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Author Topic: Is it safe to store big amount on Tether coin ?  (Read 547 times)
Uniex
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October 16, 2017, 07:13:20 AM
 #1

Hi all!

Is it safe to keep USDT amount ~$50K on Tether wallet ?

Can Tether hold my coins for any reason, or I can withdraw them in any time ?
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Slipknot79
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October 16, 2017, 07:21:03 AM
 #2

Good morning. Thether is an interesting token. As you kinow it is linked to the USD. Its a good coin to shelter yourself if all of the crypto coins are falling.

From expereince, I know that the registration of an individual with Tether itself is pretty much ignored. i think they are only looking for direct transactions back into a USD bank account in the hundreds of thousands.

Having 50K on any exchange for any coin is probably not a good idea.

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October 16, 2017, 07:48:34 AM
 #3

Tether is valueable as USD on crypto, and this is unusual if somebody want to store tether
i think if you keep tether the value of your invetsments will always stay on $50K
just my opinion

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October 16, 2017, 07:57:31 AM
 #4

Is it safe to keep USDT amount ~$50K on Tether wallet ?
You have to trust a private company when using Tether. From the Tether - FAQs:
Quote
How do I know my Tether is secure?
Tether is built on top of the revolutionary and cryptographically secure open blockchain technology and adheres to strict security and global government laws and regulations.
This doesn't sound very convincing to me, I've never used Tether. If I have to rely on a third party, I'd just rely on a trusted exchange directly.

Quote
Can Tether hold my coins for any reason, or I can withdraw them in any time ?
Withdrawing their made-up token does you no good if they fail to back it up with dollars. Remember when it traded at 91 cents? Tether Loses Its Dollar Peg:
Quote
The price of USDT is currently sitting at $0.91 USD, which has resulted in Bitcoin trading at a premium on some of the exchanges that use USDT like Bitfinex and Poloniex.

I found this in an older thread:
Tether was always sketchy, they are totally transparent yet they don't guarantee anything.
Earlier this year after problems with Bitfinex started 1 tether was traded for 93% of USD value.
If they can create token just like that and won't offer any additional guarantees this crypto is doomed to fail.

To summarize, it's far from safe.

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October 16, 2017, 08:00:25 AM
 #5

No its not completely safe.

Just hold an amount you are comfortable losing because the USDT tokens arent actually backed by anything.

Its good for short term hedges or while you wait for your coinbase account to get approved.

For extra security, use Armory to hold your USDT in cold storage.





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publicjud
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October 16, 2017, 12:42:32 PM
 #6

No its not completely safe.

Just hold an amount you are comfortable losing because the USDT tokens arent actually backed by anything.

Its good for short term hedges or while you wait for your coinbase account to get approved.

For extra security, use Armory to hold your USDT in cold storage.

Totally agree.
I understand the wish of hedging your deposit, but I would not trust big amounts (they depends on each person) to USDT unfortunately.

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