Bitcoin Forum

I would like to propose a wager. If USDT is a scam or collapses, then its USD value will fall to near $0.

If 1 USDT is ever worth less than $0.50 USD at any point in time from now until one year from now, I will pay you 0.01 BTC. If USDT does not collapse within that time, you will pay me 0.01 BTC.

I am willing to do this wager with as many people as are interested.

We will send our money to an escrow service (preferrably condoras), and if you want to make a higher amount wager, I don't mind drafting a smart contract in ETH.

I think there is good number of websites for online bets, why not you try one.

Escrows here are more trusted, and the odds will always remain 50/50 on this bet. Plus, terms can be negotiated.

It's the US Dollar that is the scam. Unbacked and unlimited coin supply.... the printing press.

They don't promise you anything. If anything, it is a well-known fact that your US dollar will, without fail, depreciate in real value year-by-year. I don't see how it's a scam.

I believe that bitfinex and tether have a finger in dominating the market and that bitcoin prices are exceedingly a swollen.

The main point about that, the real dollar has been generating by regulators while at the same time tether has been produced by unknown people or i can say about printing money without any regulation behind it.
But it may better if we are waiting for the result of tether audit if the team can prove the real reserve fund to backed tether as USDT and it will be good news. But i was feeling pessimistic about that.

People has the misconception that 1 USDT is equal to 1 USD. But USDT is not backed by USD and is not redeemable against USD. The company had never been audited and never had never proved that they have USD to back the USDT.

More discussion on the "scam" here.
https://www.reddit.com/r/CryptoCurrency/comments/6y8c3m/tether_has_the_potential_to_bring_down_the_entire/

Whether it's backed by USD or not is irrelevant. Can you redeem USDT for USD, or vice versa, at any point? Yes? Then where's the problem? If you think this "scam" can crash the market, then why not put your money where your mouth is?

Well you see that there are very dark things behind, it would be good to see more transparency on the part of the developers, and open more reliability of this asset, because beyond any other condition, it is very useful to manage the falls of the btc and other altcoins

Yes. I think USDT will harm the crypto in some day. USDT is a centralized currency found by a company.

If most of exchange based on a centralized currency and the company has some problem. It will a bomb to the crypto.

Saying that USDT is "bomb to the crypto" is a very grave logical fallacy. The proportion of the cryptocurrency market that USDT encapsulates is hopelessly tiny (a billion dollars may be a lot to you, but it's nothing when compared to the whole market cap and the monthly trading volume). Hypothetically, even if USDT were to collapse to $0, the effect on the crypto market would be harsh, painful, but short-lived - and certainly not disastrous to crypto in any significant way. Even that hypothetical assumption is very far away, because history tells us that USDT will always be (near) 1:1 redeemable for USD, and I believe it will be this way forever. Time will tell who is right.

I don't understand the point of your thread. Like someone suggested there are a lot of betting sites where you can wager. Or are you trying to prove that Tether is not a scam or something? I for one will wait for audit results to surface.

There is no betting site that has a similar bet with sufficient odds and/or liquidity. I am not affiliated with USDT but I am affiliated with winning bets.

I think USDT will not collapse in a year, although I will not bet with you, because many countries do not allow fiat trading, so USDT will become a substitute.
Let's think that when all the coins are down, we can only convert them to fiat at this time, but USBT is the only way for countries that can not trade with fiat.
So I think USDT will not crash as long as bitcoin does not collapse.

because it is claimed by its creators to be backed by one dollar for each token issued that make the price are quite safe for trading, so I guess it definitely will not collapse or scam. sometimes trader need to backed by usdt for saving money from volatile cryptocurrency chart.