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RE: Bitcoin (BTC) Update: We are VERY CLOSE to a wave (v) of 5 of III top! What to do? This is what I'm doing...read the blog.
Thanks for the insight. The issue I have is that if I sell all of my btc as you suggest, I am not prepared to leave the fiat on an exchange as the risk is too great. If I withdraw to a bank account, I have to pay capital gains taxes as I have disposed of an asset! Therefore I'm damned if I do and damned if I don't. I need to put some more thought into this!
My recommendation is Dash. It's one of the less volatile coins and when it moves, it's going up. It's got solid and amazing fundamentals. Superb future (https://www.dash.org/evolution), perfect governance and it's the coin that is going to kick BTC to the curb in the future.
Check the past performance and check the fundamentals. Dash is pretty much like the US Dollar in the crypto world. https://www.dashforcenews.com/
You still have the solution of Tether which should keep a value very closed to 1$.
The same for SteemDollars (SBD) but yeah SBD is little more volatile
Thanks. I've had a look at tether and it looks like its web based. Is there a desktop wallet I can use where I control my own keys? If not, it's no different from leaving cash on an exchange
You can consider Sovereign Hero from Bitshares, but it has only a few months' history. It is supposed to appreciate 5%/year against the $ though. I will be using a combination: mostly Tether, some Hero, some CDN $ on QuadrigaCX, which I consider to be relatively trustworthy (call me foolish?). If someone has a better Tether solution, I would be interested in hearing it too. I have seen commentary on reddit saying that you can use a BTC wallet, but it was too advanced for me. I also have a little tied up in ICOs where I kind of feel like I am sitting it out till they go live (Tezos, MOdum). Finally, someone mentioned Dash, and it really held up well during the last correction.
If I can't withdraw tether to a wallet which I control, it's no better than leaving cash on an exchange. I have no issue with using an exchange and withdrawing but if the bear market turns out to be a year long, like the one a few years ago, I'm not prepared to leave large amounts of cash on an exchange. If I withdraw I get hammered for tax. Iam better off staying invested and riding it down and back up.
I"m not a fan of Tether as it is not 1:1 with USD. But, then, it could go >1:1 to USD with massive demand for safety. This is also why I dont' use Poloniex so much.
I don't think the exchanges are at risk. Remember, after wave IV correction another massive wave V rally up is expected. That's when my dry powder buys in again.
After several bitcoin exchanges have gone under they can't be fully trusted. I will only use a couple of exchanges and then never leave funds on them. It's nothing to do with now bitcoin etc performs it's the fact that crypto was invented to empower people to control their own money without the control of trusted third parties. If you leave crypto on an exchange and 'trust' an exchange to look after it for you, you have no control and may as well keep it in the bank.
Good point.