adaseb (OP)
Legendary
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Activity: 3752
Merit: 1710
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April 22, 2017, 11:59:29 PM |
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I haven't really used this feature in the past but I noticed that with Poloniex you are able to withdraw the USDT. Since the price is very high at the moment, was wondering if its possible to withdraw this, keep it in cold storage somewhere? Since I don't want to keep large amounts in exchanges where I don't have the private key.
Searching and Googling doesn't really provide much info, and the technology seems pretty new still.
Wondering if someone can give some input.
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jonald_fyookball
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Activity: 1302
Merit: 1004
Core dev leaves me neg feedback #abuse #political
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April 23, 2017, 01:30:55 AM |
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probably belongs in altcoins section
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Duzter
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Activity: 1092
Merit: 256
Leading Crypto Sports Betting & Casino Platform
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April 23, 2017, 01:39:22 AM |
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I am not sure, but I believe that this might work. Transfer the bitcoin to a offline wallet, from that you could import to an hardware wallet with all private key in your hands. If this doesn't work then converting to fiat and once again trying to import directly to wallet seems to have a small possibility.
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Dude.Lebowski
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April 23, 2017, 05:29:33 AM |
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I haven't really used this feature in the past but I noticed that with Poloniex you are able to withdraw the USDT. Since the price is very high at the moment, was wondering if its possible to withdraw this, keep it in cold storage somewhere? Since I don't want to keep large amounts in exchanges where I don't have the private key.
Searching and Googling doesn't really provide much info, and the technology seems pretty new still.
Wondering if someone can give some input.
A normal bitcoin paper wallet generated in all the normal secure ways will work fine. Send the coins to that wallet address. When you want to spend them then download and sync up the Blockchain with the Omni Layer full node and import the private key. Do the whole process to be sure first and send about $5. Once you are satisfied with the solution make a second paper wallet for the larger amount. |
Okay. The old man told me to take any rug in the house.
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CoinHoarder
Legendary
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Activity: 1484
Merit: 1026
In Cryptocoins I Trust
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April 23, 2017, 06:05:09 AM |
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I haven't really used this feature in the past but I noticed that with Poloniex you are able to withdraw the USDT. Since the price is very high at the moment, was wondering if its possible to withdraw this, keep it in cold storage somewhere? Since I don't want to keep large amounts in exchanges where I don't have the private key.
Searching and Googling doesn't really provide much info, and the technology seems pretty new still.
Wondering if someone can give some input.
A normal bitcoin paper wallet generated in all the normal secure ways will work fine. Send the coins to that wallet address. When you want to spend them then download and sync up the Blockchain with the Omni Layer full node and import the private key. Yep, you can send any Omni/Counterparty asset to regular Bitcoin cold wallet and later retrieve it by restoring the private key. I have done it before and can confirm it works.  |
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sotisoti
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April 23, 2017, 06:09:37 AM |
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I haven't really used this feature in the past but I noticed that with Poloniex you are able to withdraw the USDT. Since the price is very high at the moment, was wondering if its possible to withdraw this, keep it in cold storage somewhere? Since I don't want to keep large amounts in exchanges where I don't have the private key.
Searching and Googling doesn't really provide much info, and the technology seems pretty new still.
Wondering if someone can give some input.
A normal bitcoin paper wallet generated in all the normal secure ways will work fine. Send the coins to that wallet address. When you want to spend them then download and sync up the Blockchain with the Omni Layer full node and import the private key. Yep, you can send any Omni/Counterparty asset to regular Bitcoin cold wallet and later retrieve it by restoring the private key. I have done it before and can confirm it works. Can I store USDT in a ledger nano S? |
Bitrated user: sotisoti.
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adaseb (OP)
Legendary
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Activity: 3752
Merit: 1710
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April 23, 2017, 08:22:31 AM |
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Seems like it might be possible with Armour according to https://www.omniwallet.org/about/faqHowever the other issue is that how can we gaurantee that USDT will always stay pegged to USD when the prices for BTC are different between Bifinex/Poloniex and compared to other exchanges like Coinbase and Gemini. Is the USDT market regulated or have some insurance? Because I can see one day this ending badly. |
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ulhaq
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April 23, 2017, 07:42:16 PM |
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Since the price is very high at the moment, was wondering if its possible to withdraw this, keep it in cold storage somewhere?
What do you mean the price is very high? The price is very low right now. |
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European Central Bank
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Activity: 1288
Merit: 1087
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April 23, 2017, 08:10:23 PM |
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Is the USDT market regulated or have some insurance? Because I can see one day this ending badly.
not as far as i can tell. their terms and conditions are not reassuring reading. i assume the dollars themselves are subject to regular bank insurance but it also looks like they're under no obligation to hand those dollars over if they don't want to. |
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CoinHoarder
Legendary
Offline
Activity: 1484
Merit: 1026
In Cryptocoins I Trust
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April 24, 2017, 04:10:59 AM |
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I haven't really used this feature in the past but I noticed that with Poloniex you are able to withdraw the USDT. Since the price is very high at the moment, was wondering if its possible to withdraw this, keep it in cold storage somewhere? Since I don't want to keep large amounts in exchanges where I don't have the private key.
Searching and Googling doesn't really provide much info, and the technology seems pretty new still.
Wondering if someone can give some input.
A normal bitcoin paper wallet generated in all the normal secure ways will work fine. Send the coins to that wallet address. When you want to spend them then download and sync up the Blockchain with the Omni Layer full node and import the private key. Yep, you can send any Omni/Counterparty asset to regular Bitcoin cold wallet and later retrieve it by restoring the private key. I have done it before and can confirm it works. Can I store USDT in a ledger nano S? Hmm, I am not familiar with the ledger nano S. I gues it is a hardware wallet? Any wallet, whether it be a hardware wallet or not, where you can retrieve the private key to your Bitcoin address would work for Omni/Counterparty assets. |
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