Do You trust Tether (USDT) Stablecoin?

[CRAIC]

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 don't tust USDT beacuse it's too centralised

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[fzkto]

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 don't tust USDT beacuse it's too centralised

A lot of cryptocurrencies are not centralised. You'd be surprised, but ethereum also has censorship and some validators may not allow some transactions on the network. Therefore, Tether is not much different from the regular erc 20 token. By the way if you use Tether, there are still no intermediaries in the transaction, like if it was a bank.

[Dr.Osh]

After Bitcoin I see USDT as the next coin I trust well enough asides Fiat. Nothing is 100% guarantee and even investing in Bitcoin aswell doesn't give you that guarantee so I'd you can get a 70-90% guarantee in a coin then why not and I think that's all for me because definitely non is risk free.

Well, even if you believe in USDT, maybe I just give a suggestion that if you want to save the money you have in a stable form, choosing Fiat, or keeping it in the bank is the best decision. Personally, I also have confidence in USDT, but I don't have much confidence in holding it for the long term. I might only hold assets in USDT when prices are down and want to secure the assets I have temporarily before buying other coins to hold. However, to date, the stable coin I use most often is USDT, but I have never held it for a long period of time.

[cryptoknightt]

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 believe that even though there will be news saying that tether is not backed up, tether is backed up by terrorists and the mafia and other bad news, the fact is that people still use tether and it is recognized as the stable coin with the largest volume in the crypto market.
but for liquidity I think USDC is still more trusted.

[Nazmul012]

Usdt suppose to be trustworthy even for me also cause it keep proving its ability since years. Thus they gained our trust and still top three volume gained coin by rank as people prefer usdt trading in all of exchanges. That's why i also mainly use usdt when need among others stablecoins. I don’t think anyone should be worried about freezing or lost capital. but i don't have any problem if anyone choice dai, tusd or usdc over usdt

[oktana]

Many still like Tether no matter issues are being thrown on it. With the volume that it has, that only tells one thing and that means that it's being trusted by many. Or not being trusted but because of the volume, they choose to use it instead of any other stable coins.

Usdc, don't ask for reasons, I just do.

This is the other one that I use these days. I don't know why as well but maybe there's a magnet on it that makes me use it because I have always seen it being said by people.

For someone like me, I have always preferred USDT. I guess it's because this was a common cryptocurrency for payment a couple of years back. And it was my favorite not knowing the things that are possible with it. I have heard that they can freeze your funds (I didn't really know this) and that is disturbing because I don't want anyone having such power over my money. Additionally, I heard that their assets aren't completely backed up, etc. Maybe the USDC is indeed a better choice.

They indeed freeze assets, but it shouldn't be worry for normal users, even USDC freezes assets, so this is something that is similar to all centralized stable coins. Tether publishes transparency report [1] daily, so I'm unsure why they have suspicious status in category of stable coins. I'm gonna seek clarification from forum users.


[1] https://tether.to/en/transparency/#usdt

Great I would appreciate and would humbly learn too. If they freeze assets, how do you mean it shouldn’t be a worry for normal users? How are you defining normal users? I’m a normal user and for the times I’ve used USDT, I have never had any challenges, but then I worry for the fact that someone somewhere has the ability to freeze my USDT. I mean, isn’t this exactly what the traditional banking system does? Considering that it’s the same case with USDC, I may prefer to stick to USDT. However, maybe Bitcoin is really the best after all.

[libert19]

They indeed freeze assets, but it shouldn't be worry for normal users, even USDC freezes assets, so this is something that is similar to all centralized stable coins. Tether publishes transparency report [1] daily, so I'm unsure why they have suspicious status in category of stable coins. I'm gonna seek clarification from forum users.


[1] https://tether.to/en/transparency/#usdt

Great I would appreciate and would humbly learn too. If they freeze assets, how do you mean it shouldn’t be a worry for normal users? How are you defining normal users? I’m a normal user and for the times I’ve used USDT, I have never had any challenges, but then I worry for the fact that someone somewhere has the ability to freeze my USDT. I mean, isn’t this exactly what the traditional banking system does? Considering that it’s the same case with USDC, I may prefer to stick to USDT. However, maybe Bitcoin is really the best after all.

As long as your funds aren't coming from shady sources, I would call you a normal user  

Yea, it's similar to traditional banking but there are some pros here like you can exchange easily to or from usdt/usdc without kyc (on instant exchanges/dexes — if cexes require kyc), and also no worry even if you convert huge amounts unlike in banks where if it were $10k you'd be asked whereabouts it came, why are you withdrawing, etc

[Xampeuu]

Usdt suppose to be trustworthy even for me also cause it keep proving its ability since years. Thus they gained our trust and still top three volume gained coin by rank as people prefer usdt trading in all of exchanges. That's why i also mainly use usdt when need among others stablecoins. I don’t think anyone should be worried about freezing or lost capital. but i don't have any problem if anyone choice dai, tusd or usdc over usdt

Even though there are many views about USDT, for me USDT is still worth using. I only use it temporarily as a backup before making an investment. Stable coins provide several advantages, especially for storing funds while waiting for the price to enter the buy area. That's why I've been using USDT from the start until now, and USDT hasn't been separated from the CoinMarketcap board, so I think it's still safe.

[soramon]

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!

My personal view is that there are 2 stable coins that are the most credible and I personally use both, namely Tether (USDT) and USDC, especially USDT. For example, I want to deposit to an exchange using P2P, I do it with Tether USDT, what else is Tether top 3 coinmarketcap based on Coingecko and CoinMarketCap from I used to use Tether, it's still safe, it depends on which stable coin you want to use, but do your own research

[Bitcoin_people]

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!

My personal view is that there are 2 stable coins that are the most credible and I personally use both, namely Tether (USDT) and USDC, especially USDT. For example, I want to deposit to an exchange using P2P, I do it with Tether USDT, what else is Tether top 3 coinmarketcap based on Coingecko and CoinMarketCap from I used to use Tether, it's still safe, it depends on which stable coin you want to use, but do your own research

I think USDT is a stable currency and trustworthy. I trade using this USDT most of the time, and also use USDT in p2p transactions. Yes what you said is correct I think these two are the most used and trusted among stablecoins.

[oktana]

They indeed freeze assets, but it shouldn't be worry for normal users, even USDC freezes assets, so this is something that is similar to all centralized stable coins. Tether publishes transparency report [1] daily, so I'm unsure why they have suspicious status in category of stable coins. I'm gonna seek clarification from forum users.


[1] https://tether.to/en/transparency/#usdt

Great I would appreciate and would humbly learn too. If they freeze assets, how do you mean it shouldn’t be a worry for normal users? How are you defining normal users? I’m a normal user and for the times I’ve used USDT, I have never had any challenges, but then I worry for the fact that someone somewhere has the ability to freeze my USDT. I mean, isn’t this exactly what the traditional banking system does? Considering that it’s the same case with USDC, I may prefer to stick to USDT. However, maybe Bitcoin is really the best after all.

As long as your funds aren't coming from shady sources, I would call you a normal user  

Yea, it's similar to traditional banking but there are some pros here like you can exchange easily to or from usdt/usdc without kyc (on instant exchanges/dexes — if cexes require kyc), and also no worry even if you convert huge amounts unlike in banks where if it were $10k you'd be asked whereabouts it came, why are you withdrawing, etc

Apparently people who use Bitcoin are not necessarily into something shady. Right? But then, we rather use Bitcoin instead of the bank because we have complete control over our money and no one can have any power over it. People expect nothing less from USDT. Yes, we may not be affected since we aren’t doing anything shady. However, the feeling of knowing that nobody can do anything to your money is priceless. So, we may not encounter any issue, but one needs to know that they completely have control and no one can do otherwise.

[nimogsm]

I trust usdt completely. Over time, this has become a standard in the industry and I think many will agree with this. Yes, if you dig deeper in search of information about real reserves, questions may arise since there is no complete transparency and information. But even this factor does not stop users from keeping their funds in this particular asset.

[Rasa nanas]

until the accusation is proven I will continue to believe and will continue to use Tether. tether is the stablecoin I use most often because the exchange rate available to exchange altcoins that I get from airdrops or bounties is USDT, apart from that I deliberately chose USDT because USDT is the most popular stable coin at the moment. I am sure that issues like this will not affect USDT because people's trust in USDT is already very large.

[JeffBrad12]

I trust usdt completely. Over time, this has become a standard in the industry and I think many will agree with this. Yes, if you dig deeper in search of information about real reserves, questions may arise since there is no complete transparency and information. But even this factor does not stop users from keeping their funds in this particular asset.

fairly speaking they does disclose their reserve as well as getting it audited, I think they are transparent enough in this regard.

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!

My personal view is that there are 2 stable coins that are the most credible and I personally use both, namely Tether (USDT) and USDC, especially USDT. For example, I want to deposit to an exchange using P2P, I do it with Tether USDT, what else is Tether top 3 coinmarketcap based on Coingecko and CoinMarketCap from I used to use Tether, it's still safe, it depends on which stable coin you want to use, but do your own research

usually using stablecoin is gonna be fine so long you're not holding it for too long like basically for years where it might arise implication along the way, if its for long term i'd never recommend stablecoin, for the simple reason that even TUSD was never expected to go down and went bankrupt but it went bankrupt anyway, no one know for sure the state of these stablecoin therefore we should know that holding stablecoin for too long might instead cause us to lose our money.

[Abiky]

As long as your funds aren't coming from shady sources, I would call you a normal user  

Yea, it's similar to traditional banking but there are some pros here like you can exchange easily to or from usdt/usdc without kyc (on instant exchanges/dexes — if cexes require kyc), and also no worry even if you convert huge amounts unlike in banks where if it were $10k you'd be asked whereabouts it came, why are you withdrawing, etc

Indeed. Tether has only been blacklisting address belonging to criminals. I haven't seen or heard of a case where an average person gets his/her USDT funds frozen for an unknown reason. I know PayPal will do it with his stablecoin (PYUSD), especially when the company uses to freeze or restrict customers' PayPal accounts at will. Stablecoins like USDT and USDC are a much safer bet. If you want to avoid KYC, buy/sell USDT through a DEX. As simple as that.

I wouldn't be surprised if someday the US government requires stablecoin issuers to comply with KYC at the protocol level. That would mean altering the smart contract code that would require users to verify their ID before getting access to it. If this happens, then Tether and other centralized stablecoins will lose ground big time. I'd prefer a decentralized stablecoin anytime because of the benefits it provides. If only DAI had bigger liquidity and an ecosystem as large as USDT's, the majority would've moved to it already. At least we have a choice. Who knows how long will Tether last?

[libert19]

As long as your funds aren't coming from shady sources, I would call you a normal user  

Yea, it's similar to traditional banking but there are some pros here like you can exchange easily to or from usdt/usdc without kyc (on instant exchanges/dexes — if cexes require kyc), and also no worry even if you convert huge amounts unlike in banks where if it were $10k you'd be asked whereabouts it came, why are you withdrawing, etc

Indeed. Tether has only been blacklisting address belonging to criminals. I haven't seen or heard of a case where an average person gets his/her USDT funds frozen for an unknown reason. I know PayPal will do it with his stablecoin (PYUSD), especially when the company uses to freeze or restrict customers' PayPal accounts at will. Stablecoins like USDT and USDC are a much safer bet. If you want to avoid KYC, buy/sell USDT through a DEX. As simple as that.

I wouldn't be surprised if someday the US government requires stablecoin issuers to comply with KYC at the protocol level. That would mean altering the smart contract code that would require users to verify their ID before getting access to it. If this happens, then Tether and other centralized stablecoins will lose ground big time. I'd prefer a decentralized stablecoin anytime because of the benefits it provides. If only DAI had bigger liquidity and an ecosystem as large as USDT's, the majority would've moved to it already. At least we have a choice. Who knows how long will Tether last?

Pretty sure if something like kyc happens to USDT, most exchanges are gonna move to DAI, I have also lots of faith in it because they have done their home work well [1].

Assuming the worst case scenario and already having preparation for it? I'm sold.

Physically Resilient: The Endgame Plan assumes that at a point in the future, there will be a severe crackdown on use of RWA in crypto. Anything that can be seized by global powers may be at risk of seizure through legal means. Physically Resilient RWA are real-world assets that cannot easily be seized. A DAO like Maker can retain some level of technical sovereignty over such assets.

[1] https://endgame.makerdao.com/concepts/collateral-breakdown

[huu78]

I think that when it comes to trust, everything is still confusing, if it really wasn't USDT, why would the volume of USDT continue to increase every year, and the amount of USDT supply continues to increase, some rumors say that USDT has no real dollar backup, and other opinions say the opposite.
I personally use USDT as a stable coin when trading, remember when Busd was considered good and safe, now BusD will be delisted next February.

[SeriouslyGiveaway]

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.

It's undeniable that there have been suspicions surrounding Tether for years. People doubt whether Tether's reserve of USD is sufficient to back the amount of USDT they have issued. However, it's crucial to note that Tether is currently the largest stablecoin by market capitalization.
If something were to happen to Tether, I believe the market would plunge into a prolonged crisis, and if there were any issues with Tether, I think they would have surfaced long ago. The recent reports about their reserve and the profits they've generated also provide some reassurance.

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

In terms of trustworthiness, I rate USDC higher than USDT because Circle, a significant player on Wall Street, backs USDC. I believe that in the next cycle, USDC will grow stronger than it is now and capture more market share from USDT.

[DaNNy001]

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!

My personal view is that there are 2 stable coins that are the most credible and I personally use both, namely Tether (USDT) and USDC, especially USDT. For example, I want to deposit to an exchange using P2P, I do it with Tether USDT, what else is Tether top 3 coinmarketcap based on Coingecko and CoinMarketCap from I used to use Tether, it's still safe, it depends on which stable coin you want to use, but do your own research

I think USDT is a stable currency and trustworthy. I trade using this USDT most of the time, and also use USDT in p2p transactions. Yes what you said is correct I think these two are the most used and trusted among stablecoins.

Trust me, USDT is a stable coin that has much reputation and value in my country here as it's used for almost everything and when I do gamble on online casino, USDT is the preferable coins as it much stable than Bitcoin and other altcoins in the market. USDT is a coin that have gain popularity because of the big advantage it always get over my local currency as most person also see it as a nice investment coins to get some extra profits as the usdt always beat our currency as a fast rate due to devaluation of ours.

[Sophokles]

By looking at the USDT market cap, one thing came to mind: what will happen if this thing crashes like UST? This might never happen, but a single stablecoin that is dominating the market can be bad for the overall industry if there is anything bad related to the project. This can be anything like regulatory pressure or dishonesty on the part of the team. Another thing that caught my eye is the rise of USDT marketcap and fall of USDC market cap. They are behaving quite oppositely, so anyone can explain what is happening with them?