About USDT | Bitcointalksearch.org

South Park

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Quote from: Slow death on March 06, 2022, 04:44:02 PM

Quote from: JahriMeayer on March 06, 2022, 04:29:46 PM

If Tether passed audits through Certik and Fairyproof, it doesn’t mean it'll last forever and never get freezed. Moreover Tether is Centralised but it is the first stablecoin and people are using this since years. Because of this trend, others also using Tether even It's Centralised. Even Tether claimed that they backed by real dollar and this statement may the reason as people Trust it and keep using. But DAI will also grow soon IMHO

Tether is something shady, but I use Tether to trade only and for a short time, that is only when it is to protect myself from dump, even though Tether is shady it will not go down anytime soon and the odds and most people know that so they continue to use Tether. other Tether competitors need to strive to get rid of the market dominance that Tether, this is a market where people decide what they want, and it won't be just saying "it's something centralized" that will make people give up on Tether and even having decentralized competitors is not a big help because exchanges are centralized, to withdraw money to the real world using all centralized system, we are moving towards centralization and the damn KYC

People keep using those stable coins as they do not really have too much of a choice, before those coins existed it took a long time to convert your bitcoin to fiat and then you had to deal with banks and the possibility of your account being closed by them because you were dealing with cryptocurrencies, tether resolves those issues, the only problem is that now we are dealing with a centralized entity which most likely at some point will fail on making good on their commitments, but as long as we are not holding USDT for the long term then we should be fine.

Slow death

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Quote from: JahriMeayer on March 06, 2022, 04:29:46 PM

If Tether passed audits through Certik and Fairyproof, it doesn’t mean it'll last forever and never get freezed. Moreover Tether is Centralised but it is the first stablecoin and people are using this since years. Because of this trend, others also using Tether even It's Centralised. Even Tether claimed that they backed by real dollar and this statement may the reason as people Trust it and keep using. But DAI will also grow soon IMHO

Tether is something shady, but I use Tether to trade only and for a short time, that is only when it is to protect myself from dump, even though Tether is shady it will not go down anytime soon and the odds and most people know that so they continue to use Tether. other Tether competitors need to strive to get rid of the market dominance that Tether, this is a market where people decide what they want, and it won't be just saying "it's something centralized" that will make people give up on Tether and even having decentralized competitors is not a big help because exchanges are centralized, to withdraw money to the real world using all centralized system, we are moving towards centralization and the damn KYC

JahriMeayer

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If Tether passed audits through Certik and Fairyproof, it doesn’t mean it'll last forever and never get freezed. Moreover Tether is Centralised but it is the first stablecoin and people are using this since years. Because of this trend, others also using Tether even It's Centralised. Even Tether claimed that they backed by real dollar and this statement may the reason as people Trust it and keep using. But DAI will also grow soon IMHO

South Park

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Quote from: GEMIN_M4 on February 26, 2022, 12:40:52 PM

Audited projects are not projects that you can invest money on just because they passed audits, nowadays everything is about the money meaning if a team settled any auditing platforms they will pass them easily, be careful and do your own research instead on relying on passed audits.

Which is why the community does not trust USDT, on the surface it may seem as if everything is fine, but there is too much evidence showing that even if USDT could be fully backed now, there was as time in which this was not the case, and since that is the whole point of the coin itself then it failed itself and their customers the moment this happened, it is as if bitcoin stopped being a decentralized currency, would you still use it if that was the case? Because I know I would not.

riskarcher

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The cetrik audit does not guarantee the quality of the coin because the cetrik audit only reviews a few categories that will be judged by the audience. To be honest, bad rumors about USDT circulating are not necessarily true as we know that USDT has existed for quite a long time and has become one of the most popular stable coins and has become an option. my main for every transaction. it is impossible to experience bad things in its development

sana54210

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Quote from: magneto on February 26, 2022, 04:20:34 PM

I'm not exactly sure what you're talking about, because DAI has certainly grown a lot more compared to USDT in terms of popularity and adoption over the past year or so.

People understand that USDT is a dangerous game to play and they can freeze funds at any stage, which is certainly not a great recipe for holders.

They also run fractional reserve which is exactly the reason why crypto was invented in the first place - to get away from the fractional reserve system whose fragility had brought about the GFC.

I would definitely keep away and invest my own cash in more proven decentralized stablecoins.

There is a 100% guarantee that USDT will get lower and lower over course of time and we will have stuff like DAI growing exponentially higher. It is just silly to use "dollars" from a company, it never made any sense and only reason why it became so popular was the fact that exchanges allowed pairs of it. Allow regular dollars, without tether, without any company, no busd, no usdt, no usdc and even gusd, just regular USD and nothing more to be paired and you will get that.

However, in order to avoid legal problems, most major exchanges just used USDT and people are now running away from that because Tether is just a company and why would they trust a company instead of just the decentralized version of it?

magneto

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Quote from: FirmWars on February 12, 2022, 01:40:50 PM

Please correct me if I got it all wrong, audited projects are projects that have passed some security checkup right? As a newbie I kinda like investing in projects that are audited atleast so back to my question, USDT is the biggest stable coin right? When I tracked it on coinmarketcap I found out that's it passed audits through Certik and Fairyproof, why haven't this clear the rumour that USDT might fail someday? Because it's Centralised? If that's it then why DAI ( decentralized stable coin) haven't grow over USDT all this while?

I'm not exactly sure what you're talking about, because DAI has certainly grown a lot more compared to USDT in terms of popularity and adoption over the past year or so.

People understand that USDT is a dangerous game to play and they can freeze funds at any stage, which is certainly not a great recipe for holders.

They also run fractional reserve which is exactly the reason why crypto was invented in the first place - to get away from the fractional reserve system whose fragility had brought about the GFC.

I would definitely keep away and invest my own cash in more proven decentralized stablecoins.

zasad@

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There is a lot of useful news, criticism, investigations about USDT here
https://bitcointalksearch.org/topic/stablecoins-and-blacklists-5247581
I think that the scam of this token will harm all market participants and cause very serious consequences for many companies, so it is better for manipulators to support such an asset.

Rampagoe004

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USDT is very likely to continue to increase in market popularity to end at the end of the road not a real audit. we just need to pay attention to some IMO or criteria on trading usdt is worth or not because usdt is suitable for trading if we save it will not benefit unlike other altcoins the price cycle continues.

GEMIN_M4

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Audited projects are not projects that you can invest money on just because they passed audits, nowadays everything is about the money meaning if a team settled any auditing platforms they will pass them easily, be careful and do your own research instead on relying on passed audits.

clarkt

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The is no perfect system anywhere and no doubt, Tether has been very useful in cryptocurrency. The audit done by certik and fairyproof is standard requirements in cryptocurrency, it is not a final conclusion of safety. Usdt has been the most used with a lots of apps and protocol using it as part of their system. Dai stablecoin have it's on decentralized issues as well! We have to make do with level of security that we have with stabkecoins!

koang

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Quote from: South Park on February 25, 2022, 05:32:29 PM

It is true they have passed some audits, however if you take the time to read them you will see that they guarantee that each USDT was backed by one dollar only until a certain point in time, and you will find that the issue the community has with tether is before that stipulated time, basically there is too much evidence that points out to the conclusion that at some point in time each USDT was no backed by a dollar and as such Tether lied to their customers, and not only this is unacceptable no matter how we look at it but it is even worse when we take into account that this is a decentralized market that has been built in that way precisely because we know that centralized entities abuse their power in the same way tether did.

Yep, Tether is not backed by dollars on a 1-to-1 basis but tether tokens are still fully backed all the time, it's just that the reserves are not all in cash
Tether maintains adequate reserves and never failed to satisfy a redemption request.

Tether USDT is possibly a scam but it can remain valuable because CEX Exchanges need it to exist

South Park

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Quote from: FirmWars on February 12, 2022, 01:40:50 PM

Please correct me if I got it all wrong, audited projects are projects that have passed some security checkup right? As a newbie I kinda like investing in projects that are audited atleast so back to my question, USDT is the biggest stable coin right? When I tracked it on coinmarketcap I found out that's it passed audits through Certik and Fairyproof, why haven't this clear the rumour that USDT might fail someday? Because it's Centralised? If that's it then why DAI ( decentralized stable coin) haven't grow over USDT all this while?

It is true they have passed some audits, however if you take the time to read them you will see that they guarantee that each USDT was backed by one dollar only until a certain point in time, and you will find that the issue the community has with tether is before that stipulated time, basically there is too much evidence that points out to the conclusion that at some point in time each USDT was no backed by a dollar and as such Tether lied to their customers, and not only this is unacceptable no matter how we look at it but it is even worse when we take into account that this is a decentralized market that has been built in that way precisely because we know that centralized entities abuse their power in the same way tether did.

kotwica666

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Quote from: Rahman11 on February 25, 2022, 12:28:07 PM

Because Tether is a centralized company, where they notice suspicious addresses involved in crime or money laundering, they are able to freeze or destroy those assets by listing them on the blacklist.

Sure they can do it, but I don't know if you're writing about it as a Tether advantage or a disadvantage?

The opportunities you are talking about in the hands of a private company are characterized by (generally, not just Tether) a high risk of manipulation. Unfortunately, in my opinion, this is a very big minus of all centralized currencies. It is decentralization, i.e. Bitcoin and all other real cryptocurrencies, that symbolize freedom. However, it must be admitted that despite the risk that USDT has, it is very much needed on the market. I use it often myself.

manok jepang

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so far USDT is one of the coins that has very high stability and volume in the cryptocurrancy world, where the value is exactly the same as the feat money, which is 1:1 with the US dollar, therefore very many crypto users convert their assets to USDT in order to to avoid reducing the value of assets due to the instability of the market, so many crypto users really favor this coin.

Rahman11

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Because Tether is a centralized company, where they notice suspicious addresses involved in crime or money laundering, they are able to freeze or destroy those assets by listing them on the blacklist.

MadeMen

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I think the major reason why people are scared is because of the centralised nature of USDT, but that's for people with substantial amount. The truth is that nothing in this space is free from risk. Anything can happen. We could wake up tomorrow to see that all the coin and tokens are no more, but we keep striving daily irrespective of whatever may become of our tomorrow.

tygeade

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Quote from: FirmWars on February 12, 2022, 01:40:50 PM

Please correct me if I got it all wrong, audited projects are projects that have passed some security checkup right? As a newbie I kinda like investing in projects that are audited atleast so back to my question, USDT is the biggest stable coin right? When I tracked it on coinmarketcap I found out that's it passed audits through Certik and Fairyproof, why haven't this clear the rumour that USDT might fail someday? Because it's Centralised? If that's it then why DAI ( decentralized stable coin) haven't grow over USDT all this while?

Audits only check the security but they cannot give a project a special power to become successful and not collapse. If I recall I have seen lots of audited projects (different audits including Certik) but why did they still fail and they are not showing up anymore? I think I am not a newbie anymore but like you I also like projects that are audited already because this can give us some confidence than choosing a project that are not audited.

The rumour of the USDT is an old issue but USDT is now very popular so I think it was cleared already. Same to bitcoin when btc is not yet popular, everyone calling it a scam but look at btc today and about DAI, it is also growing but you cant compare it with USDT because USDT is more older than it. It was like btc and eth comparison.

lizarder

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Quote from: FirmWars on February 12, 2022, 01:40:50 PM

Please correct me if I got it all wrong, audited projects are projects that have passed some security checkup right? As a newbie I kinda like investing in projects that are audited atleast so back to my question, USDT is the biggest stable coin right? When I tracked it on coinmarketcap I found out that's it passed audits through Certik and Fairyproof, why haven't this clear the rumour that USDT might fail someday? Because it's Centralised? If that's it then why DAI ( decentralized stable coin) haven't grow over USDT all this while?

USDT is a token/coin that has greater stability and volume, so many people think this is not a failed project, but even so, USDT has also been rumored to be a fraudulent project and even considered a failure, so far I don't find the issue true, because to this day I still keep these assets, when an audit was carried out, there were considerations that made them pass, so they deserve to be used as valuable assets, as I know USDT is a decentralized token/coin by itself, if I'm not mistaken.

imamusma

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Quote from: deean_3one on February 23, 2022, 09:40:29 AM

Tether (USDT) is a crypto asset whose value is guaranteed at 1:1 with US dollars. USDT belongs to a stablecoin, or crypto asset designed to have the same value as fiat currencies or other assets with a more stable value.

Everyone also knows that so it's appropriate and reasonable when USDT is always within the scope of the top five cryptocurrencies because its value is clearly very stable and not much different from the value of fiat in reality.
So no one hates USDT until now, and if anyone hates it, he hasn't known USDT for a long time.

Topic: About USDT (Read 559 times)