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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

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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

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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?

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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.

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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!

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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Quote from: asyakashi on February 23, 2022, 09:47:03 AM

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

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Quote from: ?? on ??

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.

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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.

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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.

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Quote from: Marvelman on February 20, 2022, 08:35:16 AM

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

... 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.

Well, that’s what you’re getting when you decide to select a stablecoin that is decentralized.
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.

CryptoATM

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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.

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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 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.

dezoel

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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.

Flexystar

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Quote from: Jaered on February 12, 2022, 06:17:38 PM

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.

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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.

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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.. Cheesy

kotwica666

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

*SNIP*

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.

7788bitcoin

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Quote from: Zotak337 on February 12, 2022, 01:45:30 PM

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.

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Quote from: cryptomaniac_xxx on February 13, 2022, 06:37:28 AM

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.

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Quote from: NeuroticFish on February 12, 2022, 04:58:17 PM

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

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.

i don't like USDT either.... i prefer DAI or BUSD!

Quote from: NeuroticFish on February 12, 2022, 04:58:17 PM

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)

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Quote from: LostEcho on February 12, 2022, 02:47:51 PM

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.

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Quote from: mindrust on February 20, 2022, 12:27:34 PM

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 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.

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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 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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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?

Auditors only check the security of the project, they cannot guarantee that the project is not a scam. USDT is the first stablecoin on the market to be converted 1:1 USD. Out of all the stablecoins currently on the market, USDT is the most centralized and although there are always allegations of market manipulation and money laundering surrounding it. but it is still the most used stablecoin on exchanges. If USDT crashes, it could send the crypto market into crisis. something that no one dared to think about.

yazher

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Quote from: Zotak337 on February 12, 2022, 01:45:30 PM

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.

This is how the bad part is when you wanted to invest or use it as an alternative to fiat when it's hard to convert your crypto to fiat, you don't know when it will gonna turned worse when its team decided to freeze all of the funds. You can use it as an alternative but you need to remember that you can't hodl it for long because it is centralized. ANy centralized coins cannot be hodl for so long because the developers can still turn the table and freezed your assets.

Marvelman

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

... 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.

tvplus006

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Quote from: Jackl87 on February 13, 2022, 06:01:39 AM

There are rumours surrounding USDT since a few years now and they are just not going away. The reason for that is, that the company behind USDT changed the wording regarding their backing of every USDT minted. In the beginning they always said, that they have enough real USD to back every USDT minted, but now they are saying that they have enough reserves to back every USDT minted. The problem is, that no one knows if those reserves really exist and in what form they exist.
I think certik and fairyproof only audit the code and not stuff like reserves.

This may be explained by the fact that part of the reserves are bitcoins that were purchased for USDT. I can assume that other top coins may also be stored as reserves. But these are just assumptions and due to the fact that the Circulating Supply USDT is about $80 billion, I would like to see more open information about what exactly provides such a large amount of stablecoin.

cryptomaniac_xxx

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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?

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.

Again the reason that it might fall someday is that it is rumored that it run on fractional reserves just like bank. So if investors or traders withdraw then it could run empty.

zasad@

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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?

The DAI token cannot be printed at the request of the owners. If you want to get a DAI token, then you need to lock your coins in a smart contract.
DAI has the most honest statistics
https://makerburn.com/#/
Tether can print its tokens without collateral
Be sure to read this information
https://bitcointalksearch.org/topic/stablecoins-and-blacklists-5247581

Jackl87

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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?

There are rumours surrounding USDT since a few years now and they are just not going away. The reason for that is, that the company behind USDT changed the wording regarding their backing of every USDT minted. In the beginning they always said, that they have enough real USD to back every USDT minted, but now they are saying that they have enough reserves to back every USDT minted. The problem is, that no one knows if those reserves really exist and in what form they exist.
I think certik and fairyproof only audit the code and not stuff like reserves.

mindrust

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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?

There are no audits on USDT. If anyone says otherwise, it is bull crap. They occasionally come up with some pie charts to show that they have the funds to back the tokens but anybody can make pie charts of their imaginary wealth.

DAI is not mentioned much because it don't have the business connections the USDT has. Almost every crypto exchange in existence acknowledges USDT. Not many even list DAI.

so98nn

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Quote from: Charles-Tim on February 12, 2022, 01:49:21 PM

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

then why DAI ( decentralized stable coin) haven't grow over USDT all this while?

Let me use bitcoin as an example, it is decentralized, but why are people preferring centralized exchanges over decentralized exchanges? It is just because people like what is trending and they like what others are using, they do not care about having in-depth knowledge about it and how their privacy are easily invaded.

But this is what I thought about it, almost all exchanges are paring bitcoin and other unstable decentralized coins with USDT, that is one of the reasons more people are using it. Exchanges will also like a coin that is so centralized to the extent it can easily be freezed by the developer behind it.

USDT can easily be freezed, be it on exchanges or noncustodial wallets, it is very centralized.

That is the insecurity for many of us. If I’m every getting paid in USDT then I’m completely fine with it however I’m only believing it’s true stable value. Obviously things won’t change for USDT overnight. It’s completely fine to use it but it’s not fine to hold it forever or have it as secure place to store your coins when crypto is crashing. Though it’s volume is enormous, it still has legal issues and devalued trust for the same reasons. DAI, on the other hand came with traditional roadmap. There is still time when peeps start using it. More or less there are many more options than before so the investments are getting scattered.

Maus0728

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

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?

If you're thinking about investing in USDT for the long term, I recommend reading this:
- [UPDATED] PSA: Most Stablecoins Can Be Frozen, Even in Your Own Wallets

Also last month, there was news that Tether had frozen $160 million in USDT on the Ethereum Blockchain^[1] without disclosing any public information about the addresses that had been blacklisted, which I find to be something suspicious..

[1] https://www.coindesk.com/markets/2022/01/13/tether-freezes-160m-of-usdt-stablecoin-on-ethereum-blockchain/

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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?

The reason why Tether is growing up and decentralized stable coins are not is simply because people doesn't know the real difference or due to the low liquidity for DAI and listed of minimal exchanges and no exact trading pairs because most people uses stable coin for trading purpose so they will look for coin with high trading volume and listed of various exchanges and have most trading pairs.

vv181

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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?

Yes, though do note it just passed some criteria and may be based on past known vulnerability, it doesn't guarantee the project is error-proof.

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

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?

Because a security audit certificate doesn't guarantee and doesn't automatically make a project will not be a failure. Some say it is indeed that centralization is the issue, the things that other entities can freeze your own fund is worrying. There is also some saying that the USDT have an issue with transparency about their backed funds. So, it isn't mainly due to centralization.

masterrex

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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?

IMO, I think that audit that you mentioned was only intended for the security of the platform, about if there's a vulnerability that can be exploited by hackers and some other issues involving how it was coded.

I know what you mean to say, and it doesn't mean that because USDT or Tether is centralized it will fail It's not like that, it is only one of the many issues and concerns that hovering around the Tether (USDT), and Im, not an appropriate person to discuss it. Anyway it's not comparable with DAI although that DAI is decentralized it was not as popular in terms of trading pairs with other cryptocurrencies in many exchanges I don't know what was the reason behind it but one thing is for sure DAI is more safe and decentralized compared to USDT.

Jaered

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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

lobo13hf

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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?

More likely the contract that already reviewed to remove the potential rug pull function or bug.
It can be said that the company paid another company to audit its smartcontract through use different formula.

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

As a newbie I kinda like investing in projects that are audited atleast so back to my question,

Preventing the developers from putting the code that can be used as a backdoor to steal all of liquidity, this is the main concern why people are investing into the project that already audited. Smartcontract is a very sensitive thing.

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

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?

The biggest one but we have another stable coin called USDC as well. It's caused by these audits are only working to find the bug and vulnerability. that means USDT is still having the function to control the token. this makes people are feeling worry but i never feel that.

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

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.

However, the main reason for me replying here is different. And from a quick check it seems like nobody mentioned this.
You seem to want to invest into USDT. Do you know that being a stablecoin means that its price should (normally) remain in parity with USD, hence not a good investment?

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.)

Trojane

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You know we had centralized coins or currencies before an idea about decentralized came on board; although this was because the centralized wasn't favourable and the user's privacy wasn't assured but people still think that the decentralized coins are only a cunningly devised means to make things worse. Lemme put it to you that people like what many people are doing and since it's legalized, it becomes hard for people to Change their mind. The decision to accept decentralization in coins management should be made by the governments and the world's economic authority and not the individuals...

The Cryptovator

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Tether is a controversial cryptocurrency. Audit agencies just audit the smart contract code, it doesn't mean a project is legit or not to collapse. The audit report just describes the fictionality of the codes what they did, or can do in the future. Tether claimed it's backed by assets. But they aren't transparent about their claim. You may read more on Wikipedia.

https://en.wikipedia.org/wiki/Tether_(cryptocurrency)

LostEcho

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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.

BIT-BENDER

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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?

Since your are a newbie allow me to clearify you, a project passing audit either by certik or any other Auditing companies doesn't guarantee it wouldn't fail, some projects are ready to go for auditing and still have plans to be a scam project, as for USDT and it failing I doubt if anyone can fully confirm that, but for now I think it's a solid stable coin that I believe in, but I don't know if it would be here forever.

Cookdata

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Certik is nothing more than a smart contract reviewer. Projects provide them with their source code of written smart contracts so that they can be reviewed for any vulnerabilities or future failures. This gives investors and the general public more confidence in their investments, but it shouldn't be used as investment advice because anything other than smart contract failure could occur, such as the team running off with the funds raised.

Usdt is a company that has been dragged for a long time, even before Certik was founded. They've been charged and investigated in the past for not being transparent with the equivalent pegged fiat deposit for each USDT and bitcoin price manipulation. With USDT as centralized stable coin, they can freeze your money any time especially when they don't find you transparent. (According to their ways)

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

As a newbie I kinda like investing in projects that are audited atleast so back to my question.

https://www.certik.com/company/disclaimer

Just a friendly disclaimer, you should check.

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

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?

I don't have much information about those audits. But most probably they have only audited the smart contract. For example, they ensure that there is no vulnerability in the smart contract.

One of the main concerns about USDT tokens is that there is no proof that the tokens are backed by real dollar.
The other problem is that the tokens can be freezed at any time without any reason even in your own wallet.

Charles-Tim

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

then why DAI ( decentralized stable coin) haven't grow over USDT all this while?

Let me use bitcoin as an example, it is decentralized, but why are people preferring centralized exchanges over decentralized exchanges? It is just because people like what is trending and they like what others are using, they do not care about having in-depth knowledge about it and how their privacy are easily invaded.

But this is what I thought about it, almost all exchanges are paring bitcoin and other unstable decentralized coins with USDT, that is one of the reasons more people are using it. Exchanges will also like a coin that is so centralized to the extent it can easily be freezed by the developer behind it.

USDT can easily be freezed, be it on exchanges or noncustodial wallets, it is very centralized.

Zotak337

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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.

FirmWars

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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?

Topic: About USDT (Read 559 times)