Why not use Tether instead of Bitcoin ? - page 2.

Silberman

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Quote from: tryingtolearn on July 13, 2022, 12:21:03 PM

Why do people not promote Tether instead of Bitcoin?

Is it because there is no money to be made in Tether?

Isn't the whole idea of Bitcoin to have a decentralized network that is useful and fair? Isn't that Tether?

1:1 seems fairer than 1:20,000 ...

You only ask questions but you do not really give us a real reason to use tether, if you like tether so much you have cash, credit cards, debit cards and soon enough CBDCs, why bother with tether since it is a weaker and more flawed version of fiat? Bitcoin is different, maybe you do not like its characteristics and if that is the case then you are free to not like it, but bitcoin is a revolutionary concept which many find way more attractive than whatever form of fiat governments would want to impose to us in the future.

ChrisPop

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This is wrong in so many ways. First of all Tether is backed by the US dollar which is a point of major risk --> takes on almost all the properties of the greenback version.
Also Tether is built upon Ethereum so it depends on another blockchain health. I'm not saying that Ethereum security has not been proven, but we all know that Bitcoin is by far the strongest in terms of network security.

The main idea besides Bitcoin is p2p cryptocurrency that is not controlled by a central party. Tether is quite the opposite being backed by a currency that IS controlled by the US government.

LoyceV

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Quote from: 2stout on July 13, 2022, 12:51:41 PM

Wow, Tether basically goes against all the main tenants of bitcoin and is antithetical to bitcoin. A so called "stablecoin" that isn't much more than fiat in disguise.

It's worse than fiat: it has all the drawbacks of fiat, and on top of that, it's privately created. That means it can lose value because the dollar loses value, but it can also just drop to nothing like UST did.

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Quote from: tryingtolearn on July 13, 2022, 12:21:03 PM

Why do people not promote Tether instead of Bitcoin?

Is it because there is no money to be made in Tether?

Isn't the whole idea of Bitcoin to have a decentralized network that is useful and fair? Isn't that Tether?

1:1 seems fairer than 1:20,000 ...

This two coin are different from each other and we should not compare the two because Bitcoin is not a stable Coin. Bitcoin is a decentralized coin which all other coins depends on the movement apart from stablecoins. Tether is a stable coin which is pegged to USD. It is not volatile like other coins that depend on volatility to make gains or lose. Stable coins are used when the market is not certain or when investors want to keep their fund without allowing it to depreciate in value.

mayfair_coin

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If Tether is involved in more Bitcoin transactions, It can be construed as part of a systemic risk and it is a stable coin not part of the Blockchain system, nor it is centralized,transparent and you will also have to pay fees for its transaction.

dataispower

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Quote from: tryingtolearn on July 13, 2022, 12:21:03 PM

Why do people not promote Tether instead of Bitcoin?

Is it because there is no money to be made in Tether?

Isn't the whole idea of Bitcoin to have a decentralized network that is useful and fair? Isn't that Tether?

1:1 seems fairer than 1:20,000 ...

you have an indirect way you answered yourself. People value and invest in Bitcoin because it is a decentralized currency and it is also an asset so having bitcoin as asset is what makes people to value it and be interested to it. I believe that cryptocurrency he said kind of currency that I appreciate people's funds but not like Tether. Tether is stagnant currency which does not add any value when who did why Bitcoin add values and also reduce values thats why some people do not value it.

so98nn

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Apart from all the above comments, I would say we have “trust” on the bitcoin and tether. The companies already under SEC radar and it has many litigations. Its not about that also, imagine story of LUNA while using tether and then imagine your hard earned or invested money into that asset! However, Bitcoin could really stand up to its fair value and it wont go zero just like that. There are bunch of institutional investment firms whose been holding millions of bitcoins and we have resistance from them. Definitely bitcoin is one step ahead in terms of asset holding and its security of market depth.

Doan9269

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Quote from: tryingtolearn on July 13, 2022, 12:21:03 PM

Why do people not promote Tether instead of Bitcoin?

Why should they do so, aren't they two different things, bitcoin is a decentralized digital currency that works with volatility while Tether is a stablecoin that is fix and pegged to the USD standard rate, stablecoin is not volatile like bitcoin.

Quote from: tryingtolearn on July 13, 2022, 12:21:03 PM

Is it because there is no money to be made in Tether?

I will advise you read about stablecoin and how you can trade with it to realize profit, learning how to trade is another thing entirely you needed to add up as a skill, trading between bitcoin/stablecoin.

Leviathan.007

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That's totally clear, bitcoin is famous and the main reason for the popularity of bitcoin is being decentralized and has a limited supply which is not going to be changed that's a good reason to say bitcoin is transparent when people use it. but on the other side, Tether's supply can change easily whenever they feel they need t and that's just like printing money in the digital way, which is not good, in the other hand whether promised to stay stable and don't change the price against USD over time while we all know the USDT collapsed sometimes ago, this will show how untrustable they are in transactions.

xSkylarx

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Tether is a stablecoin which already tells its meaning, it's value will always be tied with USD. If you want to avoid volatility then putting your money on stablecoins is a good idea but if you are looking for an investment that could be worth long term then put your money into bitcoin. Having both for me is the best option because it balances the risk of losing your investment when market is in unstable condition.

ImThour

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Few differences between Tether and Bitcoin which you could have just got from a simple google search yet I will help you understand.

1. Tether has no max supply.
2. A company that owns tether controls it, how does that make it decentralized?
3. It is just eDollars, pegged 1:1 to actual dollars. What is the intrinsic value? The one we are running away from.

Bitcoin -
1. Limited supply, 21 million.
2. Truly decentralized.
3. Have a demand and supply which increases/decreases price at real time.

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Quote from: tryingtolearn on July 13, 2022, 12:21:03 PM

~ Is it because there is no money to be made in Tether?

When I think about it, yeah that's probably one of the many reasons why I don't promote not just USDT but stable coins in general. There's no real benefit if you would just convert your fiat to USDT and move funds because you can simply do that with fiat. For international transfers, USDT could be faster and (might be) cheaper option than sending fiat since there's no bank interference but it still doesn't fall under decentralized currency as others have said.

davis196

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Quote from: tryingtolearn on July 13, 2022, 12:21:03 PM

Why do people not promote Tether instead of Bitcoin?

Is it because there is no money to be made in Tether?

Isn't the whole idea of Bitcoin to have a decentralized network that is useful and fair? Isn't that Tether?

1:1 seems fairer than 1:20,000 ...

So you think that Tether is decentralized, useful and fair? Are you joking? Read more about Bitcoin and Tether and then come on the forum and start posting. Tether is a centralized fractional reserve shady company. Tether might be the next big reason for the Bitcoin price to go down to 10K USD. Nobody knows whether or not USDT is 100% backed by USD. We've seen other stablecoins collapsing. It's about time for Tether to collapse. Why use Tether, when you could use US dollars. Tether isn't any better than the US dollar.
There's no such thing as a "fair price". The market decides the price. If the price is 1:20,000 then this is the "fair price". It doesn't matter if it's going to be 1:1 or 1:20,000.

pooya87

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As long as PayPal exists which is a million times safer than Tether and is just as centralized, nobody is going to "use" Tether. Your mistake is that you think a centralized token is in the same category as bitcoin but when you realize that the category is completely different then you can compare Tether with other solutions in its own category, namely PayPal (and others like it).

The only usage Tether and similar centralized shitcoins have these days is for traders who want to escape the crashing market using something they think is not going to fall and doesn't need additional KYC. This is why Tether is so popular among altcoin traders.

Strongkored

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Quote from: tryingtolearn on July 13, 2022, 12:21:03 PM

Why do people not promote Tether instead of Bitcoin?
Is it because there is no money to be made in Tether?
Isn't the whole idea of Bitcoin to have a decentralized network that is useful and fair? Isn't that Tether?
1:1 seems fairer than 1:20,000 ...

Because Tether is centralized and controlled by a company it means that your finances are controlled by an institution and they have the ability to do anything with tether, even print more for the benefit of the company, so bitcoin cannot be compared to tether even by other coins

dansus021

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Quote from: darkangel11 on July 13, 2022, 12:40:01 PM

Tether has no cap. You can have a million more next month, or 2 million. They can do whatever they want to do with it since it's not 100% backed in USD, so tether case isn't as simple as you might think.
Also, Tether has a company that makes it - ifinex and it's located in Hong Kong. That's at least 2 red flags for me.
1. Has a physical company and a CEO that can become a target.
2. Company is in China and we all know how Chinese government is.

Third red flag is the company's transparency, or rather lack of it.

I do agree with this 1000% I say I a lot of times too. and there is dozen of thread that discuss about this stablecoin and i don't want happen like LUNA did

and for the op bitcoin is the only one that can make profitable in long run rather than tether and that is cryptocurrency do Grin

yhiaali3

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Let me tell you that Tether is not decentralized, it is completely decentralized, Tether cannot be compared to Bitcoin in any way because they are completely different, Bitcoin is decentralized and has a limited number while Tether is centralized and has an unlimited number, but provided that each currency is secured with the equivalent of 1 dollar in the bank, this is very dangerous if There were no real dollar assets in the bank so this exposes Tether to collapse, Tether in the past has already been subjected to such accusation that there are no real assets that cover the entire currency.
This, of course, is in addition to the main danger, which is centralization.

BitcoinGirl.Club

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Quote from: BitcoinPanther on July 13, 2022, 06:35:38 PM

I agree, Tether had been fined because of their lies about USDT being fully backed by USD. Besides Tether is centralized unlike Bitcoin, meaning the developer can tweak anything according to what they wanted. besides, they(Tether) can blacklist any address anytime.

I had to use Tether for few weeks to have them for a trade. It was hard time and stressful knowing that anytime anything could happen. It was unlikely though that with that short period of time anything was going to happen but you know it's the stress you take. Once I exchanged them in BTC I was in peace LOL

Quote from: adzino on July 13, 2022, 07:01:27 PM

You might also think that it is 100% backed by US dollars, but it isn't. So stop comparing and saying that tether is better than bitcoin.

It's a completely lie. This is a good read.

GreatArkansas

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Quote from: tryingtolearn on July 13, 2022, 12:21:03 PM

(.....)
Isn't the whole idea of Bitcoin to have a decentralized network that is useful and fair? Isn't that Tether?

If you want to avoid the volatility of Bitcoin and you want your funds to become stable, you can convert it to Tether USDT.
I can see these situations in most of the traders, they are mostly doing it in exchange for where most of their funds are stored in exchanges.
So, some also transfer it to their personal wallet after converting.

adzino

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Quote from: tryingtolearn on July 13, 2022, 12:21:03 PM

Why do people not promote Tether instead of Bitcoin?

Is it because there is no money to be made in Tether?

Isn't the whole idea of Bitcoin to have a decentralized network that is useful and fair? Isn't that Tether?

1:1 seems fairer than 1:20,000 ...

It is not the same at all? It is not as decentralized as you think. Tether is owned by a centralized company. I guess you didn't know that they can even freeze your wallets, reverse the transaction and remove your funds anytime they want (like banks can freeze your funds and bank account)? Google "tether freeze funds" and you will know what I am talking about. You might also think that it is 100% backed by US dollars, but it isn't. So stop comparing and saying that tether is better than bitcoin.

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