Crypto_Yoda_ (OP)
Newbie
 Offline
Activity: 4
Merit: 0
|
 |
July 27, 2018, 02:06:49 PM |
|
I'd like to fix my income in the stable pegged currency like Tether, True USD, Havven However, Tether looks like a scam because there are a lot of articles which show all of these shady transactions of Tether True USD is really questinable token because there is still no information. Havven with double tokens is also look like a bullshit Few days ago i found STASIS https://stasis.net/eurs/ What do you think about this coin? I dont really know is it good to use it or it is just a new scam? And do you use this backed coins or this strategy is a shit? |
|
|
|
|
ummart66
Member
Offline
Activity: 93
Merit: 13
|
|
July 27, 2018, 02:14:06 PM |
|
There's a ton of bad press about tether, however it has gone through audits and they've apparently shown that tether is actually backed by real money.
In my opinion the pegged cryptos are only meant for short term holding, it doesn't make sense to me that you'd convert USD into tether just to hold onto it for a long time. If USD drops in price, tether will too since it's pegged to USD. These cryptos are more for short term trades, so you can convert bitcoin into a form of USD without actually taking your money off an exchange and converting it into fiat.
I would not feel safe holding any of these backed cryptos for a long time since they feel a lot more risky than just holding bitcoin or any of the larger alts. If crypto does get banned, you're going to have a very hard time converting the backed crypto into fiat.
|
|
|
|
shadowtree
Jr. Member
Offline
Activity: 70
Merit: 2
|
|
July 27, 2018, 02:21:19 PM |
|
I've heard many bad things about tether. There are many accusations of them not having the correct amount of USD to back the tethers that they are printing. One thins is for sure, I wouldn't want to be caught holding a large amount of tether once they are exposed because they will essentially be worthless.
|
|
|
|
|
Crypto_Yoda_ (OP)
Newbie
Offline
Activity: 4
Merit: 0
|
|
July 27, 2018, 02:25:42 PM |
|
There's a ton of bad press about tether, however it has gone through audits and they've apparently shown that tether is actually backed by real money.
In my opinion the pegged cryptos are only meant for short term holding, it doesn't make sense to me that you'd convert USD into tether just to hold onto it for a long time. If USD drops in price, tether will too since it's pegged to USD. These cryptos are more for short term trades, so you can convert bitcoin into a form of USD without actually taking your money off an exchange and converting it into fiat.
I would not feel safe holding any of these backed cryptos for a long time since they feel a lot more risky than just holding bitcoin or any of the larger alts. If crypto does get banned, you're going to have a very hard time converting the backed crypto into fiat.
About Tether it was not a legal audit and no information about transaction only balance. But if you want to sell BTC what do you buy instead of it? Fiat? |
|
|
|
|
|
|
ummart66
Member
Offline
Activity: 93
Merit: 13
|
|
July 27, 2018, 02:39:04 PM |
|
There's a ton of bad press about tether, however it has gone through audits and they've apparently shown that tether is actually backed by real money.
In my opinion the pegged cryptos are only meant for short term holding, it doesn't make sense to me that you'd convert USD into tether just to hold onto it for a long time. If USD drops in price, tether will too since it's pegged to USD. These cryptos are more for short term trades, so you can convert bitcoin into a form of USD without actually taking your money off an exchange and converting it into fiat.
I would not feel safe holding any of these backed cryptos for a long time since they feel a lot more risky than just holding bitcoin or any of the larger alts. If crypto does get banned, you're going to have a very hard time converting the backed crypto into fiat.
About Tether it was not a legal audit and no information about transaction only balance. But if you want to sell BTC what do you buy instead of it? Fiat? Sorry, you're right. It wasn't a full audit, but it was a report which concluded that tether does have enough USD to back it up. If you believe this or not is really just personal opinion. Personally I still don't fully trust it. If you're selling for good out of bitcoin, then yes I would try to convert to USD as fast as possible and get your money off of exchanges. If I think that I will sell Bitcoin and re-buy in a week or so, that's when I'd sit on the tether. I always feel scared leaving any crypto on exchanges, and leaving tether on an exchange just seems even riskier than that. If the same thing that happened to Mt.Gox happens to an exchange holding tether, I don't think it would even be possible to pay back any of the people who lost their coins. At least Mt.gox still had a stash of bitcoin, so they were able to pay people back since this had risen in price. |
|
|
|
Crypto_Yoda_ (OP)
Newbie
Offline
Activity: 4
Merit: 0
|
|
July 27, 2018, 02:55:12 PM |
|
There's a ton of bad press about tether, however it has gone through audits and they've apparently shown that tether is actually backed by real money.
In my opinion the pegged cryptos are only meant for short term holding, it doesn't make sense to me that you'd convert USD into tether just to hold onto it for a long time. If USD drops in price, tether will too since it's pegged to USD. These cryptos are more for short term trades, so you can convert bitcoin into a form of USD without actually taking your money off an exchange and converting it into fiat.
I would not feel safe holding any of these backed cryptos for a long time since they feel a lot more risky than just holding bitcoin or any of the larger alts. If crypto does get banned, you're going to have a very hard time converting the backed crypto into fiat.
About Tether it was not a legal audit and no information about transaction only balance. But if you want to sell BTC what do you buy instead of it? Fiat? Sorry, you're right. It wasn't a full audit, but it was a report which concluded that tether does have enough USD to back it up. If you believe this or not is really just personal opinion. Personally I still don't fully trust it. If you're selling for good out of bitcoin, then yes I would try to convert to USD as fast as possible and get your money off of exchanges. If I think that I will sell Bitcoin and re-buy in a week or so, that's when I'd sit on the tether. I always feel scared leaving any crypto on exchanges, and leaving tether on an exchange just seems even riskier than that. If the same thing that happened to Mt.Gox happens to an exchange holding tether, I don't think it would even be possible to pay back any of the people who lost their coins. At least Mt.gox still had a stash of bitcoin, so they were able to pay people back since this had risen in price. Thank you! Im afraid of hot wallets too |
|
|
|
|
|
dumplingsandsushi
|
|
July 27, 2018, 03:00:01 PM |
|
Any pegged coin in an unregulated, volatile marketplace is a shitcoin.
One of the major criticisms of the crypto market is that there are so many people trying to create money out of thin air.
Trying to peg a coin to a real life asset to when there are no laws or insurance in place to guarantee that liquidity when you want to cash out is very scammy.
In America, ever since the great depression there have been regulations in place to protect your money and to also protect those who lend.
What protection do you have with tether or any other ones?
Aslo, get real here, you seriously think a company like tether and all it's shady dealings has the means to liquidate 2.5 billion dollars?
And those that try to have a crypto be backed by a real life asset like precious metals.
It is way better to just buy the actual bond for the precious metal instead of some fake "certificate" coin.
|
|
|
|
Crypto_Yoda_ (OP)
Newbie
Offline
Activity: 4
Merit: 0
|
|
July 27, 2018, 03:07:39 PM |
|
Any pegged coin in an unregulated, volatile marketplace is a shitcoin.
One of the major criticisms of the crypto market is that there are so many people trying to create money out of thin air.
Trying to peg a coin to a real life asset to when there are no laws or insurance in place to guarantee that liquidity when you want to cash out is very scammy.
In America, ever since the great depression there have been regulations in place to protect your money and to also protect those who lend.
What protection do you have with tether or any other ones?
Aslo, get real here, you seriously think a company like tether and all it's shady dealings has the means to liquidate 2.5 billion dollars?
And those that try to have a crypto be backed by a real life asset like precious metals.
It is way better to just buy the actual bond for the precious metal instead of some fake "certificate" coin.
You are right! All these coins are risky. However if you need to sell your BTC for a short period the cheapest way is to buy USDT instead of fiat. As I understand this is one interesting function of such coins. However, another question, as there is only 1 poor function which is not so popular (imho because majority prefer to hold) how did tether get 2.5bln cap? Insane |
|
|
|
|
berezov_petro
Member
Offline
Activity: 140
Merit: 10
OPEN GAMING PLATFORM
|
|
July 27, 2018, 04:02:32 PM |
|
I'd like to fix my income in the stable pegged currency like Tether, True USD, Havven However, Tether looks like a scam because there are a lot of articles which show all of these shady transactions of Tether True USD is really questinable token because there is still no information. Havven with double tokens is also look like a bullshit Few days ago i found STASIS https://stasis.net/eurs/ What do you think about this coin? I dont really know is it good to use it or it is just a new scam? And do you use this backed coins or this strategy is a shit? Tether is a virtual currency unit that is tied to a real currency. Maintaining stable quotes and other advantages provided by Tether make it a reliable option for both individuals and companies. I think that this coin can be trusted, because many people record their profits in Tether |
|
|
|
|
|
|
