Do You trust Tether (USDT) Stablecoin?

[xeqoRameshAxueamExaqana]

USDT is currently a coin stable with no rivals at all. obviously I strongly believe.
then if you don't believe in USDT then what do you want to trade and cash out your coins using. because all pairs use USDT. except local exchangers. but when you get altcoin coins from airdrops or bounties, they are made into USDT or btc first and then can be disbursed to local exchangers.
but the local exchanger trading fee is large and the withdrawal fee is also equally large so it is less competitive if for trading.

[1715146727]

1715146727

[1715146727]

1715146727

[1715146727]

1715146727

[1715146727]

1715146727

[RewFrew]

Usdt is most popular stable coin i know. It's transaction is easier then other stable coin. And fee is very low so ustd is more popular right now. But it is not stable its price all time i also saw It's chart. And has no 100% backup solution. It iaso has huge Criticism for scam. So i think it has some lack of trust. I will better avoid hold USDT. We can only use it for pair to pair converte with another coin. But holding will be risky i think. It will be better for short time using it is my personal opinion.

[BD Technical]

USDT is actually everyone's favorite and it is popular in the crypto market, no matter how much it brings you, everyone trusts you, but even if this stable coin is above USDT, it is the last of all, but this USDT is still standing.  And besides, although there are many more strawbal coins, everyone trusts on this USD and besides, even though there are different types of tokens, everyone solves and changes here, I myself depend on UST and soft tokens, everyone depends on it.  So everyone would come to it but blind faith is not good and everything changes with time.

[Miles2006]

Usdt is actually good and a lot of people go for tether so no doubt seeing the coin as a good coin, what's actually discouraging me from buying tether is the lack of clarity and I can't just invest my money on a coin I know nothing about, traders get involve in tether a lot due to the stable price and avoiding loss at the same time. The coin has managed to gain a lot of trust over the year and despite the force surrounding usdt people still trust this coin so let's just say udst is not so bad.

[m2017]

Usdt is actually good and a lot of people go for tether so no doubt seeing the coin as a good coin,

Is your preference for Tether (USDT) based only on the opinion that it is a good coin (what research is this statement based on?) and on the fact that “many” choose USDT (mass popularity is not an indicator of trustworthiness)?

what's actually discouraging me from buying tether is the lack of clarity and I can't just invest my money on a coin

Why invest in a coin pegged to the dollar 1:1? Tether may cost less than a dollar, but it will certainly never cost (much) more than that same dollar. That is, the investment potential is about zero. USDT can be used as a short-term means of converting cryptocurrencies and fast (or cheap) transfers. Tether have the same disadvantages as traditional money - inflation, endless emission, and add to this the centralization and lack of security of these coins, which means no guarantee of the return of your funds in the event of a collapse.

I know nothing about, traders get involve in tether a lot due to the stable price and avoiding loss at the same time.

This is roughly what happens. USDT is a temporary means of converting cryptocurrencies in order to wait for the next purchase of crypto at a favorable price. This is good for their purposes, but certainly not for investment.

The coin has managed to gain a lot of trust over the year and despite the force surrounding usdt people still trust this coin so let's just say udst is not so bad.

Trust is an abstract concept, in contrast to the facts and arguments of the reliability of the project, which are more suitable arguments for the investor. It is on this faith that this coin rests. It should be undermined at least slightly and USDT will roll down.

[Belarge]

Usdt is actually good and a lot of people go for tether so no doubt seeing the coin as a good coin, what's actually discouraging me from buying tether is the lack of clarity and I can't just invest my money on a coin I know nothing about, traders get involve in tether a lot due to the stable price and avoiding loss at the same time. The coin has managed to gain a lot of trust over the year and despite the force surrounding usdt people still trust this coin so let's just say udst is not so bad.

Trust is very important, it gives birth to high hopes in the system, not ever going to depend on our compromising incompetent actions in the market. Traders exists in the market for good profits running into their portfolio and not for any reason, we're into the market and it's unknown to any of our colleagues that work with us, we use our medulla oblongata if we want to continue been call partners in the same area of business. Tether is a stablecoin and I've watch and study the coin, it's a broad path down and I won't give any listening ears to some that failed to follow my order when given.

[Bushdark]

Usdt is most popular stable coin i know. It's transaction is easier then other stable coin. And fee is very low so ustd is more popular right now. But it is not stable its price all time i also saw It's chart. And has no 100% backup solution. It iaso has huge Criticism for scam. So i think it has some lack of trust. I will better avoid hold USDT. We can only use it for pair to pair converte with another coin. But holding will be risky i think. It will be better for short time using it is my personal opinion.

Binance USD was one of the competitors of the usdt but now that we can see busd again, I think usdt is the only stable coin in cryptocurrency that investors believe to hold without any problem. Other stable coins are still learning and it would be very difficult for investors to adopt them because there potentials are not yet known in the market. We need to be wise and take things gradually so we don't become a problem for ourselves for buying stable coin that has no value.

[niall51]

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 personally use USDT and USDC, especially I often use USDT, especially USDT, the most popular stablecoin people use in the crypto world. There are many types of stablecoins like Busd and USDC, but the easiest and most credible to use, I think, is USDT, what do you think?

[Tomcolor]

As this is purely my opinion i like usdt and believe it is the best currency. Actually i mostly use usdt for trading but last year i participated in some ido's and there too usdt was definitely used. Since everything in the crypto market has risk so usdt is not risk free but it has its uses in our crypto workplace. Another interesting listed currency is BUSD.

[Abiky]

It has always been advised that you don't put too much into stable coins, since they are pegged with traditional currency, inflation might hit one day. Beside stable coins are less volatile so why would someone invest in a coin that can even stay for a month without any increase or decrease in price. But USDT has not shown any characteristics of a scam project and it is doing well till today. What I admire of stable coins is there fast transaction rate. They can be used as intermediaries from your bank to the coin you intend investing on.

The thing about stablecoins is that they're issued by a third-party (in this case, a private company). Why would anyone trust something that's bound to failure? A major hack, a rugpull, or even government intervention could put your stablecoin investment at risk. If there was some sort of insurance when investing in a stablecoin, it would've been an entirely different story. Neither USDT, USDC, or any other stablecoin can be trusted with your hard-earned money.

Traditional Fiat currencies backed by banks are a much safer bet. Still, they can lose value due to inflation and bad monetary policies by central banks. Tether (USDT) may be the oldest stablecoin on the market. But that doesn't mean it's immune to failure. You should be cautious by not putting all of your life savings into it. As long as you do that, you will have nothing to worry about.

[Makus]

The thing about stablecoins is that they're issued by a third-party (in this case, a private company). Why would anyone trust something that's bound to failure? A major hack, a rugpull, or even government intervention could put your stablecoin investment at risk. If there was some sort of insurance when investing in a stablecoin, it would've been an entirely different story. Neither USDT, USDC, or any other stablecoin can be trusted with your hard-earned money.

Traditional Fiat currencies backed by banks are a much safer bet. Still, they can lose value due to inflation and bad monetary policies by central banks. Tether (USDT) may be the oldest stablecoin on the market. But that doesn't mean it's immune to failure. You should be cautious by not putting all of your life savings into it. As long as you do that, you will have nothing to worry about.

Absolutely correct mate, in as much as they are less volatile doesn't mean they are immune to failure as you said. The major use of stable coins should be for fast transaction and less volatility, so that you'll not be loosing any coin even when other coins are experiencing a massive dump in price. Aside that, I don't see any important use of stablecoin. Inflation might cause the coin to dump since it is pegged with a traditional currency, that is the number one disadvantage of stablecoin. And many investor miss out this part, that Inflation can strike at any time, and they can leave their money hagging on stable coin for a long period of time.

[redwine49]

The thing about stablecoins is that they're issued by a third-party (in this case, a private company). Why would anyone trust something that's bound to failure? A major hack, a rugpull, or even government intervention could put your stablecoin investment at risk. If there was some sort of insurance when investing in a stablecoin, it would've been an entirely different story. Neither USDT, USDC, or any other stablecoin can be trusted with your hard-earned money.

Traditional Fiat currencies backed by banks are a much safer bet. Still, they can lose value due to inflation and bad monetary policies by central banks. Tether (USDT) may be the oldest stablecoin on the market. But that doesn't mean it's immune to failure. You should be cautious by not putting all of your life savings into it. As long as you do that, you will have nothing to worry about.

Absolutely correct mate, in as much as they are less volatile doesn't mean they are immune to failure as you said. The major use of stable coins should be for fast transaction and less volatility, so that you'll not be loosing any coin even when other coins are experiencing a massive dump in price. Aside that, I don't see any important use of stablecoin. Inflation might cause the coin to dump since it is pegged with a traditional currency, that is the number one disadvantage of stablecoin. And many investor miss out this part, that Inflation can strike at any time, and they can leave their money hagging on stable coin for a long period of time.

I don't see any advantages from stablecoins except trading and staking. the weakness lies in pedging with traditional fiat. if they decide that usdt is no longer tied to usd then history repeats itself like USD pedging with gold in 1976

[SeriouslyGiveaway]

I have participated in this market since 2017, and what surprises me the most is that Tether still exists today as the stable coin with the largest market capitalization. Having gone through so much FUD, almost every year MMs release FUDs about Tether. Those FUDs are not unfounded when in the past they could not prove their reserves, while USDT was still printed continuously during the growth cycle. Through many ups and downs, it can be said that Tether has gone through harsh tests of both the market and users, and recently more specific data about the amount of money they have and a large amount of Bitcoin they are holding that has somewhat strengthened their position. I believe that if they didn't have real strength, they would have collapsed a long time ago, so trusting in Tether right now is well-founded. In addition, currently on the market there are only 2 strongest stable coins for you to choose from: USDT and USDC, it is safer to hold both.

[mich]

Well usdt did now launch something called Tether Edu. It is a program to provide digital skills in the emerging markets with courses in blockchain, AI, design, and other areas.

https://news.bitcoin.com/tether-launches-tether-edu-expands-educational-initiatives-in-emerging-markets/

[Abiky]

I don't see any advantages from stablecoins except trading and staking. the weakness lies in pedging with traditional fiat. if they decide that usdt is no longer tied to usd then history repeats itself like USD pedging with gold in 1976

Of course. It's even worse, because you're entrusting your money to a private entity instead of a bank (which is backed by the government). USDT's peg to the USD can fail anytime. Even JPMorgan analysts said Tether has a "lack of regulatory compliance and transparency”. You can read all about it here: https://news.bitcoin.com/jpmorgan-warns-of-increased-risk-for-crypto-market-due-to-tethers-lack-of-regulatory-compliance-and-transparency/

Imagine how the crypto market will fall once USDT collapses. There will be a "bloodbath" that's going to be worse than the collapses of FTX and Mt. Gox combined. While crypto will recover, it's going to take quite some time before that happens. A huge buying opportunity for newcomers into crypto, but a total loss for those who got in before the crash. With CBDCs on the brink of launch, centralized stablecoins will become a thing of the past.

[shinratensei_]

I don't see any advantages from stablecoins except trading and staking. the weakness lies in pedging with traditional fiat. if they decide that usdt is no longer tied to usd then history repeats itself like USD pedging with gold in 1976

Of course. It's even worse, because you're entrusting your money to a private entity instead of a bank (which is backed by the government). USDT's peg to the USD can fail anytime. Even JPMorgan analysts said Tether has a "lack of regulatory compliance and transparency”. You can read all about it here: https://news.bitcoin.com/jpmorgan-warns-of-increased-risk-for-crypto-market-due-to-tethers-lack-of-regulatory-compliance-and-transparency/

Imagine how the crypto market will fall once USDT collapses. There will be a "bloodbath" that's going to be worse than the collapses of FTX and Mt. Gox combined. While crypto will recover, it's going to take quite some time before that happens. A huge buying opportunity for newcomers into crypto, but a total loss for those who got in before the crash. With CBDCs on the brink of launch, centralized stablecoins will become a thing of the past.

hopefully that won't happen, USDT have too much impact these days, there's some people that always theorized that if USDT minted and total supply increase, that means its a sign of btc bullrun, i couldn't agree more with that statement, the price rise after USDT gets minted, if it falls like jpmorgan has warned, it will be bad, the failing of luna's ustc will be small compared to this disaster imagine $96 billion gone to the drain that would be concern of every country in the world.
i do agree with jpmorgan statement, a stablecoin provider, should be transparent, so that people are not frenzied at the slight bad rumour regarding of reserved wealth to back up the asset, its just really crucial.
being routinely audited and transparently reveal the reserve, what kind of commodity being used to back up if any is just as important as growing their market cap, hopefully that article could some how motivate tether to be at least do better.

[john1010]

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!

It's great to see your curiosity and eagerness to learn more about the crypto space! As someone who has been in the crypto world for a while, I can understand your concerns about Tether and its potential impact on the market.

While Tether has indeed been subject to scrutiny and controversy, it's essential to approach the topic with a balanced perspective. While some voices in the community have raised valid concerns about Tether's transparency and backing, others argue that it serves a vital role in providing liquidity and stability to the crypto market.

As for stablecoins, there are various options available, each with its own set of advantages and drawbacks. Personally, I find stablecoins backed by reputable entities or audited regularly to be the most credible. Examples include USDC (USD Coin) and DAI, which are known for their transparency and regulatory compliance.

Ultimately, it's crucial to do your research, stay informed about developments in the space, and make informed decisions based on your risk tolerance and investment goals.

[hd49728]

While Tether has indeed been subject to scrutiny and controversy, it's essential to approach the topic with a balanced perspective. While some voices in the community have raised valid concerns about Tether's transparency and backing, others argue that it serves a vital role in providing liquidity and stability to the crypto market.

Tether use their money to buy US. bonds and Circle USDC do the same too. Stable coin companies are engaging deeper in USA. economy and Tether are becoming bigger with time.

They recently changed an audit company to a bigger one as their effort to improve their audit report to community and customers as well as to build up their reputation.

I did not believe in Tether too much but after the Terra UST stable coin depeg and some similar depegs on several stable coins, Tether USDT is a best stable coin if you need one stable coin to use. At least they handled about $10B withdrawals from customers smoothly, no issue. I am not sure how will they handle bigger withdrawal like $20B or $50B.

[Supianto]

While Tether has indeed been subject to scrutiny and controversy, it's essential to approach the topic with a balanced perspective. While some voices in the community have raised valid concerns about Tether's transparency and backing, others argue that it serves a vital role in providing liquidity and stability to the crypto market.

Tether use their money to buy US. bonds and Circle USDC do the same too. Stable coin companies are engaging deeper in USA. economy and Tether are becoming bigger with time.

They recently changed an audit company to a bigger one as their effort to improve their audit report to community and customers as well as to build up their reputation.

I did not believe in Tether too much but after the Terra UST stable coin depeg and some similar depegs on several stable coins, Tether USDT is a best stable coin if you need one stable coin to use. At least they handled about $10B withdrawals from customers smoothly, no issue. I am not sure how will they handle bigger withdrawal like $20B or $50B.

True, I didn't get all the hate around it, especially after UST collapse. They always provide what they promise.

[DeathAngel]

It has a long history of transparency and trustworthiness. If you’re asking me, would I leave my net worth in it for a significant amount of time then the answer is no. But would I sit between crypto & fiat trades, waiting for an opportunity to buy back cheaper then yes. I think it’s fine as a type of middleman, kept on an exchange short term. Like anything though, do your research and not your keys, not your coins.