Is USDT trusted to use? - page 13. | Bitcointalksearch.org

AmoreJaz

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Quote from: ScamViruS on April 07, 2020, 04:20:40 PM

Quote from: Btcbeginners on April 07, 2020, 05:06:32 AM

Currently, USDT daily trading volume is over the Bitcoin trading volume and fourth highest market cap according to Coinmarketcap. My opinion is We can't trust the centralized stable coin to keep the money. Also, news around the USDT is not good, and it may be shut down by the authorities.

What is your opinion about the USDT coin?

I use the DAI to keep the stable value & will shift to the SAI in the near future where the money I'm not investing.

USDT is a stablecoin. Which traders use when they trade. USDT claims 1 usdt backed by 1 USD. But reality is something shady. No one knows exactly how much usdt's original supply is. They everyday print usdt as much as they want. I certainly wouldn't tell anyone to use usdt. It's hard to believe those who keep everyone in the dark.

remember at one point USDT team admitted that they are not 100% backed by US$..i think up until now they are still not saying the absolute truth regarding their reserves..so holding it long term is really a no no...youll never know whats gonna happen once one of their team members decides to quit or run away..

nelson4lov

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In my experience, sticking with USDT is your best bet. Yes, it might be centralized and USDT has been shady on some occasions but it has always gotten the job done. That's the most important thing. But if you still want to be on the safer side, you should only use it only when the need arises – otherwise stick to alternatives. There's a popular saying that the devil you know is better than the angel you don't know and I agree. Using USDT for years now without complains.

Swordsoffreedom

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USDT is a centralized stable token that's why it's remain less volatile like other stable coin, it is safe cause it can save you from market dump, USDT can be used to protect your investment against unfortunate market dumps but it is not a good idea for holding usdt for a long time cause it is safe but not like Bitcoin or ETH.

xiboothrezi

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Quote from: Btcbeginners on April 07, 2020, 05:06:32 AM

What is your opinion about the USDT coin?
I use the DAI to keep the stable value & will shift to the SAI in the near future where the money I'm not investing.

I often use USDT to move assets. USDT has been listed since 2015 and planning was done long before that. Despite having increased the number of tokens in the circulation and shaking the price below $ 1, the popularity of the USDT has remained as a way to transfer value from one exchange to another. When compared to DAI, DAI is more transparent than USDT because of smart contract access. Based on the following data, USDT dominates the stable coin niche.

ScamViruS

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Quote from: Btcbeginners on April 07, 2020, 05:06:32 AM

Currently, USDT daily trading volume is over the Bitcoin trading volume and fourth highest market cap according to Coinmarketcap. My opinion is We can't trust the centralized stable coin to keep the money. Also, news around the USDT is not good, and it may be shut down by the authorities.

What is your opinion about the USDT coin?

I use the DAI to keep the stable value & will shift to the SAI in the near future where the money I'm not investing.

USDT is a stablecoin. Which traders use when they trade. USDT claims 1 usdt backed by 1 USD. But reality is something shady. No one knows exactly how much usdt's original supply is. They everyday print usdt as much as they want. I certainly wouldn't tell anyone to use usdt. It's hard to believe those who keep everyone in the dark.

BitcoinTurk

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Quote from: Btcbeginners on April 07, 2020, 05:06:32 AM

Currently, USDT daily trading volume is over the Bitcoin trading volume and fourth highest market cap according to Coinmarketcap. My opinion is We can't trust the centralized stable coin to keep the money. Also, news around the USDT is not good, and it may be shut down by the authorities.

What is your opinion about the USDT coin?

I use the DAI to keep the stable value & will shift to the SAI in the near future where the money I'm not investing.

Although Tether (USDT) is a cryptocurrency with a wide range of uses, it is definitely not a reliable option. First of all, it should be known that no project is completely reliable because there is no control institution in this market, but Tether (USDT) is a much more risky project compared to other stable cryptocurrency projects. The Tether (USDT) team created some problems with the reserve unit it had previously stated and solved this problem through a so-called financial institution. Afterwards, they changed their existing reserve values and lost their users' trust right here. Considering suspicious movements, suspicious transactions and a non-transparent structure, we can easily understand how dangerous Tether (USDT) is a cryptocurrency.

bttmember

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I do not think that there is any issue with usdt at the moment, millions of people are trading it without any issue for years, even if some authority closes it there will still be given an exchange option with a time frame so everyone will be able to exchange it to other stable coin or any crypto of your choice. Still if you do not feel confident about usdt i suggest you to not trade or hold it, you can use alternatives that luckily you are already using so all good.

betty11

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I seldom keep my fund on USDT and any time I do, it's for a short-term just to beat the bearish market, and will always return back to BTC or my desired altcoin. The fear of coin mooning and I missing out makes don't stay on stablecoin for long.

FanEagle

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USDT is not really a "coin" the idea that they have is its basically a "tether" as in it is representing something and not really a thing itself. Bitcoin is a coin and ethereum is a coin all because they are something of their own without really being relying into anything else, USDT is not because it is basically a representation of US dollar, which is why it is widely accepted as 1 USDT equals to 1 USD itself.

I don't understand how they managed to make sure that people actually accept that, I mean there were plenty of other business with that mind that didn't worked, but for some reason this actually worked out quite fine without a trouble. I really hope that people would finally see USDT for what it is and the company behind it because I do not trust them, why would I trust someone saying 1 usdt equals 1 usd when in reality we know that it is not backed 1to1 ratio? I don't.

mu_enrico

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USDT can protect you from crypto volatility only. It cannot protect you from business risks and embezzlement. IMO if you want to hold USD, just use the real one. Also, remember your USDT balance in the exchange is affected by inherent risk from Tether Ltd and some exchange Ltd.

Rosilito

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Quote from: Btcbeginners on April 07, 2020, 05:06:32 AM

Currently, USDT daily trading volume is over the Bitcoin trading volume and fourth highest market cap according to Coinmarketcap. My opinion is We can't trust the centralized stable coin to keep the money. Also, news around the USDT is not good, and it may be shut down by the authorities.

What is your opinion about the USDT coin?

I use the DAI to keep the stable value & will shift to the SAI in the near future where the money I'm not investing.

As being mentioned USDT or not, stablecoins or not there are no guarantees here to satisfy your thoughts about not losing. However, I won't recommend it but the practical usage of it may come in time sooner, you might just not need it for the mean time. Opinions here are totally diverse, you might get yourself confused. Either way, it would still be up to you whether to pick this up or not. But keep into consideration the suggestion/opinions here, so that you'll at least have foundation to back up your thoughts.

ethereumhunter

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I am good with USDT and the other coins Grin

You don't have to trust USDT or another coin, but you must trust yourself in making a profit, that is the important thing. You can use anything in crypto, whether its USDT, DAI, USD or else. As long as you can make a profit and keep making money from crypto, that will be fine. And if you want to use crypto as payment, you will have many options to be used, and you can use it without a problem.

USDT and the other stable coins can be your saviour when the market is down, so you don't reduce your money value, but if you still hold bitcoin or altcoin, you will see the value will be up and down, and for some people, that can make them frustrated.

danherbias07

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Soon it will drop. So don't stay that long with that coin specially in an exchange.
You don't want to get caught in it during the deletion of this coin.

What you can do to maximize the usage of it.
Yeah, just keep on making profits by BTC or whatever pair with USDT you prefer. Stay there.

thiscomm

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I think this is due to the spread of this alarming virus. all crypto users choose to sell all volatile crypto assets such as bitcoin and ETH, then they buy stable assets like this USDT. when the market still looks bad investing in stable coins may be the best way to reduce the amount of loss in assets and coupled with the many POS programs that have begun to run. I do not know whether the program is POS or just a Ponzi scheme, but I see many people who follow the program. and I am sure when all things improve and the world economy has returned they will return to invest in fluctuating crypto again. and prices will soon improve.

casperBGD

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Quote from: Btcbeginners on April 07, 2020, 05:06:32 AM

Currently, USDT daily trading volume is over the Bitcoin trading volume and fourth highest market cap according to Coinmarketcap. My opinion is We can't trust the centralized stable coin to keep the money. Also, news around the USDT is not good, and it may be shut down by the authorities.

What is your opinion about the USDT coin?

I use the DAI to keep the stable value & will shift to the SAI in the near future where the money I'm not investing.

if you question usage of USDT, which is as you mention on fourth place regarding market cap and has highest trading volume daily, how can you trust other coins that are used much less than USDT?
all crypto industry is made to be trustless, but there was a number of scams in the industry during last five years, and people do not trust anyone with new projects and ideas, DAI is good, i also prefer to use DAI and ETH, but cannot say that i trust DAI more than USDT, and DAI has smaller number of exchanges where it is listed, which is obstacle for trading

Kaliecious

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in my opinion there is no completely safe crypto including stable coins such as USDT, DAI, USDC and so on.
I use USDT only to measure my trading profits after making a profit I sell it to local Fiat so it's safer.

0verseer

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Quote from: nreal on April 07, 2020, 06:07:48 AM

For me in the cryptocurrency space, no money is 100% safe, so is USDT. Although since the USDT was created it has a lot of bad news but it is the most widely used stable currency, and for me USDT is just a currency to avoid volatility not to invest so I do not keep USDT long time.

#2 best post. Yes, there is nothing safe in cryptocurrency, that include USDT or so-called stable currency.
Use USDT as short term hold, cash out, trading pair,... and never think it's safe. Only cash in your hand is the ultimate.

tbterryboy

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To "use" tether, you do not need to trust it. So, you may make use of it for your trading like for locking profits from cryptos and to buy back cryptos. But, never ever plan up to use tethers for long term holding. Because, tether is issued by some company and they may face legal problems at any times. Still, as of now it is proven that tether is safe to use.

I am using usdt while I am selling my bitcoins in P2P platform. The maximum holding period of usdt is 1 hour to 3 hours so I guess I am making use of tether in safer mode.

Retainly_Collie

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USDT is like USD, so you can trust and hold it whenever the market collapses. Over the years USDT has had a lot of FUD but it does not cause USDT to die, even it helps USDT grow every day.

Cnut237

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Quote from: Btcbeginners on April 07, 2020, 05:06:32 AM

news around the USDT is not good, and it may be shut down by the authorities.

This has been the case forever. There is and always has been controversy over Tether and whether it is actually properly backed, amongst other things. I don't think it will suddenly vanish or deviate substantially from the peg.

Quote from: Btcbeginners on April 07, 2020, 05:06:32 AM

I use the DAI to keep the stable value & will shift to the SAI in the near future where the money I'm not investing.

Other stablecoins are probably just as good as USDT, or maybe better. But if you are using it for trading, you want a high volume market where there is not a huge gulf between sell and buy orders. The gap is a built-in loss that you have to beat in order to profit from a trade. The smaller the gap, the less you have to overcome. USDT markets are often high volume. Choice of exchange is also important here, obviously.

I would say USDT is fine to use short term, but as others have said, don't keep money in it (or on exchanges) long-term.

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