Two questions: Bitcoin limit orders and "best" USD "stable"coin
267 sats \ 13 comments \ @kuroba 13 Nov 2022 bitcoin
Hey all, hope you're dancing in the rain and not struggling to keep your head above water. If you are, though, we're here for you. No shame.
Anyway, I thought I'd crowd-source two things I've been wondering for a while but especially in light of this week's events: the best place for BTC limit orders, and the best USD stablecoin to use for dry powder. Sure, stablecoins are problematic, but I really hate exiting crypto rails entirely for "three business day" banks.
Obviously, this is a "lesser of evils" kind of question. I won't take your answers as endorsements, I won't hold you accountable if they go bust. I'm just looking for options I can explore and take responsibility for.
Limit orders: Along with dollar-cost averaging, I think "apocalyptic-level" limit orders are a good tactic for taking advantage of volatility to pick up BTC on the cheap. But they require leaving funds on exchanges. I'm thinking the tolerable solution may be a Bitcoin-only company like Swan or River, but to the best of my knowledge neither of them offer limit orders. Where do you guys use?
USD stablecoin: I keep my emergency fund in an FDIC-insured bank, but I hate having to wait up to several business days to move other cash around. Crypto has spoiled me. I also think this is a useful question for people who don't have great access to dollars/banks/FDIC insurance. So if you dare, bearing in mind all my caveats above, which USD-pegged crypto instrument would you consider the least bad?
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51 sats \ 0 replies \ @031ef7d322 13 Nov 2022
You can set limit orders on Cash App. They also have the paycheck conversion with no fees.
Not a stablecoin, real USD, but if you get a paycheck you could send part of it there, and convert like half on payday and keep the other half for limit orders.
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50 sats \ 0 replies \ @takaponka 13 Nov 2022
Instead of going with centralized stabcoi n you could go with Dollar on Chain. It's fully backed by bitcoin. It's on RSK sidechain which comes with risks, you can check it out.
https://moneyonchain.com/doc-bitcoin-backed-stablecoin/
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50 sats \ 2 replies \ @Derpitor 13 Nov 2022
I'm interested to see what happens if stablecoins make it to lightning. That will be a game changer.
USDC is likely the best bet for "safety" because of its regulation. DAI is probably the best of the non regulated stablecoins but it's mostly backed by USDC in a smart contract. That would give multiple potential attack vectors. During the last few black swans though DAI didn't looks it's dollar peg.
Paxos tokens I believe are also pretty well regulated. BUSD is issued by paxos.
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0 sats \ 1 reply \ @muteness11 13 Nov 2022
Thanks for sharing, a few points on some
DAI: its true they are algorithmic and until recently they were backed by USDC, now i think they are back by govt debt (not ideal)
USDC: probably the most regulated (safer) yet they are heavily backing Eth & Sol ecosystem, in particular in DeFi but if they domino starts falling then they are in trouble even if redemption is working fine yet when trust is lost u never know what can happen
USDT: battle tested several times, not sure about their fiat backing (shaddy and dont have full trust) yet the company supports BTC a lot .. I expect to see USDT on LN
BUSD: is well regulated
IF you want to keep dry powder then Fiat is best, I chose to keep 1% in USDT on CEX and planning to use it to buy BTC then cold storage
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0 sats \ 0 replies \ @Taranis 13 Nov 2022
ftx was well regulated too.
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50 sats \ 0 replies \ @go 13 Nov 2022
Looking at exchange volume it looks like Binance and Coinbase have been the most active during this crash for buying/selling, which means they have good liquidity. I'll never forget the limit order I had set that didn't get taken because of illiquidity 😤
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50 sats \ 0 replies \ @HardMoney 13 Nov 2022
Tether is probably more aligned with Bitcoin ethos but Circle and USDC is probably a "safer" alternative as they are looked at more favourably by US regulators.
Is you are going to an exchange its probably best to just hold US cash if they have that option frankly
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1 sat \ 0 replies \ @btcphoto 13 Nov 2022
Bitcoin
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1 sat \ 2 replies \ @NorthKoreanHostage 13 Nov 2022
Every stablecoin is an unworkable scam. It's just reinventing banks and making them no fucking different.
Just buy Bitcoin and self custody it.
There are no altcoins. There are only scams.
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5 sats \ 1 reply \ @muteness11 13 Nov 2022
I dont know about that but what I do know is that stables are useful to move from the old world into an emerging new world .... that helps
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0 sats \ 0 replies \ @Taranis 13 Nov 2022
stablecoins are useful in the short-term assuming you cannot hold dollars. otherwise they're centralized shitcoins. save in bitcoin until you can comfortably spend in bitcoin. acquire through non-kyc routes, coinjoin into cold storage, hold your own keys.
keep it simple.
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0 sats \ 0 replies \ @om 13 Nov 2022
There are some chains with built-in exchanges: the old one was Waves, the new one is Stellar. I'd rather go there than on centralized exchanges. But it has no properly decentralized representation of Bitcoin.
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0 sats \ 0 replies \ @vlx 13 Nov 2022
In Europe the is bl3p.eu, a Bitcoin-Only-Exchange with Limit-Orders. No USD though;-)
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