Best alternative to Tether?

[thegoatiest]

Hey.

I'm currently all in tether... which isn't a good idea currently IMO.
I'd like an alternative that won't turn to dust - as I've heard speculation; that Tether might become worthless if Bitfinex get hammered in the courts.

What's the best stable coin currently?
I'm at Bitfinex at the moment, however I'm thinking of going back to Binance; giving me more options for stable coins.
However, the liquidity of TrueUSD and USDcoin - on Binance, is pretty poor....
Which leaves..
a) a btc only exchange such as Bitmex or deribit...     (which is not for me, way too much stress having to keep a constant eye on the market. I like to take time out as needed)
b) Coinbase and legit Fiat. However - coinbase has high fees and very bad liquidity (I have the choice of euros or pounds there.. no dollar )

I'm quite worried that Tether will just collapse and all my trading capital will simply vanish.
Is that a valid concern? And do we have a time-frame for when things will be concluded with the latest tether fiasco.?

Would very much appreciate some insight on this.
Thanks.
TG

[1714798262]

1714798262

[1714798262]

1714798262

[1714798262]

1714798262

[1714798262]

1714798262

[1714798262]

1714798262

[BitcoinGirl.Club]

I'm at Bitfinex at the moment, however I'm thinking of going back to Binance; giving me more options for stable coins.

Please do not keep your coins in an exchange. If anything happens to the exchange then you are going to lose the asset.

I'm currently all in tether... which isn't a good idea currently IMO.

This is certainly not a good idea. Why not have BTC and store them in you own wallet which private key is only accessible by you.

Is that a valid concern?

This is seriously a valid concern

[akamit]

Probably Dogecoin can be used as a stable coin for some time? For longer terms, I'm not sure.

Or you can divide all your capital into 4 and use Dogecoin, Tether, TrueUSD, and USDcoin. I also don't know much about TrueUSD and USDcoin.

Maybe you can skip Tether as you are worried about it.

[diazepam666]

I am not sure why you said USDC and TUSD are that much worth to have as alternative.

Completely I understand the volume level compare with the USDT with these coins but if nee coin comes in the market also it cannot compete with the level of USDT.
So never other alts will compete the this coin.

[Dilerium90]

Hey.

I'm currently all in tether... which isn't a good idea currently IMO.
I'd like an alternative that won't turn to dust - as I've heard speculation; that Tether might become worthless if Bitfinex get hammered in the courts.

What's the best stable coin currently?
I'm at Bitfinex at the moment, however I'm thinking of going back to Binance; giving me more options for stable coins.
However, the liquidity of TrueUSD and USDcoin - on Binance, is pretty poor....
Which leaves..
a) a btc only exchange such as Bitmex or deribit...     (which is not for me, way too much stress having to keep a constant eye on the market. I like to take time out as needed)
b) Coinbase and legit Fiat. However - coinbase has high fees and very bad liquidity (I have the choice of euros or pounds there.. no dollar )

I'm quite worried that Tether will just collapse and all my trading capital will simply vanish.
Is that a valid concern? And do we have a time-frame for when things will be concluded with the latest tether fiasco.?

Would very much appreciate some insight on this.
Thanks.
TG

It may sound strange, but the best and safest alternative to a tether is a real dollar. On some exchanges, it present, for example, at Bitfinex. Safer with him. The rest can collapse at any time.

[leowonderful]

I've been using USDC recently as the coin's backed by Coinbase and Circle and I'd like to distance myself as far away from Bitfinex as possible considering all the things that have happened to them over the years.

Binance has several pairs like USDC/BTC and USDC/ETH with decent volume, though as the member above me has mentioned, the volume with Tether on Binance and most other exchanges is reported to be far greater than with any other stablecoin out there currently. You can always just trade the USDT/BTC pair and then convert the USDT to USDC or another stablecoin though.

In the end though, you ideally don't hold any stablecoins for extended periods of time. Fiat is safer than any stablecoin. Cash out to real USDs when needed.

[thegoatiest]

Thankyou very much for the prompt replies!

I'm at Bitfinex at the moment, however I'm thinking of going back to Binance; giving me more options for stable coins.

[Please do not keep your coins in an exchange. If anything happens to the exchange then you are going to lose the asset.]
>>>>But don't you then end up paying exchange withdrawal fees every trade? Seems like that could be expensive for the day trader(not compared to losing it all of course..)

I'm currently all in tether... which isn't a good idea currently IMO.

[This is certainly not a good idea. Why not have BTC and store them in you own wallet which private key is only accessible by you.]
>>>>I'm personally trading for $ value, I'm not comfortable being in BTC... and seeing as we've just had a rally, I don't want to potentially long the top.
I tried Bitmex... and it was very stressful, getting hammered with funding fees just to hedge my Dollar value.. I need a fiat/equivalent.

---

I've been talking to other traders - and they think that asides from tether - the other stable coins don't have enough liquidity to be useful for trading on Binance.
today I saw Pax 15mil 24hour volume. USDC 12 million 24hour volume.
That seems like enough to me? Or is that too low...?
Coinbase BTC/Euro only has 8million~ 24hour, that feels way too low. (the spread is pretty high, and you almost always have to pay taker fee)

I guess I could hedge my bets.... with TUSD and USDC..
RE USDC:
I just had a look at the Binance charts for BTC/USDC. Doesn't look good to me. Regular crazy wicks.... wiping out where my stops would be - whereas this doesn't happen with USDT. I blame the low-volume.... allows whales to take advantage and stop-hunt on the cheap.


@Dilerium90 - I did not know Bitfinex has USD. I thought they only did Tether?
This sounds like a good option. However, It then presents the problem of; do you keep your fiat at Bitfinex overnight or do you withdraw to a bank account... (sounds more lengthly and costly than transfering a stable coin to a hardware wallet, if i'm not mistaken.)

@leowonderful - sound advice. Thanks. Do you think BTC/USDT - then converting it to USDC is worth the extra 0.1% trading fee? Or just trading BTC/USDC at Binance?




I don't know what to do..... thinking of packing trading in until people wake up about tether...  
Do we have an ETA on the tether time-bomb?

[thegoatiest]

I'm trawling the internet - and I'm having trouble finding out if your balance at Bitfinex is Fiat or Tether.....
They're support staff avoid this question repeatedly.
They suggest that your USD balance on their exchange is Fiat... but they don't flat out deny it's actually tether either....
I'm trusting them less and less...

Here's one of the posts that got me wandering; is it fiat or tether at BF;
https://www.reddit.com/r/bitfinex/comments/8un7fa/usd_or_usdt/

[flash101k]

I'm at Bitfinex at the moment, however I'm thinking of going back to Binance; giving me more options for stable coins.

Please do not keep your coins in an exchange. If anything happens to the exchange then you are going to lose the asset.

I agree with your point of view, we should not keep money on exchanges. If hackers hack the exchange, the investors will bear the risk, and the exchanges may not refund to you. Use a physical wallet or cold wallet to keep your money.

[thegoatiest]

But if you day trade like me. It's impractical and expensive to pay exchange withdrawal fees every day.
I don't know how I'd manage that.. It also removes your ability to place a limit order.... as you have no money on the exchange.

--

I think so far. The best solution for me is - USDT-BTC, Then convert USDT to USDC.
The USDC market moves in mysterious (manipulative) ways... I personally don't see it as very tradeable..

USDT-BTC behaves itself but is potentially a time-bomb.
So, I'm going to take the extra 0.1% fee on each trade, for some peace of mind. (and looking through the charts, I'd more than make up that 0.1% extra by not getting stopped out of trades early due to the low volume of USDC-BTC.
I trust coinbase, I don't like them. But i trust them.

Tether, we all know the history...

[exstasie]

I'm currently all in tether... which isn't a good idea currently IMO.

You got that right. Bitfinex and Tether are both skating on thin ice at the moment. I don't go anywhere near USDT. Another big bank account seized or adverse actions from regulators could cause prices to skyrocket against USDT.

I'm at Bitfinex at the moment, however I'm thinking of going back to Binance; giving me more options for stable coins.
However, the liquidity of TrueUSD and USDcoin - on Binance, is pretty poor....

Which leaves..
a) a btc only exchange such as Bitmex or deribit...     (which is not for me, way too much stress having to keep a constant eye on the market. I like to take time out as needed)
b) Coinbase and legit Fiat. However - coinbase has high fees and very bad liquidity (I have the choice of euros or pounds there.. no dollar )

Yes but I've definitely noticed liquidity on Binance's USDC market improving. Your best bet may be to spread your liquidity through multiple markets including USDC, PAX, TUSD. If not enough, then you may need to hold BTC and hedge on Bitmex. You could also try Kraken for straight up fiat trading. They have SEPA funding and a much higher volume EUR market than Coinbase. You can probably use their USD market as well.

[Ailmand]

I'm at Bitfinex at the moment, however I'm thinking of going back to Binance; giving me more options for stable coins.
[Please do not keep your coins in an exchange. If anything happens to the exchange then you are going to lose the asset.]
>>>>But don't you then end up paying exchange withdrawal fees every trade? Seems like that could be expensive for the day trader(not compared to losing it all of course..)

It is safer to keep your funds in a wallet where you hold your own private key than keeping it in a platform. Keep in mind that therebare inevitable events where platforms suddenly closes or gets attacked. I would not risk storing my crypto in an exchange just to save fees when day trading.

[ryzaadit]

Try to research about USDC Coin, They already have audited about their stable coin. USDC was 100% backup by the project, I remember went Tether got a bad news about their case the value down to around 0.5$-0.7$. I think right now better to avoid Tether, because we all know Teahet not backup by a money.

[thegoatiest]

It is safer to keep your funds in a wallet where you hold your own private key than keeping it in a platform. Keep in mind that therebare inevitable events where platforms suddenly closes or gets attacked. I would not risk storing my crypto in an exchange just to save fees when day trading.

Stable coin I'd agree... but crypto - need to keep that on the exchange, otherwise; no stop-loss. Right?

--

Until this blows over I will stay away from holding any tether... - I'll 'hedge' my dollar value using Pax and USDC and I think i'll place my trades using tether for liquidity, then convert to one of the other stable coins.
pfffff, but then I guess that leaves me exposed to a tether crash if my stop-loss is on the BTC/USDT market....  :S
So, Guess I'll be trading USDC/BTC 
The fees to hedge a Bitmex are just taking the P***.. I won't put up with that...
--

Wow, I didn't realize it got that bad in the past with tether.... eek.

[Julunguul]

Hey.

I'm currently all in tether... which isn't a good idea currently IMO.
I'd like an alternative that won't turn to dust - as I've heard speculation; that Tether might become worthless if Bitfinex get hammered in the courts.

so if you think that if Bitfinex has the risk that the Tether will start to falter, what about BTC and altcoins?
I don't see any other stable coin options that have the same value as both, and like the previous event if the worst possibility of Bitfinex occurs there must be something else that will backup tether.

[X-ray]

Hey.

I'm currently all in tether... which isn't a good idea currently IMO.
I'd like an alternative that won't turn to dust - as I've heard speculation; that Tether might become worthless if Bitfinex get hammered in the courts.

What's the best stable coin currently?
I'm at Bitfinex at the moment, however I'm thinking of going back to Binance; giving me more options for stable coins.
However, the liquidity of TrueUSD and USDcoin - on Binance, is pretty poor....
Which leaves..
a) a btc only exchange such as Bitmex or deribit...     (which is not for me, way too much stress having to keep a constant eye on the market. I like to take time out as needed)
b) Coinbase and legit Fiat. However - coinbase has high fees and very bad liquidity (I have the choice of euros or pounds there.. no dollar )

I'm quite worried that Tether will just collapse and all my trading capital will simply vanish.
Is that a valid concern? And do we have a time-frame for when things will be concluded with the latest tether fiasco.?

Would very much appreciate some insight on this.
Thanks.
TG

Yes it is, consider about bitfinex and tether was facing a very big problem because both of these platforms must deal with US prosecutor and SEC. I have already moved to the TUSD and so far i never face any big problem with it.
It looks so difficult to deal with US regulators.
TUSD is a better choice consider the liquidity based on much dollars that used to backed USD. you can't expect a huge liquidity when it was having limited fiat money to backed it.

[gentlemand]

I'm trawling the internet - and I'm having trouble finding out if your balance at Bitfinex is Fiat or Tether.....
They're support staff avoid this question repeatedly.
They suggest that your USD balance on their exchange is Fiat... but they don't flat out deny it's actually tether either....
I'm trusting them less and less...

Here's one of the posts that got me wandering; is it fiat or tether at BF;
https://www.reddit.com/r/bitfinex/comments/8un7fa/usd_or_usdt/

If I remember rightly they've stated that USD and USDT are fully interchangeable on their platform. You have a dollar balance that you can withdraw as dollars via bank transfer or as USDT through the Omni chain.

That kind of made sense if you believed they were backed 1-1. Now we know for a fact that they're not, though now there are 'cash alternatives' involved as well as their wee token thing. Whatever our feelings are they never seem to be short of heavyweights willing to put money into them.

I would never, ever consider Tether if I was looking to park value for a period of weeks or months. If I was super active and running in and out of coins on an hourly or daily basis I would probably consider it a risk worth continuing with but I'd remain vigilant and would always favour staying in crypto.

[GregH37]

Hey.

I'm currently all in tether... which isn't a good idea currently IMO.
I'd like an alternative that won't turn to dust - as I've heard speculation; that Tether might become worthless if Bitfinex get hammered in the courts.

What's the best stable coin currently?
I'm at Bitfinex at the moment, however I'm thinking of going back to Binance; giving me more options for stable coins.
However, the liquidity of TrueUSD and USDcoin - on Binance, is pretty poor....
Which leaves..
a) a btc only exchange such as Bitmex or deribit...     (which is not for me, way too much stress having to keep a constant eye on the market. I like to take time out as needed)
b) Coinbase and legit Fiat. However - coinbase has high fees and very bad liquidity (I have the choice of euros or pounds there.. no dollar )

I'm quite worried that Tether will just collapse and all my trading capital will simply vanish.
Is that a valid concern? And do we have a time-frame for when things will be concluded with the latest tether fiasco.?

Would very much appreciate some insight on this.
Thanks.
TG

I will honestly advise against keeping your money in binance, even though they are still the most trust worthy exchange till date, but when it comes to security, there is not exchange that is that perfect other than your own private wallet.

Get your money converted to BTC, and keep it in your wallet with necessary security put in place, although I still do not understand why you want to keep your fund I n a stable coin for now.There is no stable coin in the market that is more effective than tether, but now that tether is having issue as regards their overprinting of money, there is no better option than BTC.

[ichai]

Hey.

I'm currently all in tether... which isn't a good idea currently IMO.
I'd like an alternative that won't turn to dust - as I've heard speculation; that Tether might become worthless if Bitfinex get hammered in the courts.

What's the best stable coin currently?
I'm at Bitfinex at the moment, however I'm thinking of going back to Binance; giving me more options for stable coins.
However, the liquidity of TrueUSD and USDcoin - on Binance, is pretty poor....
Which leaves..
a) a btc only exchange such as Bitmex or deribit...     (which is not for me, way too much stress having to keep a constant eye on the market. I like to take time out as needed)
b) Coinbase and legit Fiat. However - coinbase has high fees and very bad liquidity (I have the choice of euros or pounds there.. no dollar )

I'm quite worried that Tether will just collapse and all my trading capital will simply vanish.
Is that a valid concern? And do we have a time-frame for when things will be concluded with the latest tether fiasco.?

Would very much appreciate some insight on this.
Thanks.
TG

I think you should not keep more tether. Currently there is a lot of stablecoin being circulated in the crypto market. TUSDT, USDC are still other good choices for you. and you should divide your money for those stablecoin types. Because the risk can occur at any time and you will not want to lose everything if the trading system of those coins fails.

[Iykecollins]

I have been using USDT as the only tether for fund hedging but when it was learnt that it is an altcoin I became jittery and decided to use the alternatives like Pax, Tusd and Usdc, but I use usdc more