Topic: Best alternative to Tether? - page 5. (Read 889 times)

Stable coin I'd agree... but crypto - need to keep that on the exchange, otherwise; no stop-loss. Right?

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Until this blows over I will stay away from holding any tether... - I'll 'hedge' my dollar value using Pax and USDC and I think i'll place my trades using tether for liquidity, then convert to one of the other stable coins.
pfffff, but then I guess that leaves me exposed to a tether crash if my stop-loss is on the BTC/USDT market....  :S
So, Guess I'll be trading USDC/BTC 
The fees to hedge a Bitmex are just taking the P***.. I won't put up with that...
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Wow, I didn't realize it got that bad in the past with tether.... eek.

Try to research about USDC Coin, They already have audited about their stable coin. USDC was 100% backup by the project, I remember went Tether got a bad news about their case the value down to around 0.5$-0.7$. I think right now better to avoid Tether, because we all know Teahet not backup by a money.

It is safer to keep your funds in a wallet where you hold your own private key than keeping it in a platform. Keep in mind that therebare inevitable events where platforms suddenly closes or gets attacked. I would not risk storing my crypto in an exchange just to save fees when day trading.

You got that right. Bitfinex and Tether are both skating on thin ice at the moment. I don't go anywhere near USDT. Another big bank account seized or adverse actions from regulators could cause prices to skyrocket against USDT.


Yes but I've definitely noticed liquidity on Binance's USDC market improving. Your best bet may be to spread your liquidity through multiple markets including USDC, PAX, TUSD. If not enough, then you may need to hold BTC and hedge on Bitmex. You could also try Kraken for straight up fiat trading. They have SEPA funding and a much higher volume EUR market than Coinbase. You can probably use their USD market as well.

But if you day trade like me. It's impractical and expensive to pay exchange withdrawal fees every day.
I don't know how I'd manage that.. It also removes your ability to place a limit order.... as you have no money on the exchange.

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I think so far. The best solution for me is - USDT-BTC, Then convert USDT to USDC.
The USDC market moves in mysterious (manipulative) ways... I personally don't see it as very tradeable..

USDT-BTC behaves itself but is potentially a time-bomb.
So, I'm going to take the extra 0.1% fee on each trade, for some peace of mind. (and looking through the charts, I'd more than make up that 0.1% extra by not getting stopped out of trades early due to the low volume of USDC-BTC.
I trust coinbase, I don't like them. But i trust them.

Tether, we all know the history...

I agree with your point of view, we should not keep money on exchanges. If hackers hack the exchange, the investors will bear the risk, and the exchanges may not refund to you. Use a physical wallet or cold wallet to keep your money.

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/

Thankyou very much for the prompt replies!

[Please do not keep your coins in an exchange. If anything happens to the exchange then you are going to lose the asset.]
>>>>But don't you then end up paying exchange withdrawal fees every trade? Seems like that could be expensive for the day trader(not compared to losing it all of course..)

[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.]
>>>>I'm personally trading for $ value, I'm not comfortable being in BTC... and seeing as we've just had a rally, I don't want to potentially long the top.
I tried Bitmex... and it was very stressful, getting hammered with funding fees just to hedge my Dollar value.. I need a fiat/equivalent.

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I've been talking to other traders - and they think that asides from tether - the other stable coins don't have enough liquidity to be useful for trading on Binance.
today I saw Pax 15mil 24hour volume. USDC 12 million 24hour volume.
That seems like enough to me? Or is that too low...?
Coinbase BTC/Euro only has 8million~ 24hour, that feels way too low. (the spread is pretty high, and you almost always have to pay taker fee)

I guess I could hedge my bets.... with TUSD and USDC..
RE USDC:
I just had a look at the Binance charts for BTC/USDC. Doesn't look good to me. Regular crazy wicks.... wiping out where my stops would be - whereas this doesn't happen with USDT. I blame the low-volume.... allows whales to take advantage and stop-hunt on the cheap.


@Dilerium90 - I did not know Bitfinex has USD. I thought they only did Tether?
This sounds like a good option. However, It then presents the problem of; do you keep your fiat at Bitfinex overnight or do you withdraw to a bank account... (sounds more lengthly and costly than transfering a stable coin to a hardware wallet, if i'm not mistaken.)

@leowonderful - sound advice. Thanks. Do you think BTC/USDT - then converting it to USDC is worth the extra 0.1% trading fee? Or just trading BTC/USDC at Binance?




I don't know what to do..... thinking of packing trading in until people wake up about tether...  
Do we have an ETA on the tether time-bomb?

I've been using USDC recently as the coin's backed by Coinbase and Circle and I'd like to distance myself as far away from Bitfinex as possible considering all the things that have happened to them over the years.

Binance has several pairs like USDC/BTC and USDC/ETH with decent volume, though as the member above me has mentioned, the volume with Tether on Binance and most other exchanges is reported to be far greater than with any other stablecoin out there currently. You can always just trade the USDT/BTC pair and then convert the USDT to USDC or another stablecoin though.

In the end though, you ideally don't hold any stablecoins for extended periods of time. Fiat is safer than any stablecoin. Cash out to real USDs when needed.

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.

I am not sure why you said USDC and TUSD are that much worth to have as alternative.

Completely I understand the volume level compare with the USDT with these coins but if nee coin comes in the market also it cannot compete with the level of USDT.
So never other alts will compete the this coin.

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.

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

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.

This is seriously a valid concern

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 or deribit...     (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 )

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