Can anybody help me debunk the Tether risk? - page 2.

OcTradism

hero member

Activity: 1722

Merit: 801

Quote from: uknowy9999 on November 10, 2023, 03:00:16 AM

However, this is the only risk that I cannot fully grasp or understand. I see that they minted another billion USDT in the last week.

Tether USDT is like other stable coins which can be frozen in your wallet.

PSA: Most Stablecoins Can Be Frozen, Even in Your Own Wallets
USDT banned addresses: https://dune.com/phabc/usdt---banned-addresses
USDC banned addresses: https://dune.com/phabc/usdc-banned-addresses
It seems those pages don't work at the moment, you can visit them to check later.

Nobody can freeze your bitcoin stored in your non custodial wallets because they don't have private keys.

Jawhead999

legendary

Activity: 1820

Merit: 1207

As simple as can you trust centralization? if yes, then you will believe with anything they said or vice versa.

The transparency, audit, reports, chain swaps, mint new tokens, burn the existing tokens etc anything can be faked as there's no way to verify it and predict the future what the developer will do next.

OmegaStarScream

staff

Activity: 3500

Merit: 6152

Regarding the first point you mentioned, apparently, they're planning to publish "real-time" reserve data in the upcoming years[1]. Not sure if that's going to be something that they could easily "fake" or not?

As for the "other things" then my problem is with the centralization. I know they claim to only use it when a service gets hacked, and the hacker converts his funds to USDT. but the fact that they are able to freeze any address any time they want is a bit scary.

[1] https://www.coindesk.com/business/2023/10/20/tether-will-publish-reserve-data-in-real-time-in-2024-report/

uknowy9999

newbie

Activity: 15

Merit: 3

Hey guys,

so I know the talks about tether and whether or not they are backed and how is almost as old as Bitcoin itself.
However, this is the only risk that I cannot fully grasp or understand. I see that they minted another billion USDT in the last week.

All the other arguments of anti Bitcoiner (energy, volatility, ...) I can counter.

Is Tether also the thing you are most unsure of?

Would like some input, THANKS

Topic: Can anybody help me debunk the Tether risk? - page 2. (Read 285 times)