Bitcoin Forum

The forum in general doesn’t trust USDT 100% since it’s centralized and they can collapse unpredictably since they are very shady project since the beginning. The only why it was being used so far is because USDT has the biggest liquidity so far on all the available stablecoins out there that is vital to protect crypto user on possible during crypto winter. But I personally don’t plan to hold all my asset in USDT specifically for long term period because of its uncertainty. I believe most of the forum user especially the reputable member don’t trust USDT at its finest too.

1. One Bitcoin related motto is "don't trust, verify". Tether is .. based on trust.
2. Tether never managed to prove beyond doubt that they have all their issued coins properly backed with really valuable stuff.

So at least I was never convinced by them. However, the "community" is not homogenous and some may be trusting Tether. But I would not count them as a majority.
And something more: why are you asking in Bitcoin discussion? Imho this is more meaningful in trading or altcoins areas.

If you ask this question to Bitcoin community of course you will get "No" answer since the reason why people trust Bitcoin is due to 100% decentralized.

If you ask this question to Altcoin or shitcoins community of course you will get "Yes" answer since they will say USDT is the most trusted stablecoin due to highest market cap and every exchanges accept it.

The answer will be same if you ask the other centralized shitcoins project.

Nope, and nope.

Never holding with a long term, I better to hold other stable assets rather than TETHER. We-all know their backup asset only around 60-70% not really 100% backup by real asset 1:1.

That's the reason, not gonna to hold with a long term.

The majority carries the vote and the majority of crypto community doesn't trust tether because they lack transparency regarding the tether backing and more.
Investment revolves around trust,  and trust in any project comes when the team involved tries to do things right, and avoid hiding vital information from the public. in the case of tether, they haven't been very transparent with their backing and have drawn the attention of notable people in crypto to raise the question and request the tether team to provide the correct information regarding this, but sadly have not.
However, this does not erase the fact it is the most used stablecoin in the market.

I certainly use tether but I don't trust it completely nor holding it for a long time, I personally use it for a short period of time because it's centralized and has a chance to collapse anytime given. I just like how it pairs with most common tokens I use or potentially use. Tether is pushed into different issues now and some of those issues haven't been addressed. One of the biggest issue they have is their token is not pegged 1:1 which certainly dangerous. It's been their issues since now and it's incredible that even today there are still people holding and trusting USDT.

Seeing that Tether is being attacked most of the time by SEC and we are also not sure Tether's status of whether the peg is real with funds, the majority is not trusting Tether and Circle.

I kept using USDT still even with the facts. I am however confident that before USDT may even be depegged to $0.75, I can already trade them for BTC. Same with the BUSD that I'm also using in the BSC chain.

I don't trust 100% and I never keep it in my wallet for a long time.I always try to make a portfolio of alternatives in order to protect myself as much as possible if one asset loses its value.I think the last story with the collapse of the terra/luna has taught many and made them think about the preservation of their funds.

I personally voted that i have moderate trust in Tether. There are several reasons for that. First of all i am aware of the fact that there have been discussions about the reliability and also stability of USDT because a few years ago the company behind USDT changed the wording regarding it's backing of every USDT minted from "every USDT is backed with a real USD" to "we have enough reserves to back every USDT minted", which has left a lot of doubt and uncertainty in the crypto space.
I think they have released a little bit more information about their reserves recently but i don't know if that is enough to make all doubts disappear.

I can't find the option what I feel so I will express it here as a reply.

I don't trust ether but I do hold them.

Yeah, you heard it right I never trust the ethereum but due to trading convenience I hold a small amount of USDT so that it is easier to buy BTC or other crypto whenever I want instead of waiting for the bank transfer to be deposited which may take hours to days in certain cases.

Based on the answers, it turns out that many people don't really trust this coin! As for the stablecoins, it is unclear why they are stamped in such quantity?? In the end, anyone who wants to convert their coins or tokens to stablecoin will definitely ask the question, which one is the best?? But overall, I trust the USDT coin more than I don't trust it!

Trust is the only thing i can do if i am hodling it. But i wouldn't store my savings in it, in a same way i wouldn't store my life savings in fiat money. Just the amount i need for trading and living.

Do you hold fiat money in your bank account in long term? Because that's backed by pure faith in a government that issued it, not in any form of assets.

As for me, I voted that my trust in Tether is moderate, given that it is one of the best stablecoins and has the most market value in the crypto market with a market capitalization of $65,69 Billion, in addition to the fact that the price of Tether had fallen previously and his team restored its stable price again because they have huge financial reserves in emergency cases, but in my opinion, each of us should not trust any central coin, stablecoin, or central exchange platform with blind trust, given that there is a central authority that controls it. We have to distribute our money among the best other stable currencies and not put all our wealth in the USDT only, We can divide it into USDC and BUSD, and DAI.

the volume of USDT is just too high you can't believe only few of us trust it.
because so many stablecoin today, people perhaps have diversified stablecoin also, i can see many people are in the p2p buying BUSD.
USDC and BUSD comes next to tether in the rank of stablecoin.

we are already aware of the situation where Tether was frozen in a wallet. that just leave people paranoid especially if they have huge amount of it.

Tether USDT is still known as a good stablecoin.  But it cannot be trusted 100%.  Not only USDT but any crypto can't be trusted 100%.  I personally never hold my money in one currency.  I hold 20% of all my money in stablecoins, 20% in bitcoins, 50% in fiat money and 10% in other altcoins. I consider this to be a correct calculation and I am personally comfortable with it . I don't know how others manage their money but I am satisfied with it

In my case, I am only using USDT in my trading activities, like my coins converted to USDT.
It is because that's what I used to convert to my fiat currency in p2p services.
Not really holding stable coin for long-term purposes, as I can't trust this coin for long-term holding.
I always get reminded of the 2019 Tether admission that they were not fully backed in terms of assets.
So right now, I am not confident if they are indeed having that more than $65B in assets as this is their current circulating supply.

Interesting community of bitcoiners on this forum. No one trusts Tether, but absolutely everyone uses it. This also means that if people use dollars (Tether), then they don't trust bitcoin (afraid that the price will fall and they will lose dollars, which they don't trust). Perhaps this paradox could be called hypocrisy. Why use something you don't trust?

I don't trust usdt or any other stablecoin claiming to be the best. To me they are all controlled by someone or group which makes them not trustworthy.
Although I used it now and then probably because it was the first or among the first stablecoin in the market.
Ever since I came to the awareness that usdt is not 100% fully backed, I try to limit my usage. Whenever the need arise, I change my assets to the currency am more comfortable with.

Most of us are aware that there is not enough liquidity to pugged USDT, and therefore if problems occur, there is not enough support, meaning 1:1.
But the reason for use is the high levels of liquidity, as you will find this currency in most platforms.
So, when the liquidity is high, you will not find a use for that currency.

On the level of trust, I personally trust in USDC, DAI more than USDT.

Since you've said about comfortability, I'm not comfortable holding assets in USDT and that's why I don't hold any of it. And if I want to have a stablecoin, I've got another preference for it. Maybe it could be USDC, BUSD, or DAI. Yeah, the two are also centralized but that's it.
If that's just a preference, I'd rather have any of the two than to have it on USDT.

I have not used this stablecoin from its inception until now. Yeah, I don't remember a time I had USDT in my wallet or anywhere, even in exchange.
I usually just use XRP instead if I want to move it from one coin to another. Some will say using USDT in trading is to avoid being confused about the price range and the movements but I don't agree with it.
Trust? I don't think I trust it as I said, I have never used it yet and I think I am better off keeping it that way.
The negativity spread here in the forum about it may have an impact on why.

While not many people have voted on the poll it still shows the sentiments the community has towards this coin.

Over the years there has been many doubts about whether there is a one to one relationship between the tokens in circulation and the dollars that back it, and while they have tried to show there is in fact such a relationship I think there is enough evidence to show that at some point in time this was not the case, and if this has already happened once then it could always happen in the future again.

There will be more people who will respond of course, but the idea is that there are not that many people trust on tether, and not because it is a bad project, it is a good project and currently doing well and so far has done well. So, why would people not have a trust on something that has been around for years and proven only success and trust?

Well, because in crypto world you could see something going great, and then it would end up being terrible in the long run and would not be doing great and suddenly crash. The latest examples would be FTX and Luna, they were amazing up until they crashed, which shows you never to trust something just because it is going great.

I have no reason to distrust USDT, I keep this as my trading pair for many years (BTC/USDT).
Yes, it is a stablecoin, it was centralized and controlled by someone but I'd never think it was totally risky holding this for at least a few days. Maybe if we talk about holding long-term, that is another story but if we just use it for trading, I think there is no problem, and still can be trusted.

What happened to Luna is another story, Tether is one of the top 5 coins in the market which means that many people give trust despite the negative views of stablecoins.

So far USDT is the oldest stablecoin and has been used by traders since the start. There are however issues with USDT because we are really unsure if this is really audited and if it's true that they have a real USD amount held by the company.

It wouldn't be surprising if Circle or Tether will also scam just as how SBF did and no one will ever go to prison. So just a precaution, use a percentage of your stablecoin with DAI or BUSD also.

Bitcoin cut intermediaries. If someone wants to transact, they are freely able to do it without any financial institution. With that in mind, the main take of OP is completely the opposite of what Bitcoin could give.

You are hardly able to change things with USDT due to how the way the token operates and how it is controlled. While on the other hand, within Bitcoin you can decide and participate by yourself in the ecosystem directly. Simply run a node, and voila! A thing you can't do with Tether. So to ask such questions with a truly distinct comparison, the communities are hardly giving any trust.

What kind of trust can we talk about when we're talking about a completely centralized asset that can lock up your funds at any time? You can't trust USDT 100%, and if you hold this asset, you have to assume all the risks associated with a centralized stablecoin. People, when they use USDT, do not think about trust, but rather about comfort, because this asset is widely available on the market and has good liquidity.

DAI is a wrapped USDC  :)
https://daistats.com/#/

____
All stablecoins are owned by large companies in the crypto market. And the risks of losing money are always present, because the owners of these large companies know much more than crypto-hamsters like us. Some of the coins need to be stored in the cache.

I've been tied to that belief that it was decentralized and, didn't know that it's a wrapped USDC.

If you're just using it for trades, there's no problem with it. We're all free to use it as a pair since we're still going to take our money depending to our preference, be with bitcoin or any other preferred altcoin we do and even still USDT.

The only "cryptocurrency" that I trust is bitcoin. There are no altcoins or stablecoins that are as trustworthy as bitcoin.
Literally anything can happen with any of those coins. Stable coins are no exception because of collapse of LUNA and FTT.
In fact USDT has been having rumors of faking their reserves since a long time now and so we can never trust it.
I personally don't hold any stable coins because I prefer to hold BTC and ETH more than any other coins.

Not only USDT but almost all centralized stablecoins are unreliable, but since they are the bridge that makes it easy for us to convert from fiat to other cryptocurrencies, we still use them on a daily basis.
This is the riskiest investment market, so you don't need to trust them too much, you only need to use them when necessary and never hold them for long because no one knows what will happen in this market. Use them wisely and don't trust anyone in this market.

I can only use Tether for something like converting the crypto that I'm having to get from exchanges because it could be the safest thing to keep temporarily when you have some coins that are experiencing some kind of panic selling which will lower their price drastically and the means to save your money is to convert it to Tether first and let it be there until you want to withdraw it. But you cannot hold it there for too long because the nature of Tether is not like bitcoins, because they can block it or make it priceless if something goes wrong on their part.

I have no trust for Tether most especially to save my funds I would rather covert my funds Into it and sell out to fiat, stable coin like usdt are only needed in terms of payment measurements where a trader needed a fix value amount to detect if really he got exact values and after which they would make their investment to any other cryptocurrency so, likely the recent developments and turbulences has made trust to fail drastically on those centralized currencies. I do not trust any stable coin.

Stable coins have their uses, if someone wants to sell their investments in this market but at the same time they are not really thinking about converting to fiat yet, then stable coins can be a useful tool for such a person.

However the issue is that people instead use stable coins as a way to store their wealth for months or even years, and if someone is thinking about doing something like this then it is better for them to just get fiat instead.

I believe that Tether is the most popular and most successful among all types of stablcoins. Of course, you need to understand that this token is centralized, and it must be taken into account that this asset is managed by a certain fund. But I prefer Tether more because it has the largest capitalization among all stablecoins, and to be precise, its market capitalization is equal to two subsequent stablecoins.

I don't think that the Bitcoin community trusts Tether but rather sees Tether as an alternative to fiat, many traders use Tether to reduce more losses when the market is bearish they prefer to trade their altcoins to Tether because they feel the price is more stable than other altcoins, but it not a form of trust only find alternatives when the market moves out of control.

I have a moderate trust in tether because it is the first stable coin I am familiar with and have used up to this point, but I don't want to rely on it 100% after what we've seen with other centralized products. I must say that FTX really opened my eyes and mind to the fact that we can't put our hard money into anything in the crypto space. It's a harsh time for a centralized product currently, it's a wake-up call for both users and developers (especially them with their centralization). I'll keep using tether, but I'll spread it out more among other stable coins to anticipate another downfall.

I have a little trust in Tether, enough to use it to get in & out of some trades. A few times I gambled with Tether, but after that, I would buy some coins back. I never hold it longer than I need it...

I guess all stable coins are shady, but until now everything was fine with most of them. TerraUSD collapse shows that every stablecoin can drop big time and make a pretty nasty situation for all the people that got trapped holding that stable coin!

I just believe into tether due to its long running feature and nothing else. We cannot verify their reserves and cannot audit anything about their business operations but for the decentralized environment, I guess being pioneer without any significant problems, we may go with.

I feel a little bit controversy in your statements. I mean if you are comfort with one coin then only you may plan to hold that in short or long term. Comfortability is the measure and outcome of strong technical and fundamental analysis. So, if you plan for holding with one coin means you are comfortable with that coin.

Tether and stable coins are a necessary evil, before stable coins were created if someone wanted to sell their coins for fiat they needed to receive a wire transfer to their bank accounts, and this was not only complicated but you ran the risk of your account being closed for dealing with cryptocurrencies.

This was also a slow process, so if you wanted to buy a coin you could need to wait days for this to happen, stable coins solved those issues, but at the same time they brought a whole lot of other issues which we are still figuring out how to deal with.

In this case i said simple is that Tether usdt are not Full secure Stablecoin but alot of people still trust and use this Stablecoin so i think its a good Stablecoin but i am not say that its a fully secure so can't hold a huge fund in this but if anyone use so that is not bad Stablecoin we use Tether regular many years.

definitely i have enough trust in tether (usdt) because of i am still more using this stable coins from another stable coins,
in trading you can't imagine without it, i say it's high use cases in most of the trading pair,
but i will not holding it in short/long term, i am using it to exchange usdt to my native currency.

It's true, stable coin is needed in the market, we all know stablecoin or altcoins in the market is centralized, and since it is centralized, they cannot be called safe. But their use is almost mandatory, we have no better solution to choose from.

I didn't vote because believe it or not I had no choice. I will still use USDT or stablecoins but will always be careful with everything, don't hold them for too long, and only use them when necessary. That's what I think we can do.

I think a true bitcoiner only needs a BTC to live forever and like other users said, stable coins are no different to a fiat and we all know that BTC is created as opposed to that. What I mean by true bitcoiner is those who mainly use their BTC for payment purposes but I think there's also bitcoiners who treat their BTC as an investment asset on the side but they don't use a stable coin because they believe that BTC can always recover no matter how hard it falls.

Only those who use stable coins are likely the traders who want to preserve the profit that they get. They only mostly came here for the money/profit though they still need the volatility to be able to buy low and sell high.

Most crypto users are still using USDT for their trading or for transfer purposes mostly.
But I believe, a lot are now converting their funds to BTC and other non-centralized coins for long-term holding.
Because with the failure after failure in this market, it is no surprise that the next big stable coin will collapse.
Who would have thought that FTX will collapse? So people are now securing their funds more than ever.
People should remember about the admission of USDT team before that they had no 100% backing of assets.
Now, ask yourself, what is the ultimate truth about their assets today?

There are some holders out there which only buy bitcoin for fiat but they never sell, however they are a minority, it is way more common for investors to believe in the long term potential of bitcoin but they still care about its fiat value.

And for those people a tool was needed which helped them to sell their bitcoin but which at the same time allowed them to get back and buy bitcoin in the case there was a new positive trend, and stable coins are the perfect tool for those people, after all they are not interested in holding fiat either they just want to increase their bitcoin holdings by timing their movements to the best of their ability.

I chose a little amount of trust in Tether. The only thing that makes me trust Tether a little is its being a long time player in the market. It has a longer track record compared to other stable coins. It hasn't also went through a serious issue of losing the peg on USD's value. So that's it. Other than that, I have reservations about it. We have the serious issue of Tether's backup and its shady audits. We also have another serious issue of its centralization.

Which user you mean they're not trust Tether but they're use Tether? I'm not the one of those people because I wouldn't use anything that I don't trust, it doesn't make sense at all.

I think those people are newbie who didn't learn anything and made depth research before invest in Bitcoin, they invest in Bitcoin just because they're rely on so called professional.

I think Tether is a trustable Stablecoin and huge amount of people trust into usdt and a alot of people store his fund in tether so according to my experience is that Tether is a trustable but I can't say that its a fully secure but according to situation and see the tether past so we say that its a good for use.

 I have a significant amount of trust in Tether and other stable coins also but mostly Tether. I keep them on https://wallet.bitcoin.com/tether where I feel they are safe.
Now that Japan is lifting its ban on usdt and other foreign stablecoins I am more confident in my trust for the oldest stablecoin to ever be used. 

No, stablecoins are very different from fiat, since they are issued by private companies and have nothing to do with the state. This CBDC is similar to fiat money, since it is a different form of money issued by the state, but at the same time it has similarities with stablecoins, since it works on the blockchain.

I wonder why are you asking about that on the Altcoin thread. But I trust them enough to use it sometimes, but I wouldn't hold it for a long time.

Although I don't fully trust USDT, I still use it now because to store the value of my assets before I buy bitcoin or altcoin back at a low price, I will store them in other wallets. USDT is like a temporary stopover so I can save the profits from selling my assets to USDT or BTC.

So I guess I went for "I have a moderate amount of trust in Tether." I didn't make USDT a long-held asset pool after earning those profits.