ololajulo
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May 24, 2022, 07:42:18 PM |
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a lot of these posts donot look like they understand the OP and his concern. When I understand stable coin, I realize the size of fraud that is going on there. The last law suit was settled out of court and US government seem to be quiet because they are also getting paid. In the last 2 years a large some of billions was added to a coin,this coin does not get mined and just last one week when people are getting curious they remove $10 billion. The space does not need the free fund from America to pump this space if you understand how the stable coins work.
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Coyster
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May 24, 2022, 08:31:14 PM |
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USDT will become the biggest scam in crypto history, bigger than XRP by 5-fold. The day of reckoning will arrive soon enough. Maybe a few more years before this speculative prophecy comes to fruition.
That would prolly happen somewhere along the line, but you can be sure that many users hardly worry about stuffs such as their security, true decentralization, etc, until they become victims to such, it is what it is. USDT is centralized, that denotes that absolutely anything is possible, especially for users who have decided to hold it for the long term, decisions can be taken at any time by companies that run this projects, i am talking decisions that wouldn't be in your favor, your funds can also be frozen, etc, it is a no for me to hold USDT, but of course users are absolutely free to make up their own mind on what they want to do, and of course, the consequences remains theirs to take/bear.
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Bitstar_coin
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May 24, 2022, 08:38:33 PM |
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I think usdd was launched at the right time. With the latest occurrence has made investors to have a rethink now. It is better to use the stablecoins which have a strong backing than those stablecoins that are not been able to provide strong backing stablecoin
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Xal0lex
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May 24, 2022, 10:14:49 PM |
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There are a lot of things in the crypto industry tied to USDT and I do not think that it is profitable for someone to end it all and turn this stablecoin into a scam with a sad end, because the consequences of this will be very cruel. It's no secret that USDT is not fully backed by the dollar, but only 15%-20%, if I'm not mistaken, the rest is backed by securities and various derivative instruments. I agree that everything is not so smooth with the collateral and most likely there is a huge amount of unsecured tokens released to the market. In addition, USDT has had constant problems with auditing. There is also a possibility that USDC will take the lead. Already now investors start pouring liquidity into this stablecoin, and who knows, maybe in 3-4 years there will be a new leader in the stablecoin category.
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prosperoustop
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May 24, 2022, 10:19:00 PM |
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I read that USDT was checked and it real stable coin, also now you can check that billions was withdrawed from USDT and nothing changed!
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Yogee
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May 24, 2022, 10:58:47 PM |
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There was a report last year about Tether's reserves but the problem was it's conducted by an audit firm called Cayman. Tether opened their books to them as part of their compliance but you cannot really rely on reports released by another shady company can you? Why did they not seek the expertise of top audit companies like Ernst and Young or the PwC?
Here's their reserve breakdown as reported by Coindesk, - Cash & Cash Equivalents & Short-term deposits & Commercial paper: 75.85% - Secured Loans: 12.55% - Corporate Bonds, Funds & Precious metals: 9.96% - Other investments: 1.64%
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TimeTeller
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May 24, 2022, 11:03:01 PM |
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There was a report last year about Tether's reserves but the problem was it's conducted by an audit firm called Cayman. Tether opened their books to them as part of their compliance but you cannot really rely on reports released by another shady company can you? Why did they not seek the expertise of top audit companies like Ernst and Young or the PwC?
Here's their reserve breakdown as reported by Coindesk, - Cash & Cash Equivalents & Short-term deposits & Commercial paper: 75.85% - Secured Loans: 12.55% - Corporate Bonds, Funds & Precious metals: 9.96% - Other investments: 1.64%
Up until today, I also have doubts about their true backing and their actual assets. I guess, we won't know the absolute truth coming from them as they can cover up with the help of other third party companies. So for me, it is better to hold your coin in BTC rather than in USDT. Just remember the 2019 admittance that they are not purely backed by USD assets.
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lobo13hf
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May 25, 2022, 12:08:02 AM |
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Not yet a scam but let's see what will be happening with this stable token in the future. Here's their reserve breakdown as reported by Coindesk, - Cash & Cash Equivalents & Short-term deposits & Commercial paper: 75.85% - Secured Loans: 12.55% - Corporate Bonds, Funds & Precious metals: 9.96% - Other investments: 1.64%
It's not 100% legit. There must be some confirmations about the reserved funds to make sure if it was reliable. I think that you forgot to mention about the trust despite all of things that used to backed the stable token above but in this case the trust was the main thing that used by tether to make people think if it was fully backed. There's no reliable information about how many tokens fully backed and reserved funds.
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dansus021
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May 25, 2022, 01:56:22 AM |
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Your concern is genuine and we all have the same feeling about stability of these stable coins. Honestly speaking nobody is sure whether these stable coins will not collapse like ust in case crypto market goes through another Teraa Luna like crash. The USDT has huge market cap of 70 Billion dollars if it is not backed by real dollars then it is certainly vulnerable and we should diversify our funds in different stable coins like BUSD & USDC,
Yea right, right now yes i consider other stablecoin but most exchange pair is using USDT ![Sad](https://bitcointalk.org/Smileys/default/sad.gif) i mean if we can take a look usdt minted in 2022 alone usdt has been minted 6billion ![Shocked](https://bitcointalk.org/Smileys/default/shocked.gif)
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Dr.Osh
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May 25, 2022, 09:07:27 AM |
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well, it seems that people are starting to question how things are going about stable other coins after the UST crash. however, USDT has always had its questions in the past. however, there are some issues like USDT is only in supply 70% of real money, and so on. however, people sometimes forget that. to be honest, currently the assets I have use more BUSD than USDT. it's because there are enough issues like this. however, USDT is one of the most popular crypto assets at the moment, I don't expect it to collapse, and can refute all the negative speculation that exists.
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markko7
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May 25, 2022, 11:47:35 AM |
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if tether collapse whole crypto market will collapse as well
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hichamito37
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May 25, 2022, 12:17:15 PM |
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USDT will become the biggest scam in crypto history, bigger than XRP by 5-fold. The day of reckoning will arrive soon enough. Maybe a few more years before this speculative prophecy comes to fruition.
This is why i were leaving USDT for BUSD. I don't know why people are still using this non transparent stable token. Even UST that was being transparent can be destroyed easilly but in my opinion when people realized about the truth and massive sell will be happening like UST even USDT was not a algorithmic stable token. Last week i have seen the price of USDT was also dropping. This stable token was not viable anymore to be used for the daily interaction with the market. The worst thing may come when public will know about the truth of USDT reserve Last week's drop in USDT's price was due to the UST crash effect affecting USDT. The death of UST has been warned by many on twitter but very few people care about it, UST is an algorithmically stable coin unlike USDT is a stablecoin backed by USD. Therefore, they should not be compared with each other. I see USDT and BUSD are the same they don't have too much difference, if you find a better USDC or DAI than BUSD.
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ItsCrafty
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May 25, 2022, 05:22:58 PM |
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Usdt is not safe and if Usdt crashed it will put very bad impact on crypto and I think this will be biggest crash for crypto market. People use Stable coins for staking. USDD, USDT, and USDC are all backed by an underlying business of reinvesting profits from transaction back to stakers. Only USDC is safe, Rest all are ponzi..Not worth the risk to lose your whole capital just to get few extra percentage
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TopT3ns
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May 25, 2022, 05:46:32 PM |
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Well, when there are several articles that are quite complete, it shows that coins like this are not necessarily safe, all possibilities that exist in cryptocurrency can happen so you have to stay alert when putting the money you use in USDT it can collapse, until now the USDT is still used to facilitate the purchase of Bitcoin and hopefully usdt will not be a double-edged sword for Bitcoin.
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sana54210
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May 26, 2022, 08:23:40 PM |
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Basically its just the word "trust me" and it worked for the company to have $73,207,418,561 market cap (3rd in CMC) without having anyone auditing. Bitfinex are still up and running which nobody even know where they are actually located. The last time AFAIK was that they are based in British Island and which they guarantee its the safest place.
When LUNA and its UST crumbles, the paranoia is spreading and its possible to happen on all stablecoin especially USDT.
Bahamas is also the place where they are registered for investment purposes as well, Bahamas.. We all know that they are trying to keep all of their money out of everyone's reach so that they wouldn't be screwed and that's a good defence when suggested in crypto sense. To go out there and say "we are not registered in the USA because if they freeze our assets, that will be your money they freeze" but that also means our money is out of our reach as well. I never trusted them, and seeing how they have so much money, it is clear that not everyone thinks the same. Whenever their topic is opened, everyone says they are not to be trusted, but they keep growing bigger.
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Silberman
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May 27, 2022, 07:28:43 PM |
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Do governments support Tether? Is Tether centralized?
No and yes, the government does not support any stable coin, and in fact we are seeing that many governments are interested in releasing their own stable coin in the form of CBDCs, this means that sooner or later stable coins will come under attack by the governments as they do not want to have other coins fighting for the same market as their own coin, and tether is centralized which makes it incredibly easy to destroy, unlike bitcoin which is a decentralized currency.
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TheGreatPython
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May 27, 2022, 09:34:22 PM |
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USDT will become the biggest scam in crypto history, bigger than XRP by 5-fold. The day of reckoning will arrive soon enough. Maybe a few more years before this speculative prophecy comes to fruition.
This is why i were leaving USDT for BUSD. I don't know why people are still using this non transparent stable token. Even UST that was being transparent can be destroyed easilly but in my opinion when people realized about the truth and massive sell will be happening like UST even USDT was not a algorithmic stable token. Last week i have seen the price of USDT was also dropping. This stable token was not viable anymore to be used for the daily interaction with the market. The worst thing may come when public will know about the truth of USDT reserve Last week's drop in USDT's price was due to the UST crash effect affecting USDT. The death of UST has been warned by many on twitter but very few people care about it, UST is an algorithmically stable coin unlike USDT is a stablecoin backed by USD. Therefore, they should not be compared with each other. I see USDT and BUSD are the same they don't have too much difference, if you find a better USDC or DAI than BUSD. Algo and the Tether company based are different type of situations. In one of them it was basically the algo that kept it going on and when people figured out that it wasn't perfect and it went down and it wasn't designed properly, it crashed to hell and it will never recover. The problem there is the fact that you are still giving money to the team so that they would keep it level, when they couldn't, it dropped and we learned that the algo was a miscalculation. Right now the similar thing could be said about Tether as well because that is based on a company and everyone trust the company to go on forever but the reality is that they could screw up as well.
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vv181
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May 29, 2022, 10:15:25 AM |
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The true state of obliviousness in crypto is still baffling. Despite billions of dollars and repeated offenses by countless wolves over the past 10 years in all of crypto, no one bats an eyelash at the lack of any tangible* evidence from the largest stablecoin.
Some people thought that USDT gain its merits by simply being the largest stable coin, therefore many of them didn't look deeper into what it is all about, they presume it is fine since many people are using it. By relying on the masses' usage of USDT and/or a piece of attestation for the transparency, they assume it is all good. What can we expect from a platform that relies on trust while the masses blindly give the trust?
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lottery248
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beware of your keys.
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May 29, 2022, 02:56:54 PM |
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USDT, as of 2022.3.31, claims that they have $4.1B in actual cash reserve. however, according to CMC data, its capitalisation has been down by $11B from 2022.5.11 to when this reply is submitted, which is far beyond its cash solvency.
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out of ability to use the signature, i want a new ban strike policy that will fade the strike after 90~120 days of the ban and not to be traced back, like google | email me for anything urgent, message will possibly not be instantly responded i am not really active for some reason
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sana54210
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May 29, 2022, 09:03:09 PM |
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The true state of obliviousness in crypto is still baffling. Despite billions of dollars and repeated offenses by countless wolves over the past 10 years in all of crypto, no one bats an eyelash at the lack of any tangible* evidence from the largest stablecoin.
Some people thought that USDT gain its merits by simply being the largest stable coin, therefore many of them didn't look deeper into what it is all about, they presume it is fine since many people are using it. By relying on the masses' usage of USDT and/or a piece of attestation for the transparency, they assume it is all good. What can we expect from a platform that relies on trust while the masses blindly give the trust? That is their power, they managed to make 80+ billion dollars worth of investors trust them, and nearly blindly as well. They convinced all of those people to invest into USDT, offer absolutely no return, they simply just said "here, this is pegged to usd" and nothing more and they have been making billions and billions off this deal, simply just because they can print some fake stablecoin, and they can pay you back when you ask for the real one, that's it, that's all they are good for and made billions based on that. This is why they are so dangerous, and they may not be good people, but they are super smart, how many people could offer NOTHING and still make billions?
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