Do you currently hold or plan on buying OMNI during the current nosedive from $90?
You might want to rethink your strategy. Here is why...
In late May, Omni (OMNI) had an AMAZING short-term run to the upside. It went so fast that it went from $15 to $90 in less than 48 hours. It was one of the favorite “platform” project plays in the cryptocurrency market.
Today, I'm selling OMNI. Here’s why...
Platform companies allow developers to build applications on top of their systems.
They’ve been some of the best performers in the cryptocurrency market.
In fact, two of the most successful plays in the market, Ethereum and NEO, have been platform tokens.
But with OMNI, some concerns have come to public attention.
The biggest asset that trades on the OMNI platform is Tether (USDT).
It’s a cryptocurrency that mimics the value of the dollar. And it’s useful because you can get into a digital representation of “dollars” without exiting the cryptocurrency market.
While I like the idea of Tether, I have some concerns.
First, what Tether promises to be and what it actually is are not one and the same.
For example, Tether says it is 100%-backed by traditional currency. However, legally, it has no contractual right to exchange Tethers for dollars.
Second, last month, the U.S. Department of Justice fined cryptocurrency exchange BTC-e for money laundering and other violations. BTC-e was one of the few exchanges that allowed you to buy Tethers directly with fiat (paper) money.
There’s concern now that Tether is going to face the scrutiny of regulators. As the biggest asset on the OMNI platform, any regulatory problems with Tether could cause a significant loss of value in the OMNI token.
Today I am selling my leftovers and moving on to another projects.
What are you doing with your OMNIs?
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Good tips, thank you!
You're welcome. Thanks for reading.
good explanation .
any strategy on btc i sold at $3415 :-(
Thanks. BTC is currently pushing through the next leg up. You should always sell some and take some of the initial capital off the table.
You should always maintain a good percentage of your portfolio as you’re more comfortable with.
But I think by the time I’m ready to sell, we’ll be at a point where you don’t need to sell your Bitcoin anymore. I’ll be making Bitcoin as income, I’ll be working – getting paid in Bitcoin. And I’ll be able to spend Bitcoin at whatever I want to spend it on.
You won’t need to sell it back into dollars, there will be no need for it.