[POLL] What is the risk of Tether (USDT)?

[Kilomans]

The bank, through whose account Cryptopia was issuing NZDT, notified of the closure of the account on 9 February. The exchange closes NZDT deposits, but the findings are open until this date.
They also put the wall on sale for BTC / NZDT so that people could convert NZDT to BTC at the best rate.

[george_hured]

As far as I remember in these stories with Tether is involved and Roger is faithful, I will remind that Roger Ver has a fortune of several tens of thousands of bitcoins. Only yesterday I read the investigation of the Tether project. They simply do not allow an external audit of their funds. Because they simply do not exist.

[deepblue01]

As far as I remember in these stories with Tether is involved and Roger is faithful, I will remind that Roger Ver has a fortune of several tens of thousands of bitcoins. Only yesterday I read the investigation of the Tether project. They simply do not allow an external audit of their funds. Because they simply do not exist.

it will be disasster when the world know tether does not have any enough USD.
all USDT owner will be panic to sell their USDT for cryptocurrency or for USD then USDT will be worth less than USD.
but it just matter of time the truth will be reveal soon.

[Quickseller]

For those who are interested this is an interesting report on tether by bitmex.

[Herbert2020]

Tether (USDT) is extremely risky and shady so i will never own any of it. but this doesn't mean i won't use it either. it is convenient at times to use Tether for example when you are on an exchange that doesn't have a fiat market and you want to get out to fiat but not withdraw fiat from the exchange because of its high fees. and i believe one of the main reasons for its high trading volume is exactly this!

[deepblue01]

For those who are interested this is an interesting report on tether by bitmex.

thanks for sharing. it is good information.
atleast we know holding tether is more risky than holding real USD

[jaredl]

There is a risk in everything. And in this case, the risk is that the USD backing USDT does not exist and it is a large ponzi scheme.

While I chose to believe USDT being a 100% asset-backed cryptocurrency, I do not often hold USDT for long periods especially since I always find opportunities to buy for cheap. So i would rather buy one of the altcoin that has the potential to run up than to hold USDT for too long a period.

USDT will be here to stay for a long time.. that is my personal opinion.

[alexzorgo]

The risk lies in the opacity of providing USDT with fiat money on real bank accounts. If there comes a time when the bulk of currency owners will want to convert it into fiat money. This can lead to the bankruptcy of Tether, if it can not provide everyone who wants to exchange USDT for fiat. Then it really will be a bubble

[boyjackyou]

That coin is just like what XRP it is being manipulated by few,backuped by the centralized bank which means that it this coin is a very centralized coin which has a lot of supply actually we arent sure how many USDT there is because banks shouldnt be trusted,and they dont have any place to our decentralized community.

[Quickseller]

For those who are interested this is an interesting report on tether by bitmex.

thanks for sharing. it is good information.
atleast we know holding tether is more risky than holding real USD

I don't think that should be surprising to anyone.

[pri3oner]

When it goes to crypto noone will tell you what's risky and what's not.
I can say that it's not that risky as keeping ur crypto on currencies.

[wanderloy]

Some say that owning USDT is risky, and I'm wondering what the wider community thinks about this. I have my own opinions, but to avoid biasing the result of the poll I won't go into that right now.

I am using USDT Tether as my stash. When the market is about to get crash then I will secure my Ethereum into USDT.
When the market started to recover then I turn my USDT to Ethereum and buy all the favorite altcoins the I want to invest because they are cheaper.
I found this technique very effective because when the market dropped - we can't buy more coins because our Bitcoin and Ethereum dropped as well so that best option is to hold and wait.
USDT will help us to earn more than just holding our crypto assets.

[cryptoatomic]

Morelikely it has more risk that joining ponzi schemes,USDT is just like what XRP is it is backed up by these bankers that is why it is very much centralized.I wont keep my money from either of those two coins that i have mentioned,we need decentralized currency not these digital fiats that are hiding into the cryptocurrency's robe.

[BountyGo]

I don't know much about Tether. One does wonder where the $2.2 billion greenbacks for its marketcap comes from.

[edmond66]

well , USDT is pretending to be some coin playing the game as the coin that is guaranteed to remain in the same as 1 USD banknote , but it was proven several times that it's not like that , hacked several times and realized that there is no support for 1 USD guarantee.
While there is a coin which makes Exchanges to guarantee the value of 50 CHF before they list the coin , it's real Elysium ELSM ( www.e-elysium.com ) and in the blockchain it's the only coin which can't be dumped as it's called PREEMPTIVE CONSENSUS VALUE COIN.
MFFV ( minimum fixed face value ).
after this coin gets listed on exchange July 2018 everyone will realize what coin is ELSM.
There is also a donation in plan for supporting children with Down Syndrome , so the exchange will give 0.5 ELSM for every 2 ELSM coins they sell.
USDT is very dirty coin all fake , no support for 1 USD
as well as very pure coin !? the hacker created from thin air 265 milion coins and took 265 million USD for less then 1 hour , not even coin

[Reez]

It is actually risky. Reason being no one knows if the same amount of reserves are being maintained by Tether Limited. If that is the case than it is very risky to own Tether. Also there are no reports of audits being done for a long time now.

[AzureDragon]

The main risk is that USDT is provided only by its developers. Not banks nor governments. It is rather risky to keep your coins in USDT.
But for rapid exchange and for currency withdrawal from the exchange USDT is good instrument.

[ANDREW 555]

Listing on Tokenomy (2 July)
https://coindar.org/en/event/tether-usdt-listing-on-tokenomy-11150