Anyone familiar with TETHER?? | Bitcointalksearch.org

fullypak

legendary

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Quote from: BrewMaster on August 19, 2017, 10:46:16 AM

it is not exactly "supported by the USD" that is a common misunderstanding just because the price is always 1 USD. well to be exact it is not even always 1 USD, it is known to drop. and the worst part is they don't even promise the price to be 1 USD!!

as someone said it is more like IOUs.

i personally don't trust it at all, although it is useful from time to time. so i won't just dismiss it completely.

Yes most of the time the price will be 1 USD or near to this amount. But according to my knowledge, people use this coin to do Bitcoin trading. And sometimes we see the price drop in this coin, but there is no increment it is always stable at 1 USD. So investing on this coin is not worth it is my personal opinion.

BrewMaster

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There is trouble abrewing

it is not exactly "supported by the USD" that is a common misunderstanding just because the price is always 1 USD. well to be exact it is not even always 1 USD, it is known to drop. and the worst part is they don't even promise the price to be 1 USD!!

as someone said it is more like IOUs.

i personally don't trust it at all, although it is useful from time to time. so i won't just dismiss it completely.

minobia

newbie

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Quote from: aceptamosbitcoin on August 16, 2017, 03:58:22 AM

I see in USDT the most easiest way to move USD from one exchange to another without having Level 2 verification.

For example - you love to trade USD/BTC pair in Polo but you have Level 2 verification only in Bittrex. When you want to transfer USd from Polo to Bittrex - buy USDT on Polo and sell them in Bittrex.

I do understand and it makes sense what you say, i am more of a physical asset person and will start something similar but backed by commodity currency

gentlemand

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Welt Am Draht

Quote from: sylance on August 16, 2017, 07:43:08 PM

I always thought of it as the easiest way to get USD and EUR into an exchange such as Poloniex or Bittrex. I've never used it as they require two forms of picture ID's to verify (and I only have a driver's license.) I'm getting increasingly interested though because I want to move more fiat into an exchange. Right now, I have to purchase on Coinbase, pay their high fees and also their over-priced crypto, then transfer BTC, LTC, or ETH to my exchange. Also, many times I just want USD sitting on the sidelines for a drop so getting USD directly into Poloniex would be much more convenient. Now if I can just find a secondary form of ID...

Tether has no international banking so it's pretty much impossible for you to actually buy it. Their verification is also staggeringly slow.

Use real dollars. They're accessible and actually worth something.

sylance

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I always thought of it as the easiest way to get USD and EUR into an exchange such as Poloniex or Bittrex. I've never used it as they require two forms of picture ID's to verify (and I only have a driver's license.) I'm getting increasingly interested though because I want to move more fiat into an exchange. Right now, I have to purchase on Coinbase, pay their high fees and also their over-priced crypto, then transfer BTC, LTC, or ETH to my exchange. Also, many times I just want USD sitting on the sidelines for a drop so getting USD directly into Poloniex would be much more convenient. Now if I can just find a secondary form of ID...

gentlemand

legendary

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Welt Am Draht

It's not an 'investment'. It's a hedge. It's also a hedge that's probably backed by nothing and will eventually implode and take most of the crypto market with it. There's over $300 million of it now, up from less than $10 million at the start of the year. That increase coincided with it losing its normal banking.

Red flags ahoy.

Tactical Genius

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I'm not so familiar with it but i particularly like the price stability with little variations. it serves as a safe haven for moving ur portfolios during price crashes on the market.

bitcoinmasterlord

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Quote from: nexus99 on August 16, 2017, 06:00:23 AM

I decided to keep away from Tether, as I don't see any good way of speculating on it. It's backed 1-to-1, so it's literally the same as holding USD. The benefit is that you can easily transfer it between exchange platforms, but that's the only one I can see

This also benefits for those who want to do BTC/USD trading. We don't have direct BTC trading with USD, so people use this coin to do trading. That is why it always stays 1:1 is it right?

HeRetiK

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Quote from: cointabo on August 16, 2017, 05:46:57 AM

Its not clear who runs Tether. Their bank balance is not transparent. Their 'transparency' page only shows input of what they entered. Doesn't necessarily reflect the actual balance in their bank account(s).

It doesn't even need to reflect the actual balance of their bank accounts.

To quote Tether's legal page:

Quote

There is no contractual right or other right or legal claim against us to redeem or exchange your Tethers for money. We do not guarantee any right of redemption or exchange of Tethers by us for money. There is no guarantee against losses when you buy, trade, sell, or redeem Tethers.

https://tether.to/legal/

So yeah, caveat emptor. Use it as a means of balance transfer, if you must, but try to avoid holding onto it.

nexus99

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I decided to keep away from Tether, as I don't see any good way of speculating on it. It's backed 1-to-1, so it's literally the same as holding USD. The benefit is that you can easily transfer it between exchange platforms, but that's the only one I can see

cointabo

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Quote from: Imran1271 on August 16, 2017, 05:43:28 AM

Quote from: cointabo on August 16, 2017, 05:35:59 AM

I generally try to stay away from Tether as much as I can.

hey, why are you stay away from tether. please let me details about tether so that I am to be conscious I further.
thanks dear.

Its not clear who runs Tether. Their bank balance is not transparent. Their 'transparency' page only shows input of what they entered. Doesn't necessarily reflect the actual balance in their bank account(s).

Imran1271

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Quote from: cointabo on August 16, 2017, 05:35:59 AM

I generally try to stay away from Tether as much as I can.

hey, why are you stay away from tether. please let me details about tether so that I am to be conscious I further.
thanks dear.

cointabo

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I generally try to stay away from Tether as much as I can.

HeRetiK

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Keep in mind that in addition to all of the USD risks of a USD pegged crypto-currency, you also have the counter party risk of the Tether issuers going belly up. Tethers are IOUs, nothing more. Great for transactions if you need to move money between exchanges real quick, not so much as investment. You'd have all the downsides of a centrally issued crypto-currency without the crazy highs of the alt coin market.

mk4

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Why would you invest in it though? as you said it is pegged 1:1 to USD. It's just like holding USD virtually. Whatever happens to the USD economy, rise or fall, your Tether(USDT) will still have the same value as USD in fiat form.

Tether(USDT) is made specifically for USD to cryptocurrency trading pairs and for easier movement of USD funds from exchange to exchange instead of using bank transfer and such, which is can quite be a hassle and usually requires higher levels of verification depending on what exchange.

aceptamosbitcoin

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I see in USDT the most easiest way to move USD from one exchange to another without having Level 2 verification.

For example - you love to trade USD/BTC pair in Polo but you have Level 2 verification only in Bittrex. When you want to transfer USd from Polo to Bittrex - buy USDT on Polo and sell them in Bittrex.

minobia

newbie

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I see tether gained in popularity thanks to their 1-1 USD pegged currency.

is it not risky investing in a token supported by the USD a currency with a national debt estimated at $20.4 trillion ?

Topic: Anyone familiar with TETHER?? (Read 723 times)