Bitcoin Thread

[Swa]

Oh ok. Thanks. I kept wondering over those.

 

[SaiyanZ]

Seems like a good time to short. Think it should go back to about $5670 at least.

Got a good short in today at $5900. Target of $5670 hit. Patience paid off for once as could have closed at $5800 a couple times. Apparently the FUD is that Binance was hacked and 7000btc stolen. So the exchange is being shut down for a week to do security checks. Might result in more selloffs and no more new highs.

 

[phly]

Got a good short in today at $5900. Target of $5670 hit. Patience paid off for once as could have closed at $5800 a couple times. Apparently the FUD is that Binance was hacked and 7000btc stolen. So the exchange is being shut down for a week to do security checks. Might result in more selloffs and no more new highs.

Music to my ears - although they (binance) have confirmed that margin trading is coming so - I wonder if there will be an exodus of people leaving bitmex to margin trade on binance. Bitmex has the liquidity and Binance has the numbers being the biggest.

 

[John Tempus]

Music to my ears - although they (binance) have confirmed that margin trading is coming so - I wonder if there will be an exodus of people leaving bitmex to margin trade on binance. Bitmex has the liquidity and Binance has the numbers being the biggest.

I think Binance will take 90%+ of the market if they introduce margintrading at similar levels as bitmex across ALL of their coins or at least the top heavy portion along with straight USD(T) pairing.

The one thing I hate about Bitmex is the fact that if I want to sitout of the market I need to remain in BTC which is still going to have USD swings even if doing nothing but on Binance if I wish to sit out of the market I could sell into USD(T) and have my value remain the same in terms of USD.

 

[SaiyanZ]

I think Binance will take 90%+ of the market if they introduce margintrading at similar levels as bitmex across ALL of their coins or at least the top heavy portion along with straight USD(T) pairing.

The one thing I hate about Bitmex is the fact that if I want to sitout of the market I need to remain in BTC which is still going to have USD swings even if doing nothing but on Binance if I wish to sit out of the market I could sell into USD(T) and have my value remain the same in terms of USD.

Yeah I will also move to Binance if we can do leverage there and trade BTC vs USD. Having to be short on Bitmex to maintain profits in USD whilst the BTC price dumps is not easy.

 

[John Tempus]

Yeah I will also move to Binance if we can do leverage there and trade BTC vs USD. Having to be short on Bitmex to maintain profits in USD whilst the BTC price dumps is not easy.

On Bitmex you are forced to always be in some sort of action. Some slow moving days I just want to switch off from trading and take the day off but if you remain in BTC position you are always in an active trade essentially so there is never a day off when trading on Bitmex which is slowly eating away at my soul.

This is specially true when I want to just go out for the night without having to check my trades every few minutes lol , I make the most miserable company when going out cause I am like a meth addict constantly checking up after my alerts trigger.

 

[SaiyanZ]

This is specially true when I want to just go out for the night without having to check my trades every few minutes lol , I make the most miserable company when going out cause I am like a meth addict constantly checking up after my alerts trigger.

This is me for the last year.

 

[phly]

I think Binance will take 90%+ of the market if they introduce margintrading at similar levels as bitmex across ALL of their coins or at least the top heavy portion along with straight USD(T) pairing.

The one thing I hate about Bitmex is the fact that if I want to sitout of the market I need to remain in BTC which is still going to have USD swings even if doing nothing but on Binance if I wish to sit out of the market I could sell into USD(T) and have my value remain the same in terms of USD.

How comfortable are you sitting in USDT given all the fiasco that follows it. Apparently only 74% backed. Is it not better to sit in xbt (yes bitcoin will fluctuate) instead of a token that might just vanish overnite given that Bitfinex is being sued and the sketchy nature of USDT that they "own" and can also print whenever they wish.

 

[John Tempus]

How comfortable are you sitting in USDT given all the fiasco that follows it. Apparently only 74% backed. Is it not better to sit in xbt (yes bitcoin will fluctuate) instead of a token that might just vanish overnite given that Bitfinex is being sued and the sketchy nature of USDT that they "own" and can also print whenever they wish.

Likelihood of USDT just turning into vaporware overnight is slim to none however BTC having 5-10% pump or dumps overnight when I want to take a day off is a reality and guaranteed to happen which is why its hard if not impossible to ever take a trading day off while being stuck in BTC and making sure not to lose out in terms of USD value.

I think the latest round of tether issues is isolated and cannot affect the tether market globally. Worse case the USA based exchanges will be forced to remove USDT which would make little to no dent in anything but for tether to vanish during this NY case is realistically impossible.

 

[Swa]

I'd prefer USD with USDT as an option. Then you can also trade USDT when the price drops like last year. Almost guaranteed 15% there for the people that bought USDT.

 

[John Tempus]

I'd prefer USD with USDT as an option. Then you can also trade USDT when the price drops like last year. Almost guaranteed 15% there for the people that bought USDT.

I like having multiple exchange accounts on bitmex and binance to manage different portfolio allocations without accidentally cross trading if I were to do it all on a single account.

The issue with USD exchanges is that they all enforce KYC/AML bs and I have gone through that enough on pre-USDT exchanges that I am not about to do it on Binance/Bitmex/any other exchange ever again nevermind having to figure out how to get 5+ accounts which is usually not possible on exhanges who enforce KYC/AML bs.

So for that purpose USDT is a good solution.

An exchange offering USD and USDT pairs would be pretty nifty but I think its unlikely and in my case I would still be locked out of the USD portion without all the KYC/AML verifications.

 

[Swa]

KYC is what irks me. I haven't moved over to Bitmex yet because of the fact you are always in a trade. Bitfinex is never really at market rates. I don't mind cashing out and depositing in BTC as I'm using Luno in any case but I don't know if Binance will have that option without KYC.

 

[John Tempus]

KYC is what irks me. I haven't moved over to Bitmex yet because of the fact you are always in a trade. Bitfinex is never really at market rates. I don't mind cashing out and depositing in BTC as I'm using Luno in any case but I don't know if Binance will have that option without KYC.

Only Bitmex is reliable without KYC/AML requirements if you want to margin trade.

If you have no interest in margin trading then the best non KYC/AML exchange is definitely binance.

If Binance comes out with margintrading they will have to avoid KYC/AML just like they do atm with regards to USDT trading pairs. If they suddenly enforce margintrading users to go through KYC/AML then adding margintrading would entirely pointless since people would likely just stay at bitmex.

 

[Swa]

But without margin there's also no shorting? So only way to short is to stay out of trades or sell but then I also can't make any extra.

Shorting on Bitmex is ok but then the rest of your BTC is losing value while in a trade. So I don't know if anybody has determined whether it results in extra USD value or if it simply mitigates the damage of them forcing to hold BTC.

Currently the best option I can see is to do 1:1 shorting on the whole BTC value.

 

[phly]

I thought all exchanges enforce KYC rules - I think I did that on quite a couple of exchanges such as bittrex and binance and i dont recall which others. Bitfinex just wanted way too much that i never completed it. In hindsight its a good thing I never did.

 

[Swa]

I thought all exchanges enforce KYC rules - I think I did that on quite a couple of exchanges such as bittrex and binance and i dont recall which others. Bitfinex just wanted way too much that i never completed it. In hindsight its a good thing I never did.

No Bitmex doesn't because you never hold real currency. I don't know about Bitfinex. Might be that because USDT is USD backed it's too much like real currency so they have to do it.

 

[Swa]

I'd be ok with Binance having KYC if it meant I could still deposit and withdraw BTC without it and I think most other people feel the same. You can't "cash out" from Bitmex in any case. But I don't know if that's a realistic option.

 

[SaiyanZ]

But without margin there's also no shorting? So only way to short is to stay out of trades or sell but then I also can't make any extra.

Shorting on Bitmex is ok but then the rest of your BTC is losing value while in a trade. So I don't know if anybody has determined whether it results in extra USD value or if it simply mitigates the damage of them forcing to hold BTC.

Currently the best option I can see is to do 1:1 shorting on the whole BTC value.

You can short with 10% of your balance at 10x leverage on Bitmex. Then trade normally with the other 90%. This will be the same as locking in profits in USD. Though the 10x short risks being liquidated if the price keeps going up. So you would need to close it before liquidation (at a loss in BTC but you won't lose in USD) and reopen. It will be like you're trading BTC vs USD.

I don't do this though. Just trading for more BTC and being more aggressive with shorts than longs near the highs.

 

[phly]

I'd be ok with Binance having KYC if it meant I could still deposit and withdraw BTC without it and I think most other people feel the same. You can't "cash out" from Bitmex in any case. But I don't know if that's a realistic option.

I think with Binance if you verify yourself you get to have a 100 BTC withdrawal limit - thats why i even did it in the first place. Luno also has levels of verification that ups your transfer limits. - As for bitmex yea that works great and does not have the KYC limits. In any case my biggest worry is I sense there will be a lack of volatility once exchanges get regulated etc. And then we get paint drying movements like in forex. Regulation however will help in adoption of cryptos.

 

[John Tempus]

No Bitmex doesn't because you never hold real currency. I don't know about Bitfinex. Might be that because USDT is USD backed it's too much like real currency so they have to do it.

Bitfinex do enforce KYC/AML if you trade any USD ahum USDT pairs on their exchange. I have no idea why they enforce it if you cant really ever withdraw any FIAT and have to either withdraw via crypto or hope to dear god that they will process your USDT withdrawal.