failure risk, just buy Tether. Tether is USD 1:1 and never changes. Trades with BTC in an instant. So, sell some trading pair to get USD, then convert those to Tether. Let them sit around until you think BTC, or LTC price is low against the dollar and convert the Tether (tUSD) back into BTC. Full solution.
Tether is 100% on the bitcoin blockchain - it isn't some wonky bullshit chain. Tether is always 1:1. Very cool. It is like USD is already a cryptocurrency.
Use more exchanges, if you spread your trades amongst several exchanges if/when one of those fails at least it won't take all your money with it.
How legit is Tether? Any thoughts on that? I could exchange the USD to Tether and store it inside Tether, and then when I need the USD, send the Tether to bitfinex and then buy the CC of my needs and participate in trades.. But don't know much about Tether, and it could go down aswell..
if you are a trader then you should accept your looses too. it is possible that bitifinex or any other exchange can go down without notice. just keep this in mind "dont put all your money in any exchange site".
I believe you post bullshit on topics to raise your post count in hopes of increasing your membership rank and get some satoshis from signature campaign
Use more exchanges, if you spread your trades amongst several exchanges if/when one of those fails at least it won't take all your money with it.
If one of those exchanges closes down then there won't be much to do. Maybe if you live in the same country as the company operates, you can sue them locally. Other than that not much.
if you are a trader then you should accept your looses too. it is possible that bitifinex or any other exchange can go down without notice. just keep this in mind "dont put all your money in any exchange site".
Margin trading?
Hi everyone, I trade actively on bitfinex and poloniex, and usually end up keeping big amounts of USD on the exchanges (mostly bitfinex)
Sometimes exceeds 50k USD. And my concern is, what if bitfinex closes down or vanishes? The funds will be gone along with them.
And to prevent such tragic loss, withdrawing the USD to my bank account (a procedure that takes 7 business days +2 business days to arrive to my account) isn't an ideal method as that prevents me from trading. And I also dont want to keep say 50k USD sitting in an exchange with fingers crossed that nothing bad will happen.
I usually trade BTC/USD, ETH/USD pairs, so buying other currency (for example ltc, with current high rates) isn't ideal either.
What do you do? And what would you suggest in my position?
Thanks for your time.
Sometimes exceeds 50k USD. And my concern is, what if bitfinex closes down or vanishes? The funds will be gone along with them.
And to prevent such tragic loss, withdrawing the USD to my bank account (a procedure that takes 7 business days +2 business days to arrive to my account) isn't an ideal method as that prevents me from trading. And I also dont want to keep say 50k USD sitting in an exchange with fingers crossed that nothing bad will happen.
I usually trade BTC/USD, ETH/USD pairs, so buying other currency (for example ltc, with current high rates) isn't ideal either.
What do you do? And what would you suggest in my position?
Thanks for your time.
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