Who's Holding BTC?

[Admin]

Well I've been in this space for years and I've not once traded using Tether. I can sell and take cash out in GBP within minutes; not that I'm going to.

Me too, I took cash out yesterday, the day before, last week, last month. FUD

 

[Murray]

You could tell from price breaking down instead of out it was going to be short term negative

 

[twostepsbehind]

Well I've been in this space for years and I've not once traded using Tether. I can sell and take cash out in GBP within minutes; not that I'm going to.

This is only if you’re using a credible exchange like Coinbase

The majority of speculators are not, but using unregulated Bahamas banking exchanges

 

[Admin]

This is only if you’re using a credible exchange like Coinbase

The majority of speculators are not, but using unregulated Bahamas banking exchanges

err...ok...so whats your point. Dont use dodgy exchanges and leverage crypto trades or crypto is bad? Its really unclear what point you are trying to offer in a thread about whos holding crypto.

 

[Admin]

Bit beyond my knowledge area but I believe with a lot of the large exchanges at present, you never technically trade in direct USD/GBP. Even though it appears you do.

They show it as USDT for example.(AKA, Tether.) You can still withdraw it as USD/GBP etc, it's just they covert the tether to money at the stage you do that. The user doesn't often know they've even been part of a Tether trade. They just see the $ or £ amounts in their account.

That's how it was when I used to trade on Kraken anyway. You were always technically trading BTC to USDT, not directly to cash.

It did mean that if tether was infact all dodgy as a lot of reports say, a lot of the exchanges would crash, as there would be no value in the tether to cash conversion. Therefore destroying the price of BTC in an disastrous fashion.

Based on that comment, you are right, without wanting to sound adversary, this is not a subject you seem to know a lot about.

 

[Admin]

Non-dodgy exchanges actually are operating with tether behind the scenes too.

Ok, which ones? I guess that might be how you define dodgy. I operate in 3 and none touch Tether. What does behind the scenes mean?

 

[Admin]

Kraken... Is like... Literally the only one that exchanges usdt back to fiat...

 

[ian]

I'd imagine the majority of retail investors use Coinbase (or Paypal, but that is an entirely different story!) and they trade in Fiat, not stable coins (though do offer them). There is no doubt that Tether is questionable at best, and to an extent is propping up about 5% of the Bitcoin market, but the demise of Tether will just have those trading in it switch to Bitcoin (increase the price) or to other stable coins, of which some of them (I believe) are backed by the eqv. Ultimately the Tether FUD goes around every time those that missed out want to get in at lower prices; either way, it allows me to buy more so all good.

 

[twostepsbehind]

err...ok...so whats your point. Dont use dodgy exchanges and leverage crypto trades or crypto is bad? Its really unclear what point you are trying to offer in a thread about whos holding crypto.

Well, my post a couple days ago was just about sharing sound analysis of how manipulated the crypto market could be and how it could’ve been time to cash out when it was at $37k, and today it’s at $31k...

Coinbase does not make up the majority of crypto trades

Some of the other big exchanges, by volume, use Tether

The fact that the #5 biggest exchange by volume (Bitfinex) is owned by the same people who Tether should have alarm bells going off

Also, how Tether has consistently had triple the daily market volume of Bitcoin over the last few months should raise eyebrows

@Admin I’m probably a bigger fan of Bitcoin than even you are, but this feels like a major pump and dump

 

[LCHappy]

You could tell from price breaking down instead of out it was going to be short term negative

View attachment 3118

When you look at the graph of a classic Ponzi scheme, its scary how close it looks to that

 

[Murray]

When you look at the graph of a classic Ponzi scheme, its scary how close it looks to that

It's actually very close to the gold and silver moves in 2020

Maybe it's a fibonacci math type pattern; I've tried to stay away from anything that seemed too much like reading tea leaves but maybe there's something to it

 

[dee]

Maybe it's a fibonacci math type pattern; I've tried to stay away from anything that seemed too much like reading tea leaves but maybe there's something to it

Fibonacci is everywhere in technical trading and holds up very well. That and Elliot wave theory.

 

[ian]

When you look at the graph of a classic Ponzi scheme, its scary how close it looks to that

By definition, most investments are ponzi schemes!

 

[LCHappy]

By definition, most investments are ponzi schemes!

Very true I guess. I buy a bit of gold, I think it is a rigged market as well to be honest, but I accept it as part of the game.

 

[Adam H]

Ok I've been sucked in finally lol. I've got my self a Binance account and going to buy a ledger dongle off-line storage.

Anything else I need to think about before I start my BTC journey

Anyone who isnt signed up to Biance, feel free to sign up via my referral link https://www.binance.com/en/register?ref=69789564

 

[dee]

Ok I've been sucked in finally lol. I've got my self a Binance account and going to buy a ledger dongle off-line storage.

Anything else I need to think about before I start my BTC journey

Anyone who isnt signed up to Biance, feel free to sign up via my referral link https://www.binance.com/en/register?ref=69789564

Binance are good. Had no issues at all and can verify i've had bank transfers out no problem. Only issue i've had was my bank account (transferwise) refusing to accept money as crypto related and they wont accept crypto business related funds it seems. Lloyds did though.Took a few emails to get the funds actually back as it had processed as accepted (which it initially was)

They're spreads are very good aswell. Look at using BNB for transaction fees on there and it saves you a bit if you trade regularly. Good luck !

 

[Adam H]

Yeah I've been following a guy called "Chicken genius Singapore" on youtube who ive enjoyed watching, he's the one thats recommended storing in Ledger.com dongles instead of trusting a broker with your BTC, followed his guide on Bianance setup, got verfied and deposited ( barclays ) with no problem so i think im all set now. I did notice they have a little note now with a few banks they dont want deposits from transferwise being one of them.

 

[dee]

Yeah I've been following a guy called "Chicken genius Singapore" on youtube who ive enjoyed watching, he's the one thats recommended storing in Ledger.com dongles instead of trusting a broker with your BTC, followed his guide on Bianance setup, got verfied and deposited ( barclays ) with no problem so i think im all set now. I did notice they have a little note now with a few banks they dont want deposits from transferwise being one of them.

Yeah.... it was a "read the small print" moment. I use them as my Mrs is American and were back and forth a bit which theyre great for. Now I know so not an issue. Only other thing is switch on 2FA of course which yiu'll do anyway.

 

[dee]

@Adam H Out of interest. Have you set yourself a buy target or you just getting straight in ?

 

[Adam H]

@Adam H Out of interest. Have you set yourself a buy target or you just getting straight in ?

I was planning on depositing for 2 or 3 days as there is a daily limit for new accounts, then assessing things then as to whether to set an entry. It's going to be a long term strategy rather than daily trading so ideally id like to enter at a reaonable level and then hold it, then depositing/buying more every month.