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RE: A thread from our slack chatroom

in #trading7 years ago

Hey Luc,

IIRC you'd said you'd moved most of your holdings out of Bittrex since they moved to USDT. I've been trying Kraken simply because it was a convenient way to exchange fiat, and the volume seems to be high, but today was one of the most frustrating experiences I've had trading. I could barely set any trades due to the constant page loading errors and slow response, and forget about trying to use it through Coinigy. I missed several trades :-/

basically, have you (or anyone) been encountering this, and what exchanges respond the best to a heavy load like today?

Thanks for the videos and advice, and I look forward to getting into the slack group.

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Kraken has its drawbacks for sure.. There is plenty of issues placing orders and coins are priced higher than other exchanges because of the tether/fiat difference.. but there is that sense of security, knowing your money is not in tether.. So I don't know if thats worth it for you...

Are there reasons to not trust Tether? It looks like it's broke with the dollar a few times, but seems to stay pretty close most of the time.

The tether gives me pause, but the lag/bugs don't exactly instill confidence either :-/ Looks like 6 one way, half a dozen the other.

I don't like using tether, but one needs at least one 'stable' value store per exchange to hedge all the swings. Hopefully one of the gold-backed tokens takes off to some degree of reliability. Until then, I don't see a way to trade a bunch of alts and avoid tether. It's especially convenient, unfortunately, for day Americans doing day trading since, technically, they are supposed to track any time they sell into USD. Technically...

I think for smaller amounts taxes are a non issue and if you are making a substantial income through gains, there are many ways to protect yourself from extortion, like a foundation, or even better move out of oppressive countries like the U.S. or Canada and renounce your citizenship (if you are a US citizen). On the isl of man for example there are no taxes for anyone earning over 100,000 pounds per year. Luxembourg does not have a gains tax. The U.S. however is one of two countries that will hunt you down wherever you go on the plant if you dont report.

Kraken is slow and buggy for me even when trying to place orders directly on there sight. a little worse on coinigy. but there fees are so much lower sometimes its worth it if you are trading higher amounts like 10k or more. Bittrex is smooth and allows me to profit from quick clicking even when using coinigy.

That's what really screwed me. I had a few limit buys, but was relying on notifications for deep dives and got royally screwed on a couple trades. Doubled up transactions because of erroneous failed orders, completely missed pulling some profit on the first rebound, and by the time the market bottomed out below 300 I was so frustrated I had already walked away. That was all through their website! I gave up on trying to go through Coinigy and the API early on.
Luckily I've got some more money that just made it into the exchange or I'd be stuck hodling till the market recovers