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Question: Do you trust USDT?
Yes - 121 (69.5%)
No - 29 (16.7%)
Not sure - 24 (13.8%)
Total Voters: 174

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Author Topic: Do you trust USDT?  (Read 4238 times)
karsyla
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February 09, 2020, 09:14:42 PM
 #1

USD Tether is a Bitfinex issued ERC-20 token which is claimed to be backed by dollar at 1:1 ratio. There are controversial opinions about this and some say it's a scam.

Do you trust USDT or believe it might be a scam?

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February 09, 2020, 09:30:51 PM
 #2

USDT becomes most preferred stable crypto among traders and it also maintain its ratio value with actual USD more stable than other stable cryptos.

But everything is under control of someone has risk of turning into scam!

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February 09, 2020, 09:32:54 PM
 #3

I don't trust it because of the way is it issued, it might not have 1:1 rate with real USD , but i might get wrong. Someone say on youtube that they issue the coins every month / the team behind USDT to pay their costs and income.
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February 09, 2020, 09:42:26 PM
 #4

It is a centralized project with many not answered questions, their behavior is little bit shady, they failed to prove all their funds on bank accounts, plus they changed the terms that USDT is backed to 1USD or to another asset, which can´t be verified. Thats why I rather buy and hold decentralized alternative: USDQ or DAI that have strict rules and this rules can´t be as it suits the founders.  Cool

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February 09, 2020, 10:01:10 PM
 #5

I don't fully trust with anything in crypto world because it has a big chance to turn into a scam, including USDT. I never used USDT, I rather buy FIAT currency with BTC to save my money when the bear market come than buy some stable coins.
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February 09, 2020, 10:16:45 PM
 #6

I think i have not had any reason to doubt or discredit usdt
Like i usually say, my crypto journey is from altcoin to bitcoin, if i don't save to bitcoin

I save to my bank account, but i think usdt is fair enough to help you short losses and store funds just for a while
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February 09, 2020, 10:28:43 PM
 #7

USD Tether is a Bitfinex issued ERC-20 token which is claimed to be backed by dollar at 1:1 ratio. There are controversial opinions about this and some say it's a scam.

Do you trust USDT or believe it might be a scam?
I can't see any stable coin before 2015-2016. Only Tether was very old stable coin to freeze money. Yes I believe and trust  USDT coin since I joined in cryptocurrency. You can earn from trading  USDT - USD, because their ratio isn't equal. I can't see any controversial information.

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February 09, 2020, 10:32:29 PM
 #8

USD Tether is a Bitfinex issued ERC-20 token which is claimed to be backed by dollar at 1:1 ratio. There are controversial opinions about this and some say it's a scam.

Do you trust USDT or believe it might be a scam?

I trust USDT, because sometimes after selling altcoin that I have, I will buy USDT, so that the value of my money does not change and wait until the price of altcoin that I want to invest goes down, then when the price goes down I will buy it using USDT, because in my opinion store the money we have in USDT when we haven't been able to choose the right altcoin to make an investment is a good choice than saving it in Bitcoin or ETH, because it can keep our money stable (can't make our money go down when the price of Bitcoin or Eth goes down).

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February 09, 2020, 10:43:35 PM
 #9

USD Tether is a Bitfinex issued ERC-20 token which is claimed to be backed by dollar at 1:1 ratio. There are controversial opinions about this and some say it's a scam.

Do you trust USDT or believe it might be a scam?

They have been accused before, so I don't know how you can 'trust' them.

I guess people or investors are going to be smart here, perhaps they are just going to take advantage and just used it to leverage, but to say that they 100% trust them, is an overstatement.

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February 09, 2020, 11:04:12 PM
Last edit: February 11, 2020, 12:29:35 AM by leatutz
 #10

USD Tether is a Bitfinex issued ERC-20 token which is claimed to be backed by dollar at 1:1 ratio. There are controversial opinions about this and some say it's a scam.

Do you trust USDT or believe it might be a scam?
I never think USDT might be a scam. Several issue and bugs could stay in any coin, this isn't scam project symptom. If you face any problem in USDT coin, you should use Binance USD for stable coin. Only USDT has the top volume between all of stablecoin. I couldn't find anyone who says USDT is scam.
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February 09, 2020, 11:11:24 PM
 #11

USDT are not only existing in ethereum network (Erc20) they also exist in OMNI blockchain. Some exchanges using OMNI before but they switch to Ethereum because of the high fees. There are some shady stories about usdt, some says they used it to pump bitcoin, they print a lot of usdt and pump a certain coin. There is no proof but it is up to you how will you use this asset and be responsible.
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February 09, 2020, 11:26:21 PM
 #12

USD Tether is a Bitfinex issued ERC-20 token which is claimed to be backed by dollar at 1:1 ratio. There are controversial opinions about this and some say it's a scam.

Do you trust USDT or believe it might be a scam?
I do believe if that was having a huge chance to be a scam but this is not only my concern. The fact that im still using it right now to trade with bitcoin or ethereum as it's still having huge demand and it's so difficult to be a scam. The tether company has already stated if they have not backed all of the funds with the fiat money and they are not having good credibility caused by that and the transparency is less compared with another stable coin. Im still prefers TUSD in this case by while im just using tether in a short time to secure my profit and that's enough.
At least the reserved funds that hold by tethers are already audited even not all of tether token backed by fiat money.

This company is not having very good reputation but at the same time, this is not yet a scam project too. It's placed in the gray area.

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February 09, 2020, 11:38:28 PM
 #13

It's complicated to answer this question
We have a lot of controversal stuff against USD Tether but until now nothing is proved

I prefer to believe and use this stable coin, but with caution, I only use to keep my position in the market in USD for short periods of time, not long time to avoid the risks

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February 09, 2020, 11:40:39 PM
 #14

yes, I trust USDT even though I never invested in USDT, because I do not like to invest in stable coin (not giving me profit), so I never invested in USDT until now, but I believe USDT is very safe, because until now there was no problem or thing that makes USDT can not be trusted and there are still many people who use USDT to make transactions.

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February 09, 2020, 11:43:44 PM
 #15

Is actually the most used tokens when it comes to usd Check every exchange pairing and you will surely find Tether there So am sure thats the most used and the most trusted There is actually no reason not to trust it But ofcourse there are many others like it so the choice is yours to make

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February 10, 2020, 12:02:13 AM
 #16

USD Tether is a Bitfinex issued ERC-20 token which is claimed to be backed by dollar at 1:1 ratio. There are controversial opinions about this and some say it's a scam.

Do you trust USDT or believe it might be a scam?

Well, it was recently reported that USDT is actually only backed by around 70% USD in the bank.

That means buying USDT at dollar parity should be the same as throwing 30% of your money away.

However, for some reason USDT still appears to be maintaining its dollar peg, but I've got no idea how.

Regardless, as soon as I heard about USDT's fractional reserve, I converted everything I had into TUSD and USDC and never looked back.

So no, I don't trust it anymore, and neither should you until they prove their reserves are 100% backed.

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February 10, 2020, 01:02:48 AM
 #17

Until now USDT is still widely used and trusted by people and one of the most popular tokens, but I think this is an old issue. It never hurts to be careful, I personally use USDT when other options are not available

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February 10, 2020, 01:19:04 AM
 #18

I have never used it nor converted by btc into a USDT even before that controversy where it's involved. And until today, I don't have any plans of using them even it will be called with anything that it has been thrown of.

Regardless of whether people will believe it's a scam or not or they are trustworthy, the price of it maintains to be at the range of $0.999 - $1.

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Kaliecious
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February 10, 2020, 02:23:24 AM
 #19

I fully believe in USDT because so far this token has been stable at $ 1 USD unlike altcoin which prices go up and down.
considering this token is in the top 5 coin marketcaps that almost all market exchanges exist and must be paired with the king of crypto (bitcoin). when exchanged to FIAT in all countries the value remains $1 USD

bhalwalbhalwal
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February 10, 2020, 02:42:29 AM
 #20

The original idea of Tether was great, a cryptocurrency that is ‘backed’ by the dollar. Investors loved Tether as it was a safe haven for storing profits.
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