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Author Topic: About the USDT  (Read 4108 times)
traderMax
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March 01, 2017, 10:54:32 AM
 #1

USDT's price is consistently adjusted to be equal to 1 dollar. Users at poloniex.com use this instead of dollars.

How do they make the USDT equal to 1 dollar I wonder?
Are they also used in other places than poloniex.com? Are there other platforms we can trade USDT?
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March 01, 2017, 11:06:08 AM
 #2

Read this https://tether.to/faqs/
It explains how Tether work.

USDT is mostly used to go short for Bitcoin price. If Bitcoin price drops the equivalant Bitcoin value of USDT increases.

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March 01, 2017, 06:16:05 PM
 #3

USDT's price is consistently adjusted to be equal to 1 dollar. Users at poloniex.com use this instead of dollars.

How do they make the USDT equal to 1 dollar I wonder?
Are they also used in other places than poloniex.com? Are there other platforms we can trade USDT?

Since Poloniex runs Tether, it is not traded on any other exchange. They peg the price presumably by trading in the right quantities. The reason they made it was so users could save their cryptocurrency profits in a currency which was guaranteed to be stable. (Let's say you left your profits in litecoin and the price went down, you would lose money).
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March 03, 2017, 05:37:29 PM
 #4

Can someone tell me if you can hold USDT in a wallet outside of poloniex?

The biggest problem with USDT is obviously the fact that it is heavily centralized within poloniex.

If you try to sell a bit of BTC into USDT to buy back in, you are trusting that poloniex does not get "hacked"

Im not willing to trust poloniex or any exchange, specially in times where bitcoin is about to go interstellar.

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March 07, 2017, 08:00:06 AM
 #5

I don't think there is any relationship between Poloniex and tether. Poloniex is a US company, tether in hong kong. They have made the digital currency USDT, and it just happens to be tradable on poloniex. I imagine other exchanges will start accepting USDT at some point. My understanding is that there is a wallet that can be used to store tether, so it does not have to be on poloniex.

Can anyone explain in layman's terms what the omni layer protocol is and how tether works on it? Something about creating digital tokens on a platform built on top of the bitcoin network, but I don't know how it works and what drives the security of the system?
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March 08, 2017, 01:58:38 AM
 #6

After some more research I do not find an offline wallet for tether. Was asked before here:

https://bitcointalk.org/index.php?topic=1518081.0

In addition to the risk of poloniex there is the company risk. Since USDT is an IOU that is guaranteed by reserves, which are physically held in Hong Kong, if they get robbed or the funds seized by the government, then you may not be able to exchange USDT for USD. As far as I can tell, they do not have any insurance, which to me is mandatory. Too many possible things could go wrong. I would probably rather hold funds as cryptocurrency and just use USDT for short-term trading.
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March 08, 2017, 02:05:46 AM
 #7

After some more research I do not find an offline wallet for tether. Was asked before here:

https://bitcointalk.org/index.php?topic=1518081.0

In addition to the risk of poloniex there is the company risk. Since USDT is an IOU that is guaranteed by reserves, which are physically held in Hong Kong, if they get robbed or the funds seized by the government, then you may not be able to exchange USDT for USD. As far as I can tell, they do not have any insurance, which to me is mandatory. Too many possible things could go wrong. I would probably rather hold funds as cryptocurrency and just use USDT for short-term trading.
It is up to you, but mostly person just uses tether to save his decimal from the volatility. but somehow I don't like to use tether for securing my decimal. There is no insurance in cryptocurrency. I hope you will understand about that.

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prospector1
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March 19, 2017, 05:09:08 AM
 #8

Why is Tether issuing many more USDT than they have USD to cover?

tether.to/transparency
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March 19, 2017, 05:36:48 AM
 #9

Why is Tether issuing many more USDT than they have USD to cover?

tether.to/transparency

They probably simply haven't caught up with demand yet. There has been a lot bigger demand for Tether since around January when the Bitcoin price spiked. That is the risk with a centralized coin like this though.

I prefer decentralized versions like bitUSD, Steem Dollar, or Nubuts, but they don't have near the liquidity or price parity with the USD that Tether has. They unfortunately never gained enough popularity/liquidity to compete with Tether.

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March 19, 2017, 05:40:38 AM
 #10

well, at least they're "transparent" . . . I guess
BitcoinNational
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March 19, 2017, 07:45:35 AM
 #11

wrong thread.
https://bitcointalk.org/index.php?topic=1820940.0

i thinks someones is pushing USDT??

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March 19, 2017, 11:25:35 AM
 #12

USDT is just another form of money, it's like you do cash deposit on atm and your paper money change to some data. That's why it could be 1 USDT worth to 1 dollar. You just change your digital money with cash.
So I think it's not cryptocurrencies, it's same like deposit money on PayPal, but with this tether you need platform that support it.

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April 17, 2017, 05:27:57 PM
 #13

WHY is BTC 1,233 in usdt on polo yet it's 1,085 USD on exchanges?

This doesn't look tethered to me.

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April 17, 2017, 09:08:54 PM
 #14

WHY is BTC 1,233 in usdt on polo yet it's 1,085 USD on exchanges?

This doesn't look tethered to me.

it isn't. it's starting to slip a little. it's tied up with bitfinex's banking problems so right now i'd be staying well away from it until things are clearer.

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,CoinPayments,
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April 17, 2017, 09:11:15 PM
 #15

WHY is BTC 1,233 in usdt on polo yet it's 1,085 USD on exchanges?

This doesn't look tethered to me.

it isn't. it's starting to slip a little. it's tied up with bitfinex's banking problems so right now i'd be staying well away from it until things are clearer.

THX, I took the loss and got out.

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ppc.pt
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April 17, 2017, 10:22:52 PM
 #16

So as far as I can tell, they just keep printing more.

When the price goes below a dollar, they printed more than they should, so they need to stop the machine.
When it goes above, they should be printing more, so they turn on the power.

Sweet.

I wish I created that... Where are the "Premine is a scam" guys...? What about this ?
European Central Bank
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April 17, 2017, 10:31:06 PM
 #17

So as far as I can tell, they just keep printing more.

When the price goes below a dollar, they printed more than they should, so they need to stop the machine.
When it goes above, they should be printing more, so they turn on the power.

Sweet.

I wish I created that... Where are the "Premine is a scam" guys...? What about this ?

there isn't any printing involved. there's a real dollar matching every usdt and that's the problem. if you can't move that dollar things start to go a little awry.

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April 17, 2017, 10:36:08 PM
 #18

So as far as I can tell, they just keep printing more.

When the price goes below a dollar, they printed more than they should, so they need to stop the machine.
When it goes above, they should be printing more, so they turn on the power.

Sweet.

I wish I created that... Where are the "Premine is a scam" guys...? What about this ?

there isn't any printing involved. there's a real dollar matching every usdt and that's the problem. if you can't move that dollar things start to go a little awry.

Before I started parking USD in USDT I checked into the backing and was unable to find any proof that there actually is any. I asked in a few threads and did not get an answer so I knew this was coming but do to the market cap I thought it would steady itself as any ponzie will for awhile, I didn't expect the house of cards to topple so fast. Smiley

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hermanhs09
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April 17, 2017, 10:38:37 PM
 #19

USDT's price is consistently adjusted to be equal to 1 dollar. Users at poloniex.com use this instead of dollars.

How do they make the USDT equal to 1 dollar I wonder?
Are they also used in other places than poloniex.com? Are there other platforms we can trade USDT?

They do it through centralisation and that's basically what every money transmitting company does.

They claim to have full reserves, but obviously you have no idea even if they publish their figures because there is no third party audits that I am aware of conducted upon their reserves.

And there is always a risk of them refusing withdrawals as they are a centralised company. If that happens then your tokens are worthless.

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April 17, 2017, 11:07:13 PM
 #20

Before I started parking USD in USDT I checked into the backing and was unable to find any proof that there actually is any. I asked in a few threads and did not get an answer so I knew this was coming but do to the market cap I thought it would steady itself as any ponzie will for awhile, I didn't expect the house of cards to topple so fast. Smiley

yeah. bitfinex and transparency have always had a little problem. maybe it'll come back ok but they should've put it in the hands of a proper company with some accountability.

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