Do You trust Tether (USDT) Stablecoin? - page 9.

o48o

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Quote from: nick_2017 on July 14, 2023, 06:45:13 AM

Tether (USDT): Tether is one of the most widely used stablecoins and has been around since 2014. It claims to be backed 1:1 by fiat currency reserves, although its transparency has been a subject of scrutiny.
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I am not sure where you are getting your info but you are wrong here. It's not 1:1 backed by fiat money, that's why it gets fudded in the first place. It's backed by 84.7% fiat cash, and there are several transparency audits you can find from their site

This is from their homepage:

Now i understand that 1:1 fiat reserves would be better but not even banks have that. It's insane how much more people are demanding from pegged coins. Usdt keeps being most fudded stablecoin out there even though their track record should speak for itself.

Hispo

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It may sound ironic but to this day I still prefer to use BUSD instead Tether when comes to stablecoins. Even when getting sued by the SEC, BUSD has managed to keep its peg and continues to deliver FIAT in exchange of their tokens in a reliable way, that is specially remarkable considering it is a coin which is not allowed to print more tokens as the lawsuit against them does not resolve. The circulating supply continues to decrease and the peg holding its place can be translated to a positive future for this stable-coin in the case Paxos proves BUSD is not a unregistered security whatsoever.

BUSD to this day has proven that was always fully backed.

lobo13hf

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Quote from: barhavsky on July 16, 2023, 05:32:37 PM

for now I still believe in using Tether (USDT), because in my opinion Tether (USDT) is the best stable coin at the moment and has the highest trading volume, so of course I believe if Tether (USDT) is still safer to use than other stable coin, then from that until now I still use Tether (USDT) for stable coin.

highest trading volume doesn't mean its best but at least its give assurance that you could alway liquidate your stablecoin anytime. not that the other have low trading volume, which means the other are just as good.
I think its more of how transparent the company behind them are in regard of their reserved money.

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Quote from: Justin999 on July 13, 2023, 06:07:19 PM

Yes i did. After all i was always open trade with usdt pair and i saw most of people did that even still doing so. But after knowing such issues you mentioned, i open less trade with usdt but with busd. Maybe thus i can minimize my losses if anything bad happened. But if you are thinking about just holding stablecoin on wallet, then better to Division your money and keep busd usdc dai or other you wish along with usdt! Although i I don't think that anyone need to worry about this usdt matter

thats true and I agreed, it's only become complicated if someone trying to hold their stablecoin for long term like for years, mainly because within that timeframe something might happen but for someone that just utilising it for saving wealth from trading the assets in general no need to worry about such complication after all even if it does collapsing we could easily just dump it right away. the thing with stablecoin in general is that their collapse happens but quite slow that it gives time to just dump the coin right away.
its quite different scenario if someone is holding for many years, since we all know things could be always changing tide when it comes to cryptocurrency in general.
however, always looking at the news involving these stablecoins in general definitely gonna be of tremendous helps.

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for now I still believe in using Tether (USDT), because in my opinion Tether (USDT) is the best stable coin at the moment and has the highest trading volume, so of course I believe if Tether (USDT) is still safer to use than other stable coin, then from that until now I still use Tether (USDT) for stable coin.

Deddyhoku

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Tether is my only stable in ownr. I think that it too big to fail, that's why i believe in it. The whole industry depends on it

woez

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In use cases in the trading world, there are many people/or trading institutions that only use one coin, namely USDT. if it's not credible I don't think that's what it's used for sure others will only after it's really time to enter the market they convert to BTC or ETH if the price is really low and that's a good reason to buy. That's right,. the name is also stablecoin. A trader who doesn't want to take more risk and puts more stress on their mind to choose a stable coin. Just be safe I think and it's better.

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Tether has not really been given the credit it deserves, people are now coming to terms on how difficult it is to run a Stablecoin business, just look at all their competitors, they have suffered and lose market share to Tether, for Tether to still be standing tall till now they must be doing something right, a scam can not last this long, some people are champion of Decentralised stable coins but the recent fiasco with Luna and waves stable coins makes people think twice on this. I, for one, believe Tether has contributed to this space more than any other Altcoins in the space

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The most credible type of stablecoin in the Crypto space, in my opinion only usdt, the reason is simple and widely applied in every crypto exchange market, usdt is always a partner of several types of crypto and I also often use it to trade or secure assets, even though the exchange market is in my country provides trading of crypto pairs to legal currency or fiat currency

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Quote from: mich on June 28, 2023, 10:53:46 PM

Well now Tether has made a alliance with the government of the country of Georgia. Tether and the Georgian Ministry of Economy signed a memorandum of understanding to collaborate on various issues about the blockchain.

Tether is also interested in investing in the country. This includes new local startup companies. https://bitcoinist.com/building-bitcoin-powerhouse-tether-govt-of-georgia/

Tether is doing a pretty good job by investing here and there, as well as, establishing its own Bitcoin mining operation. With such moves, the stablecoin is trying to solidify its place in the crypto/Blockchain industry. Up to this date, USDT has been holding its 1:1 peg with the US Dollar pretty well. But I believe there's something fishy with the stablecoin, especially when the issuing company used to "print" new units of USDT like crazy in the past. It's also facing scrutiny by the regulators for not providing clarity of its reserves.

When most other stablecoins were down during the recent US banking crisis, USDT was still afloat. If you're planning to use the stablecoin for day trading or as a short term investment, then go for it. But as a long-term investment or something serious that could last a long time, I'd suggest you choose the USD (Fiat) instead. Who knows how long Tether 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!

Here are a few notable examples:

Tether (USDT): Tether is one of the most widely used stablecoins and has been around since 2014. It claims to be backed 1:1 by fiat currency reserves, although its transparency has been a subject of scrutiny.

USD Coin (USDC): USDC is a stablecoin created by Circle and Coinbase. It is audited regularly and claims to have full reserves backing each token.

DAI: DAI is a decentralized stablecoin created on the Ethereum blockchain. It maintains its stability through an algorithmic mechanism rather than relying on direct fiat reserves. DAI has gained credibility due to its decentralized nature and community governance.

TrueUSD (TUSD): TrueUSD is another stablecoin backed by fiat currency reserves, subject to regular audits to ensure transparency and trustworthiness.

It's important to note that while these stablecoins are well-established and widely used, each comes with its own advantages and considerations. It's advisable to conduct thorough research, understand the mechanisms behind each stablecoin, and evaluate their credibility based on factors like transparency, audits, and regulatory compliance.

shinratensei_

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Quote from: nicolas222 on July 08, 2023, 10:11:29 AM

They have been on the market for a long time, one of the first even if in the past they have had small problems now they are fine i think it is the safest among the stable coins

saying its safest among the other stablecoins out there might be an overstatement, though arguably its still one of best.
honestly considering the fact that it has been standing for long already means that if it collapses somehow many things will be affected.
I guess i'd still trust this coin knowing that its among the highest in term of market capitalization, maybe its one of those thing thats just too big to fail.
though regardless the diversification in my investment still have bigger role in anticipating such collapse from caused negative effects towards my investments.

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Yes i did. After all i was always open trade with usdt pair and i saw most of people did that even still doing so. But after knowing such issues you mentioned, i open less trade with usdt but with busd. Maybe thus i can minimize my losses if anything bad happened. But if you are thinking about just holding stablecoin on wallet, then better to Division your money and keep busd usdc dai or other you wish along with usdt! Although i I don't think that anyone need to worry about this usdt matter

nicolas222

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They have been on the market for a long time, one of the first even if in the past they have had small problems now they are fine i think it is the safest among the stable coins

mich

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USDT has just had successful launch on Cosmos via Kava. This will give stablecoin liquidity and help with expanding on Cosmos and EVM ecosystems.

https://bravenewcoin.com/insights/tether-launches-usdt-on-kava

promisedtech

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I trust usdt as it's been around and stable over the years, many a lot of people make their transaction using usdt . You can browse the market cap so as to enhance your trust

mich

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Well now Tether has made a alliance with the government of the country of Georgia. Tether and the Georgian Ministry of Economy signed a memorandum of understanding to collaborate on various issues about the blockchain.

Tether is also interested in investing in the country. This includes new local startup companies. https://bitcoinist.com/building-bitcoin-powerhouse-tether-govt-of-georgia/

Abiky

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Quote from: royalfestus on June 23, 2023, 05:57:42 PM

Tether, being widely supported by American investors and backed by substantial funds in a bank, stands out as an exceptionally robust stablecoin. It currently holds a significant market share, making it one of the most prominent stablecoins available. Moreover, it enjoys strong backing from numerous blockchain platforms.

Just because Tether is doing well mow, doesn't mean it's guaranteed to last forever. Besides being centralized, USDT is heavily-dependent on the US banking system. Therefore, it could fail if the US Dollar goes all the way down the drain in an instant. If you really want something safe that will truly last forever, then Bitcoin would be your only option. The cryptocurrency is trustless and free from government and corporate control.

Of course, there's always the issue of volatility. But that wouldn't be much of a problem for those who don't care about Fiat currencies. The latter is bound to collapse soon.
Who knows what would be of stablecoins like Tether (USDT) and USD Coin (USDC) in the future? Just my thoughts Grin

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Quote from: royalfestus on June 23, 2023, 05:57:42 PM

Tether, being widely supported by American investors and backed by substantial funds in a bank, stands out as an exceptionally robust stablecoin. It currently holds a significant market share, making it one of the most prominent stablecoins available. Moreover, it enjoys strong backing from numerous blockchain platforms.

I guess Tether has reserves, but I don't believe it is fully backed by dollars in the bank. A few years ago they personally talked about not being fully backed by the dollar, but having enough cryptocurrency to cover the missing dollars. To me it looks absurd that a company that prints paper produces absolutely nothing, has a capitalisation of 83 billion dollars in some banks, not even in the US jurisdiction.

woez

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Quote from: Lantind on June 13, 2023, 09:27:49 AM

So far, I personally still use Usdt and so far it's still very safe, although sometimes prices often change from time to time and I think this is reasonable and doesn't really make us feel like we're going to leave it, because until now we often use Usdt for transactions. daily needs. we can still trust Tether ( USDT ) for now.

I also think that it feels no different holding fiat (my country's currency) and USDT and in terms of value they are also very close. And all platforms on average have the option of either depositing or Wd using USDT. it's just that the fee value is different when we do WD and I think it's still very affordable. Yes. Fiat is still safe and comfortable for us to use.

Topic: Do You trust Tether (USDT) Stablecoin? - page 9. (Read 3222 times)