Is it safe to store big amount on Tether coin ?

publicjud

legendary

Activity: 1120

Merit: 1003

twet.ch/inv/62d7ae96

Quote from: adaseb on October 16, 2017, 04:00:25 AM

No its not completely safe.

Just hold an amount you are comfortable losing because the USDT tokens arent actually backed by anything.

Its good for short term hedges or while you wait for your coinbase account to get approved.

For extra security, use Armory to hold your USDT in cold storage.

Totally agree.
I understand the wish of hedging your deposit, but I would not trust big amounts (they depends on each person) to USDT unfortunately.

adaseb

legendary

Activity: 3738

Merit: 1708

No its not completely safe.

Just hold an amount you are comfortable losing because the USDT tokens arent actually backed by anything.

Its good for short term hedges or while you wait for your coinbase account to get approved.

For extra security, use Armory to hold your USDT in cold storage.

LoyceV

legendary

Activity: 3290

Merit: 16489

Thick-Skinned Gang Leader and Golden Feather 2021

Quote from: Uniex on October 16, 2017, 03:13:20 AM

Is it safe to keep USDT amount ~$50K on Tether wallet ?

You have to trust a private company when using Tether. From the Tether - FAQs:

Quote from: maku on May 28, 2017, 12:46:57 PM

Tether was always sketchy, they are totally transparent yet they don't guarantee anything.
Earlier this year after problems with Bitfinex started 1 tether was traded for 93% of USD value.
If they can create token just like that and won't offer any additional guarantees this crypto is doomed to fail.

To summarize, it's far from safe.

Didin

full member

Activity: 395

Merit: 100

Tether is valueable as USD on crypto, and this is unusual if somebody want to store tether
i think if you keep tether the value of your invetsments will always stay on $50K
just my opinion

Slipknot79

copper member

Activity: 658

Merit: 500

Blockchain Just Entered The Real World

Good morning. Thether is an interesting token. As you kinow it is linked to the USD. Its a good coin to shelter yourself if all of the crypto coins are falling.

From expereince, I know that the registration of an individual with Tether itself is pretty much ignored. i think they are only looking for direct transactions back into a USD bank account in the hundreds of thousands.

Having 50K on any exchange for any coin is probably not a good idea.

Uniex

jr. member

Activity: 115

Merit: 2

Hi all!

Is it safe to keep USDT amount ~$50K on Tether wallet ?

Can Tether hold my coins for any reason, or I can withdraw them in any time ?

Topic: Is it safe to store big amount on Tether coin ? (Read 604 times)