Best alternative to Tether?

[el kaka22]

If you do not want to stay in bitcoin there are a lot of coins who are a bit stable compared to bitcoin in dollar value you can use them or like people said you can use fiat as well. I mean withdrawing your bitcoins to fiat is not that hard wherever you are with localbitcoin and you can definitely use exchanges if you have access to them. The charge could be a lot more than using tether but the risk is not worth it.

At one hand you have fiat that you can use anywhere in the world and definitely more secure than tether and just basically the normal way people use money and on the other hand you have stablecoin that you are not sure about the 1to1 ratio anymore and could be gone any moment now and could be considered dead already. The risks outweight the reward when using tether.

[1714880099]

1714880099

[sbogovac]

[...]The risks outweight the reward when using tether.

For Tether that might be true. But if you want to use a scalping trading strategy you would want to use an exchange with the lowest fees (as they will "eat up" any earnings you make), hence you would want to use Binance. And Binance simply does not support Fiat... Thankfully there are other Stablecoins (like USDC, TUSD and DAX) that are good enough alternatives for the average trader.

[bitgolden]

I do not have much knowledge about the current concerns regarding Tether as to whether they will have an effect on it as a stable coin or not. If I were in your shoes then I would simply switch to fiat and Bitcoin. Bitcoin may equally not be stable but it has always been a good choice.

Bitcoin is indeed the main choice for investing. but I personally still hold tether for long-term investment. the issue that happened did not make me panic, and it would remain in the analysis that I had planned

The issue that has happened or yet to happen? because I have not seen much issue around and the one that will create the big panic is yet to be decided in court and it is better you be on a safe side, because if the whole thing turn around to be against them, you might not be fast enough to take all your investment before they shut down the system or lock the system from withdrawal.

Look at when Binance was hacked, what they did first was to lock withdrawal and many people that were going to move their funds out of panic could not do so, but they were just lucky that Binance overcame the challenge and came out stronger, but bitfiniex might not survive this.

[Sithara007]

[...]The risks outweight the reward when using tether.

For Tether that might be true. But if you want to use a scalping trading strategy you would want to use an exchange with the lowest fees (as they will "eat up" any earnings you make), hence you would want to use Binance. And Binance simply does not support Fiat... Thankfully there are other Stablecoins (like USDC, TUSD and DAX) that are good enough alternatives for the average trader.

Does any of these alternative coins that you have listed (USDC, TUSD, DAX.etc) do third party audits and make the audit summary available for everyone? Many of these stablecoins claim that they are backed up by real cash. But as we have seen in the case of Tether, these guys are not very honest when they claim this. The transparency is simply not there.

[gentlemand]

Does any of these alternative coins that you have listed (USDC, TUSD, DAX.etc) do third party audits and make the audit summary available for everyone? Many of these stablecoins claim that they are backed up by real cash. But as we have seen in the case of Tether, these guys are not very honest when they claim this. The transparency is simply not there.

Yes. USDC publishes a monthly audit by an independent accountant - https://blog.circle.com/2019/05/17/usdc-reserve-attestation-report-from-grant-thornton-llp-april-2019/

Dunno about the other ones but I would assume that anyone who wasn't transparent wasn't going to get very far. Tether is a fine example to all.

[exstasie]

I'm amazed/shocked/depressed that Tether is still as strong as it is considering there are now multiple rivals put out by properly legitimate companies. I presume the only thing keeping them up there is the dimness and lack of imagination of its users.

And the fear of getting accounts terminated, money frozen, reported to authorities. PAX and GUSD showed very early on that traders couldn't rely on honest redemption. Tether may be shifty and have obvious banking problems but they seem much less likely to intentionally fuck over their customers like "legitimate" stablecoin issuers will. I feel like there is a tacit understanding between Tether and their customers that liquidity is a much bigger priority than proper AML/KYC compliance.

[gentlemand]

And the fear of getting accounts terminated, money frozen, reported to authorities. PAX and GUSD showed very early on that traders couldn't rely on honest redemption. Tether may be shifty and have obvious banking problems but they seem much less likely to intentionally fuck over their customers like "legitimate" stablecoin issuers will. I feel like there is a tacit understanding between Tether and their customers that liquidity is a much bigger priority than proper AML/KYC compliance.

Agreed. However in theory these coins have two purposes - parking and redemption and Tether users already know that attempting to redeem for real dollars is largely pointless and hopeless so that aspect of its usage isn't too far off closed down completely. I'm sure BFX insiders have little trouble.  

That makes it fundamentally different from the other coins.

The 'legit' issuers really fucked themselves with their twitchiness. I certainly would never look to redeem dollars through them. Dunno if they'll ever make a move on exchange balances but it's possible at which point there's no point in going anywhere near them.

[davinchi]

I think the best options right now are usdc and gusd. The only reason for that is usdc is done by poloniex and circle which is owned by a big bank in USA, I do not remember which one it was but it could be JP Morgan or something like that which means they have a huge backing and would never really get hurt like tether since they can afford to keep it at 1to1 ratio forever.

The other one is gusd which is done by winklevoss twins and they are very rich and heavily invested into bitcoin which is why I believe in them, they are not strangers in this market and have been advocates of bitcoin since day 1 so their stablecoin will be strong too. In any case if you could not use any stablecoin that is better, I like to put my money into either fiat or crypto, not in between.

[Reatim]

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.

Exactly mate this is one good advice as leaving our coins in exchange is very risky

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.

Diversification is the best strategy specially for long term holding

Is that a valid concern?
This is seriously a valid concern

But must consider some advices if you want to profit in future

[sbogovac]

[...]The risks outweight the reward when using tether.

For Tether that might be true. But if you want to use a scalping trading strategy you would want to use an exchange with the lowest fees (as they will "eat up" any earnings you make), hence you would want to use Binance. And Binance simply does not support Fiat... Thankfully there are other Stablecoins (like USDC, TUSD and DAX) that are good enough alternatives for the average trader.

Does any of these alternative coins that you have listed (USDC, TUSD, DAX.etc) do third party audits and make the audit summary available for everyone? Many of these stablecoins claim that they are backed up by real cash. But as we have seen in the case of Tether, these guys are not very honest when they claim this. The transparency is simply not there.

Yes. USDC publishes a monthly audit by an independent accountant - https://blog.circle.com/2019/05/17/usdc-reserve-attestation-report-from-grant-thornton-llp-april-2019/

Dunno about the other ones but I would assume that anyone who wasn't transparent wasn't going to get very far. Tether is a fine example to all.

What he ^^^ said, and I like USDC because of Coinbase too...

[ricardobs]

There are lots of alternatives, lots of good ones out there that you can make use of. I don't even know why some of you feel like tether is the best there is while there are so many of them are good. If you're making use of the blockchain wallet you must have heard about the USD PAX, it is another cryptocurrency that is backed by the USD. So if you have the Blockchain wallet and have also verified your identity, you will be able to exchange your Bitcoin or any of the available cryptocurrencies for USD PAD right from your wallet. There are other similar coins as well that are backed by the USD. There is USDC which is the second alternative to tether. The next is TUSD

[muhhentuhhen]

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.

Soon, Facebook will launch its cryptocurrency. It is supposed that the new token will be a stable coin. AS FB is extremely popular, there is a high probability of the new coin success. So, Tether can be replaced.

[Reid]

Two questions.

Why are you forcing your funds into a stable coin?
Why not just go to the bank if you want stability?

I mean, you made an effort to know more about crypto currencies and yet you will just stay with a stable coin and now you are looking for another because Tether is at risk.
Why not step up? Go risk it at a better place for a future income.
Go bitcoin.

If you are doubting a stable coin then you might want to apply that with the rest.
I mean it. Literally. Seriously, it aint a joke.
Just want to save some of you from making a big mistake in your life.

[exstasie]

Two questions.

Why are you forcing your funds into a stable coin?
Why not just go to the bank if you want stability?

The biggest reason is KYC. If you only deposit/withdraw crypto to exchanges, you can avoid KYC while trading and hedging USD value with stablecoins. This offers obvious privacy benefits and is probably used to an extent for tax avoidance. So if you don't need the fiat money in your bank account, it makes sense why some people look to stablecoin markets/exchanges rather than fiat exchanges.

[gentlemand]

Soon, Facebook will launch its cryptocurrency. It is supposed that the new token will be a stable coin. AS FB is extremely popular, there is a high probability of the new coin success. So, Tether can be replaced.

And if the pile of Monero you bought with your Facebookcoin is traced by them, and you can bet your arse it'll have unparalleled surveillance built in, your Facebookcoin account will be shut and you'll be forever banned.

If they're talking to Gemini and Coinbase that must mean some conventional exchange action, but the thing that people like about Tether is that it doesn't give a shit.

[Blue_oxen]

There are lots of alternatives, lots of good ones out there that you can make use of. I don't even know why some of you feel like tether is the best there is while there are so many of them are good. If you're making use of the blockchain wallet you must have heard about the USD PAX, it is another cryptocurrency that is backed by the USD. So if you have the Blockchain wallet and have also verified your identity, you will be able to exchange your Bitcoin or any of the available cryptocurrencies for USD PAD right from your wallet. There are other similar coins as well that are backed by the USD. There is USDC which is the second alternative to tether. The next is TUSD

In your list, I only trust USDC because this is a recognized coin in many major exchanges and this stablecoin trading volume is always very high. I think there are a lot of alternatives now but if there are many stablecoin appearing on this market, the risk will be much reduced because we don't have to worry too much about stablecoin discount. In my opinion, the price of $1 should be maintained during this period so that all investors can liquidate the best

[sbogovac]

Two questions.

Why are you forcing your funds into a stable coin?
Why not just go to the bank if you want stability? [...]

Because some exchanges do not support FIAT trading and some people prefer to trade against a "stable constant". With two crypto trading there are a lot of "moving" parts which make tracking (and predicting!) profits hard(-er).

For instance: I prefer Bitstamp, and they support FIAT. But I also use Gunbot (for fast automated trading), which doesn't support Bitstamp. So I use Binance (also because of the small fees), which doesn't support FIAT. So I need a "stablecoin" for my high frequency automated trading...

Hope this helped.

[beerlover]

I think usdc will be the clear best choice very soon. It is supported by Circle and that is why it is so strong. Circle has investments from Goldman Sachs and that firm is not one that will lose money in any way or sense because they have politicians in their pockets and keep bribing them meaning if there is any hit on the stable coin world because of a SEC rule or something then USDC will not be affected by it.

So, the supporters are Poloniex which is owned by Circle which is owned by Goldman Sachs, what type of power could you ever ask from a coin above this one? Maybe Winklevoss twins GUSD will be fine but for me USDC will be the new norm when this USDT thing blows over. Even binance has USDC now and that is saying much more about USDC than USDT while they are competing.

[yvesp110]

There are lots of alternatives, lots of good ones out there that you can make use of. I don't even know why some of you feel like tether is the best there is while there are so many of them are good. If you're making use of the blockchain wallet you must have heard about the USD PAX, it is another cryptocurrency that is backed by the USD. So if you have the Blockchain wallet and have also verified your identity, you will be able to exchange your Bitcoin or any of the available cryptocurrencies for USD PAD right from your wallet. There are other similar coins as well that are backed by the USD. There is USDC which is the second alternative to tether. The next is TUSD

In your list, I only trust USDC because this is a recognized coin in many major exchanges and this stablecoin trading volume is always very high. I think there are a lot of alternatives now but if there are many stablecoin appearing on this market, the risk will be much reduced because we don't have to worry too much about stablecoin discount. In my opinion, the price of $1 should be maintained during this period so that all investors can liquidate the best

Same here man! I only go with USDC because of the wide recognition and a good stability of value. There is also the true USD and I think that is something that needs to be considered if you are planning to invest in stable coin. Binance is also on its way to launch its stable coins and trust me it is going to push up BNB. Binance stable coins is pegged to British Pound.

[elewton]

I think usdc will be the clear best choice very soon. It is supported by Circle and that is why it is so strong. Circle has investments from Goldman Sachs and that firm is not one that will lose money in any way or sense because they have politicians in their pockets and keep bribing them meaning if there is any hit on the stable coin world because of a SEC rule or something then USDC will not be affected by it.

So, the supporters are Poloniex which is owned by Circle which is owned by Goldman Sachs, what type of power could you ever ask from a coin above this one? Maybe Winklevoss twins GUSD will be fine but for me USDC will be the new norm when this USDT thing blows over. Even binance has USDC now and that is saying much more about USDC than USDT while they are competing.

Your information is really rewarding because I'm also very interested in keeping USDC because the speed of transactions and cheap costs are the main reason I chose this stablecoin. In fact, USDC has a very strong management of many great exchanges and even many countries are considering using this stablecoin for many different purposes. I believe that USDC will one day beat USDT and become the leading stablecoin in this market