Tether publishes transaparency report daily, why is it suspicious stablecoin?

[nelson4lov]

First of all why should we believe this numbers ? It's their own audit and this is not done by a third party and until it's audited via a reliable third party auditing firm we will.not believe in the numbers shared, they can easily manipulate is with these made up numbers which they publish to fool us and to continue gaining our trust that our funds are safe but in reality they will not even have 1/4th of the reserve which they have mentioned and it's a bubble which is gonna burst anytime.

Secondly, Why USDT is getting all the hate? It's simple, because it has the most funds out of all the stable coins and when one talks about stable coin Tether is the first thing which comes to their mind and it's obvious that the more people use it more it would get more exposure and it would go through more scrutiny, which they can shut down by allowing an third party audit.

This is similar to the proof of reserves that is actively published by top exchanges from time to time since the FTX collapse — same problem, no way to verify the numbers. The Tether team addressed this last year when USDT depegged for a while (around the same time as Luna and UST crashed)  — they said those reports are going to be the best we can expect or get from them.

As for the reason why they're the most hated, it's simply because Tether and it's parent company Bitfinix has been heavily involved with a lot of controversies in the past.

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[jacafbiz]

I think Tether team needs to stop this self reporting and allow a third party auditor to do their independent job and audit their account. I have been defending Tether for so long but with all that had happened in the past, we can trust anyone in the space again without any form of verification. To my surprise, they still claim on their website that All Tether tokens are pegged at 1-to-1 with a matching fiat currency and are backed 100% by tether’s reserves. The value of our reserves is published daily and updated at least once per day.. If this is true, what are they scared of.

[PrivacyG]

the blacklist has some uses though as shown recently they have blacklisted some illegal money, after all its centralized company trying to keep their product regulated otherwise they'd face legal problems.

So I presume you think censorship during Communism was useful and fun too?

The Blacklist is the worst feature of USDT.  I do not understand how some people are giving it praise.

[Coyster]

From the Wikipedia you linked and other responses here I conclude that Tether is not transparent, and their transparency report means nothing unless done by a reputable third party.

Not only Tether, but centralized coins and services in general. 99% of them are dishonest and aren't transparent, since you cannot verify anything they do or say, the only option left is to "trust" their words and that is something that i'd not do. Whatever transparency report or proof of reserves that they publish is all bullshit, i would not still believe it if it were audited by a third party, because at that point i'd have to trust the third party, and how can i be sure that they cannot be compromised. Do not forget: don't trust, but verify.

[o48o]

First of all why should we believe this numbers ? It's their own audit and this is not done by a third party and until it's audited via a reliable third party auditing firm we will.not believe in the numbers shared, they can easily manipulate is with these made up numbers which they publish to fool us and to continue gaining our trust that our funds are safe but in reality they will not even have 1/4th of the reserve which they have mentioned and it's a bubble which is gonna burst anytime.

Secondly, Why USDT is getting all the hate? It's simple, because it has the most funds out of all the stable coins and when one talks about stable coin Tether is the first thing which comes to their mind and it's obvious that the more people use it more it would get more exposure and it would go through more scrutiny, which they can shut down by allowing an third party audit.

I am not sure where this rumor is coming from. They have been using independed auditing services.

Imho this hate towards tehter has long history and roots for it coming from the past when tether was one of the most centralized and regulated service and people thought it was a thread to crypto, as it was sort of mascarating crypto for newcomers.

I don't see it that way as it was important liquidity source. In the past we used to have mainly btc pairs with alts. Which wasn't a bad thing but in bear run it was quite devastating when your options were to cash out or hodl.

[batang_bitcoin]

Prolly it is because that they have not been transparent even before. Due to the lack of clarity with the backing up of their total supply and real USD back up, this is why it seems suspicious.
However, AFAIK, they've already redeemed themselves and managed to proved the actual backing up and real in numbers. This is a good reporting if they're going to do it on a daily basis but such questions will be raised again about accuracy and integrity of the data and numbers they will provide with these reports.

[wxa7115]

Tether publishe a report every day to show how much transparent they are. In my point of view This is a good thing in the cryptocurrency world because it is telling users about the money that supports the stablecoin. By the way some people have doubt about Tether in the past.  And the transparency reports give some comfort.
But still the Tether have some issues. Tether were facing some issues in the past too.
Like we can see that the latest freeze in Tether.
https://decrypt.co/206694/tether-freezes-225m-usdt-feds-say-is-linked-to-human-trafficking

Means there is something cooking in the Tether. So don't know Exactly what can happen. We should be careful about that.

For a very long time people have suspected that tether does not have in reserve all the dollars that they claim to have, and at least there seems to be some evidence that at least at some point in time those suspicions were correct.

So they are trying to fix that image by doing this, however now the biggest danger is that people holding their coins can lose everything if they just decide to freeze your coins, a risk that exists with all centralized stable coins, so when taking everything into consideration I doubt the criticism against tether is going to stop.

[martinex]

I think this step https://tether.to/en/transparency/ is a positive step, but here I think industry standards or regulations that are as accountable as possible are needed so that they can help provide clear guidelines to users so that they are informed by everyone and are seen as able to alleviate concerns and increase trust. .

[icalical]

What title says, I don't understand, so I ask.



https://tether.to/en/transparency/

They don't let independent firms audit their reserves. What good is their word if they are lying? The amount they claim to have in their reserves doesn't even make sense, that's 88 billion dollars. They can add or substract a billion in a second which they do it all the time. Doesn't it look suspicious to you?

What you say is like asking a thief if he stole anything in the past.

Lots of shady stuff is going on with tether and hopefully I am wrong about it.

They actually post some reports from Independent Auditor https://tether.to/en/transparency/#reports but I guess the skeptics in this forum who already understand how important is decentralization will never trust any centralized project like Tether, and I think they are right, not to trust centralized project, but until there is a decentralized stable coin, USDT will still be the top option.

[libert19]

They actually post some reports from Independent Auditor https://tether.to/en/transparency/#reports but I guess the skeptics in this forum who already understand how important is decentralization will never trust any centralized project like Tether, and I think they are right, not to trust centralized project, but until there is a decentralized stable coin, USDT will still be the top option.

There are options like DAI which are comparatively more decentralized than usdt.

[Coyster]

but I guess the skeptics in this forum who already understand how important is decentralization will never trust any centralized project like Tether, and I think they are right, not to trust centralized project...

Of course they are right, centralized coins like USDT are not supposed to be trusted, people should not use coins that they have trust a central authority when they use it, like Tether. When you use USDT you have to trust Tether than your coins are pegged and backed 1-to-1, and trust isn't something i am ready to give to a centralized service, because you might just be hodling coins that were printed out of thin air and backed by nothing.

I can understand that there are traders who "must" use USDT, but if you aren't trading; do not hodl USDT for the long term, only use it when you have to and then convert to a coin that is open source and you can verify anything yourself.

[dansus021]

Tether has been involved in a number of controversial issues in the past that originates from their parent company — Bitfinix. Secondly, Tether has been accused of being too centralized as they can restrict any address at will from transferring or moving USDT tokens on any chains whenever they want. For a project that is heavily integrated into the deep roots of defi, it leaves bitter taste in the mouth of anyone that gets on their blacklist.

This is true, and right now tether dont have the cash https://tether.to/en/transparency/#reports according to this only tether only have 0.4% Cash & Bank Deposits this is the liquid one right or I am wrong but still this is the biggest stablecoin despite any controversial issues.

they made audit in a quarter or per month. the reserve had 1.92% Bitcoins so my logic just simply said "is tether buy bitcoin out of thin air and then make it as a reserve?"