Bitcoin Forum

Haven't been checking the news much lately.  But i noticed bittrex now instead of usdt has true USDT?  Can someone explain this?  Also apparently now every coin that couldn't be traded against usdt which is like over 99% of them could not be traded with true usdt?  Is that true or false?  Also what about on binance?  I mainly use bittrex and binance.


Also i assume you can't cash out USD to your bank account like how you could with say coinbase or gemini right?  Or does bittrex or binance allow this now?  If so, that would be huge.  Also wouldn't that mean its easy to calculate trades now since if you have say a coin like lisk and sell it, well you are not selling it for true usdt as oppose to btc and then maybe to usdt?

Its called TUSD. Its basically a new type of Stablecoin.

Right now it only has a marketcap of $40 million or so. And at times the price wasn't pegged to 1 to 1 USD as promised.

Its suppose to be more transparent than USDT and it has more decentralization because there is more than 1 person holding the funds in Escrow at some bank.

Either way, since its a new asset you should becareful and don't hold too much in it.

It runs on the ETH ERC20 token exchange.

Bittrex recently introduced USD market, But It's not for everyone yet. I think in the coming days one will be able to deposit/withdraw USD(Fiat) directly from Bittrex. Read more about it here https://support.bittrex.com/hc/en-us/articles/360004397771-US-Dollar-Fiat-Trading-on-Bittrex-It-s-Kind-of-a-Big-Deal

TUSD just went up around 1.30$ when it gets added to binance and that wasn't good coz it supposed to be around 1$ , but it showed that how people want to get rid of USDT , and they are looking for a substitute , May be Bittrex did the right thing with adding USD instead of that!

Yeah, it is intended for those who can make initial deposit of no less than USD $100,000
And they accept money only from certain U.S. states and from certain countries.
Looks like they are really afraid of being sued or something.
Their bank account is at Signature Bank, all those restrictions could also be imposed by the bank.

I don't think people would actually mind if TUSD goes well above $1, just as long as it doesn't go lower than $1. The price spiked up to $1.30 just because the demand was high and buy orders flooded in, causing it to rise in price for a brief time.

Actually if I buy at 1.30 I will really mind if it will go below 1.30 ;)

Well, it would be a very very bad idea to sell your coins/tokens for TUSD at $1.30 to start with though, knowing that it should be pegged at $1.

Agreed.
It all seems like TUSD was created by some exchanges (probably with the same beneficiary) as an attempt to provide some sort of stability, since they wanted to avoid KYC hassles and other unpleasant things banks make you do when you have a real bank account.
However, fluctuations look to me just as another attempt by the exchanges to generate some sort of "fee" from their customers.

Oh, forgot to mention - might be as well a move by some large exchanges to receive funds to an offshore trust (in exchange for TUSD), thus avoid paying tax at home jurisdiction :)

Why would anyone invest in a stable coin that doesn't rise in value? Is it because you can switch to it during dump times to prevent your assets falling value or does it make it easier to cash out? Useful for exchanges but can't see why for investors

It also makes sense to have this type of coin to exchange on street for cash. Because oftentimes you do not know how much you are getting at the end of the day.
So-called investors may be interested in this coin temporarily, to keep virtual money for transnational transactions and to get cash afterall

Unforunately though, TUSD does have KYC, thought I don't know for sure if it's mandatory or not; but I think the KYC part is only if you wanted to exchange the TUSD for actual USD straight from them.

Quote from their site:
How it Works
We work with multiple trust companies that already manage billions of dollars. Pass a KYC/AML check, and send USD to a trust company with an escrow agreement. When they verify your funds, their API instructs our smart contract to issue the equivalent TrueUSD to your public Ethereum address.   https://www.trusttoken.com/trueusd/

Definitely also useful for investors. What do you do if you expect a certain coin/token to drop/dip/crash in price? Sell it for either TUSD or USDT.

If I was making that kind of a coin, I would work on something like "localbitcoins.com" for it. Opportunity to get cash anywhere anytime is exactly what can make it valuable.
In regards to KYC - I was saying that if I had an exchange without any bank account for client deposits, and therefore without any KYC policies, but I wanted to get more clients investing fiat, then something like TUSD would be useful.
After all my exchange would cash out at their offshore trust.

Okay so are you guys using true usdt now as oppose to usdt?  So there is going to be usd as well later on?  So that mean one could just trade for different coins without going through btc now?  Would that mean one would be able to cash out to bank account without coinbase/gemini?

I still use USDT sicne it is been traded for many coins rather than TUSD since it is less in trading with other coins. But now that there is a USD pairing in Bittrex I would use it all the time.

What if someone released a coin pegged to an ounce of gold instead of the one country that will fuck your shit up if you "peg" stuff to it?

I think no, you still need coinbase for cashing out. USDT is like a fiat in cryptos so we can trade smoothly. I used usdt when bitcoin dump in around $8k and buy back in $6500 and in that way I utilize my profit and usdt is a big help for every traders.

Hahahaha! right on point