I did a post at the beginning of December about dollar pegged assets but no one really cared about it at the time. I actually synced the NuBits wallet on my computer and the plan was to make a brilliant exit before this bubble burst. Well it happened so fast that a lot of damage was already done in a very short amount of time. If I would have reacted two weeks ago and told myself not to get greedy I could have spared myself yesterday.
I'm currently resyncing my NuBits wallet to seek shelter there because I have a feeling we could be in for some bigger drops down to 5K BTC potentially. It pisses me off that I even did a couple small tests back at the beginning of December but then even I got blinded by all the money getting thrown around. But when it boils down to it I kept taking earnings and putting them in different coins to keep getting more diversified.
Some coins I'm not converting and I'm going to ride with my positions. NuBits can be risky because ultimately something could go wrong with it as well but it has been keeping the $1 peg pretty solid. NuBits is decentralized and trustless so I consider it superior to Tether but the one downside is that it is only traded on Bittrex at this point. It Bittrex went down for some reason it would be a big problem.
What do u think of DAI?
Initially the couple downsides I see of that system is that it seems to run on top of a platform (Maker) which runs on top of Ethereum. So it worries me that transaction fees could get kind of high on it and also the system seems to be set up to where you have to put Ethereum up as collateral. That is the big thing I don't like about BitShares as well. YOu have to put BitShares up as collateral but what if BitShares is falling? It is like you are forced into holding an asset that is eroding away as well.
That is why I like NuBits. I'm not forced to put up anything as collateral. I can just buy it and sent it to my wallet on my computer.
That being said maybe the best way to play these is to split assets up 3 ways. Some to BitUSD, some to DAI, and Some to NuBits. That way if one of the systems fails you don't take out all the holdings.
What about you? have you been using any of these dollar pegged assets to let the bottom fall out below you? And then regain larger holdings when you reenter back in?
No, not going to hold any of these pegs because the USD and other FIAT is inflationary so you are guaranteed to lose 3 -4 % each year in spending power, on top of that when the Peg breaks down the coin can go to zero. SBD has gone the other way but if it can't control one side, how can it control the other? Who knows what will happen to Tether. If there is a stable coin and I can predict when markets will fall (should have predicted this bear market in fairness, I didn't), then it would be worth sticking it in a pegged coin or just cash out and pay the tax.
I don't know if you have heard of the SDR which is a basket of currencies, it's probably good to hodl a basket of crypto.
I hear you on the inflation situation with the FIAT but I only plan on being in this for a short period and as fast as this is falling it is better than losing another 50% or so. I think I'm going to convert some more to NuBits but never sell completely out of the positions and in a few days reassess the situation and get back in my positions and even strengthen my positions.
I'm not sure if I heard about SDR or another one that is a basket of them. But I agree. Being well diversified is how I like to be. I'm not into @jerrybanfield 's strategy of going all in on one coin.
He's still done well but it was a risky strategy. SDR is a basket of FIAT, they should have included gold too and maybe some crypto for good measure. I will look more into Nubits
Would you not consider Tether at all? Was there some news about their auditor leaving recently, bit concerned about using it but don't use Bittrex.
Nah, I have never liked Tether from day one and to me it is likely a house of cards. I stay away from it.
I looked a little more into this other small exchange that has NuBits as well. https://www.southxchange.com The volume is pretty low but they have an entire NuBits paring for other coins. I haven't hear anything about it but I did check their twitter and they have had NuBits on there since 2015. I'm not sure what type of verification they require but it might worth a try if you don't want to use Bittrex. Right now things are working out decent for me with NuBits since the price is sinking on a lot of stuff. if it sinks again I can just buy in as much as I bought before or even increase the amount of coins I have for the same price.
Yeah I see Bittrex have just reopened subscriptions and started USD trading also so will signup. Think i'm a bit late for flight to safety, well hoping so and that this is the later stages of the downturn so will probably just sit tight now. Should have moved a lot earlier but fear of missing out. Thanks for the info though will get myself setup for the future. Interesting to see if Tether has any issues if people start pulling out.
Steem is still by far my biggest holding, and will always be my number 1. I guess with the SBD $1 peg, or currently I guess minimum of $1 peg, it will also be a pretty safe bet if it does drop back down to where it should be. Haven't looked into Nubits at all but I guess I should. I'm also into Electroneum (thanks to you, haha) Smartcash, and ETH. Also I'm gonna go with the latest hype about LTC and make a gamble on it. Pretty much buying all LTC right now.
I like LTC as well. I want to buy a lot more of it.
I just started hearing about LItecoinCash, is this a real fork or a joke? Also do you think it will have any support? Right now have my Litecoin sitting on GDAX so I can trade on swings but if this LiteCoin Cash is going to have any suppport I may move it back over to my Trezor to take advantage, I think it's a 10:1 ration they are giving you if I heard correctly
I haven't even heard of that fork yet. There were so many of the Bitcoin Forks and it is almost like a lot of them didn't even have the technical ability to pull it off and so even the exchanges who said they were going to support them aren't able to really open up the wallets or anything.
I'm riding it out and positioned as best as I could, while I still could. And I am going hard into Steemit. :)
Yeah going hard into Steemit is a good idea because then you could potentially use the earnings to either gain more power here or average down on some of the investments. I actually powered up another 400 STEEM last night and plan on continued blogging to average down on stuff.
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