Bitcoin Forum

In later days parcels of awful news are hearing from USDT and what will be happen on the off chance that the USDT could be a scam, should i alter other steady coin, any recommendation for the steady coin?

DAI for stable coin, it's decentralized stablecoin. About the thing with USDT, if you've heard of the news earlier this year about them freezing funds from different addresses (https://cryptopotato.com/tether-freezes-1-7m-in-usdt-stolen-in-yearn-finance-exploit/), you'll get to understand what they can do. Although they've frozen those addresses that are related to scam, fraud and hack. It's possible that they can freeze any address at their will.

I wouldn't say it's a direct scam, but there are a lot of complains about it in the last couple of years and that's why a lot of stable coins have been born because of this accusations.

I won't recommend any, but I would say that it's better to DYOR here.

Maybe want is good for me, won't work for you in the long run. There's a lot of choices right now, unlike before wherein we only have Tether.

There are a lot of rumors around, but it is very strange to hear accusations towards this coin from the supporters of mem coins, the price of which is the factor of the financial pyramid, where the first bought 5 cents sells on 10trates to be interformed at 25 price. There is no constructive criticism, the only thing that sounds more reliably. Not everyone believe in the fact that they have so much money how many issues of emission.

you can try to pick up some like DAI, BUSD, PAXOS.

The only problem is how can you trust them all? they are the same like USDT and the only thing that makes it different was DAI caused by DAI was decentralized stable coin unlike the rest which have been fully controlled by the a company like tether. If you wanna get the full list of stable coins and then you should visit this link


https://coinmarketcap.com/view/stablecoin/

Terra USD and true USD were also good enough

Another alternative that is most often used is USDC or BUSD. Personally, I mostly use BUSD as an alternative to USDT.

so far there is a lot of negative news about USDT, but I also still use it according to my needs, if I can't use USDT, I use BUSD. other than that, so far, my most stable coin asset is BUSD. however, with the link above, you can determine which coin stability you prefer, and more suited to your needs.

rather than saying about a scam I think I'd rather call it a complaint. and actually the complaints about this have been going on for several years but the longer the complaints are getting more and more.
on the other hand, now stablecoins have been caused by various complaints against USDT and maybe when you feel that USDT is not safe anymore if you want a stablecoin, why not move to another because there are several stablecoins that are well known today

This has been asked many times before and the answer is always the same; it is not trustable. Nothing is trustable, even bitcoin is not really fully trustable, sure we are doing fine right now but what about in 20-50 years when quantum computing is a thing and any quantum computer could hack into any wallet in a second? Not saying that will happen, there is a 99.99999% security in bitcoin but never would say 100%.

On the other hand USDT is owned by a company, a company that is working in some off-shore shady island and away from most big nations, those nations could charge them with something (like it was done last year) and Tether could pay it if they want to, however they could just ignore it and be wanted in USA and still live their life without a problem. This is why I doubt that it would be something that is safe if you just trust all your money with it.

As far as I know, this is not the first time bad news comes in about USDT and every time nothing bad happens. However, this does not mean that this information should be ignored. Now is the time when anything can happen on the cryptocurrency market, and therefore you need to follow the information and what is happening as closely as possible. This is the only way you can be aware of the changes and take the necessary actions in time. But if you are worried about USDT, then you probably better not keep your funds in this crypto asset and choose another stable token, for example BUSD.

For over the years we heard so much complain about this USDT, so I can’t say that it is safe but as far as my experience, everything was great. You don’t have to worry now because there’s a lot of options for a stable coin, just choose what you need and you’ll be good. Don’t think its a scam, its been years not yet they are still operating, just be ready for the risk.

I don't know about other people, but I do trust USDT, because its equivalent to USD. And I mostly trade my margin trade with USDT. It's been few years I have been using without any trouble on few exchanges. So I think you can trust them. BTW, most of the exchange has USDT coin.

I respect your opinion which is each of us has different preferences.
But have research first before you will trust this stable coin, I have heard different shady activities about this USDT. I rather trust a stable coin on Binance because I know for sure it was backed up by Binance.

I used USDT but it doesn't trust them, I used it on exchange when I need to divert my asset when the price goes down but I didn't hold this coin for the long term, I quickly trade to bitcoin when seeing the market price goes up and that is the reason why USDT is on exchange. It needs a dollar value coin.

In general, none of them can be trusted. However, even though there is always bad news about usdt, it continues to be used and continues on its way. But if you do not want to trust, you can use alternatives. These alternatives can be BUSD, TUSD. But I don't think anything will happen. I don't think anything will happen if no political accusations or lawsuits are brought against him. But when we look at the fee, it is much, much better for me to always use alternatives.

From what I know, USDT has been around for as long as I can remember considering it was the very first stablecoin and despite all the complaints and bad news about tether, it has still remained the #1 stablecoin. Over the years, other alternatives have emerged but I still use usdt more than any other stablecoin because it has far more support and integration than any other stablecoin. That's something to keep in mind.

If the OP is worried about the future of USDT, he can always opt to other stablecoin like DAI.
It is not new that there are bad news regarding the existence of USDT.
The first time that I got hesitant with this stable coin was when they admitted not to be fully backed by USD assets.
But I am still using it only for conversion purposes in exchanges as they are available in most trading platforms, not for long term investments.
Maybe, for day to day trading, you can use it. But long-term holding? That's when you need to really think about.

This is a long-standing story about trust and distrust of the USDT stablecoin. But even ardent opponents of USDT, after this coin became available for exchange on Coinbase https://blog.coinbase.com/tether-usdt-is-now-available-on-coinbase-214f075deaa2, which did not do this for a long time, talk about USDT fraud stopped. If you still have concerns about the use of USDT, then the market is full of various stablecoins, including decentralized ones.

That's true. USDT is the perfect candidate to use for a quick transactions even if you're moving assets across several chains, it has plenty of support compared to other alternatives like BUSD and USDC that are often limited to a number of chains where they're available. Another downside to USDT is that it isn't decentralized as Tether treasury controls majority of what happens with it but over the years, it has still remained the best available option

FUD on USDT has been appearing since its creation. Of course, if USDT turned out to be a scam, it would be a disaster for the entire cryptocurrency market. USDT has gone through multiple audits and none has found any irregularities. Of course, the risk is always there, but in my opinion you have nothing to fear.

Better to be safe than sorry, there has been some rumours about the transparency of usdt, the team are not very open about the project, for you not to constantly worry about your funds safely if your intention is long term hold, better to use Dai as suggested by other members,
But if it is just for quick transfer of funds, there should not be a problem.

Even I don't think that USDT is a scam and I know USDT as a stable coin in crypto,
if the reality is the opposite that USDT is a scam of course it becomes a big problem,
the most important thing is to keep up with the progress and hopefully nothing bad happens

If it turned out that USDT is a scam, believe me, there would be no progress on the cryptocurrency market for at least a few years. At the moment, Tether has a market cap of over $75 billion. If it turned out that all of this is worth nothing, the whole world would call all cryptocurrencies a scam. Hopefully that never happens.

I agree with this. Since even how FUDs are spreading about USDT, there are still a lot of people using it, and guess what, USDT is still the highest market cap among all the stable coins out there.
If ever USDT will be turn out to be a scam, what will happen? USDT value will become $0? Then it could be the biggest scam accident in crypto for sure.

USDT would not be the only one being targeted by governments, any stablecoins can be targeted by governments, of course the USDT has been through and there are shady things about it, but it will still be on the exchanges for a long time, just look at their volume and you can see that most people continue to use USDT because they know it is still safe and even if there is if you don't hodl USDT then you won't have any problems. Note that you should never make Hodl from stablecoins, it is meaningless in my opinion

Stable coins are not there to be invested in them in the long term. They are there to survive the price drops and not have to pay tax at that time. They are just a convenience, which is just one of the cryptocurrency trading tools. At the moment, so much money is in constant motion in USDT that I cannot imagine USDT collapsing. At the moment, it is the most popular stablecoin on the market, so its collapse is as impossible for me as the collapse of BTC or ETH.

Even though there is negative news about usdt, but we can see that the usdt market cap is still superior to other stable coins, meaning that there are still many people who use usdt. However, if you are hesitant to use usdt there are still many other stable coins such as USDC, DAI or BUSD.

In my opinion if the chance for USDT to be a scam was so small. I have been seeing bunch of people saying this thing since a few years ago and USDT is still alive right. I see that there are bunch of FUD for tether but it seems like it didn't work at all. I never take any FUD toward USDT and im still holding more than 30% of my assets in USDT form.

The answer is you should or should not. That depends on your decision whether you wanna shift into the another stable coin or not. DAI should be the best choice for that. There are lots of steady coins but all of them were centralized except DAI. I guess so many members here will be suggesting the same thing like me if DAI would become the best choice for stable coin.

I am not really fond of USDT as it is centralised and is not very transparent. Personally I want the whole system to be as decentralised as possible, so I would rather use algorithmic stablecoins. The thing is that in case of panic they are still very weak so the main thing in this case is that the community is really strong and doesn't get rid of this stable coin being afraid of losing money. As for now, I choose DAI as it is backed by Ethereum but not by USD.

Actually I've often heard rumors that USDT is a scam, but until now it has never been proven, it's just FUD being propagated to drop USDT. But there
are still many people who believe in USDT, we can even see data on coinmarketcap that besides the USDT market cap is high compared to
other stablecoins, USDT also has a very high volume. This means that USDT has earned the trust of many people. In fact I've been using USDT
for over 4 years and have never been disappointed. If we're still unsure about using USDT, there are plenty of other stablecoins to choose from.
Please just check one by one which is really good  and can be trusted, besides USDT I recommend BUSD, it is one of the stable coins that is quite
popular and as long as I use BUSD I have never experienced serious problems.

I do not call USDT a scam, but I prefer to say USDT is a place to convert our coins when we are making money to buy back the coins at a low price and store it in other wallets. As long as I do not have a problem using USDT to store my funds temporarily, I will use it for more but if I get a problem using USDT, such as the fee becoming too high, I will search the other options to store my funds. You can search for the other stable coins and I am sure you can get one or two stable coins to store your funds.

The problem lies in the opacity of the Tether release process. Due to the centralized nature of its release, many in the crypto community are doubting if Tether has a reserve fund. In March 2019, skepticism was partially justified when Tether changed its strategy to include loans from its subsidiaries as collateral for USDT. Over the years, numerous government agencies have launched investigations into the Tether organization. The story of Tether continues and is unlikely to be resolved in the near future. However, people still use it as it is one of the most convenient options so they tend to trust it.