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Topic: Best alternative to Tether? - page 4. (Read 889 times)

legendary
Activity: 3500
Merit: 6981
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June 06, 2019, 07:58:13 AM
#34
It may sound strange, but the best and safest alternative to a tether is a real dollar. On some exchanges, it present, for example, at Bitfinex. Safer with him. The rest can collapse at any time.
That doesn't sound strange to me at all.  I'm not sure why OP feels the need to keep his funds in Tether unless he's planning on doing some trading relatively soon.  If that isn't his plan, I would just cash out to fiat and hold that until the time comes to trade again.  There's no way I'd keep a coin on an exchange, not even a stable one.  I understand the idea behind Tether, but IMO I'd rather just own dollars and not some representation of them which could go *poof* if the exchange goes down or whatever.

but I personally still hold tether for long-term investment.
You've got to be shitting me.  Seriously?  That's worse than keeping your money under your mattress.

And I do not advise you to keep your savings on the stock exchange, at any time can come up with any reason for freezing assets or can happen hacking.
Hacking and freezing of funds on a stock exchange?  You people are just talking out of your asses here.  I think you mean "crypto exchange".  If you don't know the difference, then please don't post nonsense.
hero member
Activity: 1820
Merit: 515
★777Coin.com★ Fun BTC Casino
June 06, 2019, 07:29:39 AM
#33
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.
However, the liquidity of TrueUSD and USDcoin - on Binance, is pretty poor....
Which leaves..
a) a btc only exchange such as Bitmex Undecided or deribit... Cheesy    (which is not for me, way too much stress having to keep a constant eye on the market. I like to take time out as needed)
b) Coinbase and legit Fiat. However - coinbase has high fees and very bad liquidity (I have the choice of euros or pounds there.. no dollar Roll Eyes)

I'm quite worried that Tether will just collapse and all my trading capital will simply vanish.
Is that a valid concern? And do we have a time-frame for when things will be concluded with the latest tether fiasco.?

Would very much appreciate some insight on this.
Thanks.
TG
USDC also has good amount of liquidity but no stable coins can be considered as best because of centralized.So keep the stable coins for short term profits and hope for that it won't collapse at any time while you were holding.Fiat is not good option because of high fees so if you can afford for it then go for it.
legendary
Activity: 2576
Merit: 1655
June 06, 2019, 04:10:54 AM
#32
I don't know, but if you could wait for for Binance to have their own stable coin, Biggest Crypto Exchange Takes on Tether With Own Stablecoins. Again, It's just speculation, but this is going to be huge. Binance today has the midas touch, everything they get their hands on turns into gold. They recent IEO's was like 800% up already, so if they decided to release their own stable coins, I'm sure it will enjoy the support of the community.
member
Activity: 700
Merit: 10
June 06, 2019, 02:50:18 AM
#31
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
legendary
Activity: 2744
Merit: 1193
I don't believe in denial.
June 06, 2019, 02:45:43 AM
#30
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
member
Activity: 938
Merit: 13
Tontogether | Save Smart & Win Big
June 06, 2019, 12:42:36 AM
#29
The best way to transfer your actives to the top 5 coinmarketcup, these coins are time-tested .And I do not advise you to keep your savings on the stock exchange, at any time can come up with any reason for freezing assets or can happen hacking.
legendary
Activity: 1806
Merit: 1521
June 06, 2019, 12:34:21 AM
#28
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.

Ah, it must be in the air then. I saw a puff piece a few days ago about OKEx launching its own stablecoin through a Nevada trust company. Now that I see this, I assume they're just copying Binance.

Any market share that Tether competitors can capture is a welcome sight. Tether really seems like a black cloud hanging over the market. I'm amazed they've lasted this long.
full member
Activity: 854
Merit: 100
June 05, 2019, 04:25:45 PM
#27
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.
legendary
Activity: 2590
Merit: 3015
Welt Am Draht
June 05, 2019, 04:08:40 PM
#26
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.
member
Activity: 210
Merit: 13
June 05, 2019, 03:14:11 PM
#25
I am now all-out of USDT.

I went all-in with USDC.
legendary
Activity: 1806
Merit: 1521
June 05, 2019, 03:06:29 PM
#24
OP, there's no safer alternative to Tether because you're exposing yourself to trusting a centralized party when you HODL any "backed" stablecoin.

I disagree. Not all trusted third parties are equal. Would you rather store your money with a licensed and insured bank, or a bum hanging out on the corner? Which one is more likely to lose your money?

Let's compare USDC and USDT.

One is issued by Circle/Coinbase, who are extremely compliance oriented, hold MSB licenses where they operate, and have never had any legal problems.

The other is issued by Tether, who recently only had 74% of USDT backed by cash equivalents. They were also recently targeted by a court order from the New York Attorney General. Their sister company Bitfinex had hundreds of millions seized by regulators and both companies are under investigation by multiple agencies.

You really think there's no safer alternative to Tether? Smiley
sr. member
Activity: 756
Merit: 250
June 05, 2019, 10:12:23 AM
#23
USDT has become the most important factor in the crypto market because it controls 87.1 percent of the market share of Bitcoin trading. Although the results of legal cases affecting iFinex are unknown, the collapse of USDT can make the crypto market unstable. USDT depositors panic and sell their tokens for other crypto. Bitfinex users also withdraw their funds in droves from the exchange due to concerns that funds will be detained.
full member
Activity: 407
Merit: 100
DIA | Data infrastructure for DeFi
June 05, 2019, 07:27:28 AM
#22
I have been using USDT as the only tether for fund hedging but when it was learnt that it is an altcoin I became jittery and decided to use the alternatives like Pax, Tusd and Usdc, but I use usdc more
USDC is the recognized stablecoin at most major exchanges and we can be safe because this is the only stablecoin approved by the government. I have a lot of choices in keeping stablecoin, but be more careful because it will inevitably have a price collapse and we can't be sure what will happen. Personally, I still trust USDT, USDC because it's 2 coins that make me feel the safest
legendary
Activity: 2898
Merit: 1823
June 05, 2019, 04:37:30 AM
#21
OP, there's no safer alternative to Tether because you're exposing yourself to trusting a centralized party when you HODL any "backed" stablecoin. If you must, hold just up to half in a stablecoin, and the other half in Bitcoin.
copper member
Activity: 376
Merit: 1
June 05, 2019, 04:20:56 AM
#20
I have been using USDT as the only tether for fund hedging but when it was learnt that it is an altcoin I became jittery and decided to use the alternatives like Pax, Tusd and Usdc, but I use usdc more
member
Activity: 445
Merit: 10
Worlds Simplest Cryptocurrency Wallet
June 05, 2019, 02:46:20 AM
#19
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.
However, the liquidity of TrueUSD and USDcoin - on Binance, is pretty poor....
Which leaves..
a) a btc only exchange such as Bitmex Undecided or deribit... Cheesy    (which is not for me, way too much stress having to keep a constant eye on the market. I like to take time out as needed)
b) Coinbase and legit Fiat. However - coinbase has high fees and very bad liquidity (I have the choice of euros or pounds there.. no dollar Roll Eyes)

I'm quite worried that Tether will just collapse and all my trading capital will simply vanish.
Is that a valid concern? And do we have a time-frame for when things will be concluded with the latest tether fiasco.?

Would very much appreciate some insight on this.
Thanks.
TG
I think you should not keep more tether. Currently there is a lot of stablecoin being circulated in the crypto market. TUSDT, USDC are still other good choices for you. and you should divide your money for those stablecoin types. Because the risk can occur at any time and you will not want to lose everything if the trading system of those coins fails.
legendary
Activity: 1302
Merit: 1037
June 05, 2019, 12:22:22 AM
#18
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.
However, the liquidity of TrueUSD and USDcoin - on Binance, is pretty poor....
Which leaves..
a) a btc only exchange such as Bitmex Undecided or deribit... Cheesy    (which is not for me, way too much stress having to keep a constant eye on the market. I like to take time out as needed)
b) Coinbase and legit Fiat. However - coinbase has high fees and very bad liquidity (I have the choice of euros or pounds there.. no dollar Roll Eyes)

I'm quite worried that Tether will just collapse and all my trading capital will simply vanish.
Is that a valid concern? And do we have a time-frame for when things will be concluded with the latest tether fiasco.?

Would very much appreciate some insight on this.
Thanks.
TG
I will honestly advise against keeping your money in binance, even though they are still the most trust worthy exchange till date, but when it comes to security, there is not exchange that is that perfect other than your own private wallet.

Get your money converted to BTC, and keep it in your wallet with necessary security put in place, although I still do not understand why you want to keep your fund I n a stable coin for now.There is no stable coin in the market that is more effective than tether, but now that tether is having issue as regards their overprinting of money, there is no better option than BTC.
legendary
Activity: 2590
Merit: 3015
Welt Am Draht
June 01, 2019, 06:04:44 PM
#17
I'm trawling the internet - and I'm having trouble finding out if your balance at Bitfinex is Fiat or Tether.....
They're support staff avoid this question repeatedly.
They suggest that your USD balance on their exchange is Fiat... but they don't flat out deny it's actually tether either....
I'm trusting them less and less...

Here's one of the posts that got me wandering; is it fiat or tether at BF;
https://www.reddit.com/r/bitfinex/comments/8un7fa/usd_or_usdt/

If I remember rightly they've stated that USD and USDT are fully interchangeable on their platform. You have a dollar balance that you can withdraw as dollars via bank transfer or as USDT through the Omni chain.

That kind of made sense if you believed they were backed 1-1. Now we know for a fact that they're not, though now there are 'cash alternatives' involved as well as their wee token thing. Whatever our feelings are they never seem to be short of heavyweights willing to put money into them.

I would never, ever consider Tether if I was looking to park value for a period of weeks or months. If I was super active and running in and out of coins on an hourly or daily basis I would probably consider it a risk worth continuing with but I'd remain vigilant and would always favour staying in crypto.
hero member
Activity: 3066
Merit: 536
Leading Crypto Sports Betting & Casino Platform
June 01, 2019, 05:44:36 PM
#16
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.
However, the liquidity of TrueUSD and USDcoin - on Binance, is pretty poor....
Which leaves..
a) a btc only exchange such as Bitmex Undecided or deribit... Cheesy    (which is not for me, way too much stress having to keep a constant eye on the market. I like to take time out as needed)
b) Coinbase and legit Fiat. However - coinbase has high fees and very bad liquidity (I have the choice of euros or pounds there.. no dollar Roll Eyes)

I'm quite worried that Tether will just collapse and all my trading capital will simply vanish.
Is that a valid concern? And do we have a time-frame for when things will be concluded with the latest tether fiasco.?

Would very much appreciate some insight on this.
Thanks.
TG
Yes it is, consider about bitfinex and tether was facing a very big problem because both of these platforms must deal with US prosecutor and SEC. I have already moved to the TUSD and so far i never face any big problem with it.
It looks so difficult to deal with US regulators.
TUSD is a better choice consider the liquidity based on much dollars that used to backed USD. you can't expect a huge liquidity when it was having limited fiat money to backed it.
member
Activity: 473
Merit: 11
June 01, 2019, 05:27:39 PM
#15
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.

so if you think that if Bitfinex has the risk that the Tether will start to falter, what about BTC and altcoins?
I don't see any other stable coin options that have the same value as both, and like the previous event if the worst possibility of Bitfinex occurs there must be something else that will backup tether.
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