Tether, anyone using it?

[JorisK]

I like the idea of being able to move my holdings out quickly.

I tried it, it works fine, except I'm missing complete transparency on Audits. They claim to have 320M USD in store and say "Our reserve holdings are published daily and subject to frequent professional audits". Where can i find these audit results? Who is auditing exactly what?

So far I'm not really impressed about their so called '100% transparency'.

Anyone using it or have more information about their audits?

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[talkbitcoin]

no i am not using it.

it is a very cool idea though. to have something that is actually the same price as USD and you can use it as fiat but without the huge fees banks have and all the delays associated with it.

but it has a lot of problems. one is what you said about the transparency. the other is about the price! it is not always equal to 1 USD, it has dropped multiple times in the past and i don't want taking that risk. and they never guarantee the price either so it is possible to wake up to 1 USDT = 0.5 USD and i don't want that.

[JorisK]

no i am not using it.

it is a very cool idea though. to have something that is actually the same price as USD and you can use it as fiat but without the huge fees banks have and all the delays associated with it.

but it has a lot of problems. one is what you said about the transparency. the other is about the price! it is not always equal to 1 USD, it has dropped multiple times in the past and i don't want taking that risk. and they never guarantee the price either so it is possible to wake up to 1 USDT = 0.5 USD and i don't want that.

So you couldn't find anything about Audits aswell? It would make things so much better if they would be weekly audited by a big company like 'Price Waterhouse Coopers', daily by a smaller one and all parties publishing the audits online.

What i do not understand: how can the USDT price drop? Only reason i see is when they don't have all the USDT backed.

[talkbitcoin]

i don't get it either but the thing is, it does drop. and a drop from $1 to $0.9 may seem like nothing but it is a 10% drop and if you have a large amount of money parked there, you will lose a lot.

and then there is this centralization about it. and any more will make it more centralized which is bad.

[prometheum]

So far it has not caused any issues for me and I don't mind it. However I am yet to experience a significant drop in which case my opinion would probably change.