Is USDT Tether safe? - page 5. | Bitcointalksearch.org

efreeti

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Quote from: Qirtov on July 28, 2021, 09:59:13 AM

The controversy over USDT in 2018 and 2019 may have caught the attention of many cryptocurrency users. This certainly makes most people worried and afraid that USDT is not safe. If you plan to keep USDT/EURT for the long term, choose a safer option by storing Tether locally in an official digital wallet (e-wallet).
There are currently no Tether hardware wallets available, but starting in late 2017, AsicVault hardware wallets became available which have support for the USDT cryptocurrency. The official Tether wallet can be used via the browser at wallet.tether.to/app/, but there is also a Tether app for iOS and Android available in the app store.

I think the problem isn't so much that people don't know how and where to store your Tether, but rather whether Tether the currency will hold its promises and always pay back one dollar for each Tether. That is the major risk. If Tether collapses, billions of dollars will collapse along with it within a blink of an eye. I guess that is what people are concerned about. So far it has been holding its peg strong.

gustavroy

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Tether is a brand located in some off Shore island. When you are buying tether you are trusting the company behind it. I would like you to suggest to use decentralised stable coins like DAI, sUSD

nimogsm

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Quote from: ?? on ??

as proof I have had USDT since 2019 and until now there are still around $175 and safe there is no loss that I get so far. I think USDT is the safest coin for storage than other types of coins

But for a long time it is worth keeping other steblcoins, it will be safer in all aspects. I believe that usdt will be fine for a long time, but risks are always and everywhere.

Qirtov

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The controversy over USDT in 2018 and 2019 may have caught the attention of many cryptocurrency users. This certainly makes most people worried and afraid that USDT is not safe. If you plan to keep USDT/EURT for the long term, choose a safer option by storing Tether locally in an official digital wallet (e-wallet).
There are currently no Tether hardware wallets available, but starting in late 2017, AsicVault hardware wallets became available which have support for the USDT cryptocurrency. The official Tether wallet can be used via the browser at wallet.tether.to/app/, but there is also a Tether app for iOS and Android available in the app store.

vabchgent

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Quote from: OZmaster on July 28, 2021, 08:57:38 AM

Quote from: nurilham on July 27, 2021, 06:39:32 PM

Quote from: Fire me! on July 27, 2021, 05:58:31 PM

Since they never had a real audit i do not think it is safe and would stay clear from it as much as possible.

Is there an institution that deserves to audit tether.to? I don't know if any institution has the right to audit a crypto project. By the way, even a project is audited, I am not sure the team will publish the detail to the public. You must contact the team privately if you are really curious about the audit. FYI, for me, as long as it is one of the top crypto coins, it will be quite safe although no audit announcement on the site.

That is a big problem in my opinion. A product like Tether and the company behind it should be obliged to frequently provide a full audit report about the reserves that are supposed to back USDT 1 to 1. We are not talking about a stable currency that is handling a few million USD volume per day. We are talking about a massive product/market that could cause enormous harm to the whole industry if something goes wrong or if mistrust arises. I have no idea whether there is really a dollar for every single Tether.

As the author in this article says, it remains murky.

"https://www.coindesk.com/tether-first-reserve-composition-report-usdt"

They are indeed not obligated to provide a full report. Tether now presented a report but that is nothing really official. It is not an independent audit firm. Very suspicious and the other stable coins, even that one from Gemini, doesn't provide reports at all. That surprises me given how much authorities would love to crack down on cryptocurrencies.

OZmaster

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Quote from: nurilham on July 27, 2021, 06:39:32 PM

Quote from: Fire me! on July 27, 2021, 05:58:31 PM

Since they never had a real audit i do not think it is safe and would stay clear from it as much as possible.

Is there an institution that deserves to audit tether.to? I don't know if any institution has the right to audit a crypto project. By the way, even a project is audited, I am not sure the team will publish the detail to the public. You must contact the team privately if you are really curious about the audit. FYI, for me, as long as it is one of the top crypto coins, it will be quite safe although no audit announcement on the site.

That is a big problem in my opinion. A product like Tether and the company behind it should be obliged to frequently provide a full audit report about the reserves that are supposed to back USDT 1 to 1. We are not talking about a stable currency that is handling a few million USD volume per day. We are talking about a massive product/market that could cause enormous harm to the whole industry if something goes wrong or if mistrust arises. I have no idea whether there is really a dollar for every single Tether.

MarjorieZimmermanGinger

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Quote from: daoquanghuan on June 26, 2018, 09:00:44 AM

Today, the tether continues to print 250 million tether, raising the tether's market capitalization to more than $ 2.7 billion to reach the top 10 coinmarketcap. People say that every time a tether is printed, the bitcoin price increases because the tether pumped USDT onto the floor to push the bitcoin price. What do you think about this and keep the USDT safe?

This means that tether has an attachment to bitcoin, if you analyze what you have said, this pattern has been carefully prepared by bitcoin, which in order to maintain the existence of bitcoin, it is necessary to prepare the right rare and this is in line with what is happening in the crypto world today. My question is does USDT have a big influence in pumping bitcoin itself?

If not, then USDT must use other patterns to maintain its existence now and in the future, given the increasingly fierce competition to maintain it, people will also see the level of risk when they want to use its services in investing, the level of security is very influential for the people who use its services.

bussybuddy

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But lately I'm also very familiar with FUDs, we have seen FUDs from governments in countries that have not yet supported crypto, and now to FUD usdt. Perhaps we are about to enter a new phase as these FUDs drop.

I personally still think it's completely safe, but if you're skeptical, you can have a lot of options with other stable coins.

Dragonfund

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Quote from: Malam90 on July 23, 2021, 10:06:46 AM

Few months ago, we were in tensed about USDT but later it was come to fine till now. BTW, USDT still haven't published any audited results whether they have fully backed by assets. As one of the top 3 coins in CMC, we are using USDT mostly without any problem so far.

Tether remain the largest traded stable asset worldwide despite the allegations and transparency they have encountered lately, I believe they have their purpose for not releasing the Audit on time and I also they think they fully know the consequences of not cooperating with regulatory bodies.
I have stop using tether though since it became nightmare to send coins on Ethereum chain and I don't fancy using tether on other blockchain, Tron was better but I prefer using single pkey to sign my transaction that's why I opt-in for BUSD.

TomArayaSlaya

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Quote from: nurilham on July 26, 2021, 06:49:37 PM

Quote from: Orange89 on July 25, 2021, 02:47:15 PM

Why USDT IS SAFE, USDT is backed up by UNITED STATE DOLLAR (USD) it is a stable Crypto currency it had fully transparency

Are you sure about this? Is USDT really backed by USD? And Is it fully transparent?
I am not sure about this because I even don't get valid information about its transparency and USD backup. However, I don't against USDT, but I am just curious about it. You should enclose the proof such as an article or statement from developers related to the matter. So far, I trust USDT because it is used by most crypto users and be the top 10 crypto coins. And USDT is also covered by trusted teams.

This thing about Tether have been going on for awhile now and Personally I think is just trying to create FUD like the same way we had china banning btc and throwing Miners out but the truth is BTC and Cryptocurrencies are really resilient under most of the tensions thrown at it I just hope people dont panic to much to all the FUD that keeps coming Staying strong and put is the best option we have now

Fire me!

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Quote from: nurilham on July 27, 2021, 06:39:32 PM

Quote from: Fire me! on July 27, 2021, 05:58:31 PM

Since they never had a real audit i do not think it is safe and would stay clear from it as much as possible.

Is there an institution that deserves to audit tether.to? I don't know if any institution has the right to audit a crypto project. By the way, even a project is audited, I am not sure the team will publish the detail to the public. You must contact the team privately if you are really curious about the audit. FYI, for me, as long as it is one of the top crypto coins, it will be quite safe although no audit announcement on the site.

Thank you for your reply. Afther carefully evaluating the information about USDT I decided not to use it because of the reasons I have given. How everybody else draws their conclusions is of course fine by me. I only wanted to state that there have been some issues in the past. For me that is a red flag, but I sincerely hooe there will never be any problems with USDT since it got so big in marketcapital. I am currently looking at Dai.

nurilham

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Quote from: Fire me! on July 27, 2021, 05:58:31 PM

Since they never had a real audit i do not think it is safe and would stay clear from it as much as possible.

Is there an institution that deserves to audit tether.to? I don't know if any institution has the right to audit a crypto project. By the way, even a project is audited, I am not sure the team will publish the detail to the public. You must contact the team privately if you are really curious about the audit. FYI, for me, as long as it is one of the top crypto coins, it will be quite safe although no audit announcement on the site.

Fire me!

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Quote from: ?? on ??

Quote from: daoquanghuan on June 26, 2018, 09:00:44 AM

Today, the tether continues to print 250 million tether, raising the tether's market capitalization to more than $ 2.7 billion to reach the top 10 coinmarketcap. People say that every time a tether is printed, the bitcoin price increases because the tether pumped USDT onto the floor to push the bitcoin price. What do you think about this and keep the USDT safe?

USDT is certainly safe because the price of USDT always follows the current FIAT currency, so there is no need to worry anymore about transferring our assets to this token, and almost all markets certainly use USDT pairs to some of the coins traded on that market.

If usdt is not backed by enough decent assets than it is a high risk that you are taking. Since they never had a real audit i do not think it is safe and would stay clear from it as much as possible.

FlamingFingers

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I think usdc or busd is more safer than usdt, I could remember vividly when usdt dumped from $1 during the bear season to $0.8+ on bittrex back then, the Fud and rumours of it being called a scam due to the fact that there's no audit makes other stable coin more safer than it, I will advise usdc to be used always so as to be on the safer side

Fire me!

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Since there are no official audits. I would not put my money in Tether. They have been in the news many times and not for good reason. Better put it in your bank account or another stablecoin which is audited.

That does not mean that there will be problems with tether, only if everybody wants to exit tether and they do not have enough funds to cover will it create problems. So as long as the trust stays it will be all right.

wallet4bitcoin

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I believe USDT. It’s most popular stable coin in cryptocurrency market. I use USDT to protect my portfolio from big drump. When market is going to down, only stable coin can safe your money. And maximum traders use USDT for this purpose.

aquafinewater

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Yes mate no dout Teather Usdt is safe and also everywhere Teather Usdt is most usable Teather Usdt is a stable coin so not dout in this And you can store everywhere where you want And used on the time when you need

haasanjui

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USDT Teather is stable coin its one coin price is equal to 1$ and its price is constant. There is no any dump or pump in this coin. In which we invest without any disadvantages of dump price issue.

Husnain651

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In terms of technology USDT is completely secure — it’s a centralized token developed on the decentralized Ethereum blockchain that’s meant to be backed by 1 US dollar stored on Tether Ltd’s balance sheet in the form of cash in bank accounts and government bonds.

vabchgent

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Quote from: osasshem on July 27, 2021, 08:09:00 AM

Quote from: daoquanghuan on June 26, 2018, 09:00:44 AM

Today, the tether continues to print 250 million tether, raising the tether's market capitalization to more than $ 2.7 billion to reach the top 10 coinmarketcap. People say that every time a tether is printed, the bitcoin price increases because the tether pumped USDT onto the floor to push the bitcoin price. What do you think about this and keep the USDT safe?

In terms of store of assets during the price dump, the tether is safer for that purpose, because the price is not really affect the move of the market, and this is a very good reason for the presence of the stablecoins in the crypto market. I use the USDT as a means of storing my assets when the price of the market is on a down trend, I sell my assets for USDT and when the market recovers from its down trend, I use the USDT to recover the assets I have sold before to still be on a step ahead of the market price.
The rise of USDT in the ranking of the coinmarketcap has been successful over time and I am sure it will have a long time in the crypto market. At the point of it being safe is at the market down trend.

The rise of USDT on Coinmarketcap is the result of the company behind USDT printing new USDT nonstop. I know it has been said in the past that there was some suspicious printing going on and the idea was that those newly printed USDT could have been used to pump Ethereum and Bitcoin.

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