Would you trust COINBASE or USDT TETHER to store 10k USD?

stompix

legendary

Activity: 2912

Merit: 6403

Blackjack.fun

Quote from: COLT601 on December 22, 2017, 09:15:16 PM

Going forward I want to have $10,000 USD available at all times to take advantage of significant crashes...like we've been seeing over the past two days.

The question is which is more secure...

storing $10,000 USD on coinbase or buying $10,000 USD worth of USDT Tethers and moving them to a wallet? I've heard a lot of things about Tethers being made out of then air.

Yes, you heard it right.
Tether is made out of thin air and can co to zero in no time.
People are for now just blindly trusting a shady company involved in a few dubious affairs that claims it will keep the price at 1$.

Of course, coinbase is not a bulletproof exchange and it might get hacked or "hacked" but still it is miles away in terms of trust.

Personally, I wouldn't hold my coins in either but if I had to choose it would be coinbase, no doubt about it.

Walrus1

member

Activity: 182

Merit: 20

Yup I have just under 10k now at coinbase in usd. From what I read the usd is FDIC not any coin of course. I'm slowly buying on coinbase now, prop around a thousand or so and see what happens.

squatter

legendary

Activity: 1666

Merit: 1196

STOP SNITCHIN'

Quote from: COLT601 on December 22, 2017, 09:15:16 PM

Going forward I want to have $10,000 USD available at all times to take advantage of significant crashes...like we've been seeing over the past two days.

The question is which is more secure...

storing $10,000 USD on coinbase or buying $10,000 USD worth of USDT Tethers and moving them to a wallet? I've heard a lot of things about Tethers being made out of then air.

Coinbase is better for holding USD. They're licensed and compliance-minded, and USD is kept in FDIC-insured bank accounts. If they get hacked, the vast majority of their holdings are apparently in cold storage, so I think they would be unlikely to go under.

Tether is a different story. I would be careful holding USDT for long, if ever. The legal status of USDT is unprecedented, and they've been pretty opaque about their banking operations. In fact, I don't think they've been redeeming USDT for USD for a long time. I'd stick with a licensed exchange for holding fiat and having low buy orders set.

ohlawdy

full member

Activity: 259

Merit: 100

- "Bitcore (BTX) - The Future is Now"

I don't see why you would want to , maybe you trust them but i trust myself more.
Even if you trust them they still can be hacked. Just look at what happened before to numerous exchanges and how much money was lost then.

mk4

legendary

Activity: 2870

Merit: 3873

Paldo.io 🤖

Personally, I'd trust USDT slightly more. I don't trust coinbase as a company, as I could possibly see them locking up my account for some reason on times I need my funds. Though I don't trust USDT either, so personally I'd only hold USDT a week maximum.

If your country is supported, I'd probably use Gemini instead.

baradfo

full member

Activity: 232

Merit: 105

Tether I don't know too much about, but I don't see why you would want to keep it on an exchange in order to trade. The mantra is to never keep things on exchanges due to the Mt. Gox and other debacles. With that said, Coinbase being an exchange and a "crypto bank" (of a sorts) you could keep the cash there and there is a modicum of security as they are under the eye of the government now and they don't have a history of stealing money, that I'm aware of. The only issues that I've seen with Coinbase is they sometimes have issues with logging in and/or transacting in times of great stress. To counter this they are hiring on several engineers and extra personnel in order to improve their service.

So take that how you will. Just make sure to make an educated decision and understand the risks before you do anything.

COLT601

newbie

Activity: 81

Merit: 0

Going forward I want to have $10,000 USD available at all times to take advantage of significant crashes...like we've been seeing over the past two days.

The question is which is more secure...

storing $10,000 USD on coinbase or buying $10,000 USD worth of USDT Tethers and moving them to a wallet? I've heard a lot of things about Tethers being made out of then air.

Topic: Would you trust COINBASE or USDT TETHER to store 10k USD? (Read 215 times)