there are many rumours surrounding USDT, but we all know this coin has been standing for so long if it collapse i doubt entire stablecoin market will not have any aftermath effect.
I mean best course of action of course diversifying across various stablecoin but if its just temporary to keep our wealth from fluctuation, i think USDT serves its purpose.
Topic: Do You trust Tether (USDT) Stablecoin? - page 7. (Read 3112 times)
USDT is a crypto currency stable coin, which means it is supposed to be worth one dollar and can be redeemed, in theory, at any point for one dollar. USDT is widely popular, and it is used across almost every major crypto currency exchange, every major defi platform, and every blockchain's got Usdt, the wide-scale acceptance aside, has been plagued by controversy over the years. Constant questions regarding the company's reserves and their ability to actually meet their obligations never cease to circulate online. The founders of usdt were only doxed after the paradise paper leak showed that it was made by the same team behind the Bitfinex crypto currency exchange, and as a whole host of other allegations have basically circulated, they've all worked to tarnish the reputation of usdt and have led to constant fears that usdt could implode and take all of crypto right down the toilet.
Cryptocurrency? More like a centralized digital Fiat currency. It's nothing like an ordinary cryptocurrency due to the way it's designed. You can see why banks and "Wall Street" like stablecoins a lot. Especially USDT. After all, it's the biggest stablecoin on the market. But it's also the most manipulated digital asset.
The shady USD reserves and constant printing of new units (although that eased off a bit), tell us USDT cannot be trusted with your money. Since it's not insured by a US government agency (particularly the FDIC), investors will lose everything in an instant after a hard crash. Same goes for USDC and other variants. If you really want to be safe, cash out to Fiat (USD) instead. Who knows how long will stablecoins last? Just my thoughts
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!
USDT is a crypto currency stable coin, which means it is supposed to be worth one dollar and can be redeemed, in theory, at any point for one dollar. USDT is widely popular, and it is used across almost every major crypto currency exchange, every major defi platform, and every blockchain's got Usdt, the wide-scale acceptance aside, has been plagued by controversy over the years. Constant questions regarding the company's reserves and their ability to actually meet their obligations never cease to circulate online. The founders of usdt were only doxed after the paradise paper leak showed that it was made by the same team behind the Bitfinex crypto currency exchange, and as a whole host of other allegations have basically circulated, they've all worked to tarnish the reputation of usdt and have led to constant fears that usdt could implode and take all of crypto right down the toilet.
I'm think everyone who owns crypto assets believes in USDT because USDT is the best stablecoin in my opinion and some others. and I'm also sure that everyone must have saved assets in USDT. and the other option in my opinion is BUSD because Binance is one of the best at the moment and a big Exchange market based on coinmarketcap data.
USDT's like the old reliable in the crypto scene. It's no wonder it's got a solid fan base. As for BUSD, Binance does have a good track record, so that's a solid choice too. 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!
Hi all,
I've been closely following the discussions here about trust in Tether and I'd like to share some thoughts as well. Personally, I find USDT a useful tool in the crypto ecosystem, especially when it comes to trading and avoiding the volatility of other cryptocurrencies. The fact that it is one of the most liquid and affordable stablecoins adds to its undeniable value.
However, I cannot overlook the question marks surrounding the transparency and reserves backing USDT. In the past, the lack of clear independent audits has been a point of concern for me and many others.
We have noticed that Tether has started to take steps to increase transparency and regulatory compliance, which is a step in the right direction. But from my perspective, there is still a lot to do to build solid trust.
In conclusion, using USDT comes with benefits as well as risks. If you decide to use it, make sure you are fully aware of both aspects. I personally use it with caution and prefer to only use it as a bridge between transactions, and not as a long-term store of value.
Attached is a fundamental analysis of Theter.
https://coin-score.ai/cryptoprojects/fundamental-analysis-of-the-tether-usdt-cryptocurrency
That's right, PayPal is using its distribution and its brand to promote absolutely toxic ideas in the crypto community. PayPal are known for their inadequate censorship regarding transactions, so in the crypto world they will block everything at the behest of regulators and will never be a customer-centric company. For the crypto community such an adopting is disastrous, just like the spread of a parody of cryptocurrency, in the form of CBDC.
Yes. PayPal is known to be too restrictive at times. Customers complained about getting their accounts closed for no reason. Imagine what PayPal will do with stablecoin transactions. Anything they deem suspicious, will have your stablecoin funds frozen or confiscated at will. If both Tether and USD Coin's blacklist wasn't enough, prepare yourself for the worst.
It's unfortunate the crypto industry is heading towards centralization. This is not what Satoshi wanted in the first place. With "Wall Street" in the game, don't expect things to get better in the future. Who knows how Tether will fare in the future against a highly-competitive stablecoin market? Just my opinion
Tether can be the next bomb that explodes. Surprisingly, when USDC MC decreased Tether marketcap, it raises. It's because tether redemption is not available right now. US banks are stopping cashing Tether.
I'm think everyone who owns crypto assets believes in USDT because USDT is the best stablecoin in my opinion and some others. and I'm also sure that everyone must have saved assets in USDT. and the other option in my opinion is BUSD because Binance is one of the best at the moment and a big Exchange market based on coinmarketcap data.
Well, I don't think you can speak for all crypto owners. But it's definitely the best option we have IMO. I don't trust BUSD and BNB at all. Binance is having not the best times right now. And the worst may yet to come.
This new offering from PayPal is just an attempt to "get a piece of the pie". PayPal will be the one that will benefit most from this craze, especially if the US government approves the circulation of PYUSD. Despite the harmful effects of centralization, I think people will trust PYUSD more than Tether because of the company's established presence in the financial sector. The new stablecoin enjoys strong branding from its parent company (PayPal). Who knows if PYUSD overtakes USDT as the #1 stablecoin in the world? Just my opinion
although that was just a guess/speculation but your opinion seems logical enough to me. Recently it is being trade on some so called exchanges and losed 52% trading volume within 24H but this is just an start and still have time to go forward as you said People always Trust a established organization which has concrete assurance of surviving, back and ability to connected. centralization could be reason for manay obstruction but usdt also centralized crypto in comparison. But i still give more priority to usdt than new comer pyusd 
There is nothing worse than promoting a shitcoin like PayPal's USD stablecoin in the crypto sphere. It is centralized and censored even worse than any of the well-known and popular centralized stablecoins. If you study this stablecoin in more detail, you will see that it turns out this stablecoin has a function to block any coins in any wallet. This is so in the spirit of PayPal, control everything as much as possible.
This new offering from PayPal is just an attempt to "get a piece of the pie". PayPal will be the one that will benefit most from this craze, especially if the US government approves the circulation of PYUSD. Despite the harmful effects of centralization, I think people will trust PYUSD more than Tether because of the company's established presence in the financial sector. The new stablecoin enjoys strong branding from its parent company (PayPal). Who knows if PYUSD overtakes USDT as the #1 stablecoin in the world? Just my opinion
That's right, PayPal is using its distribution and its brand to promote absolutely toxic ideas in the crypto community. PayPal are known for their inadequate censorship regarding transactions, so in the crypto world they will block everything at the behest of regulators and will never be a customer-centric company. For the crypto community such an adopting is disastrous, just like the spread of a parody of cryptocurrency, in the form of CBDC.
I'm think everyone who owns crypto assets believes in USDT because USDT is the best stablecoin in my opinion and some others. and I'm also sure that everyone must have saved assets in USDT. and the other option in my opinion is BUSD because Binance is one of the best at the moment and a big Exchange market based on coinmarketcap data.
In 2018, Tether allowed token redemption upon passing KYC on the tether.to website. I applied for verification at that time, and my application is still in the queue for review. Even if it ever reaches the front of the queue, all my documents will have expired by then. In my opinion, this means I can't redeem Tether’s tokens. A stablecoin without redemption capabilities doesn’t provide opportunities for arbitrage, which are necessary to maintain its value. So, until I can redeem USDT tokens, I won't risk buying them.
I personally referred to the stablecoin which mostly people used is USDT, and the 2nd option is BUSD. But whenever I'm thinking of putting my funds in these coins, someone's told me that don't put your funds in these. I'm hearing this from the previous two years. But nothing happened till now.
well some people are indeed getting too invested in the rumours but there's nothing wrong with such warning honestly. you could diversify your stablecoin and have some ease of mind in this case.the emergence of paypal new stablecoin in the future also could easily helps you diversify your money therefore you don't really need to worry about some stablecoin collapsing like what happened in previous years
where tUSD losing its peg causing the value to fall significantly and many incurred loss more than 80% of their assets in that coin.
thats why some people are highly pessimistic with these stablecoin in general, because maybe they've experienced first hand collapse of these stablecoin which cause them to instantly lose money.
USDT stable coin has come to exist for a long time now, which many companies, institute and prefect sectors has been using in one way or the other in the process of transaction stability of Bitcoin and other alt-coins exchange rate and have been tested and trusted Coin long time ago, talk of me individual is a trusted Coin for stable coin as the name implies.
There is nothing worse than promoting a shitcoin like PayPal's USD stablecoin in the crypto sphere. It is centralized and censored even worse than any of the well-known and popular centralized stablecoins. If you study this stablecoin in more detail, you will see that it turns out this stablecoin has a function to block any coins in any wallet. This is so in the spirit of PayPal, control everything as much as possible.
Tether and USD Coin also have a "blacklist" where they freeze or censor certain people from transacting on the Blockchain. It's the way the smart contract is written on ETH and other competing chains. This is to please the regulators more than anything else. People would be foolish enough to put all of their life savings in a centralized stablecoin like PayPal USD. There's no guarantee it will hold its peg with the USD forever. Even USDT and USDC are at risk. And don't let me get started with decentralized stablecoins like DAI and USDJ (even though they're much safer than ordinary stablecoins).
This new offering from PayPal is just an attempt to "get a piece of the pie". PayPal will be the one that will benefit most from this craze, especially if the US government approves the circulation of PYUSD. Despite the harmful effects of centralization, I think people will trust PYUSD more than Tether because of the company's established presence in the financial sector. The new stablecoin enjoys strong branding from its parent company (PayPal). Who knows if PYUSD overtakes USDT as the #1 stablecoin in the world? Just my opinion
So far, Tether has been doing fine in keeping its peg against the USD. Considering that it has first-mover advantage, there's a high probability it will remain the dominant stablecoin forever. Not even PayPal's USD stablecoin (PYUSD) will take its place on the market. That is if Tether will be able to survive a hostile regulatory environment. If you want to be safe, just cash out to USD and forget about the rest. No one can predict the future, so lets hope for the best. Just my opinion
There is nothing worse than promoting a shitcoin like PayPal's USD stablecoin in the crypto sphere. It is centralized and censored even worse than any of the well-known and popular centralized stablecoins. If you study this stablecoin in more detail, you will see that it turns out this stablecoin has a function to block any coins in any wallet. This is so in the spirit of PayPal, control everything as much as possible.
I personally referred to the stablecoin which mostly people used is USDT, and the 2nd option is BUSD. But whenever I'm thinking of putting my funds in these coins, someone's told me that don't put your funds in these. I'm hearing this from the previous two years. But nothing happened till now.
To think that USDT may take the place of the US Dollar is absurd. A country's economy and military might support the USD. Whereas Tether? It is merely a computer representation of a dollar. Although USDT was a stablecoin pioneer, this does not automatically grant it the right to rule. Keep in mind that pioneers frequently open the way only to be surpassed by superior innovations.
So its wishful thinking to compare Circle's management of USDC to what Tether would do. They're different entities with different operational approaches. "Compliance" isnt just a tick-box exercise, it's a commitment to transparency and governance. How transparent has Tether been thus far?
The world of cryptocurrencies might not be your playground if you're looking for a surefire safety net. This area needs close attention and skepticism. Don't buy into flimsy assumptions.0
So its wishful thinking to compare Circle's management of USDC to what Tether would do. They're different entities with different operational approaches. "Compliance" isnt just a tick-box exercise, it's a commitment to transparency and governance. How transparent has Tether been thus far?
The world of cryptocurrencies might not be your playground if you're looking for a surefire safety net. This area needs close attention and skepticism. Don't buy into flimsy assumptions.0
There has been talks about a US Digital Dollar by the government itself. They could either make their own digital currency from scratch (Central Bank Digital Currency or CBDC) or adopt a stablecoin as their own. If they decide to collaborate with Bitfinex (the issuing company of Tether) for the digital USD program, then it would be a complete game changer. The odds of this happening in the future are slim, but we should not take this out of the picture.
So far, Tether has been doing fine in keeping its peg against the USD. Considering that it has first-mover advantage, there's a high probability it will remain the dominant stablecoin forever. Not even PayPal's USD stablecoin (PYUSD) will take its place on the market. That is if Tether will be able to survive a hostile regulatory environment. If you want to be safe, just cash out to USD and forget about the rest. No one can predict the future, so lets hope for the best. Just my opinion
Tether has its backing with real fiat currency stored. It gets audited now and again. This is what is needed to have the trust of the community of users. The tech behind the use of tether isn't in the hands of tether to control so that also leaves it with sufficient trust levels from its users. Lastly, it hasn't depegged >1% before. At least, non that I've heard about.
Well I do trust USDT and there is some good news for the top stablecoin. A US court has decided to dismiss the class action lawsuit against Tether and issuing exchange Bitfinex.
Tether did publicly said it has $3.3 Billion in reserves. And that it is backed 1 to 1 with US dollar. If there is a coin that wins in a court case then we can trust it
https://dailyhodl.com/2023/08/06/us-court-dismisses-class-action-lawsuit-against-bitfinex-and-tether/
Tether did publicly said it has $3.3 Billion in reserves. And that it is backed 1 to 1 with US dollar. If there is a coin that wins in a court case then we can trust it
https://dailyhodl.com/2023/08/06/us-court-dismisses-class-action-lawsuit-against-bitfinex-and-tether/
As long as Tether complies with the law, there should be nothing to worry about. The issuing company must do everything possible to make investors whole if a crash happens in the future. Sort of like what Circle did when USDC lost its peg for a short period of time. If there was some sort of insurance or guarantee that I'll get my money back no matter what, I'd be sold.
So far, USDT has been holding its peg to the USD with no signs of decline. It's the pioneer in the stablecoin industry after all. This gives USDT first-mover advantage among its competitors. With US regulators weighting on the industry, stablecoins will be ready for mainstream adoption. Maybe USDT will eventually replace the US Dollar? Just my thoughts
So its wishful thinking to compare Circle's management of USDC to what Tether would do. They're different entities with different operational approaches. "Compliance" isnt just a tick-box exercise, it's a commitment to transparency and governance. How transparent has Tether been thus far?
The world of cryptocurrencies might not be your playground if you're looking for a surefire safety net. This area needs close attention and skepticism. Don't buy into flimsy assumptions.0
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