Bitcoin Forum

With all the FUD surrounding Tethers, and the lack of official responses from Bitfinex only fanning the fire, I'm wondering how long it will be until there is a more trustworthy way to hold USD tokens in the blockchain sphere during times of market volatility?

You should check DAI.
"Dai is a cryptocurrency that is price stabilized against the value of the U.S. Dollar"

The release of Tethers' Tokens is promoted by the growth of market capitalization. If before there was enough small number of Tokines, now many fix profit. And to meet the market's need, print additional Tokens Tethers.

Only other alternative is going to be using an exchange which actually has USD to give you when you sell your bitcoins, as this is something which Coinbase/ GDAX has and this is FDIC insured, obviously making investors feel a lot safer when they're sitting on the sidelines waiting to see if they should trade.

I'd rather have actual USD, then some shitty coin which is printing more and more tether as they please. Plus the fact that they've never been audited (tether) and who knows if they're able to be trusted.

I’m also skeptical of “stablecoins” like Tether. There is another recently hyped project called TrueUSD that supposedly leverages trust laws to be compliant with banking regulations and to offer transparency for auditors. But like Tether, they are trying to avoid enforcing KYC for using the tokens. You just need it for USD redemption. That sounds no different than Tether to me. If it gets big enough, it’ll face the same problems (regulatory fears, banking blockades).

"Tether has "dissolved" relationship with auditor Friedman LLP, according to spokesperson for the company behind $USDT token. Story to come." - from official Coindesk twitter. The problem with Tether becomes graver every day.

Full story: https://www.coindesk.com/tether-confirms-relationship-auditor-dissolved/

I think the Tether is a not so much coin worth as the USD , is the coin used to trade in this market. We can see the dollar is constantly fluctuating but not much so you can be flexible in switching between coins with USDT.I believe USDT is a safe choice, as well as a great solution to help us in the trade.

There are several coins can be used and function as USDT.. They are TIMEKOIN and NUBITS. These coins pledge to keep their price align with the current price of US dollars.

If you don't want to hold tether then the only way for you is to trade it to USD on exchanges that have such option but then you are risking to get extra troubles with KYC or bank withdrawals. There is no such thing as a stablecoin in a free market. The price is either determined by the market or you will always have a risk to lose liquidity and all your money after different changes. This is a simple economic rule.
Tether is the largest stablecoin. Devs are claiming that they still have good reserves of USD and the coin have a good exchange behind itself. Yes, it have troubles now but if USDT fails then it will just prove that stablecoins can't survive in the free market for a long time (none of them).

maybe just trade only on exchange which backup with real USD such as Coinbase, Bitstamp for now. Until all this situation with tether resolved.

GLOBCOIN is starting to gain fame as a USDT alternative. It's also asset-backed, it's linked to fiat, it's stable.

Check them out.

Am I the only one who doesn't understand the actual need of tether? If you want fiat money, why not using the 'real' USD instead?

It seems to me the reason people use Tether is for a way to hold US dollars without holding US dollars and still be in the market of cryptocurrencies, if they had to use US dollars they will need to receive a deposit in their bank accounts and many people are not declaring their bitcoin earnings so their banks will begin to press them for answers, however now we are seeing the risks of holding a coin like Tether.

Fully agree with you! If you need for safe alternative, you need to use exchange with USD. USDT is shady coin and I can't trust them. Releasing new coins to market which aren't really backed by USD and all other suspicious activities by Tether. I'm not surprised if one day it will collapse. And due to shady activities with Tether, I'm staying away from Bitfinex.

Exactly!

Hi, There was the first to launch a stablecoin like the USDT but you will see more and better alternatives this year.

You should read: Bringing stablecoins to the next level
https://medium.com/@globcoin_io/bringing-stablecoins-to-the-next-level-357879430b0f

I heared that Teather already fixed all problems and now its good without any red flags or scam alerts i think we can work with them very easy !

that's a good question , after all tether FUD , some markets would said they would change usdt with usd , i'm pretty sure the substitute of tether would be stronger because of the former experiences , and market would be stronger .

Usdt will probaby not pop but also do not worry about it because there is some competitors to tether coming to market  :)

I think this will be new era of fiat in exchange like applying USD in every exchange.
In my local exchanger, i am so easy to withdraw fiat to my bank account whenever i want. I cash out my capital when i need to buy something offline

The one I'm waiting for this year is kUSD by http://kowala.tech

Both decentralized, mine-able and can handle enterprise grade performance (per wp).

Hopefully will launch soon and will be a good alternative to tether and it's USDt currency.

I think that it is worth using the exchange, where there are real dollars. Around Tether there are really a lot of rumors and news, and too many coins have been issued.

as of now, we need the best alternative to USDT. Are Steem Dollars or SBD the ideal choice because of the guaranteed ability to ...n that case, we need the best alternative to USDT. Are Steem Dollars or SBD the ideal choice because of the guaranteed ability to being succes..

yeah i do not really trust usdt to be all honest. I do not even trade with it so if you count your money in btc and not in fiat money usddt is usell anyway in my opinion

that's a good question , after all tether FUD , some markets would said they would change usdt with usd , i'm pretty sure the substitute of tether would be stronger because of the former experiences , and market would be stronger .

And what prevents you from transferring part of the funds to other stablecoins? They are now quite a lot (USDS, USDC, TUSD, PAX, and others). Divide and store in different.

Why use dollars for storage, and suddenly people stop using them all over the world, I suggest going further, or returning back to basics, let's store our savings in food, water, hair, etc., why do we need paper  ;D

Alternative projects that are currently available on the exchanges in general are not entirely transparent since these projects do not conduct an audit. I think that now there will be opinions of people who will be foggy.

Besides USDT, there are many other alternative stable coins on the market, but I don't understand what worries you. The price is equal to the dollar and the coin is stable, of course I do not like that they release their own coins to buy bitcoin, but the essence of the project does not change.