Bitcoin Forum

Hello guys.

USDT is moving on erc20.

What is positive and negative predicts about it?
Source :
 https://www.google.com/amp/s/cryptovest.com/amp/news/tether-usdt-starts-migration-to-ethereum-network/

https://www.google.com/amp/s/eng.ambcrypto.com/tethers-migration-from-omni-to-erc-20-protocol-reaches-near-completion/amp/

that, seems really crazy  :o , i never knew anything about that, thx for the links man
will this allow MORE transparency? or LESS? thats MY big question
i dont generally trust USDT, its always seemed like they just print their coins as they see fit : /

Honestly i can see only positive sides on this. It's one more use case for the ethereum platform. And after this, i can hold a real dollar backed stable currency on my phone's eth wallet. Well i still have to trust that it's backed but anyway, close enough.

Well maybe there's a one negative side, but i am not sure. That's how much more of traffic this puts to eth chain and will it jam it?

I think, that this migration will allow to make lower withdrawal fees on several exchanges and make more Ethereum ecosystem friendly for traders. Negative side is that stablecoin may become more dependent from ETH dev`s blockchain innovations.
But there is also version of Tron`s USDT...I would suppose that owners will increase their capitalization also there.

Yes, that is the trillion lawsuit filed against them and the creation of new tether rose when the lawsuit was filed which makes holding tether very dangerous. I guess they can easily track transactions since it will be using the Ethereum chain but its still a centralized token they can still keep making new money.

Moving to erc, i guess this will just increase the pressure to the gas price.

This would give a boost to ETH demand in terms for gas.  This would be massive and possibly give a bit of hype to ETH.  We may see some price increase to the price of ETH market once the migration finished.

Unexpected...

IMO Tether is the most controversial stable-coin with all legal cases, unproven fiat reserves and so on. But here I see only positives because current USDT withdraws fees are crazy.
ERC-20 transfer will make it more accountable, fast and hopefully will lower the transaction fees.

There was a lot of old threads that already discussed this thing, USDT brings nothing to the ethereum as the higher volume of USDT still stay in the bitcoin.

Tether gives nothing to the ethereum even tron as a new platform that already used by USDT to generate a half from its total supply. What should you do just dig the old threads and you will see a lot of threads about that.

This is an old news dated July 04, nothing more interesting about Tether USDT even if it will migrate to any network nothing will be changed. People will only prefer using this in times of uncertainty, the controversy surrounding it makes users uncomfortable keeping their funds only temporary but not for long.

Tether (USDT) is the same Tether (USDT) even if they will move over to Ethereum and will operate from now on as an ERC20. It will continue to be just a coin that is pegged on the USD fiat. There will not be much change to the community's treatment of it also because the fundamental features are virtually unchanged. Everything else basically remains the same.

I don’t have anything to really say about this that much because it is just a stable coin and them moving on ecr token will only get users for them, but will not increase the cost of it or make it suitable for investment.

Doing this also will not solve the problem of transparency that they have as issue already on ground as tether will always be tether, for user of tether, they should not expect anything positive or additional benefit to this move, but as usual and as selfish as they are, they still made this move to actually satisfy their own need, which they all ecr20 holders will surely be tempted to use them, but for me, I will still prefer to use a ,more reliable stable coin because I don’t think that the tether coin is ever going to be reliable which may even eventually have some issues in the future, so better to stay away from them till further notice for now.

The reason why Tether has coins in Ethereum ERC-20 as a token and also in Tron is because first, it is more secure if something bad happens to one of the three coin networks, namely: Bitcoin, Ethereum and Tron. Tether will always be available and exchangeable. Secondly, let's admit Tron and ETH transactions are faster. 

I am not sure why this moment going to happen.
This both are under different region oneness belongs to decentralized market on this usdt coins belongs to centralised market. I am not sure what is the reason behind this and why they wanna tie with erc20 platform.

These is exactly what happened in that case it will boost the demand of ETH and together it adds confidence with Tether investors and its community for the development it made, advantages in making transaction faster and better.