Bitcoin Forum

Is exchanging all your assets to USDT when everything goes down a valid move ?

Some what, i do that with USD, just have to really watch your number and make sure you get it at good times, otherwise you could take a loss

How do you mean ? If all goes down it's hard to make mistake by changing to fiat or USDT isnt it ?

I don't really trust tether, so I wouldn't do that if I were you. If you don't trade and don't really need to cash out, just hold on to your coins, because this will turn around. It happen with China, and now it will happen again. I still think that this is just wall strees guys shortening BTC now that the first futures contracts are ending. They are taking advantage of some fud regarding regulation and mining, and are making huge profit since it's easy for them to manipulate the markets. I think you should hold your coins, but if you really need to sell, please sell it to fiat and not tether.

It's good to do that BEFORE everything goes down or when you see early sings... I've sold after the first crash at -20% and later regreted it when all coins I had went 3x to 10x...

In times like these, it's good to have tether to buy more.

It is not the best thing to do at the moment, just keep everything on bitcoin or just buy any other stable altcoin like bitUSD. We all know in here that Tether is highly manipulated by bitfinex, and they can take the control of everything if they want, so for me, it is a huge risk to put your money in usdt.

How is it highly manipulated ? I see the price on coinmarketcap is mostly very close to 1 $

What is the difference between USDT and bitUSD ?

If you already made good profit, you can consider doing this. I don't do this for example, no need to get back to fiat money. USDT is not even fiat money but you think it is. The best is watching your positions closely.

Its a good strategy if you do it in the beginning of the crash and the worst you can do if you do it too late :)

I think it is too late now if you want to sell coin to USDT because coin is currently low in value, if you sell it in USDT a few days ago it would be better. Currently the value of the altcoin and bitcoin copper is falling quite deep, if sold out at this time is not a wise thing. Do not be trapped by the speculators who are trying to reduce the mayor.

I believe sell is not the right move when everything go down, you should buy not sell. If you sell when price go down, your asset will not be the same again ( follow down also ), at least hold is better. Besides that, I don't understand why you should sell it, because you need USDT or because the price reach your stop loss? I can't give any advice ( sorry ). Be careful with your asset and stay safe. Have a nice day to you.

Do you want to convert to dollars to buy some digital currency at the lowest possible price? I'm going to buy some BTC. I believe BTC will continue to grow at some time! Now it is only due to the influence of some countries' policies, I believe it will be good in a few days!

When the market goes down you buy not sell. This is one of the basic rules to succeed in the crypto game. Your risk of selling and converting to USDT is high. Are you ready to take this risk?

That good idea but now in my opinion too late because market crash nearly 50% , trend down should be stop at this level and continue the price on consolidation and back to bullish trend again. So now best idea just hold it.

I know now is too late now. Like before :)
I'm asking for next time.

Not of the normal investors will end up either doing it last or towards the end because they can't predict prices accurately than experts do. But even for experts, it is not possible to do every time to time the market so my advice is don't sell in a panic if you think that what your holding is good for long-term. Instead of selling if you have additional funds then buy some more when prices go down.

Yes, this is really a unique idea when all cryptos are going down and down. Sell all to convert USDT because it is backed by the US Dollar. This way you will get rid of more loss due to downside loss of coin.

The question is in the risk! You can sell and purchase lower, or it may not work out! Buyers are more unsure of what prices will continue to grow, and more people are starting to sell tokens, fixing their profits. When the momentum of sellers of forces of sufficient strength, the situation begins to go avalanche. And do not listen to advisers, always think with your head!

Personally, I don't believe USDT. I only sell to usdt when I need quick cash out. Otherwise, I will just stay with btc and/or eth. And yep, I am not a risk-taker type or trader, so I better hold btc/eth. I know about sell to usdt to wait for dips to buy in again. But who knows what will happen :|

Before it was hacked i used to covert my investment in cryptocurrency to usd tether whenever the price of all coins goes down or crashes but i dont use it anymore for securing my gains since there is an history of hacking and we dont know if that is going to happen again. so better sell if you want to cut your losses or just hold it if you believe it will recover soon.

Yes its valid move to convert to usd because we will protect our asset if we do it.
If you can do it fast and the price going down further deep then you are right but if its back up again then you are false.

changing to fiat when things are going down is a valid move as long as you know that you are selling at a price which is still high not the bottom of the drop. otherwise selling at the bottom means you lose a lot of money because of a bad decision.

changing to USDT which is a centralized and shady altcoin is not exactly the best decision in my opinion. it can be a good move at times if only you keep it for a very short amount of time but I have 0 trust in USDT and the company that issues it. and I suggest everyone to treat it with extra care.

Affected by policy in all sorts of digital currency fall, perhaps to dollars is the right choice, but I believe that soon the market will continue to recover, because people have implemented policy, may choose the best time to buy and hold BTC!

I understand.Thank you all for your replies.
The advantage of converting to USDT over US$ is that it can be done on most exchanges and I suppose the fees would be less than if you convert to $.

oh great choice, usually in this situation, all coins on the market will drop, but not with Tether(USDT) because USDT is always stable all the time, this is the better way to safe money without affraid the drop of the market but still be able to buy coins with cheap price.

I did not do that. I just sit and wait for the rise of the rate of the cryptocurrency. The fall can not be eternal, I hope that in early February the situation will change.

Perfectly said, it's better to exchange your asset into usdt while waiting for the price re-bounces a lots of time when market where crashing then
wait for some more drop to be able to buy with the cheaper value, we just needed to be more familiarize before doing this in order to take advantage
since crypto is so volatile and the price movements can kill us every minutes.

When the value for bitcoin comes down, I will sell out so will risk less

This would have been a good idea yesterday, however the market has probably reached close to the bottom of the crash, so it is unlikely to benefit you.

In future, if a crypto is collapsing trading against USDT to minimize losses is a logical move, you would then rebuy back in as the market is going back up (but still under what you sold at) otherwise you'll be losing money regardless.

Yeah It's always a good Idea to give up your real coins in exchange for fake, completely irredeemable tokens that can't ever be legally exchanged to fiat currencies. And do it with the discount.

Smart move.

If you have solid coins in your portfolio (BTC, ETH, Monero ...) then HODL. And be prepared to HODL for next few month at least.

If you have plan to sell all your coin just do it and dont wait for the lowest dunp of the value of all coin in crypto world,
Also make sure you dont regret fter you did your decision.
Yes right now all valye of coins are goes down but i think it will recover fast in few days.
That is why i recommend to hold and buy if you have extra money to make bigger chances to earn huge profit in the future.

everyone is in USDT almost, that's why yesterday it was $ 1.03

I am pretty surprised but if you take a look at the coinmarketcap data then the 24h volume for  the last time did not changed that mutch. Tether is not a trustworthy coin but it survived a hack attack and devs claim that they still have some million usd in reserves. It doesn't make this coin 100% safe  but it seems fine to play with it (especialy when you are trying to avoid the long process of approving KYC) untill the volume is approximately at the same level and people are not rushing to sell their USDT.

It's a good move when you exchanging all your assets to USDT when everything goes down and you can buy all your assets back when the price start going up. Well if you are already to late, you can choose to hold all your assets and wait until all altcoins price back to normal.

Well for me, this is not a right thing to do with your coins. When the cryptos level will drop down, then you should wait and hold still your coins. Because the right chance will happen soon.

I think thats good idea but its not good when the crypto's have fallen down so much. I mean if you convert at this point then there is no valid point in doing so if we have bought the crypto's at higher rates than the current one. Its obvious thing that we will incur the loss though we convert it to the USDT or USD itself or whatever local currency we dive in. This is simple math and we should not be very sticky to it. Better wait for some more time and then we can see how the market perform in few days or weeks. This is the only right move at this point. Do not do unwanted conversions when its not needed. Better think about the brighter side when you hold and bitcoin go beyond the last ATH. :-) Selling at lower point and again try to see it go even lower could be very risk. Better hold and win the situation.

No need to sell if you are already planted from the dip. But if your position is new and you are sure that your current position will be hit by the reyk. Then sell to USDT! Thank God theres USDT where I can hedge my cryptos during coins dumps just like whats happening now.

Its not always the best decision. The prices of crypto currencies are always volatiles, going up and down frequently. Even if its going down nowadays it will increase again after a while surely, especially talking about the top poweruf coins. So holding and being a bit patient are the keys in this case, to make good profit.

yes you are right. if you sell in usd you will not loss.

When everything is getting down, selling your assets is nothing but a panic sell. Remember last September, when everything was falling down, and how BTC grew again in a couple of months. Panic selling is what investors are always looking for, in a kind of cycle: investors and speculators said BTC -for instance- is going to disappear. Everybody begin to sell, so the price low itself, pointing investors to buy again at a really low price.

Then, after a while, they speak nicely again about BTC and pronostique all kind of beauties, so people begin to buy it again, and its price increase again and again, until the process begin one more time. So, meanwhile, there are tons of people making money, your money, and the money of all those whose BTC where sell in a moment of panic at a low price. In my opinion, when prices become low, the best movement is to stay, conserve your assets and wait: it will rise again.

I agree with you. That's the best way to keep your balance safe when things go down. smart choice. then you can use usdt to buy when things are low

I had a thread on this as well. 


So when are a waiting to buy coins on a dip, isn't just making sure you have USDT on hand whether its on bittrex or binance very important?  Someone mentioned you should not sell your btc for usdt to do this.  So let say you don't sell btc for usdt.  Well now you look at all the altcoins and prices dropped.  However, if you use that btc you want to buy altcoins with now... that btc has basically dropped in price in terms of percentage similar to the altcoin.  So even if you buy an altcoin at a discount of say 5 dollars as oppose to say 8... you are still going to get around the same amount of altcoin for your btc if both drop similar percentages right?  Thus whatever money you have that you want to invest in altcoins, just make sure when you buy btc and get it, just sell it for usdt.  Then you wait for the dip... then once it happens and you want to buy altcoins at the lower prices, all you have to do is buy btc on bittrex/binance and then immediately buy the altcoin with the btc right?  So that way, you could get more altcoins at lower price?  Of course if btc prices goes up and altcoin goes down, then obviously it would been better to keep btc instead.  But if you are looking to buy altcoins at certain prices, then isn't making sure you convert the btc to usdt absolutely necessary?  Because say you have btc and want to buy alts and let say btc price stays the same and alt prices dropped.  First off if you were to do this, sending btc would take a while... thus don't you also want to make sure you have btc in your exchange account etc if you don't have usdt? 


Thus as long as you have usdt stocked up in bittrex or binance, then you are ready to buy the dips whenever you want?  Because if you have btc in your wallet... well sending it will take a while.  And altcoin price could go up even more.  And the other thing is when you sell it for usdt and keep it in exchange, you are ready to buy just like that etc. 

It is an idiot move.
That is one hell of a panic there.
If you really trust your supported coin from the start then why doubt it.
Why sell when there is a dump that is happening.
This event should not be new to us anymore.

That's kind of a stupid made by athe lot of newbies in the area of cruotocurrencies but sometimes it could be a good thing to do. It depends on what coins you own when the prices go down and what are your goals on long/short term. For example if you have bitcoin or ethereum or other coin that is on the market for a few ears selling it when the price goes down would be a bad thing because the price always grew up again in a few months. But if have some altcoins that are new and the price goes down a few months after they appear, selling them would be better because you it is gambling to keep them unknowing what is going to happen.

One thing that also matters is the reason why the price dropped so much. Study all the articles and opinions and find out if it is just a strategy that big investors do to get the price down so they can buy huge amounts or the prices goes down because something bad happened,for example a country wants to hurt the coin and proposes to add taxes to it or a big exchanger rwmoved the coin from their website because of bad reasons

First off, I'm talking about say imagine you want to buy 2 different altcoins.  But these altcoins at the moment, the price is too high.  You want to buy it at lower price etc.


Im not talking about selling it because of a dump.  Im talking about right now you want to have usdt on hand to buy altcoins.  So in order to do this, you obviously need btc since you cannot buy altcoins with usd or usdt.  You need btc.  So you buy btc... then immediately sell it for usdt regardless of what the price is.  Thus you wait for altcoin price to drop... then once it hits the price you want to buy it at, you then buy btc with the usdt and then buy the altcoin with the btc.  The thing is if you could just buy altcoin with usdt etc... then obviously you are not going to go through that step of converting it to btc first.


The thing is... anyone that buys altcoins need to buy btc first because you cannot go from usd or usdt to altcoin.  In my example, what do you mean trust your supported coin.  Im not supporting btc here.  Im supporting the altcoin.  Having btc is the only way to buy the altcoin.   Also say you want to have usdt on hand when a new altcoin is out or news about it comes on this forum and you want to buy.  If you have usdt... then you could buy it pretty much instantly.  If you are holding btc... then not only do you have to sell it... you might be selling it at a lower price than you got the btc from.  But if you sell the btc the moment you buy it... well the price should be around the same etc and you probably lose very small due to the percentage etc.  Lets put it this way.  Let say i have usd in my bank account right now and i want to spend 5000 dollars on a few altcoins.  Well in order to do this, im going to have to buy btc... which would take a while because you cant get btc instantly if you are using say coinbase etc.  So if you dont have usdt or btc on hand, you cannot buy altcoins instantly.  With btc... look at what has happened.  Altcoin prices dropped a lot so you could get ready to buy... but if you are using the same btc you are holding... that btc price dropped around same percentage.  5000 usd worth of btc would get you around the same amount of altcoin assuming both dropped at similar rate. 
 

Yes thats suggested to all of bitcoiners who want protect their profit and reduce the loss.
But one thing that i know, if you exchange to usdt then you might loss chance to gain more profit if the price back again to bullish. Thats the risk. Any options has its own risk.

If you sell your coins when the price goes down then, you will get very lost, but if you sell the coins before the price goes down then, it is a very right decision because you can buy it again when the price is below and hold it until the price goes back then you can sell it so you can profit from the difference between the buy and sell price.

That is a valid move when it is needed and you have no choice but to sell it to USD to maintain your investment. In a crypto currency there are some happenings and lots of surprises that's why it is very important to have a very quick mind to make a good decision.

I don't think it's a good idea tho. Thinking if you sell it just to cut the losses and you're actually losing more with that, don't be impulsive seller just because the market is crashing. Always see the brighter side of it and that's buying more and hold more, you'll see in just a week everything will rise again. Everything is doing its usual thing so there's no need to worry.

Like others have said, it's difficult to trust Tether since a lot of this is printed out of thin air without any proper audits anywhere. In saying that, when the market is crashing, it might be worth taking the risk in converting to it until the market recovers. Another option is to sell your coins on an exchange that holds as USD (their own books) instead of USDT (tether books). For example Kraken or GDAX.

yah that's a good idwa to do that. If you do it you can increase the amount of your holding bitcoin amount :D and when everyone is making panic sell you'll be able to bag hold the coins which price is in dump.

It seems very possible to me that in a big crunch, Tether may prove to be unreliable and crumble in immediate value. If you can move to real fiat, that would be a lot better. :)

Where do you get USDT from? tether.io doesn't work  ???

You can always buy from other Tether bagholders ;)

Bitfinex’s CEO is also the CEO of a company called Tether Limited, which issues tethers (also known as USDT), a pegged cryptocurrency; that is, the tether’s value is pegged directly to that of the U.S. dollar. To do so, Tether commits to keep the dollar equivalent of all USDT value in reserves at all times. Tether offers a way to own and move fiat currency across different cryptocurrencies and exchanges without the need to convert crypto assets into dollars. That means transactions are fast and cheap, yet the price of the currency is as stable as the U.S. dollar, in theory. The problem is that it’s hard to say how well backed up the USDT really are. Bitfinex has assured investors that the cryptocurrencies it trades are backed up—but more vaguely than hoped: The exchange says it has adequate “resources” to back them up. If said resources aren’t dollars, it could be a problem.

No  you wouldn't want to do that. After I heard about the fucking shit that bitfinex and tether hack, I really wouldn't trust tether at least for now if not for ever.  Secondly, if you really want to sell your whole stash, bitcoin should be better though USDT is more stable, choosing bitcoin would be a better option, at least for me.
If you don't know what happened to the tether hack, here's an article :- https://www.theverge.com/2017/11/21/16684296/tether-cryptocurrency-stolen-30-million-hack

Sell all to usdt when the market green and buy in red. Do this you are real traders, but if you not, you are sending you cash to us .

i agree this is a good idea to sell bitcoin to keep our money safer when whole market drops while USDT don't drop too much, USDT is alwasy stable through years with slightly changes, so if somethings happens to the market, selling to USDT is a very good way to secure your money.

You might be in trouble or lose a decent profit, if acts like noobs. Sell all to USDT when everything goes down extremely prohibited as what I think and maintain. We all know, alt markets extremely volatile, so you can't destination any of the assets just look at red or FUD.

I use an exchange that supports USD and I am able to move a large select of coins back and forth

what is Tether bagholder  ???

It is a good move of course, but how are you so sure that the price will go down after you sell it all? It is a risky move for me, i would never short bitcoin because you all know that maybe the price goes up and you lost some BTC.

Only when BTC and alts are going down against USD I will put everything into USDT & wait for the correction to finish so that then I can buy more BTC for cheaper than I sold. Makes sense? Please leave your comments below and feel free to correct me if I am wrong

Thats what i thought of it as well.  Because when you do that, that way you can buy more of the same altcoin?

I think there has been a lot of bad news lately regarding the Tether (USDT) on the inflation of this currency. But we can also see the value of this currency is not much fluctuations, not only so stable. We must have trust and Tether trust in the market, you do not hurry to sell USDT away but keep it because despite the bad news but we are not affected.

I think it depends upon the amount thatcyou invest because if the price down lower than the money that you put up as  capital maybe we can loss an amount of profit through our capital. That is why we really need to make everything fine and maybe we  can really wait for the right time to sell.

You will know the signal of the market when you have enough experience to understand the moves of Bitcoin. On the cryptocurrency market, nothing is high forever, included Bitcoin. Just within 2 months, the price of Bitcoin comeback to old price in November. ::)

USDT was recently in an audit and it can be a matter of fact before the collapse of USDT, rather than USDT I would change my coins into btc and when alts are in dip I would buy them again.

Yes that should be done when you have prediction all crypto will drop, by sell it to USDT will keep your balance and avoid any more lose. I also prefer to trade crypto that paired with USDT so when everthing is going down i can sell immediatly all coins to USDT.

Yes sir its a good idea to preserve the value of your investment and when msrket is already too deep and every coin is falling you can buy back using your usdt . i' m planning to the the same when next bearish season will hit crypto market again since now I can't because all my cons are dropping and selling them for usdt is already s loss to my portfolio

I have never tried trading any coin or token with Tether, only against BTC, ETH and USD. Of course, when everything goes down in the end, I would usually convert them to local currency to avoid massive losses. Like a few of my tokens back then when Bitcoin was on a massive crash, I have decided to dump as well while holding some of them too. Of course, everyone needs money for various purposes, so we can't control their decisions because that's their money invested in that particular coin or token.

Some say it is a good move to make if you exchange your cryptocurrencies to USDT but I think it is just the same thing as when you sell your coins when the market is down. I’d rather hodled and wait for the market to go green again and recover than sell them or convert them at loss. But to each his own right? We all have our own ways and decisions to make.

The audit was never done, right? A lot of people have expressed doubts on the backup funds behind USDT. There is a real chance that Tether can turn out to be the next Mt Gox (I hope every one remembers what happened to Mt Gox four years back).

Honestly, I never thought of that! IMHO, price of USDT usually is not really far from $1 per USDT even when the market crashes. So, probably this can be a good strategy to avoid maximum losses. However, it is too late considering the market at moment on the floor.

Indeed a good strategy but the trend of trading just like before was gone. It was suppose to be bitcoin up and altcoin down and vice versa. We escape using the altcoins but there is also a risk.
Now, they take that out by creating Tether.
But you all be careful also.
Billiions of dollars inside that one token could be gone in an instant. I would rather rely with a fluctuating crypto currency than risking it with an online made USD.

Have you ever thought about why they made that?