Do You trust Tether (USDT) Stablecoin?

[el kaka22]

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

I think regulation for a stablecoin will always be an issue, the main reason for that is the fact that it is pegged to dollar most of the time, and that means you are creating a "fake" dollar, and that will not be seen as a good thing by the government ever, it would be pretty near impossible for US government to make it regulated and accepted for example, maybe some smaller nations could but that would still be tough with the fear of sanctions.

All in all, I would say that this is a tough question and I do not trust USDT to start with, but I can't say that I trust any of the other stablecoins neither, they are all too risky in my opinion.

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[lalabotax]

Although there are so many accusations and FUD about USDT to be a scam, failed project, and also a risky stable coin, in fact, so far, this becomes most used stable coins in the crypto market. We cannot deny how this coin always existed in the exchanges, always having bigger pairs so that we can meet easier pairing in trading. And so far, I have no problem with the issues. As long as we are also analyzing and watching the progress of the stable coin possibilities, I think it is still fair to use this as a favorite stable coin. But once more, always watch out.

[Apocollapse]

Although there are so many accusations and FUD about USDT to be a scam, failed project, and also a risky stable coin, in fact, so far, this becomes most used stable coins in the crypto market. We cannot deny how this coin always existed in the exchanges, always having bigger pairs so that we can meet easier pairing in trading. And so far, I have no problem with the issues. As long as we are also analyzing and watching the progress of the stable coin possibilities, I think it is still fair to use this as a favorite stable coin. But once more, always watch out.

Most used doesn't always mean it's trustworthy and has no way become a dead coin, anyone which still use USDT are have risk if the SEC want to audit and regulate this coin. The reason why all of centralized exchanges are add USDT because it's the most used stable coin and high volume, if in the future DAI or USDC overtake USDT, every centralized exchange's eyes will look into DAI and USDC, not USDT.

When there's a big problem on USDT, you're already late to convert your USDT to other coin. If you think USDT isn't trusted, what's the point for holding it and watching it everyday?

[Strongkored]

One thing we have to be aware of when we want to secure assets by converting them to stable coins is that maybe we will be able to avoid the rapid fluctuations in assets but you can lose everything because crypto is very unpredictable, many hate fiat because its value will decrease due to inflation but can't it is undeniable that fiat is safer than stablecoins, if you want to have a stable coin it would be better to have it in several types not just one type to avoid unexpected events.

[wajik-tempe]

In terms of the most credible stablecoins in the crypto space, that can be a subjective matter and depends on the individual's risk tolerance and investment goals. Some of the most well-known stablecoins include Tether, USDC, and DAI, each of which has its own strengths and weaknesses. In case of tether, it continues to be widely used and traded in the crypto market. Additionally, tether has taken steps to improve transparency, such as undergoing regular audits and publishing regular updates on its reserves.
So i think, with current market condition and this coin has been here for a long time, i'm pretty sure it's trustable

[Dr.Osh]

since getting to know crypto, I only use two stablecoins, USDT and BUSD. USDT is the stable of coins I use the most. Even though there is so much negative news about USDT, however, until now USDT has remained a stablecoin with very large volumes. that's why I still use it and make it the top choice for stablecoins.

If it's a matter of trust, I don't trust USDT 100%. I am only limited to using it and making it the main choice. However, since the UST incident, I have become less trusting of USDT. However, I still use it even though I don't keep my assets long-term in USDT.

[vv181]

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

There will always be a single point of failure when we are talking about stablecoin within this space, an algorithmic one is prone to its systemic pressure, one can't guarantee it will always get pegged. To nitpick an example, UST is the failure one. In another hand, asset-backed stablecoins are only an IOU, they can only be as middlemen, and that is the exact possibility of failure. You better use the real FIAT, if one exchanges have that option. Otherwise, just use a popular stablecoin for short-term usage.

[traderethereum]

just use a popular stablecoin for short-term usage.

This is what I do with stablecoins because when there is an increase of one coin in a stablecoin pair, I sell it to withdraw my profits and later the stablecoin I get is to buy bitcoins.
I rarely hold stablecoins for too long because I prefer to use them to invest in bitcoin, especially when the price is crashing like it is now.
But if market conditions are good, maybe holding stablecoins will be good while waiting for market conditions to change so that we buy one or several coins with those stablecoins.
Maybe people can hold Fiat like you suggest because Fiat is backed by your government and keep not stablecoins but bitcoins

[lixer]

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.

Maybe those FUDs mostly came from the Bitcoin supporters. They are only making a revenge because Bitcoin was also being bashed by those who are into centralizations. Adoption can still be attained even though without the help of these stable coins. Remember there are no stable coins before but bitcoin still manage to grow big.

It's just there are people who can't accept the fact that they can't control Bitcoin so they produce something which they can be able to control. They claim that Tether is backed but I think it wasn't 100%. This is why some are sceptical about it and this is why I never use it. I am already happy and contented with what Bitcoin has to offer.

[cafee_orange]

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!

for stable coins like tether USDT of course I personally have full trust for him as a Stablecoin, and Tether usdt for me is really a stable coin that is worth using because it has security in storing Value. But if you are a trader who wants to benefit from tether USDT I think you have wasted your time because in tether USDT there is no market fluctuation, but to trust tether USDT I really believe in that if we function it as a store of value.

[Ziskinberg]

In the past few days, I use to convert my Bitcoin to stablecoins when the bear season comes to make it safe without realizing the risk of doing. I'd never thought that thing before because I trust stablecoins like USDT and BUSD but after the Luna scam issue, it open my eyes to a mistake in converting my Bitcoin to stablecoins. Not really I don't trust USDT or BUSD but I think we need to anticipate the possibility of funds being frozen as most rumors have come out regarding such things.

[justdimin]

Although there are so many accusations and FUD about USDT to be a scam, failed project, and also a risky stable coin, in fact, so far, this becomes most used stable coins in the crypto market. We cannot deny how this coin always existed in the exchanges, always having bigger pairs so that we can meet easier pairing in trading. And so far, I have no problem with the issues. As long as we are also analyzing and watching the progress of the stable coin possibilities, I think it is still fair to use this as a favorite stable coin. But once more, always watch out.

Most used doesn't always mean it's trustworthy and has no way become a dead coin, anyone which still use USDT are have risk if the SEC want to audit and regulate this coin. The reason why all of centralized exchanges are add USDT because it's the most used stable coin and high volume, if in the future DAI or USDC overtake USDT, every centralized exchange's eyes will look into DAI and USDC, not USDT.

When there's a big problem on USDT, you're already late to convert your USDT to other coin. If you think USDT isn't trusted, what's the point for holding it and watching it everyday?

We have seen so many "most used" before that went down. BCH for example was a top 5, even a top three at some point coin, look where it is now. USDT could be most used as of right now, but that doesn't change the fact that it is both losing attention towards others now, and people are fearing stablecoins a lot more now.

Combine those two and you will see that USDT and all the other stablecoins will lose some attention in the near future and we shouldn't be really trusting them. I personally do not trust them and I am not planning on trusting them in the future neither. If something is not decentralized, it doesn't worth investing into if you ask me.

[abel1337]

Not that much, Number one reason why I don't hold USDT is because it is not pegged 1:1 by a real dollar. USDT has face this issues before and they have escaped it multiple times already. It is the most widely used stable coin in the market right now and the there are so many users who don't know or don't care about the issues of USDT. I personally don't have a USDT (ERC20) on my wallet but I do have it on my CEX account. I'm only using it for short and small transactions and I don't let it  get out of my CEX account. The advantage of it is, it is widely accepted and has pair for most crypto on an exchange so for the comfort reasons, I'm using it even there's a risk in it.

[Jackl87]

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 am also not really a crypto expert, even though i started to learn about cryptos back in 2017 but i think USDT has a kinda dubious reputation for a reason. As far as i know the main reason why a lot of people are skeptical if USDT is really safe and stable enough even, when a big crash happens agin is the fact that a few years ago the company behind USDT changed the wording regarding their backing of USDT from "we have enough real USD to back every USDT minted" to "we have enough reserves to back every USDT that is minted" but no one really knows what kind of reserves they are talking aobut and if they even exist.
As far as i know they have started to publish infos about their reserves now, so maybe that big criticism is gone now.

[mdzahed134]

I don’t trust USDT but i'm using it from the last a few years because i have to trade with it, but i didn’t hold it for the long time. If you wanna to hold in long term i don’t recommend it because your coins can be freeze at any time. USDC, DAI a bit trustworthy instead of Tether (USDT) also you can use BUSD. But i would not like to hold any stablecoin in the long run.

[rojan]

USDT is a valuable and trusted peg form long time and must of the investors like USDT for hold and investment too. i my self trust USDT and i use it for holding also for investment. and USDT is easy to sell with my country fiat money that's why i use USDT more. But I avoid USDT for higher amounts.  Bitcoin is slightly more reliable in that regard. and i mean USDC is must reliable in stablecoin for higher amount holding.

[tvplus006]

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

There will always be a risk that any stablecoin may become worthless. Accordingly, it is impossible to talk about full confidence in any stablecoin. Nevertheless, we are forced to use stablecoins if we are engaged in daily trading. No, if you have free funds, then the best solution would be to exchange them for fiat using p2p.

[Mr. Magkaisa]

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 belief and knowledge of Tether(USDT) helps me and also helps most of the community here in the crypto space through P2P transactions.


That's why even though it is a type of stablecoin, it can be said that all of us here are benefiting from Tether, this is an undeniable fact. Also because of this, I save a lot in making transactions using this stablecoin whether it's a deposit or withdrawal.

[Abiky]

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 wouldn't trust Tether if it were the last stablecoin on Earth. The fact that the issuing company won't provide proof of reserves, makes me skeptical about it. A USDT implosion would certainly have a bad impact over crypto market prices. Other stablecoins could be at risk too, especially if they're unable to retain their dollar peg for long.

If there's one stablecoin I trust, that would be USD Coin (USDC). That's because it's backed by prominent crypto companies such as Circle and Coinbase. Not only that, but the stablecoin has provided proof of its USD holdings. As much as I like USDC, I wouldn't put all of my life savings into it just to be safe. Given the fact that stablecoins come with their risks, one would have no other choice but to turn crypto into cash for safekeeping. At least, we have plenty of options to choose from. Who knows how long stablecoins will last? Just my thoughts

[goaldigger]

There might be issues with stablecoins right now because of what happened last year, I can still say that the you can still trust the top stablecoins especially with USDT but of course never go all in and you still need to take the risk that you can afford.

I still trust USDT but I don’t hold it, I still prefer to hold Bitcoin and only use stablecoins for my trading activities, also don’t hold on any exchanges because it not safe.