Bitcoin Forum

There is speculation circulating about the security of USDT dollar parity.

Have you used Tether.to to withdraw USD to a bank account? If so when?

It seems the site looks new to my ears but they I dont hear anything negative nor positive about this site. Just be careful and there are some trusted company that you can use beside this site. So take the risk if you want to use that site.

Just first time that i heard about this site. If your risk taker you can try it you want just try it for a few small amount of usd. Just remember be wise and try to use another sites that trusted enough and done using many peoples. Or you can try paypal if you just want to withdraw  your USD to bank

I'm pretty sure you can't do that.

Here's some reassuring terms from here https://tether.to/legal/

"PURCHASE AND REDEMPTION OF TETHERS: The Site is an environment for the purchase and redemption of Tethers. Once you have Tethers, you can trade them, keep them, or use them to pay persons that will accept your Tethers. However, Tethers are not money and are not monetary instruments. They are also not stored value or currency. There is no contractual right or other right or legal claim against us to redeem or exchange your Tethers for money. We do not guarantee any right of redemption or exchange of Tethers by us for money. There is no guarantee against losses when you buy, trade, sell, or redeem Tethers."

Would you entrust your money to something with those terms? It is however back to dollar parity.

Those terms probably aren't too far off the terms of many other more legit places, but 'more legit' is the key phrase.

I never heard about this site before, I personally think of these as another HYIP. Anyway their terms are so promising but its too good to be true, you can try to deposit a little amount if you are curious about this and also its too early so why not try, they might pay in the beginning but its all up to you. Strike while the iron is hot.  ;D

I have always viewed tether as a sort of thing the ETF for bitcoin was going to do for the bitcoin community.
As in a way to not have worry about if the price of bitcoin goes up or down. The amount you bought them for will stay the same in purchasing USDT as in tether.
I do hope it can be clarified whether this is a HYIP site or not.
Any confirmation as of yet on this?

They are pretty old and was designed to hold same value as USD but they can't guarantee it. Right now there is lots of drama going on specially on bitfinex and poloniex, price per bitcoin is way higher there (in terms of USDT) while in other trading platform price is only at around 1200$ (in USD terms).

This mean right now you can't get 1 USDT = 1 USD.

I understand that the market is trading values differently but Tether.To still claims on its frontpage to support 1:1 USDT to USD bank withdraws.

I am mainly asking has anybody used this service, if so how recently? Are they still honoring their parity claim?

Kraken has opened a USD/USDT market, USDT price now is $0.93 on Kraken and $0.97 on other exchanges. Liqui exchange has stopped USDT deposits, I planned to buy some ICN with my USDT, but get shocked why they did that.

it is not new, it is just that people don't use it that much. it is like a worse version of using fiat. it certainly has some good aspects such as being a cryptocurrency and a little lower fees but i never found any reason to trust a centralized thing which has statements like what @gentlemand quoted from their site or the fact that there is no guarantee the price stays at $1.
i'd rather stick to bitcoin and if needs be directly to fiat.
i accept the higher fees of fiat usage with open arms when it gives me more security.

You're right, that's not possible. Tether might be long running and hence many people trust the system with their money but it is nevertheless a trust based system so if you're into bitcoin's trustlessness that's not something you'd get from Tether USD.

do you trust your bank?

More than Bitfinex? Err, just a teensy weensy bit more. Mine is a trans national institution with hundreds of years of history and insured up the arse. Bitfinex is a bunch of guys sitting around in dressing gowns in internet cafes around the world.

You don't have to trust that your bank isn't messing around with your money or overseeing your transactions or messing around with your personal data to trust that if you leave your money in the bank, you're not going to have it all vanish in front of your face.

On Bitfinex the money is barely regulated, and the same applies to Tether.  Anything could happen at any time.  Banks have so much support it's near impossible, no matter how evil they are.

It was supposed to have the same value as USD (1USDT = 1 USD) and Its no longer the case: https://coinmarketcap.com/assets/tether/#markets
I wouldn't take the risk and use this asset honestly.