Is Tether (USDT) trustworthy?

[prophetx]

Just to give my input. After spending time with the ID verification on tether over the winter as Circle was shutting down, and I hate Coinbase, I decided to give them a try instead of Kraken which I usually use for USD wires just to see how well it works.    

Well now it is 11 days on and a $6000+ wire is still pending.  Only got one email from them, after I complained, saying their accounts department will look into it... that was several days ago.

Luckily I know someone who works there so I reached out to him asking just to put the USDT back into my account and I will just go use Kraken.  So hopefully I will get my money back soon...  Very frustrating when you want to pay a bill and interest is racking up... not very happy right now...

Anyway as I said I know some people who work there so I don't think they are doing this sort of stuff on purpose, but I don't think I would use the service again until I see that their customer service response times improved and that wires don't simply just fall into some black hole.

I'm sure if you are just transferring USDT from polo and kraken, it probably functions alright, just be wary of wires until there appears to be improvement from that department.

So there you go now you have a report from not a "new user".

[callback]

Could somebody enlighten me who is behind Tether Limited?
I just can't find any info regarding the company, neither on their website, nor on the net.

There's an article on zerohedge today, claiming a lot of shit and that Bitfinex is behind it, is that true?
http://www.zerohedge.com/news/2017-05-03/worlds-largest-bitcoin-exchange-headed-mt-gox-style-collapse

[Freeze101]

@morecoin14
Did you finally get your tether? I have the same problem now, since yesterday morning i sent 2000 tether but they don't appear in my wallet though i can see the transaction already confirmed in the omnichest website. Also when i search for my deposit wallet i can see that they arrived, but only in my wallet they don't appear and i can not do nothing with them...
This really f*** me up because i don't want to loose money again because of those scam cases.
Does anyone have the same problem or already got any information from the support?
Today morning i sent a support ticket but as im reading in other sites they rarely respond.....

[CrMg]

i dont know if they're trustworthy, since i've registered here these were the first time(and second ) i've heard about problems with tether. but since two users have reported problem in the same week i've decided to not use their services, at least not right now..

this topic and that one are both started by noobs. i've never heard anyone say anything negative about tether before, or much of anything in either direction now i think about it. either way tether are asking for a lot of trust and they haven't done much to convince me i should trust them.

Agreed, have you read their white paper? HongKong entity with parent entity from somewhere else, no audit whatsoever, transparency page is down, I'm getting nervous about this

[artmen007]

I watched the video where experienced traders said that the cause of the collapse BITCOIN can become TETHER. He allegedly equal to the dollar but how is this binding nobody knows. And the fact that in the spring they could be in trouble and then they may be accused of fraud. And all the exchanges which have USDT can be closed at least in America, such as POLONIEX, BITTREX, STAMP.
I often use USDT to short BITCOIN, conveniently of course. I hope it is just talk, everything will be fine

[adam1230]

Tether is very suspicious for me. I never use tether and not planning to use.
If i trade fiat i will not use too. There are too many rumors about fake tethers and bitcoin price rise related suspicious activities.

[indika8821]

Many people trading on exchanges, including Bitfinex, will use tether to buy other cryptocurrencies like bitcoin.Tether Limited argues that using this method to buy virtual currencies allows users to move fiat in and out of an exchange more quickly and cheaply. Also, exchanges typically have rocky relationships with banks, and using Tether is a way to circumvent that.

[NevilleRosalesfqkduw]

For sure Tether is not trustworthy. It is even not because you trust or not trust its company owners.
Bitcoin is not connected to any currency and it is not stored in banks. So, USA or any other world power can not shutdown it with "one big atomic strike". Of course, USA, China or Russia can ifluence Bitcoin rate indirectly, but no direct strike is possible.
And Tether claims that it stores money in US dollars in bank accounts. It is easy to imagine how USA simply arrests these money togeather with company owner, and the reason will be, of course, "for people, for the good, for Mankind brotherhood". May be they will claim that Tether funds terrorists, or helps people to avoid taxes, or funds North Korea nuclear program, or may be that Tether is owned directly by Devil and develops doomsday device. USA did it for E-gold, for Liberty Reserve, for ePassporte, for Payza, for Switzerland and Latvian offshore banks, for HSBC, for Kim Dotcom, so why Tether will not repeat theirs story if it will really become something big?
Anyway, Tether claims that it combines Bitcoin and USD benefits. That is not true! It combines really theirs problems. From the first hand, it is easy to freeze these funds in some minutes, because they are USD in bank. From ther other hand, it doesn't have any social guarantees and customer protection like real banks have.
May be you can use it for fast exchange only transaction. But for sure, it is impossible to rely on this system. If you need USD and not Bitcoin, use better traditional bank or Internet payment system.

[elenora]

I'm not sure if others have the same problem with Tether wallet. I've done two transfers from a exchange to Tether wallet. The first one confirmed in blockchain on 2/6/2017 6:36:21 AM, but received the fund in Tether wallet TWO days later after I raised a support ticket. The second one confirmed in blockchain on 2/7/2017 10:41:11 PM, NOT received in Tether wallet yet although I've raised a support ticket on the same day when confirmed. My question is if Tether is trustworthy?

The tether can help you to save your cryptocurrency assets but at the same time, you should know about a hidden surprise in the tether's legal section.
Firstly, let me show you, how Tether can save you:

In order to keep your cryptocurrency safe and to lock in gains without bearing loss, there are two options:

1. Keep moving the money to another cryptocurrency, like Bitcoin, Ethereum etc.

When you gain after investing in one cryptocurrency you want to take an advantage of another cryptocurrency. Not moving ahead from the cryptocurrency that has already given you enough gains, is a type of risk. For example, if you look at some of the coins, the prices are dropped by almost 50% after a certain period of time due to the high volatility of the cryptocurrency market.

In Tether there is an opportunity to earn. Where the Tether hold 1:1 (1 USDT is equal to 1 USD, at all times).  

So, to keep moving your gains from one cryptocurrency to another would be much better than bearing the loss.

2. Transfer the money to your own bank account.

There are enough possibilities for the price to fall as rapidly as it rose before. So, it becomes a primary concern to stay safe and profitable.

However, ETH-USD is pulling itself to reach $480, so we can take an advantage of this opportunity.

If you sell BCH-USD and transfer the money to your bank account, then it can take several days before you can execute another cryptocurrency trade. Let’s take one example: If you buy Ethereum through Coinbase and move it to a different exchange to trade for other cryptocurrencies, this process from a Coinbase will take 3 - 4 days to complete a transaction and again if you want to buy BCH-USD, and again it will take 3 – 4 days to complete a transaction.

Yes, it's time-consuming but one of the best ways to stay safe.

The hidden surprise in the tether's official legal section is:

“Once you have Tethers, you can trade them, keep them, or use them to pay persons that will accept your Tethers. However, Tethers are not money and are not monetary instruments. They are also not stored value or currency. There is no contractual right or other right or legal claim against us to redeem or exchange your Tethers for money. We do not guarantee any right of redemption or exchange of Tethers by us for money. There is no guarantee against losses when you buy, trade, sell, or redeem Tethers.”

To know more about Tether: https://cointopper.com/guides/what-is-tether-usdt-and-how-it-can-help-you-save-yourself-during-crypto-bear-market

[Jansaa]

Need more info to trust A token like that! I only used it to sent or receive when sent from exchange to other exchange! Not used to hold like a coin! Because i think, it not safety for longtime to hold!

[peie3691]

I don't believe it, but I don't have other better choices, because many exchanges do not support the currency and cannot maintain the value, but usdt always hears the news of issuance. It is a centralized team, more like A bank.

[peie3691]

I don't believe it, but I don't have other better choices, because many exchanges do not support the currency and cannot maintain the value, but usdt always hears the news of issuance. It is a centralized team, more like A bank.

[TomCryptoBelgium]

I have a transaction that is confirment on the tether blockchain but the coins are not apearing on my wallet on poloniex ? I filled a support ticket in poloniex 1 week ago but nothing yet...
and I filled a support ticket to tether support today...
this is the first and last time for me to use tether
and still waiting my coins
what to do?

[ShareAccepted]

For the moment no because it is not audited, no one is willing to audit it really so it is simply just a pumping instrument for bitcoin prices.

[sne.su]

Despite the fact that Tether is a tool for pumping bitcoin and in fact is half the capitalization of the entire market, I still still trust this coin. At least, even if the coin is used to manipulate the market, it is the most stable, since there is a peg to the dollar. But we in any case understand that these are candy wrappers. 

[Cryptopeppe]

nope. Unfortunately Tether is not trustworthy! its emission scheme is not clear... they're not transparent!!!
something weird is going on with tether...

[Primal6666]

I'm not sure if others have the same problem with Tether wallet. I've done two transfers from a exchange to Tether wallet. The first one confirmed in blockchain on 2/6/2017 6:36:21 AM, but received the fund in Tether wallet TWO days later after I raised a support ticket. The second one confirmed in blockchain on 2/7/2017 10:41:11 PM, NOT received in Tether wallet yet although I've raised a support ticket on the same day when confirmed. My question is if Tether is trustworthy?

Strange question. Naturally, the USDT is trustworthy. This currency is used at 99% of exchanges as one of the main pairs, along with bitcoin and the eth. How do you think, would they use it, without trusting it? And based on the same logic, mass use, how do you think how much is the network of this coin loaded? Not to mention the fact that the problems can be on the part of the exchange, not the network of the USDT.

[rmapower]

Until now, we have to admit it and say YES, Tether is legit. Some people specially in this sub have a different opinions (not to mention that half of them are sockpuppets) and say that Tether is a scam, tether is this and that but what people fail to realize is that those people do NOT have any legitimate proof. Audits do take time, do your research people! Like everyone says, innocent until proven guilty.