Sold all my BTC
I know you might think I am crazy right?
So before you kill me let me explain my thought process and you can share yours.
After the Market Cap passed 120 Billion, I didn't want to make the same mistake I did in June where market dropped like crazy and I didn't utilize that. I decided to go with Tether right now while market hopefully goes down again.
What's Tether?
Tether is pretty much cryptocurrency that is backed 1 to 1 by fiat currency, so 1 USDT is always equivalent to 1 USD. My goal is to buy back in while in a blood bath where everything is going down at which Tether stays close to $1.00.
Doing this helps with the sales fee and you only have to pay small trading fee. I did my trade on Bittrex.
I will keep you updated and will let you know how it turns out.
Feel free to follow me @belalh
TETHER IS NOT REDEEMABLE! READ THEIR TOS!! IT DOES NOT ACTUALLY COUNT AS ANY FIAT OR CRYPTO. ITS WORTHLESS!
But what I am thinking I can do is to buy back in once we are red and everything is losing value.
You have been warned!
"Their own lawyer admitted that Tethers are not redeemable.. Not financial instruments, and not money .
http://archive.is/TA7Ou
Spoiler:
The lawyer for Tether is Stuart Hoegner, and is general counsel for Bitfinex and Tether. Member of Bars of Ontario (LSUC #42037E) and Nevada (NVbar #12774).
While they are sure to assure everyone that they in fact have 1 USD for every Tether issued, that is pointless if they never actually have to give you that USD for your Tether.
Let’s not forget that the entire concept of Tether, even if they were redeemable and legit, will eventually run afoul of US banking regulations. In my opinion, that is the actual reason why they made them legally no cash value car wash tokens, as an attempt to make them legally permissible. I do not think regulators are this stupid.
Let’s not forget that the entire concept of Tether, even if they were redeemable and legit, will eventually run afoul of US banking regulations. In my opinion, that is the actual reason why they made them legally no cash value car wash tokens, as an attempt to make them legally permissible. I do not think regulators are this stupid.
Let’s think about what happens to Tethers if their bank accounts are seized, or if it turns out that money is co-mingled with BTC-E withdrawals from criminals.
This is actually a subset of a large article about trade wash and spoofing going on. https://t.co/oPOsS6MVzd?amp=1
I do agree though if there is any connection found with Btc-e, or other fraud, Tether is equally unsafe, and will be seized en masse. " - From a user on HackForums
What service would you recommend instead?
thanks for sharing
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