Do You trust Tether (USDT) Stablecoin? - page 18.

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Quote from: bittraffic on February 14, 2023, 04:36:14 AM

...Now that we know USDT and USDC are untouchable by SEC for they are issued by US companies, I guess there is more to trust these stablecoin than any stablecoin issued by anyone. Therefore, USDT is safer at least that's what it appears to be.

The issuer of BUSD is also an American company - Paxos Trust Company, and this was the reason that they had to comply with the NYDFS order to stop issuing BUSD. So the closer the company is to the American regulator, the more likely it is that at some point they will be under their close attention.

nakamura12

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Of course I would also trust USDT as it existed already for a long time and many people use USDT if the BTC price is decreasing to maintain the value of their money. If you have $2000+ and BTC price is decreasing from $30k to $20k then buying USDT will keep your balance at $2000+ unlike keeping it in BTC where your $2000+ could be $1900+ and below.

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Quote from: dimonstration on February 09, 2023, 04:07:18 AM

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USDC is the most trusted Stablecoin for me because it is founded by Circle which is a fully regulated company. You can assure that your USDC fund is backed 100% by fiat since they always have an audit unlike USDT. I would say BUSD since they are stablecoin of Binance but since Binance is now being target by US regulators, There’s a chance that they will suffer same fate with FTX with one wrong move of CZ. For now BUSD is still safe but if you are looking for long term reliability, Choose USDC stablecoin.

No USDC is not 100% backed by fiat, they themselves claim that they are holding short term government bonds which is less risky, i am not sure about the percentage they are holding in government bonds and fiat as i am yet to review their audit report but overall it is the safest stable coin right now in this space and they are regulated but i do not trust the rest of the hyped so called stable coins.

JANUS23

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As it stands right now, USDT has withstood the test of time and trouble, so yes, I would trust it. Next up is USDC and then maybe BUSD

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Quote from: bittraffic on February 14, 2023, 04:36:14 AM

Now that we know USDT and USDC are untouchable by SEC for they are issued by US companies, I guess there is more to trust these stablecoin than any stablecoin issued by anyone. Therefore, USDT is safer at least that's what it appears to be.

Maybe just dont trust these stablecoins. There are grounds to what limits could happen in the future provided even they are in the united state issued. Who knows if this is just a fud lingering on busd, but every stablecoins has their own issue and we must at least remember that the only trusted to be fully decentralized ia btc so far.

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Quote from: d3nz on February 14, 2023, 04:14:06 AM

Quote from: cryptoaddictchie on February 14, 2023, 02:58:04 AM

Quote from: goaldigger on February 12, 2023, 04:26:53 PM

I still trust USDT but I don’t hold it, I still prefer to hold Bitcoin and only use stablecoins for my trading activities, also don’t hold on any exchanges because it not safe.

Thats better I guess. Usdt are good for trading purposes due to the volume on exchanges but once you are the onr using it always trade it for fiat via p2p or choose a major coin like btc and eth to hold your asset. We dont know when usdt could gone wrong or become same like what happened to ust. Since some events in the past shows the history of usdt that has some frozen asset which clearly says that decentralized couldnt use on their tokens.

Imagine they could freese asset of whoever they wanted too.

I guess that this only applies if there is a problem with the exchange, and they only hold/freeze the account if there is an anomaly on it against the AML.

USDT is safe as long as there is no de-pegging that will happen and hoping it will not since a lot of holders/traders will get affected by it.

Freezing the amount of USDT you have is the only threat to it unlike what BUSD threat have.

Now that we know USDT and USDC are untouchable by SEC for they are issued by US companies, I guess there is more to trust these stablecoin than any stablecoin issued by anyone. Therefore, USDT is safer at least that's what it appears to be.

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Quote from: cryptoaddictchie on February 14, 2023, 02:58:04 AM

Quote from: goaldigger on February 12, 2023, 04:26:53 PM

I still trust USDT but I don’t hold it, I still prefer to hold Bitcoin and only use stablecoins for my trading activities, also don’t hold on any exchanges because it not safe.

Thats better I guess. Usdt are good for trading purposes due to the volume on exchanges but once you are the onr using it always trade it for fiat via p2p or choose a major coin like btc and eth to hold your asset. We dont know when usdt could gone wrong or become same like what happened to ust. Since some events in the past shows the history of usdt that has some frozen asset which clearly says that decentralized couldnt use on their tokens.

Imagine they could freese asset of whoever they wanted too.

I guess that this only applies if there is a problem with the exchange, and they only hold/freeze the account if there is an anomaly on it against the AML.

USDT is safe as long as there is no de-pegging that will happen and hoping it will not since a lot of holders/traders will get affected by it.

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Quote from: goaldigger on February 12, 2023, 04:26:53 PM

I still trust USDT but I don’t hold it, I still prefer to hold Bitcoin and only use stablecoins for my trading activities, also don’t hold on any exchanges because it not safe.

Thats better I guess. Usdt are good for trading purposes due to the volume on exchanges but once you are the onr using it always trade it for fiat via p2p or choose a major coin like btc and eth to hold your asset. We dont know when usdt could gone wrong or become same like what happened to ust. Since some events in the past shows the history of usdt that has some frozen asset which clearly says that decentralized couldnt use on their tokens.

Imagine they could freese asset of whoever they wanted too.

siedemtrzy

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I trust them enough to make transactions with it in OWNR wallet once in a while. But I don't trust a single stable to hold it for months or so, but no one uses it like that anyway.

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There might be issues with stablecoins right now because of what happened last year, I can still say that the you can still trust the top stablecoins especially with USDT but of course never go all in and you still need to take the risk that you can afford.

I still trust USDT but I don’t hold it, I still prefer to hold Bitcoin and only use stablecoins for my trading activities, also don’t hold on any exchanges because it not safe.

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Quote from: ashslm on February 09, 2023, 02:46:27 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!

I wouldn't trust Tether if it were the last stablecoin on Earth. The fact that the issuing company won't provide proof of reserves, makes me skeptical about it. A USDT implosion would certainly have a bad impact over crypto market prices. Other stablecoins could be at risk too, especially if they're unable to retain their dollar peg for long.

If there's one stablecoin I trust, that would be USD Coin (USDC). That's because it's backed by prominent crypto companies such as Circle and Coinbase. Not only that, but the stablecoin has provided proof of its USD holdings. As much as I like USDC, I wouldn't put all of my life savings into it just to be safe. Given the fact that stablecoins come with their risks, one would have no other choice but to turn crypto into cash for safekeeping. At least, we have plenty of options to choose from. Who knows how long stablecoins will last? Just my thoughts Grin

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Quote from: ashslm on February 09, 2023, 02:46:27 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!

- My personal belief and knowledge of Tether(USDT) helps me and also helps most of the community here in the crypto space through P2P transactions.

That's why even though it is a type of stablecoin, it can be said that all of us here are benefiting from Tether, this is an undeniable fact. Also because of this, I save a lot in making transactions using this stablecoin whether it's a deposit or withdrawal.

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Quote from: ashslm on February 09, 2023, 02:46:27 AM

...My side question to this would also be: Which type of stablecoin do You find the most credible in the Crypto space? ...

There will always be a risk that any stablecoin may become worthless. Accordingly, it is impossible to talk about full confidence in any stablecoin. Nevertheless, we are forced to use stablecoins if we are engaged in daily trading. No, if you have free funds, then the best solution would be to exchange them for fiat using p2p.

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USDT is a valuable and trusted peg form long time and must of the investors like USDT for hold and investment too. i my self trust USDT and i use it for holding also for investment. and USDT is easy to sell with my country fiat money that's why i use USDT more. But I avoid USDT for higher amounts. Bitcoin is slightly more reliable in that regard. and i mean USDC is must reliable in stablecoin for higher amount holding.

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I don’t trust USDT but i'm using it from the last a few years because i have to trade with it, but i didn’t hold it for the long time. If you wanna to hold in long term i don’t recommend it because your coins can be freeze at any time. USDC, DAI a bit trustworthy instead of Tether (USDT) also you can use BUSD. But i would not like to hold any stablecoin in the long run.

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Quote from: ashslm on February 09, 2023, 02:46:27 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!

I am also not really a crypto expert, even though i started to learn about cryptos back in 2017 but i think USDT has a kinda dubious reputation for a reason. As far as i know the main reason why a lot of people are skeptical if USDT is really safe and stable enough even, when a big crash happens agin is the fact that a few years ago the company behind USDT changed the wording regarding their backing of USDT from "we have enough real USD to back every USDT minted" to "we have enough reserves to back every USDT that is minted" but no one really knows what kind of reserves they are talking aobut and if they even exist.
As far as i know they have started to publish infos about their reserves now, so maybe that big criticism is gone now.

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Not that much, Number one reason why I don't hold USDT is because it is not pegged 1:1 by a real dollar. USDT has face this issues before and they have escaped it multiple times already. It is the most widely used stable coin in the market right now and the there are so many users who don't know or don't care about the issues of USDT. I personally don't have a USDT (ERC20) on my wallet but I do have it on my CEX account. I'm only using it for short and small transactions and I don't let it get out of my CEX account. The advantage of it is, it is widely accepted and has pair for most crypto on an exchange so for the comfort reasons, I'm using it even there's a risk in it.

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Quote from: Apocollapse on February 09, 2023, 11:04:59 PM

Quote from: lalabotax on February 09, 2023, 04:50:39 PM

Although there are so many accusations and FUD about USDT to be a scam, failed project, and also a risky stable coin, in fact, so far, this becomes most used stable coins in the crypto market. We cannot deny how this coin always existed in the exchanges, always having bigger pairs so that we can meet easier pairing in trading. And so far, I have no problem with the issues. As long as we are also analyzing and watching the progress of the stable coin possibilities, I think it is still fair to use this as a favorite stable coin. But once more, always watch out.

Most used doesn't always mean it's trustworthy and has no way become a dead coin, anyone which still use USDT are have risk if the SEC want to audit and regulate this coin. The reason why all of centralized exchanges are add USDT because it's the most used stable coin and high volume, if in the future DAI or USDC overtake USDT, every centralized exchange's eyes will look into DAI and USDC, not USDT.

When there's a big problem on USDT, you're already late to convert your USDT to other coin. If you think USDT isn't trusted, what's the point for holding it and watching it everyday?

We have seen so many "most used" before that went down. BCH for example was a top 5, even a top three at some point coin, look where it is now. USDT could be most used as of right now, but that doesn't change the fact that it is both losing attention towards others now, and people are fearing stablecoins a lot more now.

Combine those two and you will see that USDT and all the other stablecoins will lose some attention in the near future and we shouldn't be really trusting them. I personally do not trust them and I am not planning on trusting them in the future neither. If something is not decentralized, it doesn't worth investing into if you ask me.

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In the past few days, I use to convert my Bitcoin to stablecoins when the bear season comes to make it safe without realizing the risk of doing. I'd never thought that thing before because I trust stablecoins like USDT and BUSD but after the Luna scam issue, it open my eyes to a mistake in converting my Bitcoin to stablecoins. Not really I don't trust USDT or BUSD but I think we need to anticipate the possibility of funds being frozen as most rumors have come out regarding such things.

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Quote from: ashslm on February 09, 2023, 02:46:27 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!

for stable coins like tether USDT of course I personally have full trust for him as a Stablecoin, and Tether usdt for me is really a stable coin that is worth using because it has security in storing Value. But if you are a trader who wants to benefit from tether USDT I think you have wasted your time because in tether USDT there is no market fluctuation, but to trust tether USDT I really believe in that if we function it as a store of value.

Topic: Do You trust Tether (USDT) Stablecoin? - page 18. (Read 3222 times)