Do You trust Tether (USDT) Stablecoin? - page 16.

TimeTeller

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Quote from: leonair on February 22, 2023, 01:31:32 PM

Quote from: ashslm on February 09, 2023, 03:46:27 AM

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.

There was a case against USDT due to which there was a panic about USDT at one time but the USDT company won the case and proved themselves innocent and freed from liability. So now everyone trusts USDT again and I do but big investors don't put much money in USDT. They mostly prefer to hold USDC. Because USDC is by far a secure stablecoin. One person prefers one stable like USDT, BUSD, USDC etc. So you can choose any one as you wish based on your own research

I don't think everyone trust USDT. But a lot are still using USDT, that I know of.
I, for one, don't trust USDT to hold it long-term, only for trading purposes.
Way back in 2019, they admitted that they are not fully backed with assets.
From that time, I doubt about their claims up until now. Who can attest that they do have actual assets in place.
We are talking billions and billions of USDT here. And the audits, how honest they are with their results?

tvplus006

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Quote from: Abiky on February 26, 2023, 12:45:04 PM

I think you're referring to algorithmic stablecoins like USDD and UST. Those are prone to failure because they're not really backed by USD reserves. But I cannot say the same about USDT or USDC. These last two are issued by prominent companies in the crypto/Blockchain space. USDC's company (Circle) is regulatory-compliant, so it's likely the stablecoin will last for a really long time. USDT's company also does the same, although some people are skeptical about it due to being unable to prove its USD reserves for the Tether stablecoin...

A lot will depend on the position of the SEC and if it is recognized that BUCD is a security, then USDT and USDC will also have to register. And most likely they will do it on their own, without waiting for a lawsuit with the SEC. But I do not know what consequences this will have for the crypto market.

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Quote from: Stedsm on February 22, 2023, 08:26:07 AM

Why didn't you ask about BUSD @OP?
I know that USDT had been under the radar but after SEC's order to Paxos to stop issuing BUSD (that will be stopped from 26th Feb), I believe that most of these pegged stablecoins are nothing but coins that may burst like a bubble and will leave no value in your hands if anything unexpected happens (like what happened with UST stablecoin after its depeg). Don't trust these stablecoins too much and keep withdrawing your funds in your local currency or just buy and hold btc or any altcoin you believe in. I know that it's risky but not to the extent of what could happen when something bad hits against a specific stablecoin.

I think you're referring to algorithmic stablecoins like USDD and UST. Those are prone to failure because they're not really backed by USD reserves. But I cannot say the same about USDT or USDC. These last two are issued by prominent companies in the crypto/Blockchain space. USDC's company (Circle) is regulatory-compliant, so it's likely the stablecoin will last for a really long time. USDT's company also does the same, although some people are skeptical about it due to being unable to prove its USD reserves for the Tether stablecoin.

I guess there are a lot more risks tied to a privately-issued stablecoin than a government-backed Fiat currency. To be on the safe side, just sell your crypto to USD instead of converting it to a stablecoin. Regulators are weighting down the industry, so time will tell us what will be the fate of stablecoins as a whole. Just my thoughts Grin

leonair

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Quote from: ashslm on February 09, 2023, 03:46:27 AM

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.

There was a case against USDT due to which there was a panic about USDT at one time but the USDT company won the case and proved themselves innocent and freed from liability. So now everyone trusts USDT again and I do but big investors don't put much money in USDT. They mostly prefer to hold USDC. Because USDC is by far a secure stablecoin. One person prefers one stable like USDT, BUSD, USDC etc. So you can choose any one as you wish based on your own research

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Quote from: uneng on February 20, 2023, 11:59:35 AM

Quote from: KingsDen on February 19, 2023, 03:48:20 PM

There is nothing wrong with USDT. Right from the first day I entered into the cryptocurrency market till today, I have been hearing the FUD about USDT. The story of it being centralized, the story of it being closed source and the owners keep minting new USDT illegally. The story of it being freezen by US government.
Some of the stories are even laughable but yet the coin is still strong. The last time I checked that is the second largest cryptocurrency in adoption and cap after bitcoin.

I believe the only way you could assure there is nothing wrong with USDT would be if you were inside the company, having access to details of their business. Between trusting a private company and the government, I would still prefer to hold fiat, because at least that way we have the guarantee from the central bank we are going to be reimbursed up to some amount of money, if something goes wrong with the bank where we hold our money.

When it comes to risk, there is no safe place in the crypto market including bitcoin, if you can't accept the risk it's best not to invest in crypto including bitcoin. To be fair, nothing can prove that USDT won't crash, but so far, through thousands of Fuds, it's still standing, which shows that it hasn't had any problems so far, its use is still safe. Out of all the stablecoins circulating in the market, USDT remains the most trusted, most used, and has the largest market capitalization.

Stedsm

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Why didn't you ask about BUSD @OP?
I know that USDT had been under the radar but after SEC's order to Paxos to stop issuing BUSD (that will be stopped from 26th Feb), I believe that most of these pegged stablecoins are nothing but coins that may burst like a bubble and will leave no value in your hands if anything unexpected happens (like what happened with UST stablecoin after its depeg). Don't trust these stablecoins too much and keep withdrawing your funds in your local currency or just buy and hold btc or any altcoin you believe in. I know that it's risky but not to the extent of what could happen when something bad hits against a specific stablecoin.

Ahli38

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There really isn't a stablecoin that's really worth trusting completely. because everything has the same risk. However, for now, USDT is probably the safest. but still we should not keep our money in USDT long term. I think just use it when needed and make a temporary save. Actually initially I was very comfortable with BUSD. But after the fud attacked Paxos, I transferred everything to USDT. because actually if there is no fud on BUSD then I think more people will trust BUSD.

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Quote from: cryptomaniac_xxx on February 19, 2023, 09:07:51 AM

I agree on certain extend but there are independent auditors who have somewhat cleared Tether and USDT and says that it is backup 1:1 and that they have extra, more money to cover the loses.

While on the other hand, there are attacks by SEC on other stable coins and somewhat deemed it as securities.

So it could be the beginning of the tightening on stable coins but I think USDT might survived in the long run, just saying.

If USDT complies with the law, then I don't see any reason it will lose its peg sometime in the future. It's the oldest stablecoin in the market (as far as I know), so it's got nothing to lose. The good thing about USDT is that it lives on multiple Blockchain networks. This multi-chain approach would make it stand the test of time. Of course, that is subject to its ability to maintain USD reserves for long. It doesn't have protections unlike government-issued Fiat currencies. So if Tether goes down, all hell will break loose.

Crypto has always been about decentralization, so I'd steer clear from Tether if I want complete peace of mind. Who knows how far will the stablecoin go? Just my opinion

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Even though there are so many people who do not "trust" it, there is also a situation where we have no other choice but to root for them. Because if we are right, and if it doesn't really go up somehow, then it is going to end up being a terrible situation for us and will cause us to lose a ton of money.

Even if you do not own a single cent of stablecoins, that doesn't save you because if something like USDT ever crashes, that means you are going to see the whole market crashing, and I mean crashing hard. That's 50+ billion dollars gone in a single crash, and many people will sell their crypto to run away and that will cause the biggest dip ever in crypto history.

uneng

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Quote from: KingsDen on February 19, 2023, 03:48:20 PM

There is nothing wrong with USDT. Right from the first day I entered into the cryptocurrency market till today, I have been hearing the FUD about USDT. The story of it being centralized, the story of it being closed source and the owners keep minting new USDT illegally. The story of it being freezen by US government.
Some of the stories are even laughable but yet the coin is still strong. The last time I checked that is the second largest cryptocurrency in adoption and cap after bitcoin.

I believe the only way you could assure there is nothing wrong with USDT would be if you were inside the company, having access to details of their business. Between trusting a private company and the government, I would still prefer to hold fiat, because at least that way we have the guarantee from the central bank we are going to be reimbursed up to some amount of money, if something goes wrong with the bank where we hold our money.

KingsDen

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Quote from: Dr.Osh on February 20, 2023, 05:05:05 AM

Quote from: KingsDen on February 19, 2023, 03:48:20 PM

There is nothing wrong with USDT. Right from the first day I entered into the cryptocurrency market till today, I have been hearing the FUD about USDT. The story of it being centralized, the story of it being closed source and the owners keep minting new USDT illegally. The story of it being freezen by US government.
Some of the stories are even laughable but yet the coin is still strong. The last time I checked that is the second largest cryptocurrency in adoption and cap after bitcoin.

Well, FUD will continue to exist for every crypto or business that people are interested in. even BUSD also has FUD. However, so far I still make USDT the first choice to use a stablecoin. however, I couldn't hold it in for too long due to the incident that happened to UST. In fact, until now USDT is still one of the stablecoins that have a large volume. so, I think it's probably the best one to use. If you don't believe it, then use alternatives like BUSD or other large-volume stable coins.

The cryptocurrency market is just characterised by Fud. You can't help it and if you don't that it's how it works you will make thousand decisions in a second and in the end heavens won't move. This industry is full of risk, you simply chose the risk you can contain and ignore others because you cannot be completely safe but you can lose all completely if care is not taken.

Dr.Osh

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Quote from: KingsDen on February 19, 2023, 03:48:20 PM

There is nothing wrong with USDT. Right from the first day I entered into the cryptocurrency market till today, I have been hearing the FUD about USDT. The story of it being centralized, the story of it being closed source and the owners keep minting new USDT illegally. The story of it being freezen by US government.
Some of the stories are even laughable but yet the coin is still strong. The last time I checked that is the second largest cryptocurrency in adoption and cap after bitcoin.

Well, FUD will continue to exist for every crypto or business that people are interested in. even BUSD also has FUD. However, so far I still make USDT the first choice to use a stablecoin. however, I couldn't hold it in for too long due to the incident that happened to UST. In fact, until now USDT is still one of the stablecoins that have a large volume. so, I think it's probably the best one to use. If you don't believe it, then use alternatives like BUSD or other large-volume stable coins.

coinremitter

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let's start this from the beginning, in 2010 when Bitcoin was introduced, people were talking negative stuff about it. But now you know the rest. However, coming on the Tether. It's one of the stablecoins, it's obvious that people are really talking shit about it.

Coming to the value of tether, it's one of the stablecoins that we all know the price rarely fluctuated. We have seen many people not only trading in tether but they are also accepting it as a payment on their website.

In other words, it merely depends that what people used to think about cryptocurrencies before, conversely, now the whole thing is changed.n People and merchants are moving towards crypto.

The conclusion to this conversation is that tether has a bright future in terms of payment as well. Because we as a crypto payment gateway are seeing a rise in tether payment as well.

GreatArkansas

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For me, I trust stablecoins somehow. Because they will not get a huge market cap, or billions of markets if they are not trusted at all. But we must also be careful because there could be also a threat just like what happened on Terra stablecoin before which lost its value. So for me, it is also possible to happen to some stablecoins right now.

For me, if I will just convert my bitcoins or other altcoins to stablecoin, I rather hold some US dollars or in my local fiat currency than to hold stablecoins.

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I'd say it's always better if you think in your investments you've made quite the money you just withdraw it, even though i myself trust the stabelcoin enough because until now it's all fine with me nothing worst happening, regardless doesn't mean they couldn't be collapsing, the thing with these coin is that it just takes one big rumour to make it lose its value.

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Quote from: ashslm on February 09, 2023, 03:46:27 AM

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 have been into crypto for 7 years now, and USDT was the strongest and most standing stablecoin. I remember when it dropped down to $0.7 due to widespread false information, then it managed to restore the peg again. However, you can't find a crypto currency that's 100% guaranteed to stand forever, because it's a global domain and the war is still on fire between world leader countries in order to control it. In my opinion, USDT is a good stable coin, I personally use it, but can't take the responsibility of recommending it to others.

Quote from: blockman on February 09, 2023, 05:02:30 AM

Everyone will just have to end up with other stable coins as follows in no particular order aside from USDT;

USDC
BUSD
DAI
TUSD
PAXOS
TUSD

Those are the other ones that are being mostly used but if you're for the decentralized, the closer one is dai.

It's turning out that BUSD holders transfer their BUSD to USDT because of the recent SEC lawsuit against Paxos. I believe USDT is stronger than any of the mentioned dollar-backed stable coins. On the other hand, crypto-backed stablecoins like DAI look a good choice, if the SEC decides to shut down all dollar-backed ones.

KingsDen

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There is nothing wrong with USDT. Right from the first day I entered into the cryptocurrency market till today, I have been hearing the FUD about USDT. The story of it being centralized, the story of it being closed source and the owners keep minting new USDT illegally. The story of it being freezen by US government.
Some of the stories are even laughable but yet the coin is still strong. The last time I checked that is the second largest cryptocurrency in adoption and cap after bitcoin.

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Quote from: Dickiy on February 19, 2023, 11:02:53 AM

Quote from: ivankoh on February 17, 2023, 07:12:55 PM

With the stablecoin status changing after the BUSD crash, even though I would trust usdt in most of my transactions, that doesn't mean trust in it is permanent. User structure will change for the upcoming stablecoin, USDT is also highly questionable with no formal audit and 850 million in tunneling with bitfinex in the past. It seems I once again acknowledge and firmly believe that decentralized stablecoins are the future of stablecoins.

BUSD crashed? I arrived on the day that no one confirmed that BUSD was destroyed. I think BUSD got the problem with licensing and SEC staff forced Paxos to register BUSD in New York's federal security laws, and in the reaction Paxos as a BUSD liquidator refused the SEC's request because they believed there was no any fraud in the project they are doing and Paxos himself claims that their BUSD is 1:1 to the dollar, so I think in the BUSD case it's not final and we also don't know the final conclusion of this case, but it's not a good thing either if we report that BUSD crushed because I thought it would give the market a panic.

Wrong choice of word perhaps but the point remains that it's issued by a centralized platform so there's always the chance of government interference.

I'm with the member that said it's better to trust bank issued fiats than centralized stable coins. At least you no longer have to worry of another UST incident.

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Quote from: ashslm on February 09, 2023, 03:46:27 AM

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!

Bitcoin is also constantly being talked about, that it is all a scam and soon bitcoin will die. But, nevertheless, this does not prevent many users from using this asset. Although it is not quite correct to compare some stablecoin with bitcoin, but various legends about USDT have been around for quite a long time, which does not prevent USDT from growing in capitalization and being the most liquid stablecoin on the market. So it is better to do your own research and never make decisions based on various stories on the internet and rumors.

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Quote from: ivankoh on February 17, 2023, 07:12:55 PM

With the stablecoin status changing after the BUSD crash, even though I would trust usdt in most of my transactions, that doesn't mean trust in it is permanent. User structure will change for the upcoming stablecoin, USDT is also highly questionable with no formal audit and 850 million in tunneling with bitfinex in the past. It seems I once again acknowledge and firmly believe that decentralized stablecoins are the future of stablecoins.

BUSD crashed? I arrived on the day that no one confirmed that BUSD was destroyed. I think BUSD got the problem with licensing and SEC staff forced Paxos to register BUSD in New York's federal security laws, and in the reaction Paxos as a BUSD liquidator refused the SEC's request because they believed there was no any fraud in the project they are doing and Paxos himself claims that their BUSD is 1:1 to the dollar, so I think in the BUSD case it's not final and we also don't know the final conclusion of this case, but it's not a good thing either if we report that BUSD crushed because I thought it would give the market a panic.

Topic: Do You trust Tether (USDT) Stablecoin? - page 16. (Read 3112 times)