Do You trust Tether (USDT) Stablecoin?

[molsewid]

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 strongly believe in tether. I've been using it for years, and it never fails my expectations. To all the kind of stable coins in the market I prefer usdt over usdc nad busd. Just like other coins in the market like btc, eth and bnb usdt also faces different market conditions and it still there and it never vanish and that's cool about it. Also, local merchants in here accept usdt as the payment for goods.

[ivankoh]

With the stablecoin status changing after the BUSD crash, even though I would trust usdt in most of my transactions, that doesn't mean trust in it is permanent.  User structure will change for the upcoming stablecoin, USDT is also highly questionable with no formal audit and 850 million in tunneling with bitfinex in the past.  It seems I once again acknowledge and firmly believe that decentralized stablecoins are the future of stablecoins.

[suzanne5223]

The only benefit I see in USDT is it being the first stablecoin in the cryptocurrency market. I don't know what the crypto detectives/scam busters said about Tether but I confirmed the project to be built on lies and they also lend users funds to an exchange which I have forgotten its name now.
That's why I never trust the USDT because once bitten, twice shy.
The stablecoins I found credible in the crypto market space are DAI and BUSD but if we are talking about privacy stablecoins I will go for UUSD

[trendcoin]

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 never trust it, but I use it when I have to... Blockchain technology has removed our obligation to trust third parties. Now we are creating an intermediary that can put a block on our money with our own hands. We dig our own grave with our own hands, but it's okay as long as we don't fall into it. That's my whole opinion on stablecoins. I admit that they are useful, but I emphasize that they are not reliable.

[Shobhikhan_007]

50% Yes 50% No.

Because they have long history and survive more times. But honestly this is a also another cryptocurrency. In crypto anything can be happen in minutes.

[Tony116]

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 never trust it, but I use it when I have to... Blockchain technology has removed our obligation to trust third parties. Now we are creating an intermediary that can put a block on our money with our own hands. We dig our own grave with our own hands, but it's okay as long as we don't fall into it. That's my whole opinion on stablecoins. I admit that they are useful, but I emphasize that they are not reliable.

For cryptocurrencies, the most reliable coin is bitcoin, the rest can't be trusted because they are all centralized, and stablecoin is one of them. But they are undeniably an integral part of the market, and we always need them, stablecoins and centralized exchanges, all of which are very important to the market.
Many people are upset and hate stablecoins and CEX, but I believe that the market would not be able to develop without them. It will be very difficult for beginners without USDT or CEX.

[Abiky]

As it stands right now, USDT has withstood the test of time and trouble, so yes, I would trust it. Next up is USDC and then maybe BUSD

USDT may be old, but that doesn't mean it's going to last forever. After all, it's a centralized stablecoin. If the issuing company is unable to deliver as promised, then USDT will lose its peg for good. Basically, any centralized stablecoin is at risk of going all way down the drain. If it's not backed by the US government, don't count on retaining its stability anytime soon.

You'd be better off selling your crypto to USD directly for complete peace of mind. It seems that regulators will tighten their stance against stablecoins, so maybe there's hope after all? Just my opinion

[cryptomaniac_xxx]

As it stands right now, USDT has withstood the test of time and trouble, so yes, I would trust it. Next up is USDC and then maybe BUSD

USDT may be old, but that doesn't mean it's going to last forever. After all, it's a centralized stablecoin. If the issuing company is unable to deliver as promised, then USDT will lose its peg for good. Basically, any centralized stablecoin is at risk of going all way down the drain. If it's not backed by the US government, don't count on retaining its stability anytime soon.

You'd be better off selling your crypto to USD directly for complete peace of mind. It seems that regulators will tighten their stance against stablecoins, so maybe there's hope after all? Just my opinion

I agree on certain extend but there are independent auditors who have somewhat cleared Tether and USDT and says that it is backup 1:1 and that they have extra, more money to cover the loses.

While on the other hand, there are attacks by SEC on other stable coins and somewhat deemed it as securities.

So it could be the beginning of the tightening on stable coins but I think USDT might survived in the long run, just saying.

[Locksmith Direct]

I personally do not fully trust any coin unless it is truly decentralised. This instantly rules out all stablecoins, including USDT. This isn't to say I won't utilise it, USDT is a very helpful tool, but I wouldn't hold large amounts of my capital in it for a long period of time. Over the years, USDT has had a lot of scam call-outs, as you can see people discussing in this thread, but it has stood the test of time and, because of this, is likely the least untrustworthy stablecoin to use if you have to use one.

[Dickiy]

With the stablecoin status changing after the BUSD crash, even though I would trust usdt in most of my transactions, that doesn't mean trust in it is permanent.  User structure will change for the upcoming stablecoin, USDT is also highly questionable with no formal audit and 850 million in tunneling with bitfinex in the past.  It seems I once again acknowledge and firmly believe that decentralized stablecoins are the future of stablecoins.

BUSD crashed? I arrived on the day that no one confirmed that BUSD was destroyed. I think BUSD got the problem with licensing and SEC staff forced Paxos to register BUSD in New York's federal security laws, and in the reaction Paxos as a BUSD liquidator refused the SEC's request because they believed there was no any fraud in the project they are doing and Paxos himself claims that their BUSD is 1:1 to the dollar, so I think in the BUSD case it's not final and we also don't know the final conclusion of this case, but it's not a good thing either if we report that BUSD crushed because I thought it would give the market a panic.

[Xal0lex]

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!

Bitcoin is also constantly being talked about, that it is all a scam and soon bitcoin will die. But, nevertheless, this does not prevent many users from using this asset. Although it is not quite correct to compare some stablecoin with bitcoin, but various legends about USDT have been around for quite a long time, which does not prevent USDT from growing in capitalization and being the most liquid stablecoin on the market. So it is better to do your own research and never make decisions based on various stories on the internet and rumors.

[Yogee]

With the stablecoin status changing after the BUSD crash, even though I would trust usdt in most of my transactions, that doesn't mean trust in it is permanent.  User structure will change for the upcoming stablecoin, USDT is also highly questionable with no formal audit and 850 million in tunneling with bitfinex in the past.  It seems I once again acknowledge and firmly believe that decentralized stablecoins are the future of stablecoins.

BUSD crashed? I arrived on the day that no one confirmed that BUSD was destroyed. I think BUSD got the problem with licensing and SEC staff forced Paxos to register BUSD in New York's federal security laws, and in the reaction Paxos as a BUSD liquidator refused the SEC's request because they believed there was no any fraud in the project they are doing and Paxos himself claims that their BUSD is 1:1 to the dollar, so I think in the BUSD case it's not final and we also don't know the final conclusion of this case, but it's not a good thing either if we report that BUSD crushed because I thought it would give the market a panic.

Wrong choice of word perhaps but the point remains that it's issued by a centralized platform so there's always the chance of government interference.

I'm with the member that said it's better to trust bank issued fiats than centralized stable coins. At least you no longer have to worry of another UST incident.

[KingsDen]

There is nothing wrong with USDT. Right from the first day I entered into the cryptocurrency market till today, I have been hearing the FUD about USDT. The story of it being centralized, the story of it being closed source and the owners keep minting new USDT illegally. The story of it being freezen by US government.
Some of the stories are even laughable but yet the coin is still strong. The last time I checked that is the second largest cryptocurrency in adoption and cap after bitcoin.

[samcoin]

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 have been into crypto for 7 years now, and USDT was the strongest and most standing stablecoin. I remember when it dropped down to $0.7 due to widespread false information, then it managed to restore the peg again. However, you can't find a crypto currency that's 100% guaranteed to stand forever, because it's a global domain and the war is still on fire between world leader countries in order to control it. In my opinion, USDT is a good stable coin, I personally use it, but can't take the responsibility of recommending it to others.

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.

It's turning out that BUSD holders transfer their BUSD to USDT because of the recent SEC lawsuit against Paxos. I believe USDT is stronger than any of the mentioned dollar-backed stable coins. On the other hand, crypto-backed stablecoins like DAI look a good choice, if the SEC decides to shut down all dollar-backed ones.

[bittick]

I'd say it's always better if you think in your investments you've made quite the money you just withdraw it, even though i myself trust the stabelcoin enough because until now it's all fine with me nothing worst happening, regardless doesn't mean they couldn't be collapsing, the thing with these coin is that it just takes one big rumour to make it lose its value.

[GreatArkansas]

For me, I trust stablecoins somehow. Because they will not get a huge market cap, or billions of markets if they are not trusted at all. But we must also be careful because there could be also a threat just like what happened on Terra stablecoin before which lost its value. So for me, it is also possible to happen to some stablecoins right now.

For me, if I will just convert my bitcoins or other altcoins to stablecoin, I rather hold some US dollars or in my local fiat currency than to hold stablecoins.

[coinremitter]

let's start this from the beginning, in 2010 when Bitcoin was introduced, people were talking negative stuff about it. But now you know the rest. However, coming on the Tether. It's one of the stablecoins, it's obvious that people are really talking shit about it.

Coming to the value of tether, it's one of the stablecoins that we all know the price rarely fluctuated. We have seen many people not only trading in tether but they are also accepting it as a payment on their website.

In other words, it merely depends that what people used to think about cryptocurrencies before, conversely, now the whole thing is changed.n People and merchants are moving towards crypto.

The conclusion to this conversation is that tether has a bright future in terms of payment as well. Because we as a crypto payment gateway are seeing a rise in tether payment as well.     

[Dr.Osh]

There is nothing wrong with USDT. Right from the first day I entered into the cryptocurrency market till today, I have been hearing the FUD about USDT. The story of it being centralized, the story of it being closed source and the owners keep minting new USDT illegally. The story of it being freezen by US government.
Some of the stories are even laughable but yet the coin is still strong. The last time I checked that is the second largest cryptocurrency in adoption and cap after bitcoin.

Well, FUD will continue to exist for every crypto or business that people are interested in. even BUSD also has FUD. However, so far I still make USDT the first choice to use a stablecoin. however, I couldn't hold it in for too long due to the incident that happened to UST. In fact, until now USDT is still one of the stablecoins that have a large volume. so, I think it's probably the best one to use. If you don't believe it, then use alternatives like BUSD or other large-volume stable coins.

[KingsDen]

There is nothing wrong with USDT. Right from the first day I entered into the cryptocurrency market till today, I have been hearing the FUD about USDT. The story of it being centralized, the story of it being closed source and the owners keep minting new USDT illegally. The story of it being freezen by US government.
Some of the stories are even laughable but yet the coin is still strong. The last time I checked that is the second largest cryptocurrency in adoption and cap after bitcoin.

Well, FUD will continue to exist for every crypto or business that people are interested in. even BUSD also has FUD. However, so far I still make USDT the first choice to use a stablecoin. however, I couldn't hold it in for too long due to the incident that happened to UST. In fact, until now USDT is still one of the stablecoins that have a large volume. so, I think it's probably the best one to use. If you don't believe it, then use alternatives like BUSD or other large-volume stable coins.

The cryptocurrency market is just characterised by Fud. You can't help it and if you don't that it's how it works you will make thousand decisions in a second and in the end heavens won't move. This industry is full of risk, you simply chose the risk you can contain and ignore others because you cannot be completely safe but you can lose all completely if care is not taken.

[uneng]

There is nothing wrong with USDT. Right from the first day I entered into the cryptocurrency market till today, I have been hearing the FUD about USDT. The story of it being centralized, the story of it being closed source and the owners keep minting new USDT illegally. The story of it being freezen by US government.
Some of the stories are even laughable but yet the coin is still strong. The last time I checked that is the second largest cryptocurrency in adoption and cap after bitcoin.

I believe the only way you could assure there is nothing wrong with USDT would be if you were inside the company, having access to details of their business. Between trusting a private company and the government, I would still prefer to hold fiat, because at least that way we have the guarantee from the central bank we are going to be reimbursed up to some amount of money, if something goes wrong with the bank where we hold our money.