Do You trust Tether (USDT) Stablecoin? - page 19.

lixer

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Quote from: o48o on February 09, 2023, 11:10:31 AM

Yeah, i've seen all the fud as i've been around so long and it's mostly from people who don't like the centralized nature of the whole thing. However if we want adoption we need to deal with pretty high level of centralization involved and some people don't like it. The fact that usdt is 100% backed, but not all of them are backed with usd is somewhat troublesome, but even in case of a bank run everyone would eventually get their dollars. And that's not the case even with real BANKS so i am thinking people are overreacting.

Many of the fudders seem to came from a time when bitfinex got hacked and didn't like the way Ifinex dealed wih that. And since iFinex Inc owns Tether i think they just wanted to hurt them.

Maybe those FUDs mostly came from the Bitcoin supporters. They are only making a revenge because Bitcoin was also being bashed by those who are into centralizations. Adoption can still be attained even though without the help of these stable coins. Remember there are no stable coins before but bitcoin still manage to grow big.

It's just there are people who can't accept the fact that they can't control Bitcoin so they produce something which they can be able to control. They claim that Tether is backed but I think it wasn't 100%. This is why some are sceptical about it and this is why I never use it. I am already happy and contented with what Bitcoin has to offer.

traderethereum

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Quote from: vv181 on February 10, 2023, 05:31:50 AM

just use a popular stablecoin for short-term usage.

This is what I do with stablecoins because when there is an increase of one coin in a stablecoin pair, I sell it to withdraw my profits and later the stablecoin I get is to buy bitcoins.
I rarely hold stablecoins for too long because I prefer to use them to invest in bitcoin, especially when the price is crashing like it is now.
But if market conditions are good, maybe holding stablecoins will be good while waiting for market conditions to change so that we buy one or several coins with those stablecoins.
Maybe people can hold Fiat like you suggest because Fiat is backed by your government and keep not stablecoins but bitcoins Grin

vv181

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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 single point of failure when we are talking about stablecoin within this space, an algorithmic one is prone to its systemic pressure, one can't guarantee it will always get pegged. To nitpick an example, UST is the failure one. In another hand, asset-backed stablecoins are only an IOU, they can only be as middlemen, and that is the exact possibility of failure. You better use the real FIAT, if one exchanges have that option. Otherwise, just use a popular stablecoin for short-term usage.

Dr.Osh

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since getting to know crypto, I only use two stablecoins, USDT and BUSD. USDT is the stable of coins I use the most. Even though there is so much negative news about USDT, however, until now USDT has remained a stablecoin with very large volumes. that's why I still use it and make it the top choice for stablecoins.

If it's a matter of trust, I don't trust USDT 100%. I am only limited to using it and making it the main choice. However, since the UST incident, I have become less trusting of USDT. However, I still use it even though I don't keep my assets long-term in USDT.

wajik-tempe

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In terms of the most credible stablecoins in the crypto space, that can be a subjective matter and depends on the individual's risk tolerance and investment goals. Some of the most well-known stablecoins include Tether, USDC, and DAI, each of which has its own strengths and weaknesses. In case of tether, it continues to be widely used and traded in the crypto market. Additionally, tether has taken steps to improve transparency, such as undergoing regular audits and publishing regular updates on its reserves.
So i think, with current market condition and this coin has been here for a long time, i'm pretty sure it's trustable

Strongkored

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One thing we have to be aware of when we want to secure assets by converting them to stable coins is that maybe we will be able to avoid the rapid fluctuations in assets but you can lose everything because crypto is very unpredictable, many hate fiat because its value will decrease due to inflation but can't it is undeniable that fiat is safer than stablecoins, if you want to have a stable coin it would be better to have it in several types not just one type to avoid unexpected events.

Apocollapse

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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?

lalabotax

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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.

el kaka22

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Quote from: bittick on February 09, 2023, 10:08:30 AM

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?

I think that there's no stable coin that has become the most stable coin. Any of them have disavantages for the holders. The only stable tokens that fully regulated look more credible for me. In my opinion if stable tokens must be issued based on the regulation framework to make sure it will not have any risk. People feel doubt with USD but millions of people are still using it. I think that as long as there are millions keep usiing and i have no prblem with it

I think regulation for a stablecoin will always be an issue, the main reason for that is the fact that it is pegged to dollar most of the time, and that means you are creating a "fake" dollar, and that will not be seen as a good thing by the government ever, it would be pretty near impossible for US government to make it regulated and accepted for example, maybe some smaller nations could but that would still be tough with the fear of sanctions.

All in all, I would say that this is a tough question and I do not trust USDT to start with, but I can't say that I trust any of the other stablecoins neither, they are all too risky in my opinion.

Natalim

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Well, I'd never see or even think that USDT can't be trusted but yes, we also have to consider the level of trust and it can be applied in all stablecoins, not only for USDT. For many negative issues that happen to stablecoins, we can't just simply remove our fear and think that this might happen to USDT anytime. I'm also using USDT when moving my coins to our local currency and it just took a few minutes to finish that is why I don't have any worries about using it as I'd never hold this for too long.

dothebeats

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Trust is a very heavy concept and I wouldn't throw it around for free. Perhaps I can use them to a certain extent, but to fully trust them is dangerous. While they may have already showed proofs that they are in fact capable of matching whatever amount of USDT they put out in the market, I still can't help but think that they can easily pull the plug if they want to and they'll just point their fingers to anyone when the going gets rough. But I guess the best course of action to do when you need to deal with USDT is this: once you have completed your transactions that require USDT, change it to a crypto that you really want to have and put it in your wallet.

Baofeng

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Maybe this one will help us:

Quote

Tether, the issuer of the world’s largest stablecoin by market value, has completed reserves attestation by major global accounting firm BDO.

The stablecoin firm released BDO’s assurance opinion on Feb. 9, which re-affirms the accuracy of Tether’s consolidated reserves report (CRR) as of Dec. 31, 2022.

The CRR shows that Tether’s consolidated assets amount to at least $67 billion, exceeding consolidated liabilities of $66 billion, with excess reserves equaling at least $960 million.

In addition to reducing its secured loans as committed, the report also shows Tether ended 2022 with zero commercial paper.

https://cointelegraph.com/news/tether-assets-exceed-liabilities-in-new-reserves-report-by-bdo

Not saying that they could be trusted 100%, but base on the articles and the accounting firm, that they have a lot of surplus and could be really 1:1 with USD and even more if there is needed or if it de-pegs as the case of other stable coins.

Of course, the auditor firm will also put a disclaimer at the end.

So I guess we still need to be very careful.

o48o

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Yeah, i've seen all the fud as i've been around so long and it's mostly from people who don't like the centralized nature of the whole thing. However if we want adoption we need to deal with pretty high level of centralization involved and some people don't like it. The fact that usdt is 100% backed, but not all of them are backed with usd is somewhat troublesome, but even in case of a bank run everyone would eventually get their dollars. And that's not the case even with real BANKS so i am thinking people are overreacting.

Many of the fudders seem to came from a time when bitfinex got hacked and didn't like the way Ifinex dealed wih that. And since iFinex Inc owns Tether i think they just wanted to hurt them.

Quote from: ryzaadit on February 09, 2023, 03:49:34 AM

-cut-
1. They can freeze your fund
-cut-

That's because of regulations, not because tether wanted to do that. Do you think that other fiat backed tokens or anyone dealing with fiat money aren't required to do this?

Shobhikhan_007

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There is no any stable coin that is 100% secure. When last couple of month UST down people moved to USDT and when the USDT change it's value people moved to BUSD saying ut's safe until Binance live. But you must always remember " In crypto anything can happen "

bittick

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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?

I think that there's no stable coin that has become the most stable coin. Any of them have disavantages for the holders. The only stable tokens that fully regulated look more credible for me. In my opinion if stable tokens must be issued based on the regulation framework to make sure it will not have any risk. People feel doubt with USD but millions of people are still using it. I think that as long as there are millions keep usiing and i have no prblem with it

fuguebtc

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

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?

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.

I think Fuds about Binance is over, and now it is still the most trusted exchange in the market. The death of FTX was their own mistake, no one harmed them, so there is no reason to say that Binance will collapse like FTX. But if talking about the stablecoin market, I would say that none is safer than the other, all are centralized, and all are in danger of collapsing at any moment. Many people doubt USDT including OP, but if you check the capitalization and popularity, USDT is still at the top, still the most used.

SUPERSAIAN

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I'll give an answer like this, I'm always suspicious of usdt and other stable coins, especially there is more speculation on usdt, but it doesn't matter, I use a few stable coins at the same time, so I can move more comfortably, I recommend it. The more you reduce the danger, the more you will have space to move.

d3nz

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Quote from: Ojima-ojo on February 09, 2023, 08:41:15 AM

Quote from: Tadic on February 09, 2023, 08:19:01 AM

I don't trust it but I use it when I need it. In my opinion, it shouldn't be seen as an investment tool. If you see it as a stablecoin that can only be used in times of need, you will reduce the risk.

You get the point right there, there is nothing like trust in cryptocurrency and not even bitcoin gives a stable and persistent future adventure and profits.

Sometimes, bad things happen and Tether USDT may be caught up in the web but not that there has a pre-planned blueprint of how there will exit scams on their investors and holders.

Since the is the biggest and most used stablecoins

Yes, this is actually correct. The value of USDT might drop if a de-pegging happens just like the USTC the ratio drops. Hopefully, this will not happen, and surely have a negative impact on investors or traders who might think that stablecoin can be easily manipulated.

Ojima-ojo

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Quote from: Tadic on February 09, 2023, 08:19:01 AM

I don't trust it but I use it when I need it. In my opinion, it shouldn't be seen as an investment tool. If you see it as a stablecoin that can only be used in times of need, you will reduce the risk.

You get the point right there, there is nothing like trust in cryptocurrency and not even bitcoin gives a stable and persistent future adventure and profits.

Sometimes, bad things happen and Tether USDT may be caught up in the web but not that there has a pre-planned blueprint of how there will exit scams on their investors and holders.

Since the is the biggest and most used stablecoins

Tadic

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I don't trust it but I use it when I need it. In my opinion, it shouldn't be seen as an investment tool. If you see it as a stablecoin that can only be used in times of need, you will reduce the risk.

Topic: Do You trust Tether (USDT) Stablecoin? - page 19. (Read 3303 times)