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RE: A thread from our slack chatroom
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.