Jump to content

Who else is moving their money to SBI cryptocurrency?


Siniath
 Share

Recommended Posts

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 :P ) 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 by Siniath
Link to comment
Share on other sites

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 :P ) 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

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".

Screenshot_20171119-105158.png

 

Funding/Deposit

Screenshot_20171119-105957.png

 

Funding/Withdraw

Screenshot_20171119-110028.png

Edited by amulecregg
Link to comment
Share on other sites

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

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 :P ) 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 by Guest
grammar
Link to comment
Share on other sites

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

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

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 :D;)

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.