the issue with kucoin is that if shit will hit the fan they will suspend withdrawal, or even just close the shop leaving you empty handed as things will get ugly in a hurry.
I do agree that this is a theoretical possibility. The only solution is to hold bitcoin in cold storage so that in case things blow up with the exchange for a while, the coins will still be in your possession, and if the network is restarted, or continues to work, you still have the coins.
This is of course the issue with most exchanges. Some, like Kraken, let you hold actual USD, and I imagine that if you're a verified customer, you should be able to withdraw your USD to a bank account. So if you can sell BTC or other cryptos in time for USD, you might get lucky. But if everyone runs for the exists at the same, who knows what will happen.
look at what happened In India yesterday. All coins were down 25 percent or more and yet on binance, coinbase, Gemini and etc it was non eventful. How can it be ?
Binance.US also had an issue where the price of BTC dropped all the way to 8K just a month or two ago. They had thin liquidity, so it dropped much lower than any other exchange. The key is to not use stop orders I would say. But imagine those lucky few who were able to pick up BTC at insane prices if they had limit orders waiting!!!
I think if we look at all the FUD in the past few years, and realize that BTC has survived, then it will take almost an asteroid to knock it out fully. Sure, some chains will easily blow up, no doubt about that. And regulation or some other shock can easily drop it 50% or 80%. But the fact that its already faces so much FUD and continues to survive is incredible.
Listen, for the US system to survive in 2008, they had to do extraordinary things which put us on this path to needing crypto anyway. And in March 2020, the FED had to start buying corporate debt, which from my understanding they aren't authorized to do as per the laws. So you could say that USD came closer to falling apart than crypto has so far. I just love the fact that with a decentralized blockchain, nobody has power over it. It really is the holy grain when it comes to trust on a global scale. It is the great equalizer.
I know with 99.99 certainty I will
Collect at CME for example.
Although I generally agree, aren't there cases of exchanges busting trades? And even worse, I read that they only bust one side of the trade. So all of a sudden you find that maybe you're still in a position when you thought you exited. And we know who the CME will favor when it comes working these things out. You can bet the little guy is not gonna win. When you switch to block chains and smart contracts to settle matters, you send a big F/U to the "fat cats" on wallstreet that don't really have your back.
I am like you also looking where to put cash in crypto. All I have few ethers and that is it.
I think the glory days of 100x gains are somehow past us. Just one year ago in January you could get into these projects that exploded. Everyone these days is talking about AVAX, or SOL, or DOT, or a bunch of others that have real world applications and chance of being dominant 5 years from now. But sadly, outside of BTC and ETH, there probably isn't another sleeper just waiting to hit the scene. These other chains with the 10-50B market caps will probably win out, or die out, and do we really need to start another one from scratch that would allow us to get in for pennies? So getting in at the floor is very difficult now, and chasing is risky as well.
Saying this though, I think making 2-3X is highly likely in a few months to a year, and I think that over the next decade, you can't go wrong holding BTC. Holding USD is guaranteed to lose purchasing power, and if you think equities will continue to do well, then I would bet crypto will do much better given the same environment.
In March 2020, equities dropped just under 40% lets say, and BTC was about a 63% drop, but it was already not coming off all time highs though. But then, the rise for S&P has been 117% to today, for Nasdaq about 150%, and well, we see BTC easily did over 1000%.
So I think if equities continue to do well, then the same environment will also favor crypto, and it will do much, much better. If things really fall apart, the dollar tanks, the economy tanks, etc, and lots of people might need to draw on their crypto, then sure, it will drop as well, but the only way the politicians will have to try and save any of it is with more printing, and crypto might turn out to be the only saving grace left.
I don't see a scenario where USDT blows up, which blows up BTC and ETH, and this having no affect on anything else. If crypto goes away tomorrow, then so does a huge amount of wealth, lots of jobs, lots of need for electronics and electricity, and so many interlinked jobs and services. NVDA is toast. TSLA is toast. And how many politicians will lose millions??? I don't see sunny days ahead if crypto falls apart.
So I think that putting just 10% into crypto is an absolute must for every single person. Putting 50% into crypto is perhaps even better, and higher levels I think will end up being the smart play a decade out. If everything goes to crap, nothing will save you anyway.
