Topic: Tether publishes transaparency report daily, why is it suspicious stablecoin? - page 2. (Read 197 times)
November 24, 2023, 05:09:19 PM
Probably because it is not stable anymore as it depeg recently this year and that’s why many lose their confidence about this stablecoin. Yes, they are issuing report daily just for the purpose of marketing it but of course those are the data that can still be manipulate, you can’t trust any stablecoin easil because of what happened in the past. There’s still a risk so don’t overconfident and stay alert with the stablecoins.
November 24, 2023, 04:19:52 PM
When you see their Wikipedia page, you may know why they're controversial stable coins. https://en.m.wikipedia.org/wiki/Tether_(cryptocurrency)
I admit they are the most popular stable coin right now, even though there are a lot of controversial, but they are totally centralized. They also lack transparency, despite their claims of transparency. The most dangerous thing and concern is that they might freeze any address with the funds if they want. So that's why they are marked as controversial and suspicious stable coins.
I admit they are the most popular stable coin right now, even though there are a lot of controversial, but they are totally centralized. They also lack transparency, despite their claims of transparency. The most dangerous thing and concern is that they might freeze any address with the funds if they want. So that's why they are marked as controversial and suspicious stable coins.
November 24, 2023, 03:57:07 PM
Tether has been involved in a number of controversial issues in the past that originates from their parent company — Bitfinix. Secondly, Tether has been accused of being too centralized as they can restrict any address at will from transferring or moving USDT tokens on any chains whenever they want. For a project that is heavily integrated into the deep roots of defi, it leaves bitter taste in the mouth of anyone that gets on their blacklist.
Well, that's how all stablecoins work actually. But somehow Tether receives all the hate.
First of all why should we believe this numbers ? It's their own audit and this is not done by a third party and until it's audited via a reliable third party auditing firm we will.not believe in the numbers shared, they can easily manipulate is with these made up numbers which they publish to fool us and to continue gaining our trust that our funds are safe but in reality they will not even have 1/4th of the reserve which they have mentioned and it's a bubble which is gonna burst anytime.
Secondly, Why USDT is getting all the hate? It's simple, because it has the most funds out of all the stable coins and when one talks about stable coin Tether is the first thing which comes to their mind and it's obvious that the more people use it more it would get more exposure and it would go through more scrutiny, which they can shut down by allowing an third party audit.
November 24, 2023, 06:42:03 AM
It has been proven many times that Tether prints a lot of USDT, much more than what they have in dollars in their bank accounts or even the assets and securities in their possession, and this percentage may not reach 5%, so they do not strive to prove that they have sufficient securities to cover 1 :1 As much as they prove that they are able to withstand if a large amount of withdrawal is requested, I believe that although the United States government knows that they do not have enough assets, their cooperation and ban on any transaction makes them leave this currency without imposing fines.
November 24, 2023, 06:30:02 AM
They don't let independent firms audit their reserves. What good is their word if they are lying? The amount they claim to have in their reserves doesn't even make sense, that's 88 billion dollars. They can add or substract a billion in a second which they do it all the time. Doesn't it look suspicious to you?
What you say is like asking a thief if he stole anything in the past.
Lots of shady stuff is going on with tether and hopefully I am wrong about it.
November 24, 2023, 06:23:47 AM
Tether has been involved in a number of controversial issues in the past that originates from their parent company — Bitfinix. Secondly, Tether has been accused of being too centralized as they can restrict any address at will from transferring or moving USDT tokens on any chains whenever they want. For a project that is heavily integrated into the deep roots of defi, it leaves bitter taste in the mouth of anyone that gets on their blacklist.
Well, that's how all stablecoins work actually. But somehow Tether receives all the hate.
November 24, 2023, 02:48:31 AM
Tether has been involved in a number of controversial issues in the past that originates from their parent company — Bitfinix. Secondly, Tether has been accused of being too centralized as they can restrict any address at will from transferring or moving USDT tokens on any chains whenever they want. For a project that is heavily integrated into the deep roots of defi, it leaves bitter taste in the mouth of anyone that gets on their blacklist.
I guess that if they have controversial issues in the past and they're accused of being too centralized, then perhaps this daily report can be aimed at redeeming their image in the eyes of the public. Despite their true intentions for these publications, so far it'll add value and show their transparency to the public, then it's a welcomed development for me. I like the crypto space because of the numerous options that it has, whether it's cryptocurrencies or exchanges, we have plenty to choose from, so if one is not giving us desired value, all we have to do is switch to another one that can give the change we want.
November 23, 2023, 09:45:47 AM
Quote
Tether publishes transaparency report daily,
Don't just take their word for it. The daily data itself is not reviewed by an independent organizations. What you should probably rely on is their Consolidated Reserves Report or what's called the "CRR" which is published quarterly. It's limited and it does not give the a full picture of the companies financial health but at least it's audited independently. 
November 22, 2023, 07:49:45 PM
Tether has been involved in a number of controversial issues in the past that originates from their parent company — Bitfinix. Secondly, Tether has been accused of being too centralized as they can restrict any address at will from transferring or moving USDT tokens on any chains whenever they want. For a project that is heavily integrated into the deep roots of defi, it leaves bitter taste in the mouth of anyone that gets on their blacklist.
I think the reason why people are suspicious about USDT and don't really trust it in the past is mainly because how fast tether is growing in term of market capitalization, we all know that market capitalization of stablecoin coming from the asset reserved by the stablecoin itself, so many people are suspicious as if they are just printing their stablecoin out of nowhere without real asset backing it up therefore the illusory pegged value.
but right now they seemed to be rather transparent about it, therefore many people are just trusting it, moreover because they are among the longest standing stablecoin and the most widely accepted stablecoin people just use it regardless of any rumours.
November 22, 2023, 06:56:38 PM
Tether has been involved in a number of controversial issues in the past that originates from their parent company — Bitfinix. Secondly, Tether has been accused of being too centralized as they can restrict any address at will from transferring or moving USDT tokens on any chains whenever they want. For a project that is heavily integrated into the deep roots of defi, it leaves bitter taste in the mouth of anyone that gets on their blacklist.
November 22, 2023, 02:08:16 AM
I also saw that the link stated the Total Assets amount $91,516,309,356.04, Total Liabilities $88,308,652,878.72 and Shareholder Capital Cushion* $3,207,656,477.32 and the direction is also seen as a positive and proactive measure to address concerns in terms of stability and legitimacy of stablecoins But in my opinion Tether is not a cryptocurrency that we invest or exchange to make money and if we look at its quality and liquidity lately.
November 21, 2023, 11:58:03 PM
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