Best alternative to Tether? - page 3.

exstasie

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Quote from: Reid on June 11, 2019, 03:01:06 PM

Two questions.

Why are you forcing your funds into a stable coin?
Why not just go to the bank if you want stability?

The biggest reason is KYC. If you only deposit/withdraw crypto to exchanges, you can avoid KYC while trading and hedging USD value with stablecoins. This offers obvious privacy benefits and is probably used to an extent for tax avoidance. So if you don't need the fiat money in your bank account, it makes sense why some people look to stablecoin markets/exchanges rather than fiat exchanges.

Reid

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Two questions.

Why are you forcing your funds into a stable coin?
Why not just go to the bank if you want stability?

I mean, you made an effort to know more about crypto currencies and yet you will just stay with a stable coin and now you are looking for another because Tether is at risk.
Why not step up? Go risk it at a better place for a future income.
Go bitcoin.

If you are doubting a stable coin then you might want to apply that with the rest.
I mean it. Literally. Seriously, it aint a joke.
Just want to save some of you from making a big mistake in your life.

muhhentuhhen

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Quote from: akamit on June 01, 2019, 01:09:22 PM

Probably Dogecoin can be used as a stable coin for some time? For longer terms, I'm not sure.

Or you can divide all your capital into 4 and use Dogecoin, Tether, TrueUSD, and USDcoin. I also don't know much about TrueUSD and USDcoin.

Maybe you can skip Tether as you are worried about it.

Soon, Facebook will launch its cryptocurrency. It is supposed that the new token will be a stable coin. AS FB is extremely popular, there is a high probability of the new coin success. So, Tether can be replaced.

ricardobs

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There are lots of alternatives, lots of good ones out there that you can make use of. I don't even know why some of you feel like tether is the best there is while there are so many of them are good. If you're making use of the blockchain wallet you must have heard about the USD PAX, it is another cryptocurrency that is backed by the USD. So if you have the Blockchain wallet and have also verified your identity, you will be able to exchange your Bitcoin or any of the available cryptocurrencies for USD PAD right from your wallet. There are other similar coins as well that are backed by the USD. There is USDC which is the second alternative to tether. The next is TUSD

sbogovac

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I don't believe in denial.

Quote from: gentlemand on June 08, 2019, 06:17:56 AM

Quote from: Sithara007 on June 08, 2019, 06:13:09 AM

Quote from: sbogovac on June 07, 2019, 10:41:36 AM

Quote from: el kaka22 on June 07, 2019, 10:35:27 AM

[...]The risks outweight the reward when using tether.

For Tether that might be true. But if you want to use a scalping trading strategy you would want to use an exchange with the lowest fees (as they will "eat up" any earnings you make), hence you would want to use Binance. And Binance simply does not support Fiat... Thankfully there are other Stablecoins (like USDC, TUSD and DAX) that are good enough alternatives for the average trader.

Does any of these alternative coins that you have listed (USDC, TUSD, DAX.etc) do third party audits and make the audit summary available for everyone? Many of these stablecoins claim that they are backed up by real cash. But as we have seen in the case of Tether, these guys are not very honest when they claim this. The transparency is simply not there.

Yes. USDC publishes a monthly audit by an independent accountant - https://blog.circle.com/2019/05/17/usdc-reserve-attestation-report-from-grant-thornton-llp-april-2019/

Dunno about the other ones but I would assume that anyone who wasn't transparent wasn't going to get very far. Tether is a fine example to all.

What he ^^^ said, and I like USDC because of Coinbase too...

Reatim

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Quote from: BitcoinGirl.Club on June 01, 2019, 12:58:03 PM

Quote

I'm at Bitfinex at the moment, however I'm thinking of going back to Binance; giving me more options for stable coins.

Please do not keep your coins in an exchange. If anything happens to the exchange then you are going to lose the asset.

Exactly mate this is one good advice as leaving our coins in exchange is very risky

Quote

I'm currently all in tether... which isn't a good idea currently IMO.
This is certainly not a good idea. Why not have BTC and store them in you own wallet which private key is only accessible by you.

Diversification is the best strategy specially for long term holding

Quote

Is that a valid concern?
This is seriously a valid concern

But must consider some advices if you want to profit in future

davinchi

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I think the best options right now are usdc and gusd. The only reason for that is usdc is done by poloniex and circle which is owned by a big bank in USA, I do not remember which one it was but it could be JP Morgan or something like that which means they have a huge backing and would never really get hurt like tether since they can afford to keep it at 1to1 ratio forever.

The other one is gusd which is done by winklevoss twins and they are very rich and heavily invested into bitcoin which is why I believe in them, they are not strangers in this market and have been advocates of bitcoin since day 1 so their stablecoin will be strong too. In any case if you could not use any stablecoin that is better, I like to put my money into either fiat or crypto, not in between.

gentlemand

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Welt Am Draht

Quote from: exstasie on June 08, 2019, 12:40:49 PM

And the fear of getting accounts terminated, money frozen, reported to authorities. PAX and GUSD showed very early on that traders couldn't rely on honest redemption. Tether may be shifty and have obvious banking problems but they seem much less likely to intentionally fuck over their customers like "legitimate" stablecoin issuers will. I feel like there is a tacit understanding between Tether and their customers that liquidity is a much bigger priority than proper AML/KYC compliance.

Agreed. However in theory these coins have two purposes - parking and redemption and Tether users already know that attempting to redeem for real dollars is largely pointless and hopeless so that aspect of its usage isn't too far off closed down completely. I'm sure BFX insiders have little trouble.

That makes it fundamentally different from the other coins.

The 'legit' issuers really fucked themselves with their twitchiness. I certainly would never look to redeem dollars through them. Dunno if they'll ever make a move on exchange balances but it's possible at which point there's no point in going anywhere near them.

exstasie

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Quote from: gentlemand on June 06, 2019, 01:28:22 PM

I'm amazed/shocked/depressed that Tether is still as strong as it is considering there are now multiple rivals put out by properly legitimate companies. I presume the only thing keeping them up there is the dimness and lack of imagination of its users.

And the fear of getting accounts terminated, money frozen, reported to authorities. PAX and GUSD showed very early on that traders couldn't rely on honest redemption. Tether may be shifty and have obvious banking problems but they seem much less likely to intentionally fuck over their customers like "legitimate" stablecoin issuers will. I feel like there is a tacit understanding between Tether and their customers that liquidity is a much bigger priority than proper AML/KYC compliance.

gentlemand

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Welt Am Draht

Quote from: Sithara007 on June 08, 2019, 06:13:09 AM

Does any of these alternative coins that you have listed (USDC, TUSD, DAX.etc) do third party audits and make the audit summary available for everyone? Many of these stablecoins claim that they are backed up by real cash. But as we have seen in the case of Tether, these guys are not very honest when they claim this. The transparency is simply not there.

Yes. USDC publishes a monthly audit by an independent accountant - https://blog.circle.com/2019/05/17/usdc-reserve-attestation-report-from-grant-thornton-llp-april-2019/

Dunno about the other ones but I would assume that anyone who wasn't transparent wasn't going to get very far. Tether is a fine example to all.

Sithara007

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Quote from: sbogovac on June 07, 2019, 10:41:36 AM

Quote from: el kaka22 on June 07, 2019, 10:35:27 AM

[...]The risks outweight the reward when using tether.

For Tether that might be true. But if you want to use a scalping trading strategy you would want to use an exchange with the lowest fees (as they will "eat up" any earnings you make), hence you would want to use Binance. And Binance simply does not support Fiat... Thankfully there are other Stablecoins (like USDC, TUSD and DAX) that are good enough alternatives for the average trader.

Does any of these alternative coins that you have listed (USDC, TUSD, DAX.etc) do third party audits and make the audit summary available for everyone? Many of these stablecoins claim that they are backed up by real cash. But as we have seen in the case of Tether, these guys are not very honest when they claim this. The transparency is simply not there.

bitgolden

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Quote from: Kimonoe on June 06, 2019, 02:50:18 AM

Quote from: sammyp on June 05, 2019, 04:25:45 PM

I do not have much knowledge about the current concerns regarding Tether as to whether they will have an effect on it as a stable coin or not. If I were in your shoes then I would simply switch to fiat and Bitcoin. Bitcoin may equally not be stable but it has always been a good choice.

Bitcoin is indeed the main choice for investing. but I personally still hold tether for long-term investment. the issue that happened did not make me panic, and it would remain in the analysis that I had planned

The issue that has happened or yet to happen? because I have not seen much issue around and the one that will create the big panic is yet to be decided in court and it is better you be on a safe side, because if the whole thing turn around to be against them, you might not be fast enough to take all your investment before they shut down the system or lock the system from withdrawal.

Look at when Binance was hacked, what they did first was to lock withdrawal and many people that were going to move their funds out of panic could not do so, but they were just lucky that Binance overcame the challenge and came out stronger, but bitfiniex might not survive this.

sbogovac

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I don't believe in denial.

Quote from: el kaka22 on June 07, 2019, 10:35:27 AM

[...]The risks outweight the reward when using tether.

For Tether that might be true. But if you want to use a scalping trading strategy you would want to use an exchange with the lowest fees (as they will "eat up" any earnings you make), hence you would want to use Binance. And Binance simply does not support Fiat... Thankfully there are other Stablecoins (like USDC, TUSD and DAX) that are good enough alternatives for the average trader.

el kaka22

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If you do not want to stay in bitcoin there are a lot of coins who are a bit stable compared to bitcoin in dollar value you can use them or like people said you can use fiat as well. I mean withdrawing your bitcoins to fiat is not that hard wherever you are with localbitcoin and you can definitely use exchanges if you have access to them. The charge could be a lot more than using tether but the risk is not worth it.

At one hand you have fiat that you can use anywhere in the world and definitely more secure than tether and just basically the normal way people use money and on the other hand you have stablecoin that you are not sure about the 1to1 ratio anymore and could be gone any moment now and could be considered dead already. The risks outweight the reward when using tether.

gentlemand

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Welt Am Draht

Quote from: dunfida on June 06, 2019, 11:22:48 AM

Lets see on what would happen.Thanks for the link share up yet im not aware on this news about Binance possible own stablecoins.
Whatever happens to Tether there are already lots of competitors is eyeing into its position but one thing should be put up on mind that
dont ever trust up fully with stable coins ever.

I'm amazed/shocked/depressed that Tether is still as strong as it is considering there are now multiple rivals put out by properly legitimate companies. I presume the only thing keeping them up there is the dimness and lack of imagination of its users.

I wouldn't class Binance as a properly legitimate company so their coin would be no more interesting to me than any other.

dunfida

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Quote from: gentlemand on June 05, 2019, 04:08:40 PM

https://www.bloomberg.com/news/articles/2019-06-05/biggest-crypto-exchange-takes-on-tether-with-own-stablecoins

Binance will be launching their very own stablecoins soon according to that article. I presume that's likely to be the strongest contender to unseat Tether if it's ever to happen. Let's hope they have some actual accountability.

Lets see on what would happen.Thanks for the link share up yet im not aware on this news about Binance possible own stablecoins.
Whatever happens to Tether there are already lots of competitors is eyeing into its position but one thing should be put up on mind that
dont ever trust up fully with stable coins ever.

sujonali1819

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Quote from: thegoatiest on June 01, 2019, 12:54:43 PM

snip~~
Hey.
I'm currently all in tether... which isn't a good idea currently IMO.
I'd like an alternative that won't turn to dust - as I've heard speculation; that Tether might become worthless if Bitfinex get hammered in the courts.

What's the best stable coin currently?
I'm at Bitfinex at the moment, however I'm thinking of going back to Binance; giving me more options for stable coins.

Actually, after USDT, USDC and USD coin are the most usages stable coins. So you can choose them as stable coin if you really want to go stable coin instead of BTC or another crypto. And I will suggest you keep your holding in a wallet instead of any exchange. thanks

sbogovac

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I don't believe in denial.

Quote from: Pipdips on June 06, 2019, 09:59:49 AM

Quote from: sbogovac on June 06, 2019, 02:45:43 AM

Quote from: Pipdips on June 05, 2019, 03:14:11 PM

I am now all-out of USDT.

I went all-in with USDC.

Do you think "all-in" is a good strategy for trading...? Roll Eyes

Haha. The whole point of this topic is that we all don't trust USDT!

So are you with us...or no?

Please (re-)read carefully (don't forget the link too); I understand stepping out of USDT (I did too). But I was asking a question regarding going "all-in" (to anything)... this is still the trading section, isn't it...?

Pipdips

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Quote from: Baofeng on June 06, 2019, 04:10:54 AM

Biggest Crypto Exchange Takes on Tether With Own Stablecoins.

Thanks for the link. This is perhaps the big news that we have all been waiting for.

Pipdips

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Quote from: sbogovac on June 06, 2019, 02:45:43 AM

Quote from: Pipdips on June 05, 2019, 03:14:11 PM

I am now all-out of USDT.

I went all-in with USDC.

Do you think "all-in" is a good strategy for trading...? Roll Eyes

Haha. The whole point of this topic is that we all don't trust USDT!

So are you with us...or no?

Topic: Best alternative to Tether? - page 3. (Read 889 times)