An alternative to tether?

[ApisCapital]

There is in fact an altnernative to Tether that is launching very soon. It is built on Stallar, which is fast, cheap and secure. It will hold 100% USD for each stabelcoin issued (1:1) ratio and by fully redeemable anytime. Most importantly it will allow UNLIMITED buying or selling with FIAT for anyone (subject to a KYC/AML check of course obviously if they are trustworthy they must comply with the law)

[icalical]

I don't think we need an alternative for tether. First thing firet if you don't have unique aspect that differentiate your project from tether, than your project is not necessary. Second, more exchange are offering direct real fiat exchange, and soon all exchange will do the same, and stable coins like tether will be left.

[idex100]

You have a noble idea,creating a stable coin that beats the limitation of the current types will be worthwhile.Tether is rigged with a lot of controversies while the others have not gained much acceptance e.g havven

[Ojodibanned]

I currently do not have a lot of knowledge about cryptocurrencies and would appreciate your feedback. I was thinking of building it using the multichain platform since both the bitcoin and ethereum ecosystems would increases transaction costs.

If you dont have a lot of knowledge then you have no place in cryptocurrency development or starting your own platform. Maybe its better for you to contribute in the BTC codebase before thinking of starting your own cryptocurrency.

There are many developers who came here with a lot of ambition but have created failing projects that turned into scams.

to be the next coin of the Tether is a coin that has the development as well as the right price brought Tether like IOTE. because IOTA itself is a good coin that can follow the development of Tether. so this coin can be said as the next coin for IOTA in the future.

[Script]

I have heard about a project called True USD or TUSD. As I understood correctly, they will be listed on major exchanges as a currency against others. For example, maybe on Binance we will see such a pair: BTC/TUSD. I bought some TUSD when the market was falling

[ApisCapital]

I don't think we need an alternative for tether. First thing firet if you don't have unique aspect that differentiate your project from tether, than your project is not necessary. Second, more exchange are offering direct real fiat exchange, and soon all exchange will do the same, and stable coins like tether will be left.

I agree that more exchanges will offer direct fiat exchange over time. But it will not be anytime soon because the regulations are very complex.

In the meantime, there absolutely is a need for an alternative because Tether simply does not have the $USD on deposit. They are about to fall apart any day because the CFTC IS investigating them: https://www.bloomberg.com/news/articles/2018-05-24/bitfinex-said-to-find-bank-in-puerto-rico-after-wells-fargo-exit

A very key phrase here:  "The regulator is investigating whether Tether’s $2.1 billion in customer money backing its virtual coin is really there, a person familiar with the matter said in January."

What will happen soon is that Tether will fall apart and be worth $0. However I do not think at all this will cause the price of BTC to fall. While it's true that upwards pressure on BTC price may have been due to fake Tether's buying, unless someone is buying BTC ON MARGIN with Tether, the fact that your Tether holdings go to 0 does not really affect BTC price, in fact people will have to put whatever amount of Tether they are selling into something, and it will most likely be into BTC. There certainly may be a temporary FUD scare and a drop also, but no one will be selling BTC long term just because of Tether.

Why is a cryptocurrency backed by $USD important? Simply because you can make fast, virtually free transactions to anyone in the world. Normal $USD payments are slow, expensive and full of unncessary regulations (banks routinely shut down accounts that send a lot of wires in or out, even if it's a fully legitimate business collecting customer money and paying vendors). Cryptocurrency eliminates all that but no one can do real business in BTC right now, so the need for a stablecoin crypto is clearly there.

Sometimes people say "Oh your project needs to revolutionize the world. I think that's completely false. It just needs to be doing something better, simpler, faster and/or cheaper.

[ApisCapital]

I have heard about a project called True USD or TUSD. As I understood correctly, they will be listed on major exchanges as a currency against others. For example, maybe on Binance we will see such a pair: BTC/TUSD. I bought some TUSD when the market was falling

Well, technically you should be buying the stabelcoin when the market is UP (to protect your gains) and then buy cryptos with your stablecoin when the market is down (and ride it back up).

The TrueUSD project is decent attempt to replace Tether but there's a few problems

1) It's built on ERC-20 which is just too slow for modern payments and processing. It's maybe ok on a few exchanges as a "cash" option but that's about it. Not useful to send payments to others, not useful for merchant processing etc

2) TrueUSD has not actually published any reports of their holdings. They keep saying they are fully audited and transparent but yet I have no idea where and how much actual $USD they are holding on deposit. While it doesn't mean it's a fraud by any stretch, it's not a good start for them to be at $43 million market cap and still not a single published report/audit

[tsaroz]

With the relative sucess of tether, almost every exchange are coming up with price linked crypto. There's even a so called decentralized bank called cryptobank that is issuing dollar, euro, yuan, ruble and others in crypto.

[ApisCapital]

With the relative sucess of tether, almost every exchange are coming up with price linked crypto. There's even a so called decentralized bank called cryptobank that is issuing dollar, euro, yuan, ruble and others in crypto.

Yes but those exchange based so they're not worth anything. If the exchange goes down you are screwed (like the USD token on Circle/Poloniex). The cryptobank is interesting but again they have to be backing the dollar, euro etc with something otherwise it's not worth anything.

The KEY part of a stabelcoin is being able to REDEEM it into the underlying currency. If you can't do it, it's not worth anything and there's no way I am putting my cash/savings/investments into it

[Lala Sravan]

i strongly advise its QTUM, because its one of the strong coin in the cryptocurrency market, it has huge potential to grow. I would advise to hold it for long term rather for short term. Its super Altcoin for long term.

[ApisCapital]

Here is an excellent stabelcoin, fully redeemable in and out of $USD as well as BTC, ETH and XLM

http://www.businessinsider.com/elizabeth-white-crypto-white-standard-cryptocurrency-lamborghini-2018-6

[Dart18]

Posted one and didn't came back. I bet he wont be reading any comments here anymore.
Or he could have been pulled by some ICO already to try how much of an expert is him.

But still why want to create something like Tether? It is like an escape pod for whales and you are just helping them.
It could be one of the reason why value of every coin and tokens have been dropping cause whales can now play in and out using Tether.
Don't like the idea. Go to bitcoin platform instead.

[Muslimin mj]

good analytical program for a crypto, I think this is a serious problem when the potential for tether damage, a good and perfect system, will produce good results, so there is no scam and harm to others who use. both in the area of fee and over time in the transaction.

[ApisCapital]

Posted one and didn't came back. I bet he wont be reading any comments here anymore.
Or he could have been pulled by some ICO already to try how much of an expert is him.

But still why want to create something like Tether? It is like an escape pod for whales and you are just helping them.
It could be one of the reason why value of every coin and tokens have been dropping cause whales can now play in and out using Tether.
Don't like the idea. Go to bitcoin platform instead.

I understand what you're saying but for crypto to become mainstream, it HAS to apply to the real world. No one is accepting BTC because it's too volatile.

I disagree about whales, they can easily cash out to fiat (there's $billions being traded in OTC) if they want. But it's the average investor that is stuck if they want to take their gains out to actually use them for something because coinbase limits them to $1000 a day!

A solid stablecoin helps everyone because it brings more credibility and use to blockchain. People can use the stablecoin for real world payments, and invest in BTC as a store of value/inflation hedge etc

[akeda]

Hi there! I am on my last year of my computer engineering degree and I have been thinking about creating a coin for my bachelor thesis.

My idea is to make something very similar to tether where every coin would always be redeemable for $1. Every coin would be backed by a dollar in a bank account which balance could be viewed by everyone 24/7.
In order to convert the coin to dollars users would have to send their coins to an address where coins would be destroyed.
I could charge 0.25% for every transaction which would be then distributed between the miners or not charge anything and process all the transactions on a personal server.

I currently do not have a lot of knowledge about cryptocurrencies and would appreciate your feedback. I was thinking of building it using the multichain platform since both the bitcoin and ethereum ecosystems would increases transaction costs.

Someone needs to come up with tether alternatives to re-distribute the potential loss of a tether breakdown. If we have "many tethers" then if one collapses, it wouldn't be such of a big deal, but meanwhile, the tether risk keeps growing. And one could say, "who cares about tether, let it crash", but this is delusional, there will always be a demand of a virtual gateway for the dollar.

If you make a tether alternative, improve on the current tether problems, make the account holdings public etc, otherwise everyone will think it's another scam. Tether has been audited and this makes it's credibility very low. I understand how difficult it is to run such a service tho.

Tether also includes a good coin and has a very well-developed development. so that this tether is commonly said to be a coin with a development that is so increasing and promising. other than that to be an alternative IOTA is a very suitable coin and good.

[ApisCapital]

I agree, many alternatives to Tether is a good thing. I did see Tether had a "lawyer" look at their bank accounts on June 1st. Doesnt' mean much to me though

[Bytem3]

Here's a complete list of stablecoins:
https://coincodex.com/stablecoins/

[batang_bitcoin]

Do you have any update on what phase you are now with this project you've come up with?

Those who have been suggesting another type of stablecoin, read the whole context.

[Pffrt]

I don't think people will accept your stable coin because their are a couple of stable coin backed by usd in the market. One which has mentioned by you. Other than tether, there are USDC, TRUEUSD and some more possibly. So, you have no place there if you come up with innovative idea. Good luck.

[JohnMacZeppelin]

I do not think that there are so serious projects that can so seriously manipulate the market as the USDT. Few people understand why the USDT is created at all and how the altcoins pumping works, therefore, in general, buying BTC for expensive altcoins is a very smart step.