11 Pieces of Bad Advice I Wish People Would Stop Spreading ...

Don't Neglect USDT Trading

Since this new subreddit has had pretty much zero trading discussion, let's kick it off.
I've brought up USDT a good amount lately in talking about my trades, my positions, etc. Almost unilaterally, I've gotten a "Hur dur, have u heard about the scandal?" kind of response. Like nah, I don't know the biggest news in crypto?
USDT might be a scam. I'm not gonna pretend to know. But there is something I know: scams don't get exposed this quickly and turn to shit over a 3 hour period of the subpoena becoming public knowledge. And subpoenas take more than one month to do, process, reach conclusions, and make information publicly available. USDT is not tanking tomorrow or the day after.
Additionally, nobody knows how USDT scandal would play out. USDT's price can't crash because it's equal to the USD. The only way the scandal plays out that makes USDT worthless is if people stop trading it. And TBH, I see no reason for people to stop trading it. As long as people are willing to pretend 1 USDT = 1 USD, it is. After all, we're sitting here playing with imaginary coins in the first place, giving them imaginary values. So even if USDT thing turns out to be awful and BTC tanks by 50% or some shit, some people will still be trading USDT. My point is that you aren't going to have immediate liquidity issues no matter what the situation were like. This isn't a guarantee, more of a statement of uncertainty; we just do not know what will happen with USDT if the entire scandal is true.
So all of that said, for the love of god, stop pretending USDT isn't there. Two days ago I told people that I planned to start using USDT while I slept. When I made that post, XRB was ~168k satoshis, while BTC was 11.4k USDT.
Since then, BTC has dropped to ~8.6k USD. This is a 20%+ gain even if I never moved back into XRB (I have - but I often go into USDT whenever I'm not in XRB!).
In this post, two days ago, I said that USDT was a wise investment and people thought I was joking.
In another post yesterday, I got downvoted for saying to trade in USDT because BTC's price was going down, while some dipshit asks me if I'm "aware of the news" and people laugh like I'm making a joke.
2 days ago, I called that BTC was down 10% and due for another 10% drop.
Today, there was a point when XRB was 179k and BTC was 9.4k. I sold my XRB at roughly 17 USDT per. All I needed was either XRB to drop from 179k or BTC to drop below 9k -- two fairly likely things -- to have my buy order @ 15.5 USDT filled. This managed my risk well and netted me about 10% of my stack. You can actually see in the charts how my USDT buy wall was during 3 separate 15 minute chunks, all while I was on my way home from work and not even at my computer.
The USDT scandal is pretty serious. Serious enough that I plan to pull some money out of crypto after Binance JIC bitcoin crashes as a result of USDT (and hold it on the sidelines til the dust settles!). I'm not going to pretend it isn't serious. But USDT isn't disappearing overnight just because it scares you.
It's a tool. For the last 3 days, BTC has been on a downtrend. Analysts have said that 8k is a key support line for BTC, and I am inclined to agree. I don't expect BTC to go down forever, either.
But when you're trying, don't just blindly throw shit into BTC. Check the prices of BTC-USD and ETH-BTC first. If you think that BTC's USD price will increase, then you should probably throw it into BTC. If you think that the BTC price is going to tank, then you should probably go USDT. Finally, if we're in a relatively neutral position, then you should put it into ETH since that's just been steadily outpacing BTC recently (in both good and bad situations).
I also post this because it'd be nice if we had some more volume over on XRB-USDT. Sometimes there are 1-2% overcharges or discounts compared to XRB-BTC!
submitted by --orb to nanotrade [link] [comments]

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