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Don't Neglect USDT Trading
Since this new subreddit has had pretty much zero trading discussion, let's kick it off. I've brought up USDT a good amount lately in talking about my trades, my positions, etc. Almost unilaterally, I've gotten a "Hur dur, have u heard about the scandal?" kind of response. Like nah, I don't know the biggest news in crypto? USDT might be a scam. I'm not gonna pretend to know. But there is something I know: scams don't get exposed this quickly and turn to shit over a 3 hour period of the subpoena becoming public knowledge. And subpoenas take more than one month to do, process, reach conclusions, and make information publicly available. USDT is not tanking tomorrow or the day after. Additionally, nobody knows how USDT scandal would play out. USDT's price can't crash because it's equal to the USD. The only way the scandal plays out that makes USDT worthless is if people stop trading it. And TBH, I see no reason for people to stop trading it. As long as people are willing to pretend 1 USDT = 1 USD, it is. After all, we're sitting here playing with imaginary coins in the first place, giving them imaginary values. So even if USDT thing turns out to be awful and BTC tanks by 50% or some shit, some people will still be trading USDT. My point is that you aren't going to have immediate liquidity issues no matter what the situation were like. This isn't a guarantee, more of a statement of uncertainty; we just do not know what will happen with USDT if the entire scandal is true. So all of that said, for the love of god, stop pretending USDT isn't there. Two days ago I told people that I planned to start using USDT while I slept. When I made that post, XRB was ~168k satoshis, while BTC was 11.4k USDT. Since then, BTC has dropped to ~8.6k USD. This is a 20%+ gain even if I never moved back into XRB (I have - but I often go into USDT whenever I'm not in XRB!). In this post, two days ago, I said that USDT was a wise investment and people thought I was joking. In another post yesterday, I got downvoted for saying to trade in USDT because BTC's price was going down, while some dipshit asks me if I'm "aware of the news" and people laugh like I'm making a joke. 2 days ago, I called that BTC was down 10% and due for another 10% drop. Today, there was a point when XRB was 179k and BTC was 9.4k. I sold my XRB at roughly 17 USDT per. All I needed was either XRB to drop from 179k or BTC to drop below 9k -- two fairly likely things -- to have my buy order @ 15.5 USDT filled. This managed my risk well and netted me about 10% of my stack. You can actually see in the charts how my USDT buy wall was during 3 separate 15 minute chunks, all while I was on my way home from work and not even at my computer. The USDT scandal is pretty serious. Serious enough that I plan to pull some money out of crypto after Binance JIC bitcoin crashes as a result of USDT (and hold it on the sidelines til the dust settles!). I'm not going to pretend it isn't serious. But USDT isn't disappearing overnight just because it scares you. It's a tool. For the last 3 days, BTC has been on a downtrend. Analysts have said that 8k is a key support line for BTC, and I am inclined to agree. I don't expect BTC to go down forever, either. But when you're trying, don't just blindly throw shit into BTC. Check the prices of BTC-USD and ETH-BTC first. If you think that BTC's USD price will increase, then you should probably throw it into BTC. If you think that the BTC price is going to tank, then you should probably go USDT. Finally, if we're in a relatively neutral position, then you should put it into ETH since that's just been steadily outpacing BTC recently (in both good and bad situations). I also post this because it'd be nice if we had some more volume over on XRB-USDT. Sometimes there are 1-2% overcharges or discounts compared to XRB-BTC!
The crypto market circumstance has been awful consistently. Week after week, after quite a long time, the terrible news was heaping up, and the prices continued dropping. Dealers and speculators continue asking themselves for what good reason is Bitcoin going down? Obviously, there was uplifting news too, yet no doubt the great basically wasn’t sufficient to exceed the awful. At that point ... It’s been left for dead more than once, written off as nothing but a bubble and denounced as rat poison by one of the world’s most famous investors. Yet Bitcoin is once again staging a ... By now, you must have heard the news about Bitcoin’s dramatic crash.. At its all time high, a single Bitcoin sold for $20,000. Right now it is hovering below $7,000. I’ve been reading and learning about Bitcoin as much as I can digest for the past year or so and I’ve been fairly open about the criticisms people have about this newly minted digital currency, it’s of course still in a ... [ October 1, 2020 ] First Mover: Nine (Bullish) Bitcoin Predictions for Final Months of (Awful) 2020 Crypto News [ September 30, 2020 ] Judge Rules Kik’s Token Sale Violated US Securities Law Crypto News [ September 30, 2020 ] SEC Alleges Big-Talking Florida Crypto Investor Defrauded Clients of $6.8M Crypto News For example, users can show their friends how to buy bitcoin from Binance Lite stores, immediately load it up onto Trust Wallet on their phones, and go on to spend this bitcoin in shops accepting bitcoin payments through TravelbyBit, the payments startup Binance invested in last year.” said Zhou. Bitcoin Crash Mysterious CryptoCurrency Market Crackdown The People's Bank of China's Shanghai central station said it would handle developing instances of wrongdoing including virtual monetary forms. It additionally advised speculators not to mistake crypto for blockchain innovation, the computerized record that supports numerous digital forms of money, for example, bitcoin. Bitcoin will save many in the coming year, and this can only be achieved if only you invest and hold some reasonable amount of it today. As a bitcoin investor, I will always point out the importance of why we need to hold some amount of bitcoin ahead of the upcoming major bull run and world economic recession. If you have noticed, the news ... Binance is freezing withdrawals for a week—that means 188,000 Bitcoin are stuck on the platform—a move that could create an artificially restricted supply. You can’t withdraw bitcoin off the exchange, but Binance itself—and insiders—can. This could allow a privileged few to take advantage of price differentials on other exchanges. “We just had the awful realization that we were sitting on top of a $500 million ice cube that’s melting.” He also added that Bitcoin was something that he would want to hold for the next 100 years. Twitter CEO Jack Dorsey Might Allocate Some Corporate $10 Bln into Bitcoin: Willy Woo . Related. Twitter CEO Jack Dorsey Might Allocate Some Corporate $10 Bln into Bitcoin: Willy Woo. A ... After a major hack that brought BitcoinTalk.org down last week, the forum has reopened a few hours ago. Apparently, the platform is working as usual, but some users are still concerned about the safety of the website’s database. According to some users of the Bitcoin sub-Reddit, the forum’s administrator, known as ‘theymos’, announced the exploit hadRead More
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