I do think tether is still most trustful stablecoin. It has the plan to invest $25 Million in the mobile payment platform called Oobit.
I like think it is better to trust a altcoin or stablecoin when they invest in other things. https://crypto.news/tether-invests-25m-in-oobit-to-expand-crypto-payments-globally/
Topic: Do You trust Tether (USDT) Stablecoin? (Read 2996 times)
Yes still now i believe USDT coin for trading and holding.
Until the moment when your USDT is blocked by Tether. This only happens in exceptional cases, but the chance is always greater than zero. Of course, USDT is convenient and I use it myself, but storing your money in it has a risk. I am looking towards using USDC, but I also have questions about it.
Tether continue to be the most popular stablecoin with the most developed ecosystem and a lot of users.
It has a long history of transparency and trustworthiness. If you’re asking me, would I leave my net worth in it for a significant amount of time then the answer is no. But would I sit between crypto & fiat trades, waiting for an opportunity to buy back cheaper then yes. I think it’s fine as a type of middleman, kept on an exchange short term. Like anything though, do your research and not your keys, not your coins.
Do you have proof of Tether's "transparency and trustworthiness"? Because Tether has been rather ambiguos in its proof of reserves. Even JP Morgan stated Tether's "lack of regulatory compliance". It's been shady from the start. Just because it's the largest stablecoin by market cap, doesn't mean we should trust it blindly with our money. You should only use USDT for short-term trades when you want to protect yourself from market volatility.
For cashing out your crypto, nothing beats good-old Fiat (in this case, the US Dollar). It won't be long before USDT collapses. The crypto market is unpredictable, so expect the unexpected.
Tether is the most popular stablecoin with the highest liqiudity for stablecons. Many people use it and they have to trust it.
These are merely good points about the USDT, but as good as it is, do you think you can entirely trust it? Well, it is what I use with my exchanges as we all know that many top exchanges do not allow the USD in many of their transactions, so I never had the chance. Had it been I have the choice, I would not use USDT, I would only be converting my cryptos to USD back and forth for safer reasons.As we all know, the USDT is being claimed to be pegged with the USD but in reality, it is not so, the value is not always $1=1USDT unless we are deceiving ourselves. And there was a time that the value shited significantly and they were just apologizing and citing reasons. But this cannot make me trust it totally. Though it is good and has proven itself to be somewhat safer, still, no one knows the worst that will happen tomorrow.
This is even as it is not decentralized, anything can happen due to this.
Yes still now i believe USDT coin for trading and holding.
I have been connected with Cryptocurrency for almost three years. Since then I have depended on Stable Coin USDT because I do all Token swap and sell directly to Binance. Moreover, I think everyone makes this USDT because the price of USDT and parents have no reason to fear. Because it's a dollar and it's reliable, everyone makes it for him. And moreover it does not fluctuate in price like ETH, BNB, BTC. At one place there is a maximum of less than two cents. And moreover for all one reason we all depend on it to make our money rise but its rise is very less and fear is very less found to depend on it.
It has a long history of transparency and trustworthiness. If you’re asking me, would I leave my net worth in it for a significant amount of time then the answer is no. But would I sit between crypto & fiat trades, waiting for an opportunity to buy back cheaper then yes. I think it’s fine as a type of middleman, kept on an exchange short term. Like anything though, do your research and not your keys, not your coins.
well, USDT is the stable coin with the most volume, so I also feel it is the safest stable coin, even though there is a lot of negative news about USDT. However, I also implemented the same thing. I will not hold my money for a long period of time in USDT, however, I still use it for the short term, because I feel that it is the best to use.
Tether is the most popular stablecoin with the highest liqiudity for stablecons. Many people use it and they have to trust it.
It has a long history of transparency and trustworthiness. If you’re asking me, would I leave my net worth in it for a significant amount of time then the answer is no. But would I sit between crypto & fiat trades, waiting for an opportunity to buy back cheaper then yes. I think it’s fine as a type of middleman, kept on an exchange short term. Like anything though, do your research and not your keys, not your coins.
While Tether has indeed been subject to scrutiny and controversy, it's essential to approach the topic with a balanced perspective. While some voices in the community have raised valid concerns about Tether's transparency and backing, others argue that it serves a vital role in providing liquidity and stability to the crypto market.
Tether use their money to buy US. bonds and Circle USDC do the same too. Stable coin companies are engaging deeper in USA. economy and Tether are becoming bigger with time.They recently changed an audit company to a bigger one as their effort to improve their audit report to community and customers as well as to build up their reputation.
I did not believe in Tether too much but after the Terra UST stable coin depeg and some similar depegs on several stable coins, Tether USDT is a best stable coin if you need one stable coin to use. At least they handled about $10B withdrawals from customers smoothly, no issue. I am not sure how will they handle bigger withdrawal like $20B or $50B.
True, I didn't get all the hate around it, especially after UST collapse. They always provide what they promise.
While Tether has indeed been subject to scrutiny and controversy, it's essential to approach the topic with a balanced perspective. While some voices in the community have raised valid concerns about Tether's transparency and backing, others argue that it serves a vital role in providing liquidity and stability to the crypto market.
Tether use their money to buy US. bonds and Circle USDC do the same too. Stable coin companies are engaging deeper in USA. economy and Tether are becoming bigger with time.They recently changed an audit company to a bigger one as their effort to improve their audit report to community and customers as well as to build up their reputation.
I did not believe in Tether too much but after the Terra UST stable coin depeg and some similar depegs on several stable coins, Tether USDT is a best stable coin if you need one stable coin to use. At least they handled about $10B withdrawals from customers smoothly, no issue. I am not sure how will they handle bigger withdrawal like $20B or $50B.
I'm in crypo world since 2021 only and since then I've noticed a lot of folks talking about Tether as being a potentional scam that may crash the markets one day and I've watched videos from crypto detectives/scam busters such as Coffeezilla and he makes some pretty fair points about Tether being the cryptos biggest scam.
I wanna personally know from people who have been in crypto for little longer than I have and maybe know a few things more or could share their personal view on Tether.
My side question to this would also be: Which type of stablecoin do You find the most credible in the Crypto space?
Thanks in advance for more experienced folks for sharing their insight!
I wanna personally know from people who have been in crypto for little longer than I have and maybe know a few things more or could share their personal view on Tether.
My side question to this would also be: Which type of stablecoin do You find the most credible in the Crypto space?
Thanks in advance for more experienced folks for sharing their insight!
It's great to see your curiosity and eagerness to learn more about the crypto space! As someone who has been in the crypto world for a while, I can understand your concerns about Tether and its potential impact on the market.
While Tether has indeed been subject to scrutiny and controversy, it's essential to approach the topic with a balanced perspective. While some voices in the community have raised valid concerns about Tether's transparency and backing, others argue that it serves a vital role in providing liquidity and stability to the crypto market.
As for stablecoins, there are various options available, each with its own set of advantages and drawbacks. Personally, I find stablecoins backed by reputable entities or audited regularly to be the most credible. Examples include USDC (USD Coin) and DAI, which are known for their transparency and regulatory compliance.
Ultimately, it's crucial to do your research, stay informed about developments in the space, and make informed decisions based on your risk tolerance and investment goals.
I don't see any advantages from stablecoins except trading and staking. the weakness lies in pedging with traditional fiat. if they decide that usdt is no longer tied to usd then history repeats itself like USD pedging with gold in 1976
Of course. It's even worse, because you're entrusting your money to a private entity instead of a bank (which is backed by the government). USDT's peg to the USD can fail anytime. Even JPMorgan analysts said Tether has a "lack of regulatory compliance and transparency”. You can read all about it here: https://news.bitcoin.com/jpmorgan-warns-of-increased-risk-for-crypto-market-due-to-tethers-lack-of-regulatory-compliance-and-transparency/
Imagine how the crypto market will fall once USDT collapses. There will be a "bloodbath" that's going to be worse than the collapses of FTX and Mt. Gox combined. While crypto will recover, it's going to take quite some time before that happens. A huge buying opportunity for newcomers into crypto, but a total loss for those who got in before the crash. With CBDCs on the brink of launch, centralized stablecoins will become a thing of the past.
i do agree with jpmorgan statement, a stablecoin provider, should be transparent, so that people are not frenzied at the slight bad rumour regarding of reserved wealth to back up the asset, its just really crucial.
being routinely audited and transparently reveal the reserve, what kind of commodity being used to back up if any is just as important as growing their market cap, hopefully that article could some how motivate tether to be at least do better.
I don't see any advantages from stablecoins except trading and staking. the weakness lies in pedging with traditional fiat. if they decide that usdt is no longer tied to usd then history repeats itself like USD pedging with gold in 1976
Of course. It's even worse, because you're entrusting your money to a private entity instead of a bank (which is backed by the government). USDT's peg to the USD can fail anytime. Even JPMorgan analysts said Tether has a "lack of regulatory compliance and transparency”. You can read all about it here: https://news.bitcoin.com/jpmorgan-warns-of-increased-risk-for-crypto-market-due-to-tethers-lack-of-regulatory-compliance-and-transparency/
Imagine how the crypto market will fall once USDT collapses. There will be a "bloodbath" that's going to be worse than the collapses of FTX and Mt. Gox combined. While crypto will recover, it's going to take quite some time before that happens. A huge buying opportunity for newcomers into crypto, but a total loss for those who got in before the crash. With CBDCs on the brink of launch, centralized stablecoins will become a thing of the past.
Well usdt did now launch something called Tether Edu. It is a program to provide digital skills in the emerging markets with courses in blockchain, AI, design, and other areas.
https://news.bitcoin.com/tether-launches-tether-edu-expands-educational-initiatives-in-emerging-markets/
https://news.bitcoin.com/tether-launches-tether-edu-expands-educational-initiatives-in-emerging-markets/
I have participated in this market since 2017, and what surprises me the most is that Tether still exists today as the stable coin with the largest market capitalization. Having gone through so much FUD, almost every year MMs release FUDs about Tether. Those FUDs are not unfounded when in the past they could not prove their reserves, while USDT was still printed continuously during the growth cycle. Through many ups and downs, it can be said that Tether has gone through harsh tests of both the market and users, and recently more specific data about the amount of money they have and a large amount of Bitcoin they are holding that has somewhat strengthened their position. I believe that if they didn't have real strength, they would have collapsed a long time ago, so trusting in Tether right now is well-founded. In addition, currently on the market there are only 2 strongest stable coins for you to choose from: USDT and USDC, it is safer to hold both.
The thing about stablecoins is that they're issued by a third-party (in this case, a private company). Why would anyone trust something that's bound to failure? A major hack, a rugpull, or even government intervention could put your stablecoin investment at risk. If there was some sort of insurance when investing in a stablecoin, it would've been an entirely different story. Neither USDT, USDC, or any other stablecoin can be trusted with your hard-earned money.
Traditional Fiat currencies backed by banks are a much safer bet. Still, they can lose value due to inflation and bad monetary policies by central banks. Tether (USDT) may be the oldest stablecoin on the market. But that doesn't mean it's immune to failure. You should be cautious by not putting all of your life savings into it. As long as you do that, you will have nothing to worry about.
Traditional Fiat currencies backed by banks are a much safer bet. Still, they can lose value due to inflation and bad monetary policies by central banks. Tether (USDT) may be the oldest stablecoin on the market. But that doesn't mean it's immune to failure. You should be cautious by not putting all of your life savings into it. As long as you do that, you will have nothing to worry about.
Absolutely correct mate, in as much as they are less volatile doesn't mean they are immune to failure as you said. The major use of stable coins should be for fast transaction and less volatility, so that you'll not be loosing any coin even when other coins are experiencing a massive dump in price. Aside that, I don't see any important use of stablecoin. Inflation might cause the coin to dump since it is pegged with a traditional currency, that is the number one disadvantage of stablecoin. And many investor miss out this part, that Inflation can strike at any time, and they can leave their money hagging on stable coin for a long period of time.
The thing about stablecoins is that they're issued by a third-party (in this case, a private company). Why would anyone trust something that's bound to failure? A major hack, a rugpull, or even government intervention could put your stablecoin investment at risk. If there was some sort of insurance when investing in a stablecoin, it would've been an entirely different story. Neither USDT, USDC, or any other stablecoin can be trusted with your hard-earned money.
Traditional Fiat currencies backed by banks are a much safer bet. Still, they can lose value due to inflation and bad monetary policies by central banks. Tether (USDT) may be the oldest stablecoin on the market. But that doesn't mean it's immune to failure. You should be cautious by not putting all of your life savings into it. As long as you do that, you will have nothing to worry about.
Traditional Fiat currencies backed by banks are a much safer bet. Still, they can lose value due to inflation and bad monetary policies by central banks. Tether (USDT) may be the oldest stablecoin on the market. But that doesn't mean it's immune to failure. You should be cautious by not putting all of your life savings into it. As long as you do that, you will have nothing to worry about.
Absolutely correct mate, in as much as they are less volatile doesn't mean they are immune to failure as you said. The major use of stable coins should be for fast transaction and less volatility, so that you'll not be loosing any coin even when other coins are experiencing a massive dump in price. Aside that, I don't see any important use of stablecoin. Inflation might cause the coin to dump since it is pegged with a traditional currency, that is the number one disadvantage of stablecoin. And many investor miss out this part, that Inflation can strike at any time, and they can leave their money hagging on stable coin for a long period of time.
It has always been advised that you don't put too much into stable coins, since they are pegged with traditional currency, inflation might hit one day. Beside stable coins are less volatile so why would someone invest in a coin that can even stay for a month without any increase or decrease in price. But USDT has not shown any characteristics of a scam project and it is doing well till today. What I admire of stable coins is there fast transaction rate. They can be used as intermediaries from your bank to the coin you intend investing on.
The thing about stablecoins is that they're issued by a third-party (in this case, a private company). Why would anyone trust something that's bound to failure? A major hack, a rugpull, or even government intervention could put your stablecoin investment at risk. If there was some sort of insurance when investing in a stablecoin, it would've been an entirely different story. Neither USDT, USDC, or any other stablecoin can be trusted with your hard-earned money.
Traditional Fiat currencies backed by banks are a much safer bet. Still, they can lose value due to inflation and bad monetary policies by central banks. Tether (USDT) may be the oldest stablecoin on the market. But that doesn't mean it's immune to failure. You should be cautious by not putting all of your life savings into it. As long as you do that, you will have nothing to worry about.
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