Topic: DO NOT TRUST TO TETHER - page 5. (Read 901 times)
Well, from my reception, not many people willing to trust Tether or any stable coin thing as we understand how they keep "minting" over time. I think soon or later, Banking will have to accept cryptocurrencies and from there, the trust for Tether would change in a positive way.
In previous days and month, I keep getting alert from @whale_alert on twitter that another USDT is being minted like $20 million or more, that is a huge amount of money. I have a conversation with fellow crypto enthusiasts, we are talking about USDT. He says they cannot mint unless they have deposited dollar somewhere. The question is do they really have deposited millions of dollars in a particular bank? So, that is what makes USDT suspicious but still, it is the most popular stablecoin.
Have you ever read their Legal sections with all subtle meaning that involve using their service?
I mean when you use bitcoin you're accepting "mathematical" rules.
With tether you're using a service with all legal aspect linked to that.
I suggest every time to take a look about their condition of usage, here I made some example.
https://bitcointalksearch.org/topic/m.54702459
I don't trust a service that can seize my money at their solely discretion or because I have make a deal "with a suspect". In case of issue, I should make a lawsuit? It will worth?
I mean when you use bitcoin you're accepting "mathematical" rules.
With tether you're using a service with all legal aspect linked to that.
I suggest every time to take a look about their condition of usage, here I made some example.
https://bitcointalksearch.org/topic/m.54702459
I don't trust a service that can seize my money at their solely discretion or because I have make a deal "with a suspect". In case of issue, I should make a lawsuit? It will worth?
In practice they can refuse to do business with you, but can't freeze tokens on ether or bitcoin/omni blockchain.
If you own the privkey, you can trade the token on any exchange.
Actually they can freeze individual USDT through a hardfork of the underlying coin or protocol. Omni made a hardfork once when 30 million Tethers got stolen,
that's where the "Quarantined USDT" on their transparency page come from. But it's not a threat to the average user.
From 2018 i am listening the same in the fear of that i didnt convert my holding to Tether because of Taxation problem i dint convert into fiat currency . Finally i lost most of my holdings but there is other alternative for stable currency Binance USD , DAI . Even more but still i am converting my holding in USDT as if now it is the best option.
FUD like this is harming the industry. Without tether it will collapse. Do you know about it volume?
FUD? LOL. Read around the web. It doesn't take much Google searches to land upon dozens and dozens of articles about Tether's shadiness. Also, Tether have higher volume doesn't make it any better. In fact, it makes it worse that people are actually trusting this stablecoin.Will they do it after gathering reputation and trust all this time? ok we assume they did it and tether no longer believed, whether it will make stable points no longer in demand, I don't think so.
people will still make transactions using stable coins because this cycle will continue to spin.
knowing or not knowing I don't think it will make much difference.
Tether being centralized and the concept of stablecoins isn't the problem here. Tether's shadiness is the problem. There's a reason why the people are calling out Tether specifically and not other stablecoins like USDC/TUSD/etc. people will still make transactions using stable coins because this cycle will continue to spin.
knowing or not knowing I don't think it will make much difference.
Bullseye.
A good reason for it to be shutdown.
There is an incentive for that coin.
Use it as much as you can in trading to make profits but never stay with that coin for a long time.
Try as much as possible to buy another coin back, just not with Tether.
Anytime there is a chance of explosion.
A good reason for it to be shutdown.
There is an incentive for that coin.
Use it as much as you can in trading to make profits but never stay with that coin for a long time.
Try as much as possible to buy another coin back, just not with Tether.
Anytime there is a chance of explosion.
Tether stable coin is centralized if that's what you mean by not been safe well you may be right, the best stablecoin that one can hold for long should be decentralized like DAI but the fact is even dex projects can turn scam any time, it's still risky than even holding bitcoin.
Everyone has their own opinion and maybe you are right in something, so we should always think before making investments or just to keep our money in cryptocurrencies such as Tether, but I constantly change Tether to other cryptocurrencies and back from various cryptocurrencies back to Tether and I hope that in the future everything will be fine with Tether.
Its not I trust them but having the option to be so liquid is the best part for usdt. I know the company hold our stablecoin and anytime they can do it but how big is the chance this is happening anytime sooner? If there's a trusted stablecoin maybe this is tether. Once they collapsed, Im not sure if the market would be able to withstand the damge it will inflict.
but in fact people still use it because some people do daily trading and will exchange to stable coins if you are waiting to buy, come on you have to take risks if you want to cross the river.
Sure. I'm not stopping anyone if they want to use Tether, as Tether is the most liquid stablecoin we have right now, which can be advantageous for trading. It's just that most people don't actually know that these companies can lock up the stablecoins even on your own non-custodial wallet. That is the problem.
Will they do it after gathering reputation and trust all this time? ok we assume they did it and tether no longer believed, whether it will make stable points no longer in demand, I don't think so.
people will still make transactions using stable coins because this cycle will continue to spin.
knowing or not knowing I don't think it will make much difference.
FUD like this is harming the industry. Without tether it will collapse. Do you know about it volume?
but in fact people still use it because some people do daily trading and will exchange to stable coins if you are waiting to buy, come on you have to take risks if you want to cross the river.
True, many traders use stable coins only for daily trading, I personally still often use Tether when trading. And I think that's okay. Stable coins like Tether often used to maintain the value of assets, some people don't like to take risks with volatility Crypto prices so they choose stable coins. Have you ever read their Legal sections with all subtle meaning that involve using their service?
I mean when you use bitcoin you're accepting "mathematical" rules.
With tether you're using a service with all legal aspect linked to that.
I suggest every time to take a look about their condition of usage, here I made some example.
https://bitcointalksearch.org/topic/m.54702459
I don't trust a service that can seize my money at their solely discretion or because I have make a deal "with a suspect". In case of issue, I should make a lawsuit? It will worth?
but in fact people still use it because some people do daily trading and will exchange to stable coins if you are waiting to buy, come on you have to take risks if you want to cross the river.
True, many traders use stable coins only for daily trading, I personally still often use Tether when trading. And I think that's okay. Stable coins like Tether often used to maintain the value of assets, some people don't like to take risks with volatility Crypto prices so they choose stable coins. but in fact people still use it because some people do daily trading and will exchange to stable coins if you are waiting to buy, come on you have to take risks if you want to cross the river.
Sure. I'm not stopping anyone if they want to use Tether, as Tether is the most liquid stablecoin we have right now, which can be advantageous for trading. It's just that most people don't actually know that these companies can lock up the stablecoins even on your own non-custodial wallet. That is the problem.
It blows mind everyday seeing people that act like tether doesn't even exist.
They printed exactly 6 billion USD since the beginning of this year. More than their entire 2019 market-cap.
You would say; what if people really demand more tethers and finex have no other choice but print more?
I would say; do you see that demand? Do you feel it? Does this year even feel better than 2019 in terms of adoption? Especially after covid-19 happened?
No.
It is a ticking bomb waiting to explode. When that happens some heads gonna roll.
They printed exactly 6 billion USD since the beginning of this year. More than their entire 2019 market-cap.
You would say; what if people really demand more tethers and finex have no other choice but print more?
I would say; do you see that demand? Do you feel it? Does this year even feel better than 2019 in terms of adoption? Especially after covid-19 happened?
No.
It is a ticking bomb waiting to explode. When that happens some heads gonna roll.
Tether getting bigger every day but it doesnt mean you can trust them.
Im not gonna say tether developers are scammer but tether could be fall very hard by Central bank mafia, Money Landing is a good Excuse for Central Bank to freeze tether money account.
Im not gonna say tether developers are scammer but tether could be fall very hard by Central bank mafia, Money Landing is a good Excuse for Central Bank to freeze tether money account.
Absolutely agree with you. But I want add more since there is not the problem with "Central Banks" but also with their Terms of Service (TOS).
I mean using a service that has a TOS it's very risky.
Likewise I have serious difficulty to accept some sentences like:
https://tether.to/legal/
Quote
The Site may suspend or terminate the Services to you, your Digital Tokens Wallet, or to any of your Digital Tokens Address at its sole discretion, as required by applicable Laws or where Tether determines that you have violated, breached, or acted inconsistent with any of these Terms of Service.
Quote
You acknowledge that Tether may delay or suspend redemption under various circumstances, including but not limited to, in the event that Tether determines that you have engaged in a Prohibited Use (as defined in paragraph 
; when Tether is directed to do so by any Government; if your Digital Tokens Wallet or other account or wallet is subject to pending litigation, investigation, or Government proceedings; or when Tether believes that someone is attempting to gain unauthorized access to your Digital Tokens Wallet or other account or wallet.
; when Tether is directed to do so by any Government; if your Digital Tokens Wallet or other account or wallet is subject to pending litigation, investigation, or Government proceedings; or when Tether believes that someone is attempting to gain unauthorized access to your Digital Tokens Wallet or other account or wallet. Quote
have more than one account and more than one Digital Tokens Wallet on the Site, or use any Digital Tokens Wallet on a one-time, ‘throwaway’ basis; any such additional Digital Tokens Wallets or one time ‘throwaway’ Digital Tokens Wallet may be terminated or suspended at the absolute discretion of Tether;
Quote
violate, cause a violation of, or conspire or attempt to violate these Terms of Service or applicable Laws.
Any use, whether actual or suspected, as described in this paragraph shall constitute a “Prohibited Use”. If Tether determines that you have engaged in any Prohibited Use, Tether may address such Prohibited Use through an appropriate sanction, in its sole and absolute discretion. Such sanction may include, but is not limited to, making a report to any Government, law enforcement, or other authorities, without providing any notice of you about any such report; confiscation of any Fiat, funds, property, proceeds, or Digital Tokens in any Digital Tokens Wallet that you have on the Site; and, suspending or terminating your access to any Services or Fiat, funds, property, or Digital Tokens from any Digital Tokens Address. Tether may, at its sole and absolute discretion, seize and deliver your property to any applicable Government, law enforcement, or other authorities where circumstances warrant. In addition, should your actions or inaction result in the imposition of economic costs to Tether, you shall pay an amount to Tether so as to render Tether whole, including without limitation, the amount of taxes or penalties that might be imposed on Tether.
Any use, whether actual or suspected, as described in this paragraph shall constitute a “Prohibited Use”. If Tether determines that you have engaged in any Prohibited Use, Tether may address such Prohibited Use through an appropriate sanction, in its sole and absolute discretion. Such sanction may include, but is not limited to, making a report to any Government, law enforcement, or other authorities, without providing any notice of you about any such report; confiscation of any Fiat, funds, property, proceeds, or Digital Tokens in any Digital Tokens Wallet that you have on the Site; and, suspending or terminating your access to any Services or Fiat, funds, property, or Digital Tokens from any Digital Tokens Address. Tether may, at its sole and absolute discretion, seize and deliver your property to any applicable Government, law enforcement, or other authorities where circumstances warrant. In addition, should your actions or inaction result in the imposition of economic costs to Tether, you shall pay an amount to Tether so as to render Tether whole, including without limitation, the amount of taxes or penalties that might be imposed on Tether.
Quote
Tether reserves the right to refuse registration to, to bar transactions from or to, or to suspend or terminate the administration of Services, Digital Tokens Address, or Digital Tokens Wallet for or with, any user for any reason (or for no reason) at any time, including but not limited to the provisions of paragraphs 8 and 11, subject to any limitations imposed by applicable Laws.
....
In lieu of refusing registration or ongoing administration of your Digital Tokens Wallet, Tether may perform enhanced due diligence procedures. At all times, you may be subject to enhanced due diligence procedures in your use of the Site and any Service. If you decline to provide requested due diligence information or otherwise do not reply timely or substantively with the documentation or data requested, the Site has the absolute discretion to suspend or terminate Services to you immediately.
....
In lieu of refusing registration or ongoing administration of your Digital Tokens Wallet, Tether may perform enhanced due diligence procedures. At all times, you may be subject to enhanced due diligence procedures in your use of the Site and any Service. If you decline to provide requested due diligence information or otherwise do not reply timely or substantively with the documentation or data requested, the Site has the absolute discretion to suspend or terminate Services to you immediately.
I mean every tether user has already read their LEGAL Section? There are too many restrictions. We are using bitcoin just to "bypass" all of these kind of stuffs. It's sound a bit crazy for me accept some conditions (at their sole discretion) for using MY MONEY!
I have been advocating for the non-usage of stablecoins in general(probably besides when you're daytrading) for a while now. A lot of people are so unaware of the risks they're taking when holding most stablecoins.
Topic: PSA: Most Stablecoins Can Be Frozen, Even When in Your Own Wallets https://bitcointalksearch.org/topic/updated-psa-most-stablecoins-can-be-frozen-even-in-your-own-wallets-5204055
Topic: PSA: Most Stablecoins Can Be Frozen, Even When in Your Own Wallets https://bitcointalksearch.org/topic/updated-psa-most-stablecoins-can-be-frozen-even-in-your-own-wallets-5204055
This could be really disturbing for those who are not aware of the fact that these coins can be frozen at anytime.
This literally means that it has backdoor control over the funds that are in your wallet. Meaning they are kind of centralised one and legally can seize your money if they wish to. Due to the fact that stablecoins are backed up with US dollar they are having little legal backbone.
Even articles says that they can wipe out the frozen wallet completely thus diminishing all the proofs you had, like you were holding xyz amount in your stablecoin.
Considering such ability its one of the terrifying fact that one should be very much careful while investing and rather holding in the form of stablecoin.
but in fact people still use it because some people do daily trading and will exchange to stable coins if you are waiting to buy, come on you have to take risks if you want to cross the river.
True, many traders use stable coins only for daily trading, I personally still often use Tether when trading. And I think that's okay. Stable coins like Tether often used to maintain the value of assets, some people don't like to take risks with volatility Crypto prices so they choose stable coins. 
in the world of cryptocurrency investment, there is no safe, because the rise and fall of coin prices are determined by market demand, so if there is a lot of market demand then the price will be relatively stable and continue to increase.
That is right. As long as we know how to minimize the risk and prevent big risk, I think that will be fine for us. And if you don't trust Tether, you don't have to use Tether because there are many stable coins you can select. But remember, every stable coin will have advantages and disadvantages, so you need to search for yourself.I have been advocating for the non-usage of stablecoins in general(probably besides when you're daytrading) for a while now. A lot of people are so unaware of the risks they're taking when holding most stablecoins.
Topic: PSA: Most Stablecoins Can Be Frozen, Even When in Your Own Wallets https://bitcointalksearch.org/topic/updated-psa-most-stablecoins-can-be-frozen-even-in-your-own-wallets-5204055
but in fact people still use it because some people do daily trading and will exchange to stable coins if you are waiting to buy, come on you have to take risks if you want to cross the river.Topic: PSA: Most Stablecoins Can Be Frozen, Even When in Your Own Wallets https://bitcointalksearch.org/topic/updated-psa-most-stablecoins-can-be-frozen-even-in-your-own-wallets-5204055
Jump to: