Topic: Tether Seems like Sound money (Read 459 times)
Anyone praising stable coins, especially USDT should burn in hell for all the eternity+1day.
I suggest you take a look at the wallets blacklisted by Tether (https://dune.com/phabc/usdt---banned-addresses). Yes, so far they've only targeted money launderers or scammers in response to requests from law enforcement, but they have the authority to do similar things to any wallet because of the authority in their smart contracts. So, they are 100% diametrically opposed to the original philosophy of cryptocurrencies. By the way, yes, I use them, but I don't think they are solid money...
Sounds more like Fiat to me. People are blind enough to realize this, as they're only focused on making money. Crypto has moved away from its original purpose long ago. I'm starting to believe Tether/USDT is the US' next CBDC. It could replace paper money as we know it. We'll see.
For those concerned about Tether's "blacklist" feature, there's a decentralized alternative called DAI. It hasn't censored addresses from spending DAI tokens since day one (AFAIK). The challenging part would be maintaining its 1:1 ratio with the US Dollar in an event of a major market crash. Nothing is guaranteed to last forever. So I'd proceed with caution just to be safe.
As already written above, the main problem of USDT is the possibility of freezing.
But this is not relevant for all blockchains.
But this is not relevant for all blockchains.
This possibility is kinda expected, they had to do that to be allowed to operate. Otherwise, they'd face a lot of problems with governments.
As long as we did not do something illegal, a blacklisted trait owned by tether is not a major issue; hence, we should be worried about that only if we did something unlawful. The government constantly orders the centralized firm to guarantee the safety of its users. One of the preventive measures possessed by tether to freeze the wallet used to gather the dubious money.
That function, which tether is developing, guarantees the offenders won't be able to spend the money from their crimes. In summary, "one of tether's concern to its users".
I suggest you take a look at the wallets blacklisted by Tether (https://dune.com/phabc/usdt---banned-addresses). Yes, so far they've only targeted money launderers or scammers in response to requests from law enforcement, but they have the authority to do similar things to any wallet because of the authority in their smart contracts. So, they are 100% diametrically opposed to the original philosophy of cryptocurrencies. By the way, yes, I use them, but I don't think they are solid money...
Well yes I still do think tether is the best of the stablecoins. And now Tether has a new gold backed stablecoin pegged to the US dollar.
It is called Alloy aUSDT and it is mintable on the new Alloy from Tether platform. https://cryptoslate.com/tether-launches-synthetic-dollar-ausdt-backed-by-physical-gold/
It is called Alloy aUSDT and it is mintable on the new Alloy from Tether platform. https://cryptoslate.com/tether-launches-synthetic-dollar-ausdt-backed-by-physical-gold/
It cannot be denied that Tether is the best investment of all time, where Tether is very stable and its value always follows USD movements, and Tether is an altcoin that can be a security for crypto assets, where if the crypto market is experiencing chaos or the price value is very unstable, then tether could be the best solution to be able to secure your crypto assets, namely by exchanging your assets to tether.
Just remember: "What goes around, comes around". Tether's rise to glory could all come down to an end if something unexpected happens in the future. After all, empires don't last forever. Who would've thought a big and mighty exchange like FTX would go all the way down the drain in an instant? The same can happen with Tether in the long run. I'd proceed with caution, especially when Tether has been unable to prove its USD reserves. The company has been increasing USDT's supply without regular audits.
Since stablecoins aren't backed by the government (in this case, the US government), you can lose everything without being able to claim back your money. You're much safer saving money (Fiat) in a bank. Especially if you're an American citizen. Those living abroad would have no other option but to stick with Tether if they want the security and stability of the USD without crossing borders. The future is unpredictable, so I can only hope for the best.
As already written above, the main problem of USDT is the possibility of freezing.
But this is not relevant for all blockchains.
But this is not relevant for all blockchains.
This possibility is kinda expected, they had to do that to be allowed to operate. Otherwise, they'd face a lot of problems with governments.
As already written above, the main problem of USDT is the possibility of freezing.
But this is not relevant for all blockchains.
USDT is a good stable coins and it's the best we have in the crypto space among so many that are trying to get more adoptions just the like the USDC. TEther is also investing part of their funds in Bitcoin and have backups in most of the firms. I know that anything can happen in the crypto market but that should not make us to tarnish a good project now thatbwe are seeing the adoption and features we have and that are available for us. But this is not relevant for all blockchains.
The tether is a structured digital fiat that's projected to scale the values of crypto Coins on stabilities.
So by which you can't have it in your pocket as the traditional usdt under the control of the government since it can't be printed, then it's all hope to be digital currency as well as other cryptocurrencies.
Only a government that has the thoughts of deflating inflations in their countries can implement to indulge in finding investing in the Crypto markets in other to backup the state by which their fiats such as the usd can be valuable and also promotes economy rates.
So by which you can't have it in your pocket as the traditional usdt under the control of the government since it can't be printed, then it's all hope to be digital currency as well as other cryptocurrencies.
Only a government that has the thoughts of deflating inflations in their countries can implement to indulge in finding investing in the Crypto markets in other to backup the state by which their fiats such as the usd can be valuable and also promotes economy rates.
As already written above, the main problem of USDT is the possibility of freezing.
But this is not relevant for all blockchains.
But this is not relevant for all blockchains.
It cannot be denied that Tether is the best investment of all time, where Tether is very stable and its value always follows USD movements, and Tether is an altcoin that can be a security for crypto assets, where if the crypto market is experiencing chaos or the price value is very unstable, then tether could be the best solution to be able to secure your crypto assets, namely by exchanging your assets to tether.
Well even with the shrinking market share Tether is reporting profits for quarter 1. The new record profit for the biggest Stablecoin was $4.52 Billion just in the first quarter.
This profit comes from US Treasury holdings. And gains from Bitcoin and gold investments. https://cryptoslate.com/tether-reports-record-4-52-billion-profit-in-q1-despite-shrinking-market-share/
This profit comes from US Treasury holdings. And gains from Bitcoin and gold investments. https://cryptoslate.com/tether-reports-record-4-52-billion-profit-in-q1-despite-shrinking-market-share/
Well Tether has now invested $200 Million into a biotech firm called Blackrock Neurotech. It is now the majority owner of this start up company.
The company creates brain to computer interfaces. And it implants them to allow people to control computer and neuroprosthetics.
https://finance.yahoo.com/news/tether-makes-strategic-investment-200-041317766.html
The company creates brain to computer interfaces. And it implants them to allow people to control computer and neuroprosthetics.
https://finance.yahoo.com/news/tether-makes-strategic-investment-200-041317766.html
Interesting. This could pave the way for a "New World Order". Maybe Tether invested in the biotech company to force people to pay with implants in the future? It could mark the end of wearables (smartphone wallet app, smartwatches) and credit/debit cards as we know them. Since Tether's main stablecoin is USD-backed, such a move would help prevent the US from losing superpower status. Only time will tell.
While Tether's moves regarding its USDT stablecoin are shady, no other competitor has been able to take down its place in the market yet. USDT is by far the largest and most trusted stablecoin in the world. As long as Tether complies with the regulators, nothing else matters. For true sound money, I'd suggest you consider BTC instead. Even though it's volatile, the cryptocurrency can't be debased or shut down by anyone. Wasn't the whole point about eliminating middlemen and becoming your own bank?
Well Tether has now invested $200 Million into a biotech firm called Blackrock Neurotech. It is now the majority owner of this start up company.
The company creates brain to computer interfaces. And it implants them to allow people to control computer and neuroprosthetics.
https://finance.yahoo.com/news/tether-makes-strategic-investment-200-041317766.html
The company creates brain to computer interfaces. And it implants them to allow people to control computer and neuroprosthetics.
https://finance.yahoo.com/news/tether-makes-strategic-investment-200-041317766.html
We will have more of these stablecoins, it's reported that Ripple will also be launching their own stable coin so I don't know if that's the way for them to pump their own XRP coin as for sure there will be more buyouts of it to move the price just as what Tether did to BTC before.
Ripple to launch U.S. dollar stablecoin, taking on a $150 billion market dominated by Tether, Circle
Ripple to launch U.S. dollar stablecoin, taking on a $150 billion market dominated by Tether, Circle
Of course. Ripple will bring its own stablecoin to try to compete against Tether/USDT. But it won't succeed, especially when the latter has first-mover advantage. Tether will remain the "King of Stablecoins" until it goes all the way down the drain in an instant. We can't say it's "sound money" when it's backed by a private company. Without investor protections or guarantees of any kind, you're on your own.
At least, we have plenty of alternatives to choose from. As long as you refrain yourself from putting all of your life savings into stablecoins, there should be nothing to worry about. Who knows how regulations will shape the stablecoins industry in the future?
Many governments do not legalize Bitcoin. What else to buy bitcoins and use when needed! They think that if they legalize Bitcoin, their country's currency will devalue and corrupt people will be able to easily convert their black money into white money. Because of this, many governments do not want to recognize Bitcoin. But it would be very good if the developing countries buy bitcoins with their reserve money instead of borrowing from other countries and sell it when the price of bitcoin rises and use it for the country's needs. Because we know that during the bull run the price of bitcoin increases a lot.
We will have more of these stablecoins, it's reported that Ripple will also be launching their own stable coin so I don't know if that's the way for them to pump their own XRP coin as for sure there will be more buyouts of it to move the price just as what Tether did to BTC before.
Ripple to launch U.S. dollar stablecoin, taking on a $150 billion market dominated by Tether, Circle
Ripple to launch U.S. dollar stablecoin, taking on a $150 billion market dominated by Tether, Circle
Thanks for stating the essence of stablecoins or tetter, as in the case study, their essence is just to fill a financial gap on the short term, as far as cryptocurrency goes, cryptos are converted to stablecoins to escape prices dump, so when they're in stablecoins, price dip will not affect the trader's capital. Capital is held on the short term in a stablecoins, pending when the owner wants to convert it for usage.
If a local currency is facing depreciation, instead of leaving money in the bank, where it's purchasing power will keep devaluing, a person can save his money by converting it to a stablecoin, to escape their currency devaluation, pending when he'll need to spend his money.
If a local currency is facing depreciation, instead of leaving money in the bank, where it's purchasing power will keep devaluing, a person can save his money by converting it to a stablecoin, to escape their currency devaluation, pending when he'll need to spend his money.
Stablecoins are tied to the value of Fiat, so if the currency they're pegged to falls down in value, it's game over for "hodlers". In fact, stablecoins are much riskier than Fiat because there's no investor protections or guarantees of any kind. You're entrusting a private company with your funds instead of the government. I don't agree with OP's claims that Tether is "sound money". The issuing company has been shady from the start. No regular audits and constant addition of new USDT to the circulating supply (money printing) is a huge red flag for me.
Stablecoins are only useful for trading or when you want to protect yourself against short-term volatility. Did we forget what happened to Terra/LUNA's UST stablecoin? I hope there isn't another major collapse in the future, or investors will lose confidence in stablecoins for good. Lets move on, shall we?
Well yes I do agree with you. Tether is the best Stableoin to hold in your portfolio for alot of reasons.
They keep minting more of them. And have now just minted $2 Billion on the tron network. This is now $6 Million just in past month the Tether treasury has minted.
https://crypto.news/tether-mints-billion-usdt-tron/
They keep minting more of them. And have now just minted $2 Billion on the tron network. This is now $6 Million just in past month the Tether treasury has minted.
https://crypto.news/tether-mints-billion-usdt-tron/
You've missed the point for USDT existing.
Tether or USDT is a tool, something that is created to satisfy a need. That is the need for something that has a stable value (as compared to cryptocurrencies otherwise there is nothing stable) that crypto traders can use to store their capital whenever they want to exit the market or something to use to quickly and cheaply transfer funds between exchanges.
Tether is just filling a gap. It is not supposed to and it can not ever be money. There are a couple of fundamental flaws that prevents it from becoming money. (1) it has no cap meaning it can never be store of value due to its inflation (2) it is pegged to a fiat that also has no limit and has inflation.
It also can not be pegged to bitcoin because it loses its whole purpose! In other words as long as bitcoin itself exists, you don't need something that is pegged to it 1:1 and has the same value. It would make no sense.
Tether or USDT is a tool, something that is created to satisfy a need. That is the need for something that has a stable value (as compared to cryptocurrencies otherwise there is nothing stable) that crypto traders can use to store their capital whenever they want to exit the market or something to use to quickly and cheaply transfer funds between exchanges.
Tether is just filling a gap. It is not supposed to and it can not ever be money. There are a couple of fundamental flaws that prevents it from becoming money. (1) it has no cap meaning it can never be store of value due to its inflation (2) it is pegged to a fiat that also has no limit and has inflation.
It also can not be pegged to bitcoin because it loses its whole purpose! In other words as long as bitcoin itself exists, you don't need something that is pegged to it 1:1 and has the same value. It would make no sense.
Thanks for stating the essence of stablecoins or tetter, as in the case study, their essence is just to fill a financial gap on the short term, as far as cryptocurrency goes, cryptos are converted to stablecoins to escape prices dump, so when they're in stablecoins, price dip will not affect the trader's capital. Capital is held on the short term in a stablecoins, pending when the owner wants to convert it for usage.
If a local currency is facing depreciation, instead of leaving money in the bank, where it's purchasing power will keep devaluing, a person can save his money by converting it to a stablecoin, to escape their currency devaluation, pending when he'll need to spend his money.
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