Siniath Posted November 19, 2017 Share Posted November 19, 2017 (edited) So there are rumors about a massive tether scam going on with many major exchanges being part of it (fake tether being issued to fuel BTC price): So yesterday I thought about what I would do if this turned out to be true and how this crash would influence the whole market. Of course I thought about going into fiat temporarely (to get more XRP in the long run ) but at this point I don't trust most of the exchanges to hold my money. I would rather leave it on my Nano S and watch my XRP crash and recover than exchange it for fiat, only to watch the exchange go bankrupt. With all this uncertainty I'm thinking about moving everything to SBI cryptocurrency once they launch in the near future. I think its probably safer since they are an official institution that won't go bankrupt anytime soon, so I can happily exchange for fiat there in times of a major crash. What do you think? Of course this is all assuming that the rumors turn out to be true. Edited November 19, 2017 by Siniath Link to comment Share on other sites More sharing options...
Sarnos Posted November 19, 2017 Share Posted November 19, 2017 buy on rumor sell on news - le old story Link to comment Share on other sites More sharing options...
Guest Posted November 19, 2017 Share Posted November 19, 2017 1 hour ago, Siniath said: So yesterday I thought about what I would do if this turned out to be true and how this crash would influence the whole market. Of course I thought about going into fiat temporarely (to get more XRP in the long run ) but at this point I don't trust most of the exchanges to hold my money. I would rather leave it on my Nano S and watch my XRP crash and recover than exchange it for fiat, only to watch the exchange go bankrupt. With all this uncertainty I'm thinking about moving everything to SBI cryptocurrency once they launch in the near future. I think its probably safer since they are an official institution that won't go bankrupt anytime soon, so I can happily exchange for fiat there in times of a major crash. if you are worried, avoid exchanges with significant amounts of USDT listed e.g. gatehub does NOT have USDT (altho, flip side, if you trade, it sucks) or maybe keep some in "risky" exchanges and keep you main stash in a cold wallet as for SBI, yes this is exciting, because we finally get a fiat pair most people in crypto truly believe that they are trading USD on poloniex, butfinex, bittrex, hitbtc, etc etc -- they are NOT! they are buying USDT, a fraudulent token that is not backed by anything at all Link to comment Share on other sites More sharing options...
PaulKim Posted November 19, 2017 Share Posted November 19, 2017 What is SBI cryptocurrency? I thought SBI planned to use XRP? Sorry I'm new here... Link to comment Share on other sites More sharing options...
Siniath Posted November 19, 2017 Author Share Posted November 19, 2017 (edited) @PaulKim You're right, SBI is a partner of Ripple and they are going to use XRP. But they will also launch a new crypto platform soon: https://kryptomoney.com/sbi-holdings-sets-the-pace-for-a-crypto-backed-financial-ecosystem/ This is exciting because they will be the first bank to do so directly! Edited November 19, 2017 by Siniath Link to comment Share on other sites More sharing options...
amulecregg Posted November 19, 2017 Share Posted November 19, 2017 (edited) 1 hour ago, zerpdigger said: if you are worried, avoid exchanges with significant amounts of USDT listed e.g. gatehub does NOT have USDT (altho, flip side, if you trade, it sucks) or maybe keep some in "risky" exchanges and keep you main stash in a cold wallet as for SBI, yes this is exciting, because we finally get a fiat pair most people in crypto truly believe that they are trading USD on poloniex, butfinex, bittrex, hitbtc, etc etc -- they are NOT! they are buying USDT, a fraudulent token that is not backed by anything at all FYI, Kraken have both USD and USDT, so it may be a great alternative—It's the only exchange I trust/use right now. Note the "XRP/USD" not being "XRP/USDT". Funding/Deposit Funding/Withdraw Edited November 19, 2017 by amulecregg Link to comment Share on other sites More sharing options...
Siniath Posted November 19, 2017 Author Share Posted November 19, 2017 (edited) @amulecregg Me too But Kraken always had problems dealing with high volumes so in case of a crash it might shut down completely. Still, I'm staying on Kraken for the time being and when SBI launches their platform, I'm going to rush there like a mofo Edited November 19, 2017 by Siniath amulecregg 1 Link to comment Share on other sites More sharing options...
PaulKim Posted November 19, 2017 Share Posted November 19, 2017 Kraken doesn't support New York so I don't use them, although they were my first choice. I'm stuck with Bittrex and they use USDT, which actually confused me when I registered there. But I use another exchange to purchase BTC and transfer it to Bittrex to buy XRP/BTC This whole crypto space is more sketch the more I learn, glad im in XRP. Things just get more interesting and exciting Link to comment Share on other sites More sharing options...
Guest Posted November 19, 2017 Share Posted November 19, 2017 (edited) 10 hours ago, Siniath said: So there are rumors about a massive tether scam going on with many major exchanges being part of it (fake tether being issued to fuel BTC price): So yesterday I thought about what I would do if this turned out to be true and how this crash would influence the whole market. Of course I thought about going into fiat temporarely (to get more XRP in the long run ) but at this point I don't trust most of the exchanges to hold my money. I would rather leave it on my Nano S and watch my XRP crash and recover than exchange it for fiat, only to watch the exchange go bankrupt. With all this uncertainty I'm thinking about moving everything to SBI cryptocurrency once they launch in the near future. I think its probably safer since they are an official institution that won't go bankrupt anytime soon, so I can happily exchange for fiat there in times of a major crash. What do you think? Of course this is all assuming that the rumors turn out to be true. The problem is still with timing the market. If there is fraud happening (and i believe there is) what will it take to stop it and when will it happen. All the bitcoin fanboys are willing to turn a blind eye because theyre making a lot of money. So will bitfinex/usdt collapse in q1 next year? q4? 2019? The price of XRP maybe be $1+ by that time and only fall back to $0.50 when Mt Gox 2.0 occurs. Im still not sure exactly how to correctly play this situation but im trying to think more conservatively about things. I have all my coins in a wallet, none on exchanges. Im not sure if we will start to hear reports about regulatory agencies investigating the issue first or if there may just be a giant crash out of nowhere. Edited November 19, 2017 by Guest grammar Link to comment Share on other sites More sharing options...
Guest Posted November 19, 2017 Share Posted November 19, 2017 in a sense, kraken is doing it right -- treating USDT like any other cryptocoin, which it is (just a fraudulent one claiming to be somehow tied to USD) if the tether ship sinks, at least people can trade back for fiat Link to comment Share on other sites More sharing options...
Guest Posted November 19, 2017 Share Posted November 19, 2017 40 minutes ago, zerpdigger said: if the tether ship sinks, at least people can trade back for fiat The problem will be twofold... the crash if it happens for tether will be fast... the 1for1 won't hold and it will be worth cents in minutes. The second problem is Kraken historically struggles at high load times and so even if you are fast it might not submit your trade... So I think you should be aware there is probably no safety net. Link to comment Share on other sites More sharing options...
Guest Posted November 19, 2017 Share Posted November 19, 2017 11 minutes ago, Tinyaccount said: The problem will be twofold... the crash if it happens for tether will be fast... the 1for1 won't hold and it will be worth cents in minutes. The second problem is Kraken historically struggles at high load times and so even if you are fast it might not submit your trade... So I think you should be aware there is probably no safety net. yes, you are absolutely correct -- i just meant that there's at least a chance (for now!) to get "real" fiat on the exchange that won't evaporate but best bet... convert to xrp, send to cold wallet or nano s Link to comment Share on other sites More sharing options...
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