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Author Topic: Do You trust Tether (USDT) Stablecoin?  (Read 2992 times)
ashslm (OP)
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February 09, 2023, 07:46:27 AM
Merited by NotATether (1)
 #1

I'm in crypo world since 2021 only and since then I've noticed a lot of folks talking about Tether as being a potentional scam that may crash the markets one day and I've watched videos from crypto detectives/scam busters such as Coffeezilla and he makes some pretty fair points about Tether being the cryptos biggest scam.

I wanna personally know from people who have been in crypto for little longer than I have and maybe know a few things more or could share their personal view on Tether.

My side question to this would also be: Which type of stablecoin do You find the most credible in the Crypto space?

Thanks in advance for more experienced folks for sharing their insight!
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February 09, 2023, 08:07:31 AM
 #2

They have long history in cryptocurrency and if there is a stable coin you can trust, USDT is one of the best options you have. Regardless of they cooked their reports, I think they have good treasuries for Tether USD.

However, in cryptocurrency, things can change very fast and we don't know how Tether USDT will change in future. If you want to store your capital in stable coin, I don't think it is safe to store all your capital in only Tether USDT. You can choose some other stable coins to store your capital like BUSD (Binance USD), USDC together with Tether USD.

Decentralize risk of bankruptcy from one stable coin by this way.

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February 09, 2023, 08:08:12 AM
Merited by John Abraham (1)
 #3

I'm in crypo world since 2021 only and since then I've noticed a lot of folks talking about Tether as being a potentional scam that may crash the markets one day and I've watched videos from crypto detectives/scam busters such as Coffeezilla and he makes some pretty fair points about Tether being the cryptos biggest scam.

I wanna personally know from people who have been in crypto for little longer than I have and maybe know a few things more or could share their personal view on Tether.

My side question to this would also be: Which type of stablecoin do You find the most credible in the Crypto space?

Thanks in advance for more experienced folks for sharing their insight!


I do not like usdt due to lack of transparency, if I remember correctly according to their own whitepaper if something does happen they can give you another coin or something "equal" of value to replace your usdt. I never heard of any problems with people using and withdrawing USDT even when withdrawing billions and cashing out in small spaces in time but that 100% doesn't mean it won't happen in the future but who knows time will tell.

I personally like USDC, they have a fully reserved stablecoin. Each USDC is backed cash.

 Cheesy Cheesy
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February 09, 2023, 08:49:34 AM
 #4

Nope, you can see how their activity.
1. They can freeze your fund
2. Their asset backup actually not 100%
3. There has some case the value it's not 1$ a couple time, based on the time history chart.

So, with that reason. I think everyone are advising people to not holding your asset into "USDT" with a long term.

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February 09, 2023, 09:02:30 AM
 #5

Everyone will just have to end up with other stable coins as follows in no particular order aside from USDT;

  • USDC
  • BUSD
  • DAI
  • TUSD
  • PAXOS
  • TUSD

Those are the other ones that are being mostly used but if you're for the decentralized, the closer one is dai.

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February 09, 2023, 09:07:18 AM
 #6

My side question to this would also be: Which type of stablecoin do You find the most credible in the Crypto space?

USDC is the most trusted Stablecoin for me because it is founded by Circle which is a fully regulated company. You can assure that your USDC fund is backed 100% by fiat since they always have an audit unlike USDT. I would say BUSD since they are stablecoin of Binance but since Binance is now being target by US regulators, There’s a chance that they will suffer same fate with FTX with one wrong move of CZ. For now BUSD is still safe but if you are looking for long term reliability, Choose USDC stablecoin.

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February 09, 2023, 12:51:00 PM
 #7

Maybe USDC but I also use USDT. But I don't think about the fraudulent potential of USDT or other stablecoins because I only use it temporarily and then use it to buy bitcoins. It's like taking profits in USDT to then buy bitcoins again with USDT Grin

And I think in choosing stablecoins, we have to look for it ourselves and not just follow other people's suggestions. That way, we will know which stablecoins we can be comfortable using.

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February 09, 2023, 01:07:23 PM
 #8

I used USDT and BUSD for my trade but never I tried to hold them or any stablecoins. Fortunately, for the many years that I'm using them, I don't have any bad experiences which is why I still trust them. I don't think there is a problem with this USDT but I think it is the site or trading platform that we use.
I could not distrust USDT as long as I don't have any bad experiences with this coin. As I was using trusted exchanges, I have no worries at all and I believe that it won't disappoint me as well.

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February 09, 2023, 01:09:42 PM
 #9

Nope, you can see how their activity.
1. They can freeze your fund
2. Their asset backup actually not 100%
3. There has some case the value it's not 1$ a couple time, based on the time history chart.

So, with that reason. I think everyone are advising people to not holding your asset into "USDT" with a long term.

I don't think many people are using it for holding. It's a stablecoin, mostly it's used just to send money. I'm using it for about 2 years now, and never had any issues. Never heard if they froze someone's wallet for no reason.
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February 09, 2023, 01:19:01 PM
 #10

I don't trust it but I use it when I need it. In my opinion, it shouldn't be seen as an investment tool. If you see it as a stablecoin that can only be used in times of need, you will reduce the risk.
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February 09, 2023, 01:41:15 PM
 #11

I don't trust it but I use it when I need it. In my opinion, it shouldn't be seen as an investment tool. If you see it as a stablecoin that can only be used in times of need, you will reduce the risk.
You get the point right there, there is nothing like trust in cryptocurrency and not even bitcoin gives a stable and persistent future adventure and profits.

Sometimes,  bad things happen and Tether USDT may be caught up in the web but not that there has a pre-planned blueprint of how there will exit scams on their investors and holders.

Since the is the biggest and most used stablecoins

R


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February 09, 2023, 01:49:44 PM
 #12

I don't trust it but I use it when I need it. In my opinion, it shouldn't be seen as an investment tool. If you see it as a stablecoin that can only be used in times of need, you will reduce the risk.
You get the point right there, there is nothing like trust in cryptocurrency and not even bitcoin gives a stable and persistent future adventure and profits.

Sometimes,  bad things happen and Tether USDT may be caught up in the web but not that there has a pre-planned blueprint of how there will exit scams on their investors and holders.

Since the is the biggest and most used stablecoins

Yes, this is actually correct. The value of USDT might drop if a de-pegging happens just like the USTC the ratio drops. Hopefully, this will not happen, and surely have a negative impact on investors or traders who might think that stablecoin can be easily manipulated.
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February 09, 2023, 01:59:47 PM
 #13

I'll give an answer like this, I'm always suspicious of usdt and other stable coins, especially there is more speculation on usdt, but it doesn't matter, I use a few stable coins at the same time, so I can move more comfortably, I recommend it. The more you reduce the danger, the more you will have space to move.

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February 09, 2023, 02:06:22 PM
 #14

My side question to this would also be: Which type of stablecoin do You find the most credible in the Crypto space?

USDC is the most trusted Stablecoin for me because it is founded by Circle which is a fully regulated company. You can assure that your USDC fund is backed 100% by fiat since they always have an audit unlike USDT. I would say BUSD since they are stablecoin of Binance but since Binance is now being target by US regulators, There’s a chance that they will suffer same fate with FTX with one wrong move of CZ. For now BUSD is still safe but if you are looking for long term reliability, Choose USDC stablecoin.

I think Fuds about Binance is over, and now it is still the most trusted exchange in the market. The death of FTX was their own mistake, no one harmed them, so there is no reason to say that Binance will collapse like FTX. But if talking about the stablecoin market, I would say that none is safer than the other, all are centralized, and all are in danger of collapsing at any moment. Many people doubt USDT including OP, but if you check the capitalization and popularity, USDT is still at the top, still the most used.

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February 09, 2023, 03:08:30 PM
 #15

My side question to this would also be: Which type of stablecoin do You find the most credible in the Crypto space?
I think that there's no stable coin that has become the most stable coin. Any of them have disavantages for the holders. The only stable tokens that fully regulated look more credible for me. In my opinion if stable tokens must be issued based on the regulation framework to make sure it will not have any risk. People feel doubt with USD but millions of people are still using it. I think that as long as there are millions keep usiing and i have no prblem with it

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February 09, 2023, 03:31:34 PM
 #16

There is no any stable coin that is 100% secure. When last couple of month UST down people moved to USDT and when the USDT change it's value people moved to BUSD saying ut's safe until Binance live. But you must always remember " In crypto anything can happen " 
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February 09, 2023, 04:10:31 PM
 #17

Yeah, i've seen all the fud as i've been around so long and it's mostly from people who don't like the centralized nature of the whole thing. However if we want adoption we need to deal with pretty high level of centralization involved and some people don't like it. The fact that usdt is 100% backed, but not all of them are backed with usd is somewhat troublesome, but even in case of a bank run everyone would eventually get their dollars. And that's not the case even with real BANKS so i am thinking people are overreacting.

Many of the fudders seem to came from a time when bitfinex got hacked and didn't like the way Ifinex dealed wih that. And since iFinex Inc owns Tether i think they just wanted to hurt them.

-cut-
1. They can freeze your fund
-cut-
That's because of regulations, not because tether wanted to do that. Do you think that other fiat backed tokens or anyone dealing with fiat money aren't required to do this?

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February 09, 2023, 08:36:26 PM
 #18

Maybe this one will help us:

Quote
Tether, the issuer of the world’s largest stablecoin by market value, has completed reserves attestation by major global accounting firm BDO.

The stablecoin firm released BDO’s assurance opinion on Feb. 9, which re-affirms the accuracy of Tether’s consolidated reserves report (CRR) as of Dec. 31, 2022.

The CRR shows that Tether’s consolidated assets amount to at least $67 billion, exceeding consolidated liabilities of $66 billion, with excess reserves equaling at least $960 million.

In addition to reducing its secured loans as committed, the report also shows Tether ended 2022 with zero commercial paper.

https://cointelegraph.com/news/tether-assets-exceed-liabilities-in-new-reserves-report-by-bdo

Not saying that they could be trusted 100%, but base on the articles and the accounting firm, that they have a lot of surplus and could be really 1:1 with USD and even more if there is needed or if it de-pegs as the case of other stable coins.

Of course, the auditor firm will also put a disclaimer at the end.

So I guess we still need to be very careful.

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February 09, 2023, 08:43:58 PM
 #19

Trust is a very heavy concept and I wouldn't throw it around for free. Perhaps I can use them to a certain extent, but to fully trust them is dangerous. While they may have already showed proofs that they are in fact capable of matching whatever amount of USDT they put out in the market, I still can't help but think that they can easily pull the plug if they want to and they'll just point their fingers to anyone when the going gets rough. But I guess the best course of action to do when you need to deal with USDT is this: once you have completed your transactions that require USDT, change it to a crypto that you really want to have and put it in your wallet.

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February 09, 2023, 08:55:37 PM
 #20

Well, I'd never see or even think that USDT can't be trusted but yes, we also have to consider the level of trust and it can be applied in all stablecoins, not only for USDT. For many negative issues that happen to stablecoins, we can't just simply remove our fear and think that this might happen to USDT anytime. I'm also using USDT when moving my coins to our local currency and it just took a few minutes to finish that is why I don't have any worries about using it as I'd never hold this for too long.

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