Swapping Bitcoin for "stablecoin": Smart move or disloyalty?

TheNineClub

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Quote from: Die_empty on June 26, 2022, 08:14:39 AM

During these trying times of Bitcoin I have read and listened to many analysis and predictions about its future price. There is perception in some quarters that Bitcoin might fall below $10,000. But there have also been a general belief that the price might rise above $60,000 in few years. As a new investor in the Bitcoin market, I came up with a plan that if Bitcoin would fall below $10,00 in few months, it would be a smart move to convert my BTC to the so called "stablecoin" (I later discovered that it can be unstable) and wait. Immediately Bitcoin price falls below my target, I would re-swap the satblecoin for BTC at a very cheap price and patiently wait for the bullish season thereby making profit. And I did exactly that, converting part of my BTC fund to stablecoin.

But instead of the joy an investor derives after a smart business move, I felt like a betrayer. My conscience kept pricking me that I have done the wrong thing. As I was pondering over my actions and current state of mind, these questions flashed through my mind;

Do you think swapping your BTC for stablecoin makes you are solution to Bitcoin bearish run or a contributor to the challenge?
Do you fell that wishing or believing that the price of BTC should fall below $10,000 makes you a real fan of Bitcoin?
Can you comfortably publicize or speak good about BTC while you are ditching it?
Is your love real, when you flee because of a temporal setback?

I stand to be corrected, but my answers to these questions proved that my move was not a smart one but a disloyal move.

This is a valid question. But again, it depends from person to person. Some people view this solely as an investment and they want a return on their investment, so their coin hopping is just a move they make to get the most of it. There wasn't any loyalty, to begin with. Now, if you got into this with intentions of supporting the project, seeing it through, then switching to a stablecoin is really giving up on the project entirely. Can there be a middle ground where you can support the project but hop to a stable coin from time to time? Yes, but it depends on how often that occurs.

Rengga Jati

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Quote from: Die_empty on June 26, 2022, 08:14:39 AM

Swapping Bitcoin for "stablecoin": Smart move or disloyalty?

For this question, I am not sure if this is about disloyalty, but this is more to taking advantage of Bitcoin itself. Not all people are true holders of Bitcoin, but it doesn't mean that if they are not holders, they don't love Bitcoin. We trust in Bitcoin, at whatever rate, we can utilize every market condition to get in Bitcoin. This is the loyalty, not being panicked and also spreading FUD because of the dropped price of BTC.

Quote from: Die_empty on June 26, 2022, 08:14:39 AM

Do you think swapping your BTC for stablecoin makes you are solution to Bitcoin bearish run or a contributor to the challenge?

During this bearish market, for me, no need to swap my Bitcoin to stable coins. I will prefer to add more Bitcoin by using my stable coins. This is the chance for me to invest again in Bitcoin because the price is low, right? And the probability of Bitcoin will drop again is sure enough. And maybe it will be under $15k.

Quote from: Die_empty on June 26, 2022, 08:14:39 AM

Can you comfortably publicize or speak good about BTC while you are ditching it?

Isn't this something hypocritical? Say like if you like, say no if you don't.

nakamura12

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If the reason why you want to swap your Bitcoin to stablecoin is to avoid the usd value of Bitcoin if the bitcoin price decrease if ever the price decreases and one of your solution to avoid it is by sell your bitcoin and buy stablecoin since you know what stablecoin is and its price then I would say that it is a smart move if you did swap your Bitcoin to stablecoin (My opinion about what you want to do is that it will work if bitcoin's price is decreasing constantly just like this month from $31,865.75 to $20,825.31 as of this day (from coinmarketcap). Anyway, it's your funds so it is up to you if you want to swap (whatever reason why you want to swap) but if you want to own crypto or invest then I suggest that you should choose bitcoin either you buy/hold or to invest. I suggest that it is much better if you invest/hold bitcoin long term or not (once again, It's up to you to decide what you think is right or best for you). Don't think too much when people said that it is a disloyalty if you swap your Bitcoin to different crypto of your choice.

ultrloa

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How come it became disloyalty? For sure you are not on crypto just be became loyal on one certain particular coin or token we need to be creative or resourceful to gain since this is our main priority. And if converting to stable coin is one of the best option to stop us seeing our money bleed from bear market condition then this is best option to do because we can buy again those coins we desired once we see the market became bullish back again.

KingsDen

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Hello Leo! You can still win.

It all depends on what you want. Your personal self before bitcoin. I want to ask you a question and I will like an honest reply. Do you wish that bitcoin flourish forever and you will be poor for ever or you wish bitcoin ends today and you will be super rich for life? I guess I know your answer. Nobody fights for bitcoin, nobody cares much for bitcoin, majority of us here are for personal gains.
Converting your btc to stable coin will not pull the price down the more and likewise, leaving your bitcoin and playing loyalty will not make it rise. Your decision could only affect bitcoin if you were millions of people outside there. Like if you sell, 20 million people have sold...lolx

Rather than waiting for btc to reach $10,000 which may never happen, why not start to DCA from now.

Twinkledoe

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Quote from: Natalim on June 27, 2022, 06:14:28 PM

Quote from: noorman0 on June 27, 2022, 11:31:42 AM

Bitcoin is freedom and it still provides freedom at any time, and it's also not a trap that you have to be trapped in to use it. After all, the main purpose of bitcoin is a means of payment, holding is just an external reason created by the community which is oriented towards price rather than function.

No loyalty needed.

Ohh, that's for real. We don't need to be loyal, we did it just for the purpose.
Yes, holding won't help promote Bitcoin as a form of currency but we indeed helping it to consider as a form of investment. That may be for some reason they have no other option like in the countries where crypto is not accepted they leave no choice but to convert it into USDT.

@OP, do what you think is right, it was your money, it was your Bitcoin. May you can convert some of it to stablecoins, that perhaps still no wrong with that in fact, many holders do.

if it is your money, then, by all means, you have the privilege where you want to put it. Swapping it to stable coin or not, it doesn't mean disloyalty or any of that sort. Take care of your own business in this market because no one will do it for you. I believe, loyalty in this market is not common as you have to think of your portfolio before anything else.

Natalim

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Quote from: noorman0 on June 27, 2022, 11:31:42 AM

Bitcoin is freedom and it still provides freedom at any time, and it's also not a trap that you have to be trapped in to use it. After all, the main purpose of bitcoin is a means of payment, holding is just an external reason created by the community which is oriented towards price rather than function.

No loyalty needed.

Ohh, that's for real. We don't need to be loyal, we did it just for the purpose.
Yes, holding won't help promote Bitcoin as a form of currency but we indeed helping it to consider as a form of investment. That may be for some reason they have no other option like in the countries where crypto is not accepted they leave no choice but to convert it into USDT.

@OP, do what you think is right, it was your money, it was your Bitcoin. May you can convert some of it to stablecoins, that perhaps still no wrong with that in fact, many holders do.

noorman0

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Bitcoin is freedom and it still provides freedom at any time, and it's also not a trap that you have to be trapped in to use it. After all, the main purpose of bitcoin is a means of payment, holding is just an external reason created by the community which is oriented towards price rather than function.

No loyalty needed.

Masplanc

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Their is nothing wrong for one to swap bitcoin to stable coin, their must be a reason for the swap. Sometimes the amount of bitcoin we have in our wallet can be for payment of something at that particular time, if one is having the feeling that the market can drop, the next plan is to swap it to stable coin so that the money can be used for it purpose.

odolvlobo

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Quote from: Die_empty on June 26, 2022, 08:14:39 AM

But instead of the joy an investor derives after a smart business move, I felt like a betrayer.

Bitcoin doesn't care. Your loyalty is irrational.

Rikafip

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Quote from: Die_empty on June 26, 2022, 08:14:39 AM

Do you fell that wishing or believing that the price of BTC should fall below $10,000 makes you a real fan of Bitcoin?

I knew some people that are wishing for BTC to go below $10k so they can buy more and I don't see them any less fan of bitcoin that those rooting for Bitcoin to go straight for $100k.

Regarding your main question regarding stablecoins, I don't see it as any sort of disloyalty if your goal is to acquire more BTC. I did something like that back in late 2018 when I sold my BTC for stablecoin (iirc price was around $6400) with intentions to buy back, which I did few months later, effectively doubling what I have. I tried to do the same thing few months later, which resulted losing 10% of my BTC. Thing is, I suck at trading so while first timer i managed to profit due sheer luck, 2nd time I panicked and ended up selling low buying high. That lesson was enough for me to never try it again so now I just hold Bitcoin what I have, no matter the price.

dimonstration

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Dimon6969

We have no commitment on holding Bitcoin forever to maintain the price at the current level. I don't see the point of disloyalty when somebody exchange there Bitcoin to stablecoin during bear season since its very easy buy back Bitcoin using stablecoin in case there is already a strong upward movement. I personally convert my Bitcoin to stable coins since 30K and until now. I’m waiting for reversal confirmation before I accumulate again. This save me a lot of fiat moneyand I can buy more Bitcoin now compared when I just hold since 30K. This is nothing personal, I want to have profit so I need to play it smart and used the dumb money as my exit liquidity so that I can increased my Bitcoin holdings dor my future investment.

Poker Player

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Quote from: mk4 on June 26, 2022, 01:58:06 PM

Quote from: Die_empty on June 26, 2022, 08:14:39 AM

As a new investor in the Bitcoin market, I came up with a plan that if Bitcoin would fall below $10,00 in few months, it would be a smart move to convert my BTC to the so called "stablecoin" (I later discovered that it can be unstable) and wait.

Ah, the classic buy high, sell low strategy.

That's what I was thinking, and I find it strange that it has not been commented more in the thread. And if the stablecoin is Terra Luna style even worse.

I would say that as much of a plan as the OP has, he has not done enough research on Bitcoin, nor stablecoins.

The inherent volatility of Bitcoin, if it is downward, should make us buy more, or do nothing. But never sell if it goes down a lot as the history of Bitcoin has shown that to be a ruinous strategy.

The Cryptovator

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First of all, rather than hold stable coins I will hold fiat cash. Stable isn't any safer to hold due to UST's history. The rest decision about swap Bitcoin for a stable coin depends on you. It's called trading actually which is mid or long-term. You might lose or gain on trading that's the fact. If you follow random predictions then you will just confuse. I am not saying it won't go 1000$ but it's unrealistic at the moment. When Bitcoin touch $5K then it's a reasonable prediction. However, we can't predict exactly and can't give you any financial advice. You have to decide for yourself.

gagux123

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Quote from: Die_empty on June 26, 2022, 08:14:39 AM

During these trying times of Bitcoin I have read and listened to many analysis and predictions about its future price. There is perception in some quarters that Bitcoin might fall below $10,000. But there have also been a general belief that the price might rise above $60,000 in few years. As a new investor in the Bitcoin market, I came up with a plan that if Bitcoin would fall below $10,00 in few months, it would be a smart move to convert my BTC to the so called "stablecoin" (I later discovered that it can be unstable) and wait. Immediately Bitcoin price falls below my target, I would re-swap the satblecoin for BTC at a very cheap price and patiently wait for the bullish season thereby making profit. And I did exactly that, converting part of my BTC fund to stablecoin.

But instead of the joy an investor derives after a smart business move, I felt like a betrayer. My conscience kept pricking me that I have done the wrong thing. As I was pondering over my actions and current state of mind, these questions flashed through my mind;

Do you think swapping your BTC for stablecoin makes you are solution to Bitcoin bearish run or a contributor to the challenge?
Do you fell that wishing or believing that the price of BTC should fall below $10,000 makes you a real fan of Bitcoin?
Can you comfortably publicize or speak good about BTC while you are ditching it?
Is your love real, when you flee because of a temporal setback?

I stand to be corrected, but my answers to these questions proved that my move was not a smart one but a disloyal move.

I confess... I didn't understand why you think you are a traitor/disloyal

You are just protecting yourself from a possible Bitcoin crash using some stablecoin as security, with this, can exist some chances of a particular crypto asset falling and with that you will be able to buy a greater amount of cryptocurrencies.

pooya87

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Quote from: Die_empty on June 26, 2022, 08:14:39 AM

Swapping Bitcoin for "stablecoin": Smart move or disloyalty?

It's neither, it is pure stupidity that is the result of lack of knowledge.

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There is perception in some quarters that Bitcoin might fall below $10,000.

There is a difference between "wish" and "perception/analysis/speculation". $10k is a wish that is very similar to wishing price falling to $1k back when price was $3k.

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to convert my BTC to the so called "stablecoin" (I later discovered that it can be unstable) and wait.

The problem with stablecoins is not just that they may not be stable. The biggest problem is that they are centralized and shady. This means at any time they can disappear completely and the result would be your entire money being lost.
Not to mention that because they are centralized they can target you individually and seize your money.

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But instead of the joy an investor derives after a smart business move, I felt like a betrayer.

There is nothing wrong with selling bitcoin.
- Just don't sell after the drop ended at the bottom
- Don't forget to buy back when the price stabilized or started moving up
- Don't convert your bitcoins to a shitcoin including stablecoins.

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Do you fell that wishing or believing that the price of BTC should fall below $10,000 makes you a real fan of Bitcoin?

That makes you a fan of fiat who doesn't know what bitcoin is.

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Can you comfortably publicize or speak good about BTC while you are ditching it?

If you are only talking about bitcoin price then you are not helping bitcoin whether it is about its price rising or falling.
Bitcoin is a decentralized censorship resistant currency that operates globally and 24/7 at the highest security and speed with the lowest cost.

CryptoHeadlineNews

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Loving the coin or not will not stop it's volatility. It has been it's nature from day one, so the best thing to day is swapping the coin to a stable coin to prevent more lose. But another big question here has always been, what if after a swap, the price later goes up before you even notice, what will you do then? And that's where I love exchanges like Binance, Gate.io, Remitano and e.t.c, because they have features like "stop lose" and "take profit" which allows you to set a price limit how much you are willing to risk your coin

hatshepsut93

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I think it's not a good idea to grow attached to Bitcoin and becoming an ideological follower of it, because it can blind you. There's a saying in investment - never marry your bags.

There's no contradiction in thinking that Bitcoin will perform well in long term, but might fall further in the short term - this is not a betrayal of Bitcoin, it's just a prediction based on the observed data. There's some small percentage of people who will say that Bitcoin is always bullish, that Bitcoin will skyrocket in a few days - this view is unhealthy, it creates false expectations.

There's nothing wrong with dumping Bitcoin, especially after if it means making decent profit. Just keep in mind that buying it later will likely be a very good idea, because more bull markets will come. Deciding to quit Bitcoin for good could lead to some serious regrets later on.

348Judah

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Quote from: Die_empty on June 26, 2022, 08:14:39 AM

Do you think swapping your BTC for stablecoin makes you are solution to Bitcoin bearish run or a contributor to the challenge?

I will say yes and in the same way mean no, why is because bitcoin one can effectively manage his asset in times like this by converting to stablecoin especially when the need arises for it use in other to cut loss, if it's a long time investment then i want to believe there's no need for doing that because one of the reasons for an investment is to earn a good yield of return over time and which cannot be achieved in stablecoin except in bitcoin.

This will give room for it rising and increase in value, human needs are different and insatiable, we can't have everyone to have the same motive for conversion and therefore stablecoin or not does not contribute to the dip challenge. ongoing

Quote from: Die_empty on June 26, 2022, 08:14:39 AM

Do you fell that wishing or believing that the price of BTC should fall below $10,000 makes you a real fan of Bitcoin?

Yes, no doubt about it, even if it's goes below $10k its worth investing with, bitcoin isn't shitcoins or unrealistic projects on a test run, its digital currency worth investing with than other cryptocurrencies.

Quote from: Die_empty on June 26, 2022, 08:14:39 AM

Can you comfortably publicize or speak good about BTC while you are ditching it?

Yes for real, its bitcoin but I can't do such on altcoins

Quote from: Die_empty on June 26, 2022, 08:14:39 AM

Is your love real, when you flee because of a temporal setback?

Those that wait to oay the prize in trying times like this will definitely enjoy the benefit thereof in the future, nothing to freak me about the status in bitcoin price, it's just mere move in price in which if it were to be other cryptocurrencies things could have gone wrong so badly.

sheenshane

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Quote from: Die_empty on June 26, 2022, 08:14:39 AM

Do you think swapping your BTC for stablecoin makes you are solution to Bitcoin bearish run or a contributor to the challenge?

Not a solution to a bearish market but you can escape the possible massive loss of value of a dollar in your Bitcoin holding.
That's what we call, "diversifying asset" smart move should must in crypto because this is very volatile and very risky but if you're not sure of what you're doing, better to remain to hold your Bitcoin than diversifying it.

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Do you fell that wishing or believing that the price of BTC should fall below $10,000 makes you a real fan of Bitcoin?

I'm a holder so I wish Bitcoin would pump up and if you're investors, of course, you will wish that there's a bottom of $10k.

Topic: Swapping Bitcoin for "stablecoin": Smart move or disloyalty? (Read 277 times)