Btc and usdt people trust - page 3. | Bitcointalksearch.org

Xal0lex

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Quote from: 325btc on March 23, 2022, 03:19:18 PM

Traders and alot rich traders investors are in 2 things.
Btc and usdt as USDT is safe place to hold funds but how the exchangers protect this ?
Imagine if something happens with usdt many people will lose so much that they never cant deal with crypto anymore so what is the exvhangers security plan to fully protect customers ?
As myself fully depend on usdt thats how much i trust usdt and usdc also.

People want to be in crypto if they can funds in stable coins to give them safety but if usdt not safe as there is rumours about usdt then all the crypto game will be over.
I can never sleep well if i know my money will be in volatile coins so USDT is now very important and gives confidence for investors and crypto lovers such us myself

I'm not a trader, but if I were, I wouldn't trust storing my money in USDT. It's too centralized a stablecoin that can easily block your addresses, and has questionable collateral, judging by its last audit, where collateral in dollars was only about 15%. And why would you want to keep your funds in stabelcoin, what's wrong with bitcoin? I'd also look at decentralized stablcoins and bitcoin-backed stablcoins (there are some already).

USDT compromised itself a long time ago and you can use it only for exchanges, but no way to keep money in it, especially if you live in countries unfriendly to America. And if USDT completely loses credibility and crashes, I think the crypto industry will find another way to interact with fiat. Of course, there will be some serious losses, but that does not mean that USDT is the only solution in the cryptocurrency market.

DooMAD

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Quote from: Yogee on March 23, 2022, 05:16:40 PM

Crypto lovers loving USDT really sounds ironic hehe.

That's just it, though. It's speculators who love USDT. They don't need to care about things like permissionless/open-source/financial sovereignty/censorship resistance/etc. They only need to care about trying to make a quick buck.

I suspect the OP couldn't care less about the things most of us would recognise as the fundamental aspects of crypto. They're just a mindless speculator and, from what I can gather, not a particularly successful one.

Issa56

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I don't think anybody should trust usdt over bitcoin, the only time I make use of usdt is whenever I want to buy a coin and am waiting for the coin to retrace to a particular price first before buying, then an always leave my money in usdt first before buying the coin but I don't trust usdt, I can never leave my money in usdt.

rat03gopoh

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Quote from: Ale88 on March 23, 2022, 05:17:25 PM

Anyway I still don't understand why Tether should scam the whole ecosystem, how they could make more money with a scam rather than keep making a ton of money every single day.

Tether isn't just about the scam, but a contradictory treatment of crypto decentralized systems. Since the value backing their token is real USD money, I can conclude that tether could someday damage the ecosystem under regulatory pressure. They are very centralized, for example Tether Freezes $160M of USDT Stablecoin on Ethereum Blockchain.

Marvelman

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Quote from: erikalui on March 24, 2022, 07:31:40 AM

USDT has always been considered to be stable for about 5+ years which is why people trust it and even when I need to withdraw my money, I use it as it has the lowest fee and is accepted by local exchanges too. If I had to use BTC, I would be paying $20-$50 in fees which is not worth it. It's not worth holding as the price will mostly be stable but if you want to trade, it's the best way out.

What do you mean? BTC has significantly lower transaction fees than USDT (on the Ethereum network, which I believe is the most popular). If you are referring to withdrawal fees imposed by exchanges, then you should find a better exchange since it has nothing to do with BTC.

Quote from: erikalui on March 24, 2022, 07:31:40 AM

Exchanges should offer support to hold USD instead of USDT to make it even more safe.

There are many exchanges that support this. You don't necessarily have to convert fiat currencies to USDT unless you want to transfer to external wallets.

ethereumhunter

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Nothing is safe in crypto as prices are constantly changing. USDT may be a place to store value for money temporarily and when the price of bitcoin falls, you can buy it again and sell it when the price of bitcoin goes up so your USDT value increases. Maybe it's temporary security but they will convert USDT into bitcoin or some other coin. Besides using USDT, you can also use USDC, BUSD, DAI, or others to use USDT and have various stable coins.

ChiBitCTy

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Quote from: 325btc on March 23, 2022, 03:19:18 PM

Traders and alot rich traders investors are in 2 things.
Btc and usdt as USDT is safe place to hold funds but how the exchangers protect this ?
Imagine if something happens with usdt many people will lose so much that they never cant deal with crypto anymore so what is the exvhangers security plan to fully protect customers ?
As myself fully depend on usdt thats how much i trust usdt and usdc also.

People want to be in crypto if they can funds in stable coins to give them safety but if usdt not safe as there is rumours about usdt then all the crypto game will be over.
I can never sleep well if i know my money will be in volatile coins so USDT is now very important and gives confidence for investors and crypto lovers such us myself

I have to ask, why do you have so much holdings in USDT? This really doesn't make any sense to me. If you want your money to be in more stable assets or more stable investments, then invest in US stock markets. Maybe put some of these funds in a Money Market Mutual fund if you're looking for it to grow slightly with stability in mind. Hopefully you have a foundational portfolio outside of these coins with traditional assets. It sounds like you might be just taking on too much risk.

Rikafip

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Quote from: erikalui on March 24, 2022, 07:31:40 AM

USDT has always been considered to be stable for about 5+ years which is why people trust it and even when I need to withdraw my money, I use it as it has the lowest fee and is accepted by local exchanges too. If I had to use BTC, I would be paying $20-$50 in fees which is not worth it.

If you have to pay $20-$50 in fees when sending BTC, you are either keeping your BTC in some bad custodial wallet that is overcharging people, or you are sending it via exchanges that usually have high fixed fees. If you are keeping your BTC in non-custodial wallets like Electrum that allow you to manually set your fees, you wouldn't have to pay for more than 50-60 cents. Just yesterday I bought VPN subscription with BTC and transaction fees were 50 cents. It could have been much lower than that but I wanted it done fast so I paid a little bit extra.

Quote from: erikalui on March 24, 2022, 07:31:40 AM

Exchanges should offer support to hold USD instead of USDT to make it even more safe

If you want to hodl fiat, you already have banks for that. After all, exchanges are a horrible place to hold your money for longer period of time. And same thing goes for centralized cryptocurrencies like USDT which can be easily freezed in your own wallet and there is nothing you would be able to do about it. And now compare that to Bitcoin and you will realize how unsafe USDT is for hodl.

Darker45

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If you are a crypto lover and you choose USDT over anything else, you are not a crypto lover. Why would you be going into crypto if what you will hold is a coin representing the US dollar?

If I were to stick to USDT, I would rather be sticking with cash. At least with my cash, I am in total control of it. I can secure it however I want. If you own USDT and you keep them in exchanges, you are getting into unnecessary risks. First, Tether could freeze USDT. Second, exchanges could freeze your account.

Finally, you aren't protected against the continuous devaluation of fiat if you are with USDT.

erikalui

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USDT has always been considered to be stable for about 5+ years which is why people trust it and even when I need to withdraw my money, I use it as it has the lowest fee and is accepted by local exchanges too. If I had to use BTC, I would be paying $20-$50 in fees which is not worth it. It's not worth holding as the price will mostly be stable but if you want to trade, it's the best way out. Exchanges should offer support to hold USD instead of USDT to make it even more safe.

Etranger

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Quote from: Jawhead999 on March 23, 2022, 10:41:12 PM

Quote from: Etranger on March 23, 2022, 05:11:07 PM

If you do not trust USDT, why not use the fiat currency that is on the exchange? For example, the euro or your local currency?

Perhaps it's slower than use USDT if he want to buy Bitcoin on specific moment or his local currency highly inflate.

But on the other hand, it helps to avoid double conversions and additional losses on the deposit and withdrawal of currency from a particular exchange. But neither USDT nor fiat currencies are suitable for the holding, so if the question is about the holding, then OP needs to choose currencies with growth prospects.

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Quote from: zasad@ on March 24, 2022, 02:52:46 AM

Centralized stablecoins are just as insecure as centralized exchanges. I allow the use of these stablecoins for the duration of the trade, but for long-term storage it is better to use DAI or TerraUSD.
https://bitcointalksearch.org/topic/stablecoins-and-blacklists-5247581

The only time I ever use stablecoins is on exchanges, to be honest. Usually when I need to sell a lot of stupid stuff and put them all in usdt or the exchange's version of it like BUSD on Binance, which then is easy to see the value of, before selling it all to withdraw as fiat.

I would never hold any stablecoin as that's to me just as bad as holding a centralized altcoin.

zasad@

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Quote from: 325btc on March 23, 2022, 03:19:18 PM

Traders and alot rich traders investors are in 2 things.
Btc and usdt as USDT is safe place to hold funds but how the exchangers protect this ?
Imagine if something happens with usdt many people will lose so much that they never cant deal with crypto anymore so what is the exvhangers security plan to fully protect customers ?
As myself fully depend on usdt thats how much i trust usdt and usdc also.

People want to be in crypto if they can funds in stable coins to give them safety but if usdt not safe as there is rumours about usdt then all the crypto game will be over.
I can never sleep well if i know my money will be in volatile coins so USDT is now very important and gives confidence for investors and crypto lovers such us myself

Centralized stablecoins are just as insecure as centralized exchanges. I allow the use of these stablecoins for the duration of the trade, but for long-term storage it is better to use DAI or TerraUSD.
https://bitcointalksearch.org/topic/stablecoins-and-blacklists-5247581

mindrust

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Quote from: 325btc on March 23, 2022, 03:19:18 PM

Traders and alot rich traders investors are in 2 things.
Btc and usdt as USDT is safe place to hold funds but how the exchangers protect this ?
Imagine if something happens with usdt many people will lose so much that they never cant deal with crypto anymore so what is the exvhangers security plan to fully protect customers ?
As myself fully depend on usdt thats how much i trust usdt and usdc also.

People want to be in crypto if they can funds in stable coins to give them safety but if usdt not safe as there is rumours about usdt then all the crypto game will be over.
I can never sleep well if i know my money will be in volatile coins so USDT is now very important and gives confidence for investors and crypto lovers such us myself

The solution is easy: Don't hold any USDT. USDT is indeed not the safest thing out there because Tether Corp. refuses to be audited by an independent audit firm. The safest thing you can do with crypto is withdrawing all your crypto to your cold wallet where you own its private keys.

pooya87

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Quote from: 325btc on March 23, 2022, 03:19:18 PM

as USDT is safe place to hold funds

No it is not.
USDT is one of the most centralized and shadiest altcoins that exist. It can literary disappear at any moment when the feds break down their door and shut them down for illegally printing "money".
They also fully control their chain and can reverse any transaction they like.

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Imagine if something happens with usdt many people will lose so much that they never cant deal with crypto anymore

The altcoin bag holders have lost a lot of money throughout the years and nothing changed... They will continue to lose a lot of money and nothing will change...

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so what is the exvhangers security plan to fully protect customers ?

Nothing, they will create another centralized shitcoin and the same people would start using that.

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if usdt not safe as there is rumours about usdt then all the crypto game will be over.
I can never sleep well if i know my money will be in volatile coins so USDT is now very important and gives confidence for investors and crypto lovers such us myself

If you want stability why aren't you using fiat, namely USD instead of some centralized shitcoin called USDT?
And it has nothing to do with "crypto game" whatever the hell that means. If you want cryptocurrency experience use bitcoin. It is secure, decentralized and nobody can reverse your transaction unlike these shitcoins.

Odusko

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Quote from: Yogee on March 23, 2022, 05:16:40 PM

Crypto lovers loving USDT sounds ironic hehe. USDT may be using blockchain technology but it's not that different from fiat if you take a deeper look. It is minted by a company that's also under the control of the Government. Exchange protection of your USDT should be the least of your concern when Tether can freeze your funds wherever they may be.

You are correct USDT may look safe for holding on to the exchange since it has a fixed price and is less volatile but again less secured for the holder cause your USDT can be rendered useless or locked by the developer since it's a centralized currency under the control of the government. And I don't consider any fund on exchange as safe because the wallet is no custodial so no keys no wallet anything can happen to your funds in them.

Cryptomiles1

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Quote from: 325btc on March 23, 2022, 03:19:18 PM

Traders and alot rich traders investors are in 2 things.
Btc and usdt as USDT is safe place to hold funds but how the exchangers protect this ?
Imagine if something happens with usdt many people will lose so much that they never cant deal with crypto anymore so what is the exvhangers security plan to fully protect customers ?
As myself fully depend on usdt thats how much i trust usdt and usdc also.

People want to be in crypto if they can funds in stable coins to give them safety but if usdt not safe as there is rumours about usdt then all the crypto game will be over.
I can never sleep well if i know my money will be in volatile coins so USDT is now very important and gives confidence for investors and crypto lovers such us myself

Have you also forgotten there are lot of stable coin which investors can easily convert their BTC with? Yes there is, BUSD can be likely used to convert their BTC when the market is at storm. Stable currencies i see is just for funding and payments.

Kemarit

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Quote from: 325btc on March 23, 2022, 03:19:18 PM

Traders and alot rich traders investors are in 2 things.
Btc and usdt as USDT is safe place to hold funds but how the exchangers protect this ?
Imagine if something happens with usdt many people will lose so much that they never cant deal with crypto anymore so what is the exvhangers security plan to fully protect customers ?
As myself fully depend on usdt thats how much i trust usdt and usdc also.

People want to be in crypto if they can funds in stable coins to give them safety but if usdt not safe as there is rumours about usdt then all the crypto game will be over.
I can never sleep well if i know my money will be in volatile coins so USDT is now very important and gives confidence for investors and crypto lovers such us myself

I think this is not new, since the advent of stable coins, they have been accused of running on fractional reserves, they are even been charge of bringing bearish trend on the market and can really put a dent on the price.

I guess the only way to protect yourself and not to fully store your bitcoin into these stable coins. Just learn to hold even if the price is going down and just continue buying and be a long term holder.

boyptc

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Not everyone is into thinking that there are stable coins in the market. Majority of the newbies when they've learned about cryptocurrencies, one thing is what they understood and that is being the most volatile market in the world.

That's a few word and understanding and that's why they're aware of anything can possibly pump and dump.

And for people like you that relies on stable coins and thinks of a protection for your money, you have embraced crypto and it's the foremost character that it has.

You have to bear with it but there's a solution on it, instead of USDT, use DAI.

Ale88

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Quote from: Ale88 on March 23, 2022, 05:17:25 PM

Quote from: 325btc on March 23, 2022, 03:19:18 PM

Traders and alot rich traders investors are in 2 things.
Btc and usdt as USDT is safe place to hold funds but how the exchangers protect this ?
Imagine if something happens with usdt many people will lose so much that they never cant deal with crypto anymore so what is the exvhangers security plan to fully protect customers ?
As myself fully depend on usdt thats how much i trust usdt and usdc also.

People want to be in crypto if they can funds in stable coins to give them safety but if usdt not safe as there is rumours about usdt then all the crypto game will be over.
I can never sleep well if i know my money will be in volatile coins so USDT is now very important and gives confidence for investors and crypto lovers such us myself

I see a lot of confusion in this post. First of all Tether clarified their position with the US government, so that kind of FUD is quite old, and if you really don't trust USDT and want to have stable coins then there are plenty of options out there: BUSD, USDC, UST... Anyway I still don't understand why Tether should scam the whole ecosystem, how they could make more money with a scam rather than keep making a ton of money every single day.

Ok now i trust usdt

Besides your sarcastic answer, I'm not saying you must trust USDT, I told you some facts, real facts, regarding USDT, that's all. My life won't change wether you trust or not USDT, I simply tried to help you explaining better the situation, if you get offended because you write stuff that doesn't make sense and someone explains you why you're wrong, well, not my problem

Topic: Btc and usdt people trust - page 3. (Read 530 times)