What is a good flight to safety?

[Shiver]

Bitcoin is sometimes touted as a flight to safety, but what I'm interested to learn is, if you feel the BTC market is due for a correction, what would your choice be for shelter from the storm, that allowed you to quickly get back in the market when you feel the bottom is in?

In the country I stay in they put severe capital controls on limiting the amount of money that can exit the system (conveniently they have no restriction on how much you can bring in).

I was thinking of something like Tether, but it doesn't appear to have much traction, and the hardware wallets that I have (Trezor and a couple of Ledgers) don't support it so far as I know.

So if you have more coins than you are comfortable parking on an exchange (essentially, any amount above zero for me), and you wanted to go to something with low volatility for a few days/weeks/months, what would be your choice?

[1714832241]

1714832241

[Xavofat]

I was thinking of something like Tether, but it doesn't appear to have much traction

I agree.  You'd have to be pretty careful with Tether considering that you have to trust the actions of the Tether company.  It goes against BTC's trustless ethos (as does fiat, but this is two levels of it).
One option you could try is moving into gold.  There are several companies that accept Bitcoin as payment for gold, including JM Bullion for example.

You could also try to convert to fiat anonymously by using a peer-to-peer exchange like LocalBitcoins, but of course this would be risky.  If you chose to do this, you could try choosing the Cash in Person payment option and opt for people who don't ask for ID.

[100bitcoin]

One option you could try is moving into gold.  There are several companies that accept Bitcoin as payment for gold, including JM Bullion for example.

Back & forth conversion of Bitcoin to Gold and Gold to Bitcoin is a problem.

[Shiver]

Vaultoro would be perfect for me - if there was any liquidity there.  Localbitcoins is not an option since I'm talking about more than 1 BTC, and getting the cash back into BTC wouldn't be easy (in my current country).

Maybe when 'Options' are popular it can be used as insurance with a potential benefit, but we're not there yet and I think these corrections will be a part of life for the foreseeable future, and our best tea leaf readings (figuratively speaking) will determine our actions.

[Victorycoin]

Given that Ether ETH and Bitcoin Cash BCC at present are contending for the the grand position Bitcoin occupies, I am thinking they should be the best ideal candidates to turn to, when it is unclear what direction Bitcoin is headed. Beyond that turning to fiats and marking time would be well worth it.

[craZyLovE0916]

Which country are you staying? It sounds like you have a very oppressive government to me, that is sad. Hope you can figure out how to exit your finds, because it can be hard when the government is working against. you. 

[bitcoinmaniac52]

Bitcoin is sometimes touted as a flight to safety, but what I'm interested to learn is, if you feel the BTC market is due for a correction, what would your choice be for shelter from the storm, that allowed you to quickly get back in the market when you feel the bottom is in?

In the country I stay in they put severe capital controls on limiting the amount of money that can exit the system (conveniently they have no restriction on how much you can bring in).

I was thinking of something like Tether, but it doesn't appear to have much traction, and the hardware wallets that I have (Trezor and a couple of Ledgers) don't support it so far as I know.

So if you have more coins than you are comfortable parking on an exchange (essentially, any amount above zero for me), and you wanted to go to something with low volatility for a few days/weeks/months, what would be your choice?

What you should do is sell your Bitcoin asap into fiat because there will soon be a crash. Then you will see a crash for a few years, and you could withdraw slowly your funds to external source to avoid any problems with the government.

[deisik]

So if you have more coins than you are comfortable parking on an exchange (essentially, any amount above zero for me), and you wanted to go to something with low volatility for a few days/weeks/months, what would be your choice?

Obviously, it all depends

I think there is a big difference between time spans like days, weeks, and months. As to me, for short term packing, the US dollar seems to be perfect (or US Treasury bonds). It is totally liquid and accepted everywhere (that should go without saying). But if you want to park your wealth for longer terms (say, up to a few months), you should evidently look into gold (US Treasuries should do just fine too). You don't necessarily have to buy metal gold, you can instead buy gold derivatives like gold ETF's or cash-settled gold futures, and you are pretty much done

[Shiver]

Which country are you staying? It sounds like you have a very oppressive government to me, that is sad. Hope you can figure out how to exit your finds, because it can be hard when the government is working against. you. 

I'm in Thailand (from UK), but the oppressive government thing isn't just here.  When my sister years ago sent me GBP 300, the UK bank said that to do the transfer they would have to inform the US.  The person in the bank went on to say "I know it contravenes EU law, but if you want us to send it then we have to do what the US says".  In other words the US banking system will cut them out if they don't dance to their tune.

I can buy and sell BTC here and convert to fiat no problem, but it is limited to 500,000 Baht per day, and the maximum to send to another country is $100,000 pa.  That's fine for a holiday, but it wouldn't buy a decent house in most of the west (or here actually).  With places like Tokyo hitting north of $300K per square metre in some instances, it feels like I'm carrying 100 Rupee notes or something.

What if I had 1, 2, 5, 10, 100 million or a billion USD equivalent?  It's not like you can keep it in your pocket or cross borders with it.  BTC exchanges might well hold it for you in fiat, but I've had the Gox experience with a 10 coins.  I wouldn't want to do it with the 'family farm' on the line.

[Victorycoin]

So if you have more coins than you are comfortable parking on an exchange (essentially, any amount above zero for me), and you wanted to go to something with low volatility for a few days/weeks/months, what would be your choice?

Obviously, it all depends

I think there is a big difference between time spans like days, weeks, and months. As to me, for short term packing, the US dollar seems to be perfect (or US Treasury bonds). It is totally liquid and accepted everywhere (that should go without saying). But if you want to park your wealth for longer terms (say, up to a few months), you should evidently look into gold (US Treasuries should do just fine too). You don't necessarily have to buy metal gold, you can instead buy gold derivatives like gold ETF's or cash-settled gold futures, and you are pretty much done

I am thinking Treasury Bills, bonds and ETFs would entail lot of studies and getting used to, but we can without much ado also achieve low volatility and stability with a cryptocurrency like Dogecoin. Presently it is very low and thus present not just a safe haven, but also an opportunity for huge profit making, when price rallies again.

[Kprawn]

So if you have more coins than you are comfortable parking on an exchange (essentially, any amount above zero for me), and you wanted to go to something with low volatility for a few days/weeks/months, what would be your choice?

Obviously, it all depends

I think there is a big difference between time spans like days, weeks, and months. As to me, for short term packing, the US dollar seems to be perfect (or US Treasury bonds). It is totally liquid and accepted everywhere (that should go without saying). But if you want to park your wealth for longer terms (say, up to a few months), you should evidently look into gold (US Treasuries should do just fine too). You don't necessarily have to buy metal gold, you can instead buy gold derivatives like gold ETF's or cash-settled gold futures, and you are pretty much done

I beg to differ. Gold was confiscated before in the USA and ETF's are only a entry on a private ledger. I would rather invest

in fixed assets for Long-term. < Buy a house or some property for the rental income... people always need a place to stay,

even in times where there are financial storms > 

[amacar2]

I was thinking of something like Tether, but it doesn't appear to have much traction, and the hardware wallets that I have (Trezor and a couple of Ledgers) don't support it so far as I know.

I am holding my funds in Tether right now to buy in dip and you can also do same, many trading platform supports them and consider them as USD.
You can also store your Tether in normal bitcoin address but when you want to use it in future you have to import your private key in omni wallet.

[deisik]

So if you have more coins than you are comfortable parking on an exchange (essentially, any amount above zero for me), and you wanted to go to something with low volatility for a few days/weeks/months, what would be your choice?

Obviously, it all depends

I think there is a big difference between time spans like days, weeks, and months. As to me, for short term packing, the US dollar seems to be perfect (or US Treasury bonds). It is totally liquid and accepted everywhere (that should go without saying). But if you want to park your wealth for longer terms (say, up to a few months), you should evidently look into gold (US Treasuries should do just fine too). You don't necessarily have to buy metal gold, you can instead buy gold derivatives like gold ETF's or cash-settled gold futures, and you are pretty much done

I beg to differ. Gold was confiscated before in the USA and ETF's are only a entry on a private ledger. I would rather invest

in fixed assets for Long-term. < Buy a house or some property for the rental income... people always need a place to stay,

even in times where there are financial storms > 

This is not a question of long term investing

Can you really read and understand what my post is actually about? Did you fail to see that I specifically mentioned terms up to a few months? I guess that would require a lot of fantasy to construe that as long-term investing. So how many houses are you going to buy to park your wealth for a period of a few months? In short, read before you write (and try to understand what you are reading and what it actually refers to)

[noodle_dam]

Bitcoin is sometimes touted as a flight to safety, but what I'm interested to learn is, if you feel the BTC market is due for a correction, what would your choice be for shelter from the storm, that allowed you to quickly get back in the market when you feel the bottom is in?

In the country I stay in they put severe capital controls on limiting the amount of money that can exit the system (conveniently they have no restriction on how much you can bring in).

I was thinking of something like Tether, but it doesn't appear to have much traction, and the hardware wallets that I have (Trezor and a couple of Ledgers) don't support it so far as I know.

So if you have more coins than you are comfortable parking on an exchange (essentially, any amount above zero for me), and you wanted to go to something with low volatility for a few days/weeks/months, what would be your choice?

To me it sounds like best thing for you is to hide your assets inside your Trezor by creating multiple "levels" into your trezor and hiding the real assets under multiple passphrases.

It's more explained here: https://blog.trezor.io/hide-your-trezor-wallets-with-multiple-passphrases-f2e0834026eb

[European Central Bank]

forget tether, forget eth, forget all of it. go straight to the real fiat currency in your local exchange. anything else is fooling yourself if you're getting crypto nervous.

it makes me laugh my ass off when people choose some other random alt thinking it's a safe haven. it's all ridiculously pumped and everyone holding it would dump on you in a second if they got twitchy.

[Crypto-in-tha-blood]

As a safe haven I Would take gold and silver any day.  I try to convert from BTC when I can.  Would rather have the physical stuff anyway

[aoluain]

hmmm i think there really is only 1 option and that is Gold.
It is very stable as in it fluctuates very little.

You couldnt go into FIAT as there would be
questions asked assuming we are talking a
large amount of crypto.

[allthingsluxury]

Precious metals, IE Gold and Silver have stood the tests of time. They have a 10,000 year history of being safe haven assets.

[darkangel11]

Given that Ether ETH and Bitcoin Cash BCC at present are contending for the the grand position Bitcoin occupies, I am thinking they should be the best ideal candidates to turn to, when it is unclear what direction Bitcoin is headed. Beyond that turning to fiats and marking time would be well worth it.

BCC and a grand position? Come on. Have you seen the prices of BCC lately? It's not growing at all.
If it were to be the successor of BTC then I'd expect it to go up when BTC goes down, but BCC is going down when BTC goes up and it also goes down when BTC goes down. Crazy, right?
In case of a correction I'll keep holding BTC. I've did it once in 2015 and I can do it again.

[HashFace]

I haven't looked much into tether, but I've read that it is "verifiablely" backed by $1 cash per each tether issued.  I'm not sure how such a thing is proven, though, even the reports I've read say the accounting is certified, but I'm not sure I entirely trust that.  I've read that Tether is supposed to move to an ERC20 token at some point, as well, not that it changes my opinion for the better or worse ... just a side note.  It does seem to be the most stable coin through recent declines, though.  

There is also DigixDOA, which is supposedly backed by 1 gram of gold per Digix, but that hasn't handled the recent down turns with the stability I'd expect from an asset that is backed by gold.  Unfortunately, I think those may be your only options if you want to keep your money in the cyrpto world during a crash.  Hopefully well get more options.