Topic: About USDT - page 2. (Read 559 times)
Now, as we can see, there is a very increased demand for the usdt.The market is simply falling, those who did not sell their assets yesterday are already suffering serious losses.Most importantly, the token is coping well with its task at the moment.
It's because USDT is one of the first. And just like bitcoin, in terms of its share in the market then it's bigger than any other. DAI is a good decentralized stable coin. But just like with decentralized exchanges versus centralized exchanges, there's more demand for centralized ones.
The reason is likely that we're too fond and used to it and that's why in terms of stable coins, USDT is the most known and it's supported in many protocols which makes it easier to use despite the issue and being centralized.
The reason is likely that we're too fond and used to it and that's why in terms of stable coins, USDT is the most known and it's supported in many protocols which makes it easier to use despite the issue and being centralized.
USDT has been out for longer than DAI, maybe DAI is the concept of upgrading from stable coins, but the problem is that at that time the DAI concept was less attractive, because as we know cryptocurrency where everything is decentralized, just stable coins will of course be an important part that will not irreplaceable. Also the name "USDT" is easier to use as it approximates fiat whereas DAI is less significant to fiat.
Yep. The name speaks for itself
USDT ranks 3rd by global cryptocurrency market cap and USDT provides stability
for hedges as well as trading pairs but I wouldn't say Tether (USDT) is stable or trusted
No Stablecoin issuer has legally been audited
USDT is centralized and it has been controversial because of it's many activities so that's risky to hold to long term. Audit isn’t a big things in a project like you don’t think a audited project will never scam or something like that. USDT supply is more than others stable coins such as DAI and USDC that's why it’s ranking is the top position instead of others.
USDT is a centralized stablecoin, our account can be frozen at any time by the tether company. But supply is not the reason for USDT to be preferred over DAI, USDC. USDT is the first stablecoin and it is supported by most exchanges. Its also the default intermediary currency on exchanges. When we want to buy BTC or ETH, we have to first exchange fiat to USDT then we can buy BTC, ETH and vice versa. So they become more popular.
USDT has been out for longer than DAI, maybe DAI is the concept of upgrading from stable coins, but the problem is that at that time the DAI concept was less attractive, because as we know cryptocurrency where everything is decentralized, just stable coins will of course be an important part that will not irreplaceable. Also the name "USDT" is easier to use as it approximates fiat whereas DAI is less significant to fiat.
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.
... If that's it then why DAI ( decentralized stable coin) haven't grow over USDT all this while?
The benefit of DAI is that it is all code, there is no business/party that controls it, and that's nice. The downside is that since there are no parties actively controlling it, it is at more risk of losing its peg to the dollar. If we look at the charts we can see that DAI tends to fluctuate a bit more than USDT/C because it is not under the control of a central authority.A stablecoin that is centralized will always have a better control and more pegged to the USD than a decentralized one that has no central authority that controls it. That’s just it, they can both never be the same.
But, with that said, there wouldn’t be that much of a price difference between the two of them, even though that DAI is a bit volatile, the price will still be very close to the US Dollars.
Auditing in crypto space isn't some kind of law that new projects have to go through to clear all doubts about them, once newbies sees a project got audited they trust them instantly, see audit is just smart contract checkups nothing more or less still anything can happen.
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 do feel like DAI is the better alternative.
However, liquidity is sort of a self-fulfilling prophecy. USDT has always had the upper hand when it came to trading volume, so this is what people default to when they trade on major exchanges or even when exchanges make their listing decisions.
In the future definitely expect UST, DAI to make some noise. Decentralized stablecoins are the future, and USDC and USDT are on the way out.
In this case I will use Bitcoin and Ethereum as an example: both Bitcoin and Ethereum has been the undisputed biggest two in the market for a very long time now, and among these two big coins in the market, there are people who thinks that Ethereum should be topping bitcoin in the market, but that hasn’t been the case, in fact Bitcoin keeps having more dominance in the market compared to Ethereum. The reason for this is because Bitcoin is the first Cryptocurrency in the market.
So, why Dai would find it difficult to beat USDT is because USDT is the first stable coin that was created. It’s having that same first-comer advantage that bitcoin has, over every other stablecoins in the market.
So, why Dai would find it difficult to beat USDT is because USDT is the first stable coin that was created. It’s having that same first-comer advantage that bitcoin has, over every other stablecoins in the market.
I dont like Tether USDT one bit. Kinda like its being controlled and can have its backup or peg pulled anytime and I would be left lugging around a worthless token. So thank you very much I would go for DAI or even USDC. BUSD is somehow like USDT
Yep, they are more or less better options. In fact with so many stable coins coming to the market I do not think one should be wasting the bit of money on to USDT. Though they have grown mega company and gives us little strength in terms of asset not falling real soon. I do believe that other coins like DAI will grow into the bigger market asset and we may not need to rely on the USDT itself. However, they do make it perfectly fine in terms of fees and quick transfer. The same thing would take up lot of gas fees for other coins. I’m not sure what’s the story behind DAI but stability comes with value as well as transaction fees and speed.
The USDT audit part just pop up on coinmarketcap no one knew how this happened, if that audit was real we would have seen the news online I think that's a fake audit so don't choose that part.
Actually there is alot of information around the internet @Op that can answer to your question above if you have time to make even simple research.
And yes that's true and its been rumours for how many months now that Usdt (Theter) might fail but seems its not gonna happen anymore..
Infact i am a usdt(Theter) user as well and i am not scared tho about such information until now because i used to keep my money from the volatility using their network since i heard that news..
And yes that's true and its been rumours for how many months now that Usdt (Theter) might fail but seems its not gonna happen anymore..
Infact i am a usdt(Theter) user as well and i am not scared tho about such information until now because i used to keep my money from the volatility using their network since i heard that news..
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Everything you wrote is correct.
Investing in currencies that are centralized always comes with risk. Exactly the same goes for Ripple.
As for why decentralized stable coins have not been as successful as USDT, I think the point is simply that the USDT has been around longer and is more popular.
The same is the case with Bitcoin, although there are coins that are more technologically advanced, but Bitcoin is still the king of cryptocurrencies. This is because it was just the first and it is more recognizable and popular. I think it's exactly the same with USDT and decentralized stable coins.
You need to do some research on USDT, in this world once you managed to stain your name it will forever be a stamp, Tether team have onced faced the law due to their conning act in the past that's why some don't believe in this stable coin, secondly it's a centralised stable coin, for some that's enough not to trust.
They strained the name without being transparent and yet even now they are not able to clear everything and be transparent. The law will catch up with them if they are not able to provide the audit report since they are minting dollars whenever they feel like and yet they are not able to provide the transparency in collateral they use. Earlier they used to claim that it is pegged to 1:1 in USD but later it is proved that it is not the case. 
They once refused to be audited and then we have a lot of complains and says that they run on fractional reserves. I'm not familiar with the audits that you have posted, but as far I can remember, they still have a existing case coming from the US government.
If i can remember, Bitfinex (first creator of USDT) claimed to have USD reserve for all the created tokens then suddenly cyber authorities discovered that the generated USDT is created from thin of air which even caused an inflationary supply. I don't remember how the case was solved while i remember how many platforms started lunching their own stable coins including USDT itself which actually developed in many versions through different networks.
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?
I don't like USDT and I don't believe that it's properly backed. There were a lot of controversies on the topic, but I stopped following all the relevant news. So.. be careful.
USDT is normally a pretty good tool for traders, but imho not that much suitable for investing/holding, since you won't gain anything.
(Of course, if you want to hold USDT only in the days Bitcoin price is dropping, then it's a different story.)
agree... stable coins are not very suitable to be used as long-term investments, more comfortable to use for trading (scalping) (Of course, if you want to hold USDT only in the days Bitcoin price is dropping, then it's a different story.)
Now it has come to my attention that audits are nothing, they are nothing but mere reviewers, don't go around thinking that a verification as been passed through these audit platforms they are not reliable... From now on erase them from your minds.
I have come across such information that errors in the smart contract, which are detected at the audit stage, may later be used to steal coins. I do not know how accurate this information is, but I admit that this may happen in reality.
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 had never any audits. Never, none. Whatever you see on coinmarketcap is a lie.
Yes it is centralized and they can freeze funds but that should be your second concern. Nobody knows if the tokens are actually backed by any real assets. It is impossible to verify this unless some 3rd party well-known auditor audits them and so far it didn't happen.
USDT is nothing more than a ponzi scheme supported by currency pairs on some of the largest exchanges. That's about the best that can be said about it. Stablecoins require the contract issuer to be able to back the contract up with the corresponding amount of assets. The major portion of USDT's balance sheet is backed by jack shite. If it was regulated like a bank, it wouldn't even be considered solvent.
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 had never any audits. Never, none. Whatever you see on coinmarketcap is a lie.
Yes it is centralized and they can freeze funds but that should be your second concern. Nobody knows if the tokens are actually backed by any real assets. It is impossible to verify this unless some 3rd party well-known auditor audits them and so far it didn't happen.
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