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Author Topic: What would happen to DAI if Tether collapses?  (Read 149 times)
yat97
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July 19, 2021, 11:00:10 AM
 #1

If the worst case Tether FUD comes true?

If you have a lot of money in DAI, are you safe?
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July 19, 2021, 11:17:29 AM
 #2

Read the instructions on how stablecoin DAI works
https://makerdao.com/en/whitepaper/#the-dai-stablecoin
Look at Collateralized Debt Position- CDP to see how much MDI you can get when pledging another cryptoasset.
https://oasis.app/
Store coins in different stablecoins.

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July 19, 2021, 12:55:17 PM
 #3

What's the worst Tether FUD do you mean? Centralized and controlled by single entity or it's not backed by real fiat? I think anyone already know and accept it as the risk of Tether.

DAI is decentralized stablecoin which is more safe rather than centralized, but the volume and pair isn't really huge as Tether.

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July 19, 2021, 02:30:19 PM
 #4

If the worst case Tether FUD comes true?

If you have a lot of money in DAI, are you safe?

Yes I'm and why not? I think that there will be no lots of changes happened with it. I'm still safe as long as DAI is still alive and it can be transacted and then everything is fine and I don't need to feel worry about that.
Remember that the stable coin backed by the fiat money and once fiat money collapse and that will be making the price of stable coin to collapse as well.
The point is the valuation of stable coin will not be affected even with FUD
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July 19, 2021, 04:58:51 PM
 #5

Everyone needs to stop trying to get worried about what will happen to crypto If tether is out of the picture, the thing is crypto market will feel the hit but only for a limited period of time, Dai is decentralized and it has nothing to do with a centralised stable coin like tether

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July 19, 2021, 05:25:25 PM
 #6

We all know that Tether is controversial and heavily criticized. But that doesn't mean it has something to do with your other stable coin since it does not have any correlation. The problem is, we all know that Tether USD is the biggest stable coin that exists in the market. If something bad happens to it I believe the market would be greatly affected by it.

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July 19, 2021, 05:33:35 PM
 #7

It's this logic, some stable coins remained stable for a long time while a very few stable coins including a few old ones didn't stay stable and their value dropped a lot. That's the same with Tether if it collapses then the other stable coins will remain as they are different stable coins.
Just so you know, as mentioned at the top that DAI is decentralized and it's utterly different from USDT which has a central authority that manages it.


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July 20, 2021, 05:42:41 AM
 #8

I honestly wouldn't be shocked. That's literally what I believe will happen to Tether eventually, people who think like me are in minority but I guarantee you there will be a day when tether will be zero and the company will be on the run. Do not be worried way too much because they own so many things so there will some sort of collection that will be given to all tether owners or whatever so that not everyone gets screwed or not too much, but in the end we are talking about fully gone, not even a word type of gone with god knows how much money.

This is literally just one company given tens of billions, soon maybe over a hundred billion dollars worth of money without any checks and balances in the play and no regulations, banks in weird nations and no laws to get them. That is the worst kind of situation and so far people have given them so much, it will turn out to be a ponzi in the end, I guarantee it.

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July 20, 2021, 06:07:35 AM
 #9

What's the worst Tether FUD do you mean? Centralized and controlled by single entity or it's not backed by real fiat? I think anyone already know and accept it as the risk of Tether.

DAI is decentralized stablecoin which is more safe rather than centralized, but the volume and pair isn't really huge as Tether.

Yes, that's right, if Tether collapses, it's a serious matter for other market assets in the crypto market, because the Tether market asset is currently standing at the #3 position in the Cryptocurrency market.
and if the Tether market asset collapses in the Cryptocurrency market, then the Tether market asset will become a meme coin mania in the history of the Cryptocurrency market.

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July 20, 2021, 07:55:43 AM
 #10

I have been watching the development and various stories in the crypto and i must tell you this, i have ever heard the story about tether was also contributing to the pump of bitcoin and that means when tether collapse due to the bad reason and you can also imagine what will be happening with the whole of cryptocurrencies.
There might be a disaster just like a big dump that happened with bitcoin caused tether was also giving a lot of contribution to the market dude.
DAI will not get any impact caused by the collapse of tether and it gets only more adoption

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July 20, 2021, 09:50:39 AM
 #11

Stable coins are not the safest assets as people believe. DAI is better than Tether USD but any collapse from big exchange, big cryptocurrency, big stable coin will result in the consequent collapse of the market.

Stable coins are good to trade. If you trade daily, use stable coins.

If you are long term investors, you should have fiat currencies. Why do you reject fiat currencies when they are backed by governments?
Both fiat and stable coins can be collapsed but fiat currencies have less risk than stable coins.

Put your capital into Bitcoin, fiat currencies and some big stable coins.

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July 20, 2021, 10:47:04 AM
 #12

The userbase of tether will be moving toward the another stable coin and probable they will be starting to think if tether can collapse and then they are looking for a decentralized stable coin and that's DAI. I see there's no another effect other than it consider when tether collapse and it will be giving a lesson to the old holders to search for the stable coin with safest protocol.
DAI is the safest stable coin right now and that may happen when tether collapse

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July 20, 2021, 07:57:25 PM
 #13

Tether is a fiat pegged currency, and as long as people believe in Tether, as long as it is convenient and people want to work with it, there is no point in worrying.
Tether was accused of not having this collateral, but as I know there were several audits that confirmed that Tether had the right sum of money. Moreover, judging from the chart, now it is much more stable than it was in 2019.

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July 20, 2021, 09:12:54 PM
 #14

If the worst case Tether FUD comes true?

If you have a lot of money in DAI, are you safe?

I don't think it will be safe if the FUD tether case becomes a reality, maybe from now on we need to prepare options if this really happens, how can we outsmart it once this case actually happens and has a huge impact on anyone.

Moreover, if this case is bound by standard rules, then how far is the level of security, if I have experience and have a lot of money in DAI, then from now on I will prepare the option to move it in any way.

I don't want to be involved in the problems they are experiencing, if this is indeed the case and there is no profit for us to defend it, then what about you if this case occurs, what steps do you take to protect yourself from the problem?

Do you sell money on DAI or try to trade with other patterns, because when all this happens instantly, then we will experience panic if we don't prepare options from now on. Is there another pattern that is better in your opinion?

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July 20, 2021, 09:32:16 PM
 #15

If the worst case Tether FUD comes true?

If you have a lot of money in DAI, are you safe?
If any opportunity comes to freeze my money, I will definitely choose the top 4-5 stablecoins. We don't need to worry about stablecoins if it's gone. Tether volume is 2 times more than Bitcoin, can you imagine? Still, so many investors don't like to hold their money on Tether. For decentralization, we can choose DAI.  The Tether is the oldest stablecoins so why do you think Tether will scan us?
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July 20, 2021, 09:41:10 PM
 #16

If the worst case Tether FUD comes true?

If you have a lot of money in DAI, are you safe?
DAI and USDT are completely two different type of stable coins while both of them running on the ethereum blockchain. Lets assume USDT value goes to zero which can happen at any time then its is not going to affect the DAI particularly since DAI not backed up by USDT or USDT, its just backed by different mechanism which is actually decentralized and going to maintain its value all the time.

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July 20, 2021, 09:54:53 PM
 #17

If the worst case Tether FUD comes true?

If you have a lot of money in DAI, are you safe?
DAI and USDT are completely two different type of stable coins while both of them running on the ethereum blockchain. Lets assume USDT value goes to zero which can happen at any time then its is not going to affect the DAI particularly since DAI not backed up by USDT or USDT, its just backed by different mechanism which is actually decentralized and going to maintain its value all the time.

it may affect at the start of the fall of USDT as some people will lose their trust on stablecoins. USDT is an established stablecoin, however, its assets is somewhat questionable when last 2019, they admitted that they are not fully backed by USD assets . to this day, we don't know the ultimate truth about their assets. however, DAI & USDT are different entities, with different management team. but if for some reason USDT collapses, you will expect that some people may pull out their funds from DAI, even if we say, it is decentralised. people panic whenever they encounter this kind of trouble, even if they are totally different project.


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July 20, 2021, 11:44:24 PM
 #18

If the worst case Tether FUD comes true?

If you have a lot of money in DAI, are you safe?

If its really backed by real fiat then any fud will be countered well. People will see the price down as the opportunity and makes it back again.

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July 22, 2021, 04:03:13 PM
 #19

If the worst case Tether FUD comes true?

If you have a lot of money in DAI, are you safe?
DAI and USDT are completely two different type of stable coins while both of them running on the ethereum blockchain. Lets assume USDT value goes to zero which can happen at any time then its is not going to affect the DAI particularly since DAI not backed up by USDT or USDT, its just backed by different mechanism which is actually decentralized and going to maintain its value all the time.

it may affect at the start of the fall of USDT as some people will lose their trust on stablecoins. USDT is an established stablecoin, however, its assets is somewhat questionable when last 2019, they admitted that they are not fully backed by USD assets . to this day, we don't know the ultimate truth about their assets. however, DAI & USDT are different entities, with different management team. but if for some reason USDT collapses, you will expect that some people may pull out their funds from DAI, even if we say, it is decentralised. people panic whenever they encounter this kind of trouble, even if they are totally different project.
Contrarily, I expect people to move towards better stable coins which are actually backed or completely decentralized from the traditional monetary systems. As far as I know DAI has no chance to goes to zero but not sure it is capable of fulfilling all requirements of stable coins in case if USDT drops to zero.

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July 22, 2021, 04:09:23 PM
 #20

If the worst case Tether FUD comes true?

If you have a lot of money in DAI, are you safe?

You are concerned about Dai call incase Tether collapse. Have you thought the the significant effect on the whole market when most like the whole crypto investors hold tether and some have already taken profit into USDT.
Its not going to be event that would be celebrated because there might high chance of tether trading below 0.5$ and may even pump bitcoin since everyone would want to cash out in safe haven.

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