Topic: Tether/USDT verification (Read 7153 times)

https://www.onebitcoinbuy.com/tether-usdt-price-chart-coin-market-cryptocurrency.php

Tether Price Chart, Market Cap, Index and News - Investing

 

the 50k thing is a well known requirement. are you anywhere near that? if not then there's no action for you.

i'd love to know of anyone who isn't one of their 'institutional investors' who did manage to withdraw 50k. i've never heard of one yet.

OK I have an update about my experience with tether.to and accounts there:

Firstly, the good (and, given the above, surprising) news — out of the blue my account was verified in the last fortnight. The entire process took about ~5 months rather than the longer wait that I had anticipated given the apparent slow progress of accounts clearing each day. So, on the face of it this was great news and also my account was simply verified with no iffs and buts (no need to re-upload this document or that etc.). So, I assumed I was good to go and would now be able to log into my Tether account and cash out any tether tokens direct to my bank account (which was linked up as part of the original verification and KYC set-up). I logged into my account and yes, it also said I was now verified there.

Now the bad news - in the withdrawal area there was a new message:
"Withdrawals are currently restricted. Due to regulatory and banking limitations, withdrawals are restricted to verified corporate customers requesting 50k or more which are not in a restricted location. If you believe you can meet these requirements email [email protected] with your request information/details."

WTF!?

By the way, I'm in a European country (sorry to be vague but clearly Tether people are patrolling this thread) and I don't recall my country being a restricted zone.

To be honest, I now bitterly regret uploading all my ID, banking details, proof of residency etc. Who knows who now has access to that in Hong Kong or elsewhere.

I will update again if anything else occurs.

Are you affiliated with tether.to ? You make it sound like it...

I have been "in review" for several months and i am starting to get a bit frustrated...

Does you, or anyone, have any updates on the situation? As far as i can understand, even if i am approved succesfully, the features are limited at the moment due to some banking issues?

Appreciate any updates on the situation. I love the idea/concept of a fiat-pegged crypto easily convertable and movable.

Three days later it arrived. It was an error on their end. This whole experience has been one big red flag. They are only responsive via email mon-fri.
Please accept our apologies for the delay, the deposit has been credited to your account.
We utilize an independent scanning solution to notify us of new transactions to user accounts. It appears the notification for this transaction did not come through properly and caused the transaction to get stuck in a processing state.
We fully understand the trouble this may cause you and we hope you accept our sincere apologies for the delay.

Why are you bothering to verify with them? Bitfinex (and therefore Tether) hasn't been able to wire out USD in many months. Not since late March of this year. So verifying now is just giving up your documents to some unknown/unreputable company in Hong Kong -- and they can't even get your money to you.

I would only use Tether to move money from exchange to exchange. I would only hold it for the short term. It's more dangerous than simply keeping funds on an exchange: you are not only exposed to the third party risk of that exchange, but also to that of Bitfinex/Tether.

I'm currently at 2801 in the queue and it seems to be moving at ~15 per day.

No idea wtf is going on there. Currently being number 3805 in the queue and started the process roughly a week ago.

Tether converts cash into digital currency, to anchor or tether the value to the price of national currencies like the US dollar, the Euro, and the Yen. Tether’s blockchain-enabled technology delivers world-class security while meeting international compliance standards and regulations.

I'm surprised someone else doesn't make a clone - $319 million in market cap for USDT - all time high, despite all the concerns.

holy moly there's enough red flags already. i can't believe anyone's willingly choosing to run towards it.

the only people they might be processing for would be whales with taiwanese banking but maybe they're not even bothering with that.

So far they only processed 2-3 applications in last 2 weeks. with 1500 in queue.

So based on this either they are fraud or don't care.
Calculating above takes one week to process per application, It would require over 28 yrs... maybe you unborn kids will be able to use TETHER.

I definitely see the value as a hedge and would love to use it myself, but I'm a bit concerned/worried that it would just disappear or become too illiquid at a bad time.
Thanks for the info regarding the backlog by the way, as well as clarifying that I don't really have to use their site to use the USDT.

Well, if you're talking about doing that via the Tether site itself then it would be difficult given the current backlog of ID verifications (it looks like I'll be waiting months for my ID to be looked at, let alone accepted). However, if you are wanting to do it via somewhere like Poloniex, then that's feasible as things stand and, in fact, I do it all the time. So if I ever want to 'pin' the value of a crypto coin, I can 'cash out' (to all intents and purposes) to USDT at Polo, knowing that the value will be pretty much locked down to a given Dollar value (small fluctuations in the value of USDT aside) then buy back into ETH or BTC or MAID or whatever when I'm more confident of the direction of travel of those coin values. It does all, however, assume USDT is "going nowhere" (i.e. folding) any time soon. Here's hoping as it's a very useful tool for the kind of 'hedge' I describe above.

Could someone brief me on the USDT please?

So far I've just (blindly) assumed that it was another coin that could be traded on exchanges any time with a more or less fixed value of 1 USD/USDT. I was going to make use of this during bear markets, but if that's not even possible without verifying ID then I might just as well sell the BTC for real cash instead? Did I miss anything or are these tokens useless based on this scenario?
If so, what purpose, if any, do these USDT have other than providing fees to the creators?

You waited almost 2.5 months. And you will probably wait much more than this. Because tether has serious problems in united states with banks. The subject was sent to the american courts already.

If I understand your question correctly, you're asking how to get in and out of fiat currency to/from crypto currency. The most reliable way I have so far found is to use CoinBase (which I have found to be very good other than a few outages in very busy trading times). So, in a nutshell, you can have any number of different crypto coins (including USDT) at, say, Poloniex, but then transfer them to CoinBase to cash them in (see below for more detail).

Buying crypto using fiat

So, for example, I use CoinBase to buy into LTC, BTC or ETH using fiat (Euros specifically, for me [UK based] as support for GBP is patchy at time of writing although they say they're trying to fix the GBP gateway). They also take dollars as far as I'm aware - but I haven't tried them.

Selling crypto to get back to fiat

I had most of my crypto coins at Poloniex, simply because they handle way more than just LTC, BTC and ETH .... MAID for example ... and Tether if you want to 'ring-fence' (ish) a given crypto value at any point.
However, now that Tether has proved unusable at least for getting back to fiat currencies, when I want to 'cash out' back to fiat, I simply swap whichever coin I want to cash in for ETH, LTC or BTC so that I can send those to my CoinBase account. Once there I can swap the ETH, LTC or BTC back to Euros (or, if I wanted, USD or GBP) very quickly and easily and then send to my SEPA bank account (needs to be SEPA in my case to handle Euros, although they arrive back in my UK account as GBP). It's actually pretty slick and the only thing you have to be careful with, other than getting your wallet addresses spot on, is timing. To clarify, I tend to try to do the swap-out when the price of LTC, BTC or ETH is rising because then, after the wait for the transactions to go through, hopefully I will have gained a bit rather than lost a bit in the ensuing wait. If nothing else, that will offset some or all of the bank/transaction/coin swap fees. For speed, therefore (if there is not a defined upward trend in coin value at time of transactions) it makes more sense to use ETH or LTC as they will be quicker to be confirmed by the blockchains and then any volatility is likely to be less of an impact.

I'm not sure if an affiliate link is allowed here (apologies if not - I'm sure the mods will let me know if not and then one or other of us will remove it) but my CoinBase affiliate link is https://www.coinbase.com/join/5773a4ddd677dc15730007b7 and here's the reason I'm including it other than the obvious: if fiat is used to buy - or possibly sell - at least I think $100 worth of a crypto coin at CoinBase through such a link, then both the newly signed up person and myself will each receive $10 worth of BTC for signing up through that link (so it's a win-win).

Coinbase take bank transfers AND cards, by the way, for buying coins using fiat currency. While their fees are not particularly cheap, I have found their rates when selling back to fiat very fair (unlike the UK banks' fees by the way - they seem rather hefty but it is what it is and C/Base do make it easy!).

Localbitcoins is, I suspect, another way of going to/from fiat but I've never used them.

I hope this helps and, again, let me know if that affiliate link breaks a rule and I'll amend as needed.

wow, since it'll take so much time, seems like mission impossible, is there any other way to exchange USD cash to USDT or btc(same price as Poloniex or Bittrex) ?

Not yet. After just shy of a week since by post above, using Tether's queue numbers this morning I worked out that they're doing only about 6 verifications per day as I had feared. So approval or even any kind of feedback looks like it'll take 8+ months as I said (my queue number is well over #1500). Disgraceful in my view. It also leaves me wondering why Poloniex would support such a thing if Tether cannot be used in the real world for the purpose intended (well, not without an 8 month wait and even that assumes the ID verification is accepted first time).

do you get approved? I have the same idea as you, I wanna exchange USD cash to USDT, and then move to Poloniex, buy BTC or ETH etc and withdraw to my country, sell them and  get money...

but the verification is so strict ,  I haven't uploaded it because I gonna apply for a CityBank card first.