Dump USDT before it dumps you

[eaglewhite80]

I bumped into the news of Huobi listing four USD backed stable coins [Paxos Standard (PAX), TrueUSD (TUSD), USDCoin (USDC), and Gemini Dollar (GUSD)] and obviously as I expected, USDT was not among them.

We all know how the whole thing with tether has been going for a while now, with shady stuffs going on, the team refusing to get audited and of course, less trust and more concerns revolving round this stable coin in the crypto space and you really do not want to be hedging with this, if you still are.

This post is actually just meant to be a quick awakening, if you are still holding Tether, you really want to dump it before you regret not doing so. There are now better, reliable and trusted USD backed stable coins, and for the fact that exchanges do not want to list it and for the exchanges where it is listed, i am certain pretty soon, the idea of delisting will come to mind, you really want to be cautious at this stage.

...
Also on Oct. 15, blockchain trust company Paxos announced it had issued about $50 million worth of its stablecoin Paxos Standard Token. The Ethereum (ETH) blockchain-based stablecoin has received regulatory approval from the New York State Department of Financial Services (NYDFS) on September 10, together with another stablecoin Gemini Dollar that was launched by Winklevoss brothers.

Yesterday, U.S.-based cryptocurrency payment processor BitPay also launched stablecoin support, enabling merchants to receive settlements in Gemini Dollar and Circle USD Coin (USDC).

To be forewarned is to be forearmed.

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[Tytanowy Janusz]

I bumped into the news of Huobi listing four USD backed stable coins [Paxos Standard (PAX), TrueUSD (TUSD), USDCoin (USDC), and Gemini Dollar (GUSD)] and obviously as I expected, USDT was not among them.

We all know how the whole thing with tether has been going for a while now, with shady stuffs going on, the team refusing to get audited and of course, less trust and more concerns revolving round this stable coin in the crypto space and you really do not want to be hedging with this, if you still are.

This post is actually just meant to be a quick awakening, if you are still holding Tether, you really want to dump it before you regret not doing so. There are now better, reliable and trusted USD backed stable coins, and for the fact that exchanges do not want to list it and for the exchanges where it is listed, i am certain pretty soon, the idea of delisting will come to mind, you really want to be cautious at this stage.

...
Also on Oct. 15, blockchain trust company Paxos announced it had issued about $50 million worth of its stablecoin Paxos Standard Token. The Ethereum (ETH) blockchain-based stablecoin has received regulatory approval from the New York State Department of Financial Services (NYDFS) on September 10, together with another stablecoin Gemini Dollar that was launched by Winklevoss brothers.

Yesterday, U.S.-based cryptocurrency payment processor BitPay also launched stablecoin support, enabling merchants to receive settlements in Gemini Dollar and Circle USD Coin (USDC).

To be forewarned is to be forearmed.

It might be only fud but if it appear to be big scam you will blame yourself that you knew beafore and didnt do anything. So if any of guys reading this. Drop USDT untill its not too late. Grab any other stable coin. Currently even BTC is stable at 6300 and it might appear more stable than USDT...

[BitHodler]

I can definitely understand that way of thinking, but despite the risk Tether exposes people to, it's the most dominant stablecoin by orders of magnitude, and I can't see it change any time soon.

Other stablecoins haven't proven themselves yet, and can be seen as Bitcoin versus PayPal in terms of overall acceptance. If I was a Tether holder I would only hedge 50% just in case. Going full on alternatives is a risk as well.

I am however sure that the drama around Tether and Bitfinex will settle again, just like how it settled the previous times they were dealing with similar problems. Give it a month or two.

[YuginKadoya]

If you really want to dump tether that badly then do it, It is your hold up coin and you can do anything with it, But even if tether will get delisting and stuff like that this kind of thread will only worsen the worst status of it, This will become FUD for tether and people holding up would end up dumping it what if the developer is doing something about it and in this bearish times they don't do anything because in this time of the market it is a pretty difficult thing to do right now, And as of right now because of the rumors and spreading of FUD everyone is getting out of tether and acquiring other coins.

[thecodebear]

In Soviet Russia, USDT dumps you!

[adaseb]

The issue with the other stablecoins is liquidity at the moment.

Suppose there is a massive FOMO rally and BTC goes to $50,000 a coin and ETH goes to like $5,000 a coin. People will want to sell their crypto and buy the stablecoin, however due to low liquidity there won't be enough stablecoins out there to fill the demand.

Hence they have a good future and everything however it will be a while before the market cap grows large enough as USDT has been in the past.

[Pursuer]

if you are "holding" USDT then you never understood what that coin was created for! it is for temporary usage not for holding. the company is not even guaranteeing anything, neither the price nor ability to exchange with fiat.

There are now better, reliable and trusted USD backed stable coins,

what I am wondering is that what makes you think one centralized altcoin is better than another completely similar centralized altcoin?
they are all created by a company that wants to make profit from a certain "need" in the market for a cryptocurrency that stays stable and can act similar to fiat while not having the problems of needing a bank.
none of them are trusted, and there is the same suspicion about all of them regarding being backed with real fiat 1:1

the only way we can have a 100% safe (or close enough) stable coin is that if they are 100% regulated and basically become like a bank. which means they will be 100000% centralized and will require KYC and will have all the problems and restrictions that banks have with fiat.... in short there would be no reason for them to exist anymore.

[el kaka22]

I have always defended that the token should have not been used for so long. I think tether was printed out of thin air and spent on buying coins creating a false pump and than was sold by people to create a cushion for them to fall back down to with their printed tether.

What is the purpose of it when we are trying to run away from the central banks that print money out of thin air and make certain people richer, tether is absolutely the same.

There is no logic that we can accept the fact that we are using bitcoin because it is decentralized and running away from the fiat currency where only some people become rich whereas we will create our own USDT that makes couple people rich from printing it ? That is stupid and I am really glad people are getting out of tether and moving back to bitcoin for their exchanges.

[gentlemand]

I well and truly can't see how four offerings from varying degrees of unknowns can succeed against one that's been around for ages.

That's not to say that I think Tether is any good, but the most likely outcome for the others is that they'll wind up with 0.01 BTC of volume to divide between them. There's going to have to be some muscular marketing and plenty of reassurance before people look to switch and even then they may not.

I don't really want to touch any of them. Pegs rarely seem to end well.

[Altcoins enthusiast]

Usdt is having a bad days this day and I think this may cause an inflow of funds to bitcoin which in turn will translate to bullish run in other cryptocurrencies.  We would do no bad by dumping usdt now for bitcoin.