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Author Topic: Does anyone ever use USDT to trade in and out of BTC?  (Read 4871 times)
BillyBobZorton
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June 29, 2016, 03:52:21 PM
 #1

I was considering trying to trade a bit of BTC, but as we know, dealing with fiat currencies in the crypto world is a pain in the ass compared to crypto to crypto transactions.

Poloniex offers USDT as a solution: A crypto that is pegged to the BTC price, so you don't need to go on fiat to short or long. So my question is: Can you really trust this thing? What have been your trades like with this?

So far it seems to be pretty accurate and seems to follow the fiat price rather well.


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June 29, 2016, 03:55:58 PM
 #2

I haven't tried it myself, but I could understand why people would do that, it's a way to make money without actually having to deal with the process of transferring your money in and out of actual fiat, a bit like with CFD trading and so on where you're betting on the price movement rather than actually buying the commodity or currency in question itself.

If it's Poloniex it should be secure, just make sure you understand properly how to use it before you do anything big.
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June 29, 2016, 03:58:57 PM
 #3

Haven't heard of this USDT before  Undecided
Is it a new options on the exchanges? I also hate having to chase the fiat exchange rates too not get shorted by the forex market on my bitcoin purchases.
Tether has been around a long time and is quite reliable.  Not only that, lots of trades everyday in that crypto.  It is really just like have a dollar - made into cryptocurrency.  You can jump in and out of BTC / dollars all day long.  You can make these trades WITHOUT Polinex and without Polinex fees because they've got a decentralized exchange too!  Go learn about Omni Dex. 


     
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June 29, 2016, 03:59:09 PM
 #4

This is the first I heard of USDT:
A crypto that is pegged to the BTC price...
If Bitcoin is $701 and you sell 1 then you get 701 USDT, is that correct?

You can always trade BTC/USD, on any exchange, as long as you take profits in BTC.
How does USDT solve the problem of getting "real" cash in and out of exchanges?

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June 29, 2016, 04:07:10 PM
 #5

This is the first I heard of USDT:
A crypto that is pegged to the BTC price...
If Bitcoin is $701 and you sell 1 then you get 701 USDT, is that correct?

You can always trade BTC/USD, on any exchange, as long as you take profits in BTC.
How does USDT solve the problem of getting "real" cash in and out of exchanges?


That is indeed, the case. You can find this in Poloniex, I don't know if they are in any other exchanges, but probably Poloniex is the best way to go since they have a decent volume. Last time I checked it was about 300 BTC, so it's decent unless you aren't a whale.

My fear is in fact that a whale decides to take a big dump and crashes the USDT market losing the peg with the dollar.

I think its a good idea tho, because who wants to give credentials to exchanges.
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June 29, 2016, 04:08:19 PM
 #6

This is the first I heard of USDT:
A crypto that is pegged to the BTC price...
If Bitcoin is $701 and you sell 1 then you get 701 USDT, is that correct?

You can always trade BTC/USD, on any exchange, as long as you take profits in BTC.
How does USDT solve the problem of getting "real" cash in and out of exchanges?
It doesn't solve that problem.  But, if you want to sit on dollars for a few weeks before getting back into BTC, just buy USDT which stays on the blockchain and the Exchange doesn't have to hold dollars for you.  Good for you and good for them. 


     
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June 29, 2016, 04:09:54 PM
 #7

This is the first I heard of USDT:
A crypto that is pegged to the BTC price...
If Bitcoin is $701 and you sell 1 then you get 701 USDT, is that correct?

You can always trade BTC/USD, on any exchange, as long as you take profits in BTC.
How does USDT solve the problem of getting "real" cash in and out of exchanges?


That is indeed, the case. You can find this in Poloniex, I don't know if they are in any other exchanges, but probably Poloniex is the best way to go since they have a decent volume. Last time I checked it was about 300 BTC, so it's decent unless you aren't a whale.

My fear is in fact that a whale decides to take a big dump and crashes the USDT market losing the peg with the dollar.

I think its a good idea tho, because who wants to give credentials to exchanges.

It can't lose peg with the dollar.  There are actually real dollars on reserve.  For every USDT on the blockchain, there is a real dollar in the bank somewhere.  This is how they maintain the peg.  It can't get 'unpegged'


     
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June 29, 2016, 04:10:07 PM
 #8

how does this peg stuff work? I remember nubits was supposed to the answer. i couldn't understand what the hell they were on about when it came to maintaining the peg. now their peg is toast anyway.

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June 29, 2016, 04:14:18 PM
 #9

This is the first I heard of USDT:
A crypto that is pegged to the BTC price...
If Bitcoin is $701 and you sell 1 then you get 701 USDT, is that correct?

You can always trade BTC/USD, on any exchange, as long as you take profits in BTC.
How does USDT solve the problem of getting "real" cash in and out of exchanges?


That is indeed, the case. You can find this in Poloniex, I don't know if they are in any other exchanges, but probably Poloniex is the best way to go since they have a decent volume. Last time I checked it was about 300 BTC, so it's decent unless you aren't a whale.

My fear is in fact that a whale decides to take a big dump and crashes the USDT market losing the peg with the dollar.

I think its a good idea tho, because who wants to give credentials to exchanges.

It can't lose peg with the dollar.  There are actually real dollars on reserve.  For every USDT on the blockchain, there is a real dollar in the bank somewhere.  This is how they maintain the peg.  It can't get 'unpegged'

Are you sure? How do you even know how many dollars there are in circulation? That seems like nonsense to me. Where can I learn how exactly the pegging mechanism work?

I think someone intended to do something like this in the past (a crypto pegged to dollar) and it was a disaster. I forgot the name of the project .

This one seems to be doing good so far tho.
how does this peg stuff work? I remember nubits was supposed to the answer. i couldn't understand what the hell they were on about when it came to maintaining the peg. now their peg is toast anyway.

Yep nubit must be the one im trying to remember. So I wonder how this time will be different with USDT?

This is the first I heard of USDT:
A crypto that is pegged to the BTC price...
If Bitcoin is $701 and you sell 1 then you get 701 USDT, is that correct?

You can always trade BTC/USD, on any exchange, as long as you take profits in BTC.
How does USDT solve the problem of getting "real" cash in and out of exchanges?
It doesn't solve that problem.  But, if you want to sit on dollars for a few weeks before getting back into BTC, just buy USDT which stays on the blockchain and the Exchange doesn't have to hold dollars for you.  Good for you and good for them. 

What does DEX mean?
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June 29, 2016, 04:17:21 PM
 #10

This is the first I heard of USDT:
A crypto that is pegged to the BTC price...
If Bitcoin is $701 and you sell 1 then you get 701 USDT, is that correct?

You can always trade BTC/USD, on any exchange, as long as you take profits in BTC.
How does USDT solve the problem of getting "real" cash in and out of exchanges?


That is indeed, the case. You can find this in Poloniex, I don't know if they are in any other exchanges, but probably Poloniex is the best way to go since they have a decent volume. Last time I checked it was about 300 BTC, so it's decent unless you aren't a whale.

My fear is in fact that a whale decides to take a big dump and crashes the USDT market losing the peg with the dollar.

I think its a good idea tho, because who wants to give credentials to exchanges.

It can't lose peg with the dollar.  There are actually real dollars on reserve.  For every USDT on the blockchain, there is a real dollar in the bank somewhere.  This is how they maintain the peg.  It can't get 'unpegged'

Are you sure? How do you even know how many dollars there are in circulation? That seems like nonsense to me. Where can I learn how exactly the pegging mechanism work?

I think someone intended to do something like this in the past (a crypto pegged to dollar) and it was a disaster. I forgot the name of the project .

This one seems to be doing good so far tho.
how does this peg stuff work? I remember nubits was supposed to the answer. i couldn't understand what the hell they were on about when it came to maintaining the peg. now their peg is toast anyway.

Yep nubit must be the one im trying to remember. So I wonder how this time will be different with USDT?

This is the first I heard of USDT:
A crypto that is pegged to the BTC price...
If Bitcoin is $701 and you sell 1 then you get 701 USDT, is that correct?

You can always trade BTC/USD, on any exchange, as long as you take profits in BTC.
How does USDT solve the problem of getting "real" cash in and out of exchanges?
It doesn't solve that problem.  But, if you want to sit on dollars for a few weeks before getting back into BTC, just buy USDT which stays on the blockchain and the Exchange doesn't have to hold dollars for you.  Good for you and good for them.  

What does DEX mean?
here are the details: http://tether.to

and here: https://tether.to/wp-content/uploads/2016/06/TetherWhitePaper.pdf


     
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Kprawn
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June 29, 2016, 04:37:46 PM
 #11

What freaks me out a bit about Tether is the fact that they still linked to a bank account that can be frozen or blocked at any given time. I do not trust banks and the government behind those banks. I

can see why they doing this, but I do not trust the bank connection behind this technology. I know the exchanges have the same problem, but some of them are regulated and insured against losses, or

that is what we hope.... How is Tether any different? At some stage, you have to go back to fiat in any way... right?

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mikewirth
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Best IoT Platform Based on Blockchain


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June 29, 2016, 04:44:34 PM
 #12

What freaks me out a bit about Tether is the fact that they still linked to a bank account that can be frozen or blocked at any given time. I do not trust banks and the government behind those banks. I

can see why they doing this, but I do not trust the bank connection behind this technology. I know the exchanges have the same problem, but some of them are regulated and insured against losses, or

that is what we hope.... How is Tether any different? At some stage, you have to go back to fiat in any way... right?

They probably don't ever have 'to go back to fiat'.  Basically, on the first day a rich guy just made on big ass deposit.  I think that Brock dude was involved.  Then, those initial USDT were traded for BTC slowly.  Now, they just go back and forth between USDT and BTC all day long.  There aren't really any more transactions In/Out of USDT/Fiat.  If needed, they can take another USD deposit - or reverse.  But, that is not part of the daily action.  The daily action is all USDT < - > BTC.  So, the fiat just pretty much sits there doing nothing.  

Getting the whole thing up to have some liquidity is the hard part.  But just today it traded $500,000 so there are enough buyers and sellers now.  No more need to create/destroy more of the coin.  If there is a huge buy run that causes the price to go whacky, they'll put more into circulation with some more cash deposits.  But that isn't a daily event.


     
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ICO appreciator


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June 29, 2016, 04:57:08 PM
 #13



You can always trade BTC/USD, on any exchange, as long as you take profits in BTC.


As far as I know, you cannot do this. In order to trade crypto to fiat, you need to give your credentials to the exchange, otherwise they will not let you sell for fiat (im not even talking about fiat deposits or withdraws, but selling BTC for fiat, then going fiat to BTC again).

With USDT, you can create a Poloniex account, enter some fake name and location and start tradding with a crypto that is pegged to the USD, that's the point. I don't think you can do this unless you give real data to the exchange if you want to do it with real fiat, including ID scan and so on.
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