BeginToMine
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July 28, 2020, 09:32:22 PM |
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Tether is like a place for rescue when crypto is crashing so everyone always like using it. The volume supersing others isn't surprising toe because almost everyone uses Tether and we appreciate it. It's a stable coin many Crypto enthusiasts like so much and trust also. So it's growth isn't questionable.
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Abiky (OP)
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July 31, 2020, 06:51:19 PM |
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Tether is a stablecoin, aside from some daytrading, people don't invest in it, they use it as an instrument for other trades. It can take even the #1 spot, it still won't have any big consequences on the crypto market. Plus, Tether exists on Ethereum's blockchain, so it might be still viewed as a "win" for Ethereum.
In the past XRP flipped ETH, and ETH didn't die or fall into a bear market. Crypto ranking isn't very important, aside from the first place. If ETH even briefly flipped Bitcoin in 2017, maybe ETH would have had slightly better position for the rest of its time.
Good point. Tether USDT is completely different from traditional cryptocurrencies like Bitcoin and Ethereum. Comparing it to the likes of BTC or ETH, is like comparing apples vs oranges. Stablecoins are just Fiat "tokenized" on the Blockchain. While I don't think USDT will hit the #1 spot on the market, it could become #2 anytime soon. Since USDT lives on the ETH blockchain, the Ethereum project has nothing to lose. For people to be able to transact in USDT, they need to have Ethereum (ETH) as well. After all, the latter is used as "gas" for transactions on the Blockchain. Not only USDT lives on ETH, but other blockchains as well such as BTC, TRX, and BCH. This multi-chain stablecoin will make its underlying blockchain platforms popular in the mainstream world. In the end, what matters is concrete results rather than the market cap of an specific cryptocurrency. If USDT is legit, it'll remain in the top ranks in market cap for the foreseeable future. Otherwise, its gains will go down the drain in the short term. I'm pretty skeptic about USDT because of the lack of transparency by Tether's USD reserves. It looks to be quite a shady stablecoin that could take down the whole crypto market if it fails in the future. "Flipping" Ethereum on the market will make no difference since USDT is a stablecoin after all. But newcomers into crypto won't see it this way since they're usually "following the money". Just my thoughts ![Grin](https://bitcointalk.org/Smileys/default/grin.gif)
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qiwoman2
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July 31, 2020, 07:15:59 PM |
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Bitfinex has been printing more and more Tether over the last few weeks and my take on this is that there is a rising demand for day traders and bots entering this market, so they need more supply. For example I just now started using a bot our company has created to just trade USDT/BTC pairing, so I myself needed to buy into Tether to do so. Also some say Bitfinix are in trouble so they are printing more Tether to dump on the market, buy BTC and Exit lol. Anything goes in Crypto and what will ring true will show itself in the near future.
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Pamadar
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July 31, 2020, 08:56:21 PM |
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Bitfinex has been printing more and more Tether over the last few weeks and my take on this is that there is a rising demand for day traders and bots entering this market, so they need more supply.
Each time they've sen demands they've seen more opportunities to attract traders and investors so it's a casual thing to them. For example I just now started using a bot our company has created to just trade USDT/BTC pairing, so I myself needed to buy into Tether to do so.
Indeed as you are tied to that pair to execute your trade. Also some say Bitfinix are in trouble so they are printing more Tether to dump on the market, buy BTC and Exit lol.
Needs to make a good assessment in order not being trapped to this coin. Anything goes in Crypto and what will ring true will show itself in the near future.
It's the future that will reveal everything inside this sphere, we should always have back up plans to adjust.
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BTCappu
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August 04, 2020, 03:08:23 PM |
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Who cares? Those are 2 different project anyway and it doesn't really matter to people if USDT beats Ethereum in terms of marketcap. USDT doesn't really serves any purpose except for being a stablecoin. A coin that is used mostly on trading (and wash trading).
You make it sound like there is a war going on between the two. At the end of the day, people will follow whatever is convenient to them. They can even use any of those for whatever reason they want because those 2 serves different purposes.
Exactly. One project cannot be compared to another one unless and until they offers the same set of features and applications to the users. USDT and Ethereum and two completely different projects that are built with different purpose, technology and applications. Ethereum will still be in the limelight even if USDT takes it over in terms of market cap. If one compared ADA or NEO with Ethereum, it would make a lot of sense for a matter of fact but comparing two completely different projects which have nothing in common is absurd.
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darewaller
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August 04, 2020, 03:57:40 PM |
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USDT is surprisingly rising in market cap but I don’t think it’s going to affect Ethereum even if it rises above it in terms of market cap. At the end of the day, USDT is still a stable coin that shows negligible changes in its price.
People will only use it as a substitute for fiat money as they won’t have to deal with banks and everything and the trading becomes much more convenient. As people usually tend to “follow the money”, USDT is of no use as it doesn’t make you money or profits itsthere just as a substitute to real money.So, ETH is not losing any attention, and neither is USDT going to gain any.
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jacafbiz
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August 04, 2020, 04:54:38 PM |
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I believe we are likely going to see one f these Stable coins hit $100 billion marketcap, this is a positive thing for the space abd all the tokens and coins in the space would benefit because it seems more money is entering the space. Off course I do hope a better project would take over from Ethereum and even Bitcoin in future and not Stable coin because it would mean we are heading in the right direction
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jajorforce
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August 04, 2020, 06:41:18 PM |
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Cryptocurrency users are working to make easy investment. If you buy tether and hold it, what will be the difference from your fiat currency? Stable coins are fast options to save money during the market collapse. Coinmarketcap is rising means people are investing in cryptocurrency. Always "Tether" is printing more cryptocurrency crashes.
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Abiky (OP)
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August 05, 2020, 07:46:09 PM |
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Bitfinex has been printing more and more Tether over the last few weeks and my take on this is that there is a rising demand for day traders and bots entering this market, so they need more supply. For example I just now started using a bot our company has created to just trade USDT/BTC pairing, so I myself needed to buy into Tether to do so. Also some say Bitfinix are in trouble so they are printing more Tether to dump on the market, buy BTC and Exit lol. Anything goes in Crypto and what will ring true will show itself in the near future.
That's certainly true, mate. Tether is printing USDT like crazy. It's no wonder why its market cap has increased in such a short amount of time. It could be an exit scam that will materialize sometime in the future. If Tether dumps USDT massively on the market, crypto prices will experience a huge bloodbath. At least, the effects will be in the short term. If this happens, another centralized stablecoin like USDC or BUSD could take USDT's place in the future. I wouldn't worry about USDT flipping ETH, since it's just a stablecoin. Since USDT lives on the ETH blockchain, people are required to use "Ethers" as "Gas" to process USDT transactions. It's a win-win situation for both Tether (USDT) and Ethereum (ETH) in my own opinion. For now, let's focus in the growth of "De-Fi" and stablecoins in this emerging industry. I believe there will be lots of competition in the future, challenging USDT's position on the market. While USDT is the most widely available stablecoin on the market, this could change in the future. It's important to keep in mind that Tether has been unable to provide true transparency on its USD reserves. This raises a flag for anyone considering USDT as a serious investment for the long term. There are far better options available on the market with true transparency, and most of all, credibility. Go for exchange-based stablecoins such as Binance USD or Gemini Dollars as they're thoroughly regulated in the mainstream world. Just my opinion ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif)
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r32godzilla
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August 05, 2020, 08:02:38 PM |
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You can´t compare these two coins. Also, the market capitalization is in this way irrelevant. Tether represents value of 1USD, if market capitalization grows, the number of USDTs in the circulation grows, but not the value. While Ethereum provides a platform for Tether, for sure there are also other platforms for Tether token, but mainly it uses the Ethereum platform. So naturally, if Tether prints more money, it should also affects the price of Ethereum because Tether depends on it. ![Wink](https://bitcointalk.org/Smileys/default/wink.gif)
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kingzpro
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August 05, 2020, 08:19:42 PM |
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I've seen that now USDT has reached a market cap of over $10 billion dollars (USD). The sudden rise could've been a result of the massive hype surrounding "De-Fi" and stablecoins. With Tether issuing new units (supply) of USDT, it makes me wonder whenever its "triumph" will last for long? After all, crypto land behaves in strange and bizarre ways. Imagine if USDT flips Ethereum on the market. All the eyes will be on Tether instead of Ethereum, as people are usually "following the money". I think Tether will continue to issue new coins on the Blockchain in order to maintain a high market cap ranking. Only then, USDT will stand alongside Bitcoin as the world's second-largest cryptocurrency (stablecoin) by market cap. What do you think will happen if USDT flips ETH on the market? Will everything remain the same? Or will ETH lose attention from the mainstream world? Will USDT be able to maintain such high market cap for a long time? Your input will be greatly appreciated. ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) The gap is still far too big to even consider this what you have posted. Also keep in mind that the more the usdt is minted it is actually supporting the market and it is going into most of the coins as people are buying usdt primarily to buy more btc, eth and other major coins so it is good to see the market cap of usdt is growing it has positive impact on crypto market.
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BeginToMine
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August 05, 2020, 10:09:11 PM |
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Fact is, Tether is gaining lots of recognitions and many people trust it as a stable coin while either is from a strong team and yeild more profits while mooning but as stablecoin tether is it doesn't dump nor gain profits like ETH but not withstanding people appreciate tether more because of the safety and gas gained lots of recognitions. I value tether alot too but uses both.
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Abiky (OP)
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August 07, 2020, 06:46:57 PM |
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You can´t compare these two coins. Also, the market capitalization is in this way irrelevant. Tether represents value of 1USD, if market capitalization grows, the number of USDTs in the circulation grows, but not the value. While Ethereum provides a platform for Tether, for sure there are also other platforms for Tether token, but mainly it uses the Ethereum platform. So naturally, if Tether prints more money, it should also affects the price of Ethereum because Tether depends on it. ![Wink](https://bitcointalk.org/Smileys/default/wink.gif) Exactly. It's a win-win situation for both Tether and Ethereum. Even if USDT manages to surpass ETH in market cap, it won't make any difference. The more Tether prints USDT, the higher its market cap will be. Newcomers seem to think that market cap means the cryptocurrency is highly successful or it's better than others behind it. But veterans in the crypto space, know that's not the case. Unfortunately, most people don't understand this as they're driven by a cryptocurrency's market cap than its use cases for the mainstream world. An advantage USDT has over other stablecoins is that it lives on multiple blockchain networks. This makes interoperability seamless. USDT can take advantage of other blockchain platforms' transaction capacity, to provide low fees and quick transfers. ETH may be clogged right now, making ERC-20 token transfers of USDT completely out of question. But it's possible to send/receive USDT on the TRON blockchain, where users can enjoy negligible fees and near-instant transaction confirmation times. While all of this great, I'm quite skeptical about USDT as Tether hasn't provided true transparency of its USD reserves. It could raise a flag for the level of legitimacy of the USDT stablecoin itself. Nonetheless, people are required to have ETH in order to make use of USDT on the Ethereum blockchain. The more USDT grows in popularity, the more ETH will become adopted in the mainstream world. As I've said before, it's a win-win situation for both cryptocurrencies. It seems like Tether (USDT) will eventually surpass ETH's market cap, becoming second next to Bitcoin on the market. This will surely gain the attention of newcomers in the mainstream world. Let's hope that USDT turns out to be a legitimate stablecoin instead of all the other way around. Just my opinion ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif)
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suvo05
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August 07, 2020, 08:23:31 PM |
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Tether (USDT) is a popular coin, and it's kind of a solution to the volatility issue of the cryptocoin market. It's the number one choice for a person who wants to play safe for a few moments. But none of the traders will be interested to buy and hold the coin for long as holding is not profitable. So becoming at no 2 in total market cap will have hardly any effect on the coin prices or in trading.
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jacafbiz
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August 08, 2020, 07:16:05 PM |
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What most people do not understand is that USDT makes more sense to people especially developing countries that their currencies have lost its value against USD because of inflation, since they do not have access to USD from their Banks it makes sense to hold USDT or any stable coin pegged against Dollar than holding Ethereum that has it value moving up and down
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casperBGD
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August 08, 2020, 09:01:53 PM |
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What most people do not understand is that USDT makes more sense to people especially developing countries that their currencies have lost its value against USD because of inflation, since they do not have access to USD from their Banks it makes sense to hold USDT or any stable coin pegged against Dollar than holding Ethereum that has it value moving up and down
interesting view, it make sense if you believe in USDT which country are you from, so you have no access to $, or EUR, as stable fiat currency
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Abiky (OP)
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August 13, 2020, 09:20:44 PM |
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What most people do not understand is that USDT makes more sense to people especially developing countries that their currencies have lost its value against USD because of inflation, since they do not have access to USD from their Banks it makes sense to hold USDT or any stable coin pegged against Dollar than holding Ethereum that has it value moving up and down
It's much more convenient to "hodl" a stablecoin than Fiat for many obvious reasons. The fact that you can avoid banks altogether while getting the benefits of traditional Fiat, makes stablecoins like USDT or USDC an extremely indispensable tool for decentralized finance. No matter how far USDT goes, I'll never replace Ethereum. This is largely because USDT is a stablecoin while ETH is a cryptocurrency with smart contract capabilities. In fact, USDT lives on ETH and other blockchain networks. Its rise in market cap, should benefit underlying blockchain networks the most since people are required to own the native cryptocurrency in order to process their USDT transactions. The more USDT rises in popularity, the better it'll be for Ethereum's adoption in the mainstream world. While newcomers into crypto often link a crypto's market cap to its success, what matters is mainstream adoption and usability above anything else. I've seen other cryptocurrencies with a lower market cap than Ethereum, that are useful for the mainstream world. Their constant development and innovation will make them survive for a very long time. USDT will not rival the main ETH blockchain, but it could complement it in every way. There are many "De-Fi" platforms on the ETH blockchain, which make use of USDT as collateral for loans among other things. USDT is a universal stablecoin that's widely accepted in the crypto/space, because of its established presence on the market. While I'm not quite fond of Tether's lack of transparency, it seems to be doing pretty well in terms of trading activity. If it fails, we can rest assured that other centralized stablecoins will take its place on the market. Considering that major stablecoins are on the ETH blockchain, the smart contract platform itself (Ethereum) will likely retain its place on the market for a very long time. Just my opinion ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif)
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pixie85
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August 13, 2020, 09:59:35 PM |
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What will they do if it happens? Invest in usdt? It's a pretty bad idea since usdt is completely centralized and is supposed to follow the dollar value. It's almost impossible to make money holding it and the risk is far greater than with Bitcoin.
USDT can bail at any moment and elave you with nothing. When people follow the money and ignore the facts the suffer the consequences.
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KimmyF
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August 13, 2020, 10:03:00 PM |
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Actually, we didn't remember the time 2013-2014 years. Ethereum supply is also increasing as "Tether" supply increases. Actually some altcoins supply should increase as the market increases. Every year the coinmarketcap hits the new level of the highest price. Highest volume, highest marketcap and also exchange is also bigger than last year. "Tether" can't place along the side of Bitcoin.
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Abiky (OP)
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August 15, 2020, 01:27:47 AM |
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What will they do if it happens? Invest in usdt? It's a pretty bad idea since usdt is completely centralized and is supposed to follow the dollar value. It's almost impossible to make money holding it and the risk is far greater than with Bitcoin.
USDT can bail at any moment and elave you with nothing. When people follow the money and ignore the facts the suffer the consequences.
Considering that most people "follow the money", they might invest more thoroughly in USDT than ETH itself. They don't care if it's centralized, as long as they're able to profit from it. I believe that the stablecoin craze will last for quite some time, until the demise of COVID-19. After that, USDT's position on the market might return to "pre-pandemic" levels. The fact that market cap tells nothing other than the value of all coins in circulation, should not leave us worrying about USDT replacing ETH anytime soon. All in all, the rise of USDT's popularity in the mainstream world should be more beneficial than harmful for ETH in the long run. After all, Tether (USDT) runs on the ETH blockchain. For people to be able to send/receive USDT transaction on-chain, they're required to spend some "ETH" which serves as a fee for the smart contract to perform its operations. In case USDT goes down the drain, another centralized stablecoin will take its place on the market. Since most centralized stablecoins live on the ETH blockchain, the world's second-largest cryptocurrency by market cap has nothing to lose. Just my opinion ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif)
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