Could Tether (USDT) be really called decentralized cryptocurrency?

[Sithara007]

Tether cannot be called decentralized, because this token is regulated by the owner, the price is stable and the developer can freeze the token at any time.

This has already happened multiple times. According to available data, so far in 2020 Tether has frozen a total of 24 addresses. Many of these addresses contained USDT valued in millions of USD. The reason was given as "regulatory pressure". This is just an eye-opener to everyone who claim that Tether is a cryptocurrency. The other stablecoins such as USDC are also doing the same.

[andytherbg]

dai for the win

[Abiky]

This has already happened multiple times. According to available data, so far in 2020 Tether has frozen a total of 24 addresses. Many of these addresses contained USDT valued in millions of USD. The reason was given as "regulatory pressure". This is just an eye-opener to everyone who claim that Tether is a cryptocurrency. The other stablecoins such as USDC are also doing the same.

That's certainly true, mate. Tether has frozen a substantial number of addresses in the past. I'm sure they won't stop doing it anytime soon. This should make the average person aware that Tether is not really a decentralized stablecoin. The more people become a victim of Tether's schemes, the better it'll be for decentralized stablecoins' adoption in the mainstream world. Centralized stablecoins like Tether and USD Coin bring the traditional banking system to the Blockchain. This goes against what crypto was designed for in the first place. As long as we have decentralized alternatives like DAI and USDJ, nothing should go wrong.

My guess is that Tether will eventually become heavily regulated by mainstream governments. This could lead towards the demise or triumph of USDT in the mainstream world. Everything will depend on how legitimate Bittrex is willing to keep its operations. If it can't comply with regulations, then another centralized stablecoin will take USDT's place on the market. What matters is that crypto/Blockchain tech remains decentralized to become impervious against government intervention. Centralized stablecoins will come and go, but decentralized alternatives will last a lifetime. Just my thoughts

[themohit]

No. A centralized company does not want to create a decentralized cryptocurrency (coin or token), never.

USDT is created by a centralized company and the company try to diversify the chains they use from Bitcoin (OMNI layer) to ERC20, TRC20, EOS chains the USDT has still been a centralized stable coin. Tether can not deny the fact.

They could do it, but I won't believe they ever will.
Why bother if everyone uses it already at this point?

[montaga]

The only question is how long before the whole thing collapses anyway, the printing or shall we say creation is out of this world

[Ozero]

Tether is not a decentralized cryptocurrency.  He was not and never will be.  The document cited only talks about the decentralized exchange of tether for other values.  We can agree with this, since such an exchange does not really involve a third party.  However, the tether token itself is completely centralized in nature.

[Abiky]

Tether is not a decentralized cryptocurrency.  He was not and never will be.  The document cited only talks about the decentralized exchange of tether for other values.  We can agree with this, since such an exchange does not really involve a third party.  However, the tether token itself is completely centralized in nature.

Completely agree with you, mate. While many people Tether to be a "decentralized" stablecoin, the hard truth is that it's not. Operating on a decentralized network does not make the stablecoin itself free from third-party interference. Everything will depend on how the stablecoin was coded by the developer. Considering that Bittrex can freeze USDT balances on the Blockchain, the world's most popular stablecoin becomes nothing more than another banking system. This goes against what crypto and Blockchain tech were created for. I guess most people don't mind as long as they're able to make money in the long run. Tether proves to be extremely convenient for day trading and wealth preservation as it mimics traditional Fiat (USD) in every way. It's so much better than cashing out crypto to a bank account.But when it comes to achieving true financial freedom and censorship resistance, traditional cryptocurrencies like Bitcoin and Ethereum prove to be the winner.

Nonetheless, people will eventually get to know everything about Tether as it becomes more popular in the mainstream world. They'll be able to differentiate centralized and decentralized stablecoins with ease. Veterans/experts in the crypto space already know about Tether's issues, as well as, the benefits of using a decentralized stablecoin. With DAI serving as a decentralized alternative to Tether, there may be no need to look further in order to enjoy the best of both worlds. Time will tell us whenever Tether will be a failed experiment or not. Just my thoughts

[tvplus006]

Tether cannot be called decentralized, because this token is regulated by the owner, the price is stable and the developer can freeze the token at any time.

This has already happened multiple times. According to available data, so far in 2020 Tether has frozen a total of 24 addresses. Many of these addresses contained USDT valued in millions of USD. The reason was given as "regulatory pressure". This is just an eye-opener to everyone who claim that Tether is a cryptocurrency. The other stablecoins such as USDC are also doing the same.

We already saw in September how Tether returned $1 million in USDT that was sent to a non-existent address. Therefore, it is impossible to say that USDT is a decentralized coin. Today, there are only two decentralized stablecoins-DAI and USDJ. All other stablecoins are centralized, including USDT.