Will Tether go into crisis like XRP? - page 3.

batang_bitcoin

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Quote from: kolesozw on January 23, 2021, 12:21:32 AM

Quote from: batang_bitcoin on January 22, 2021, 12:54:58 PM

Quote from: kolesozw on January 22, 2021, 01:21:13 AM

Oh boy, it's getting interesting for Tether. Should we switch to USDC or any of the other stablecoins?

DAI would be the next good choice instead of another centralized stable coins.

I agree with you that DAI is a much better choice than centralized stablecoin. The problem I'm facing is that 99% of the exchange trading pairs are XXX/USDT, and keeping my stable coins in DAI will add another 0.1%/0.2% in conversion fees. It sounds like a small amount, but it's adding up when you are trading daily.

Still, I will follow the news closely and gladly pay the price if Tether will bust.

It's your basis and you know what to do in that situation.

Quote from: ?? on ??

XRP case is different because in the XRP case the price also crashed in downward direction so much so that is lose double it pruce, but tether is still maintaining a good and reasonable price.

Tether will actually retain its price no matter what as long as it has no issue that has been affecting it except the one that they're dealing with. It's rare to see a stable coin drop in price but AFAIK, there were a few ones that had drop its prices even being made as a stablecoin.

Bitstar_coin

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I didn't know tether is having problems with the sec, I hope it is not something serious enough to result to them getting delisted in exchanges like xrp because that will be the beginning of a big problem, in any case, thanks for the heads up, I have some of my funds in tether so I guess I better pay more attention from now on.

kolesozw

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Quote from: batang_bitcoin on January 22, 2021, 12:54:58 PM

Quote from: kolesozw on January 22, 2021, 01:21:13 AM

Oh boy, it's getting interesting for Tether. Should we switch to USDC or any of the other stablecoins?

DAI would be the next good choice instead of another centralized stable coins.

Quote from: hugeblack on January 22, 2021, 04:35:20 AM

but it is wrong to use them for long-term hodling.

Correct. I won't use it for long term holding especially if it's USDT that has a very active issue since years ago. It's best to choose those stable coins that don't have much issue such as DAI which is decentralized.

I agree with you that DAI is a much better choice than centralized stablecoin. The problem I'm facing is that 99% of the exchange trading pairs are XXX/USDT, and keeping my stable coins in DAI will add another 0.1%/0.2% in conversion fees. It sounds like a small amount, but it's adding up when you are trading daily.

Still, I will follow the news closely and gladly pay the price if Tether will bust.

GreekCoiner

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What does Tether (USDT) stablecoin has to do with the XRP altcoin? XRP was created by Ripple and they were controlling 100% of the supply when it started. They made millions by selling this token to the people and THEY ARE STILL SELLING without stop on the market despite the legal issues.
Ripple guys became rich while XRP, which is a nice blockchain project I can say, couldn't hold any high it reached.

From the other hand, USDT is a stablecoin. They minted tokens based on their USD holdings (at least that's what they claim they did).
There are other stablecoins too if you dont trust USDT. Use DAI, USDC, PAX, BUSD etc.

heyhat

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It seems so, unfortunately. Though they prepared 2.5 million page text to defend themselves they probably have too many defects and SEC knows it. But Tether cooperates more than Garlinghouse and XRP. So, they may solve the problem easier.

1l1l11ll1l

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Quote from: eckmar on January 22, 2021, 03:48:50 PM

I think its possible. They don't have 1:1 dollar backing. They are printing more and more of USDT without backing. Its just a matter of time

Yes, this has been a very hot issue lately. And I guess if they can't prove it, of course they are in pretty big trouble considering that Tether is a "stablecoins" that has almost twice the volume of bitcoins

eckmar

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I think its possible. They don't have 1:1 dollar backing. They are printing more and more of USDT without backing. Its just a matter of time

ElaineGanda

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I think no. Because first, tether and ripple have a different scenario with regards to their current situation. In the case of ripple, they have an unresolved issue with SEC which is why ripple is experiencing some crisis. On the other hand, tether has no problem with their project in general terms. So, I find it nonsense if we will compare the two projects/coin.

IkonaDro4ku

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I think USDT will be fine. Although it cannot be ruled out that the price may go lower remember this has happened before.

ScamViruS

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Quote from: Ken_terrance on January 22, 2021, 02:07:39 AM

Don't compare XRP with USDT because USDT operates legally through and through in some cases, this isn't the first time that USDT will face the law and everything went smoothly, as for XRP nothing like this ever happened

Tether is not fully clear. Much of the USDT's information is still hidden for ordinary crypto users. The promise they make to print 1 USDT for real 1 USD is much questioned by many. Are they really printing that amount of usdt with real USD reserve? If they do not do it right then they are doing illegal things. And if they do illegal things, there must be problems. Because the reality is that there is a real impact between the crypto market and crypto users.

So now I think the SEC should look harder on usdt, it will make the crypto market more secure.Altcoin means risk exists which is the real reality.

Clement Kaliyar

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Quote from: ivankoh on January 21, 2021, 07:28:11 PM

It's not just XRP that is having problems linking the reason the SEC reporting on a source doesn't verify over data. Tether also goes into issues to interact with the dispute with Bitfinex.

Tether is a controversial coin in the eyes of the authorities way much before XRP came under fire and the cryptocurrency enthusiast especially bitcoin enthusiast were against XRP simply because of its centralized authority and you need to expect Tether coming under fire right now or in the future as they are always shady with the way in which they create coins out of thin air without any transparency especially when the market shows signs of a rally.

bekti3

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I'm not sure if Tether will experience something similar to Ripple's current fate. Tether has a huge force in the market and has been a huge conversion in bitcoin pairs over a long period of time. with the same link between Tether and Ripple, would this be dangerous? perhaps for now it will appear to be still in the realm of safety.

batang_bitcoin

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Quote from: kolesozw on January 22, 2021, 01:21:13 AM

Oh boy, it's getting interesting for Tether. Should we switch to USDC or any of the other stablecoins?

DAI would be the next good choice instead of another centralized stable coins.

Quote from: hugeblack on January 22, 2021, 04:35:20 AM

but it is wrong to use them for long-term hodling.

Correct. I won't use it for long term holding especially if it's USDT that has a very active issue since years ago. It's best to choose those stable coins that don't have much issue such as DAI which is decentralized.

Eddyc

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Stablecoin is neutral in trade and has no evidence of fraud, speculation or commercial dramas. The market and fluids is a variation of $0.02 more or less and therefore the name itself guarantees stability. However Tether represents the American dollar in the world of crypto and maybe the only crisis that can happen is the American government to create norms and rules of purchase of the same but that will hardly happen. Now XRP has violated some market rules and hid some information from the main American monetary regulatory body and the process is ongoing.

hugeblack

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All altcoins have some degree of risk. Unless there is a currency well based on proof of work, we cannot describe that we are safe when used or that it is decentralized.
Ripple is one example of a central currency. When we talk about a central currency, the regulatory problems must be taken into consideration.
USDT is a central currency, Therefore, the problem will happen soon or later. It is best to use stablecoins within central platforms when you want to stabilize the price and make profits, but it is wrong to use them for long-term hodling.

Shallow

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The issue with XRP started from small talks, or rumours and many people aired their opinion on how big XRP is and so on, but today they are having still issues with SEC which is yet to be solved and which people are yet to understand how everything will turn out, even at that, exchanges have started making moves towards it. Therefore in the case of Tether, remember for a long time there have been talks or fud about Tether, and no one knows the truth, and today they are gradually going the path of XRP. In my own opinion, it is better to be safe and not take chances, I don't know what will become of Tether at the end, no one knows if everything will end up in favour of Tether, hence in order not to be caught off guard, I think it's better using other stablecoins for now till everything calms down, at least you can still use other stablecoins to achieve whatever you want to achieve.

Ken_terrance

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Don't compare XRP with USDT because USDT operates legally through and through in some cases, this isn't the first time that USDT will face the law and everything went smoothly, as for XRP nothing like this ever happened

kolesozw

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Quote from: rhomelmabini on January 21, 2021, 08:28:02 PM

Not until we see some light about this lawsuit more like we should await from the NY Attorney General for 30 days again and this is now or never for Tether https://www.coingeek.com/buckle-your-seatbelts-ny-attorney-general-to-decide-on-tether-in-30-days/

Quote from: ?? on ??

I guess tether won't go into crisis like xrp. Because if I am not mistaken, they defended very well and put everything forward as far as I have heard. Tether will bypass this process smoothly without fraying and without problems like xrp.

It isn't everyday a Tether or XRP day they may have defended in the past but somehow there's some ruling to follow.

Oh boy, it's getting interesting for Tether. Should we switch to USDC or any of the other stablecoins?

IF US NY Attorney hits Tether, the whole crypto world will suffer big time...

asriloni

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Quote from: ?? on ??

I guess tether won't go into crisis like xrp. Because if I am not mistaken, they defended very well and put everything forward as far as I have heard. Tether will bypass this process smoothly without fraying and without problems like xrp.

Tether was much more transparent compared with XRP. Tether was also never doing the illegal security token offering to get the money from the investors unlike XRP that has been doing billions illegal security token sale. That's why SEC was aiming ripple rather than tether, it's very bad to see that people didn't even understand about the main concern that has become the main problem for XRP.
It's clearly stated by SEC too. IDK why people are keep hoping tether will be sued by SEC. We will see that in the next 30 days.

rhomelmabini

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Not until we see some light about this lawsuit more like we should await from the NY Attorney General for 30 days again and this is now or never for Tether https://www.coingeek.com/buckle-your-seatbelts-ny-attorney-general-to-decide-on-tether-in-30-days/

Quote from: ?? on ??

I guess tether won't go into crisis like xrp. Because if I am not mistaken, they defended very well and put everything forward as far as I have heard. Tether will bypass this process smoothly without fraying and without problems like xrp.

It isn't everyday a Tether or XRP day they may have defended in the past but somehow there's some ruling to follow.

Topic: Will Tether go into crisis like XRP? - page 3. (Read 574 times)