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Reddit Posts

Binance Death Knell: WaltonChain (WTC) being dealt the "delisting" death knell.

r/CryptoCurrencySee Post

crypto depression

r/CryptoCurrencySee Post

Without community points, you no longer have any reason to fear. Take this opportunity to tell me all your opinions that would be deemed unpopular.

r/CryptoCurrencySee Post

Look on the bright side - without community points, you no longer have any reason to fear! Take this opportunity to tell me all your opinions that would be deemed unpopular.

r/CryptoCurrencySee Post

Look on the bright side - you no long have any reason to fear obtaining negative karma here! Take this opportunity to tell me all your opinions and comments that would be deemed unpopular in this subreddit.

r/CryptoCurrencySee Post

When did you first hear about crypto, and most importantly, when did you buy any?

r/CryptoMoonShotsSee Post

MegaWeapon - Fun, playable game and great partnerships

r/CryptoCurrencySee Post

JUST IN: Binance US Announces Delisting OMG Network (OMG) Token

r/CryptoCurrencySee Post

Proposal: Posts talking about moons shouldn't get moons.

r/CryptoCurrencySee Post

How do I convert RLY, OMG, and NU to either BTC/ETH?

r/CryptoCurrencySee Post

Time Travel $14 BTC - Much Grock

r/CryptoCurrencySee Post

Help downsizing my portfolio

r/CryptoCurrencySee Post

Buying Bitcoin at $14 - Muck Grock

r/BitcoinSee Post

Rich people, please help me!

r/CryptoCurrencySee Post

Wen Lambo?

r/CryptoCurrencySee Post

Scam (https://cnmyw.com/#/)

r/BitcoinSee Post

OMG! "You talk like a Crypto Trader" 🤣 Destroyed by Michael Saylor

r/CryptoCurrencySee Post

OMG is dead and delisted? Share your opinions

r/CryptoCurrencySee Post

Cheap gas posts... Expensive gas posts... Ugh!

r/CryptoCurrencySee Post

It's Dec. 17th 2017, we're at the absolute peak of that bull run, you're hyped up on hopium and bought all the top 100 Cryptos by marketcap. Five and a half years later only 7 of those purchases are in profit today, 62 are down 90% or more, and more Stats.

r/CryptoCurrencySee Post

0.001% can take $1 and turn it into $100 with a shit coin. The other 99.99% will turn $100 to $1 with a shit coin. Story of $Arbi PEPE, Recently rugged token.

r/CryptoCurrencySee Post

I found one of the Reddit crypto posts with the most brigading, and it received 95 awards

r/CryptoCurrencySee Post

Goodbye Algorand?

r/CryptoCurrencySee Post

SEC Finally Shows Its Hand

r/CryptoCurrencySee Post

SEC Deems DASH, ALGO, and OMG 'Unregistered Securities' in Bittrex Lawsuit

r/CryptoCurrencySee Post

Why didn’t the SEC name ETH as one of the securities offered by Bittrex?

r/CryptoCurrencySee Post

SEC Sues Bittrex Crypto Exchange and Former CEO. Algorand deemed a security along with OMG, DASH, ALGO, TKN, NGC, IHT as Securities Traded on Bittrex in Complaint

r/CryptoCurrencySee Post

Vidilook

r/BitcoinSee Post

Are people who HODL'ed bitcoin long term "really" lucky?

r/CryptoCurrencySee Post

Solana created a proposal for the "Reddit Scaling Bake-off," luckily they were not chosen by Reddit despite earning more points than Arbitrum Nova

r/BitcoinSee Post

It finally happened Today!

r/CryptoCurrencySee Post

OMG Network price surged 75% within 4 days after Coinbase delisting announcement

r/CryptoCurrencySee Post

When Community Points are introduced to other subreddits you've joined, you'll have superpowers courtesy of Moons.

r/CryptoCurrencySee Post

Coinbase is making good decisions on Alt coins

r/CryptoCurrencySee Post

Coinbase delists OMG & other assets - the reaffirmed case for DYOR.

r/CryptoCurrencySee Post

Top coins for whales

r/CryptoCurrencySee Post

OMG, we are saved?? Circle rushes Circle Swap DEX to market with $1.4b liquidity in USDC-USDT pair, as it moves to restore USDC peg, calling out "bad actors" for ruthlessly manipulating and attempting to destabilize the market.

r/CryptoCurrencySee Post

[Serious] OmiseGo: Is this coin dead?

r/CryptoCurrencySee Post

Coins That Still Haven't Recovered - 5 Years Later

r/CryptoCurrencySee Post

You want crypto adoption, but you don't want to do things that improve crypto adoption

r/CryptoCurrencySee Post

One of your coins not pumping? The futility of pump chasing is going to work against you. Relax.

r/BitcoinSee Post

OMG! We just flew from Guatemala to the Bitcoin Jungle in Costa Rica. It is an amazing place where Bitcoin adoption is exploding! Is this the real Bitcoin paradise?

r/CryptoCurrencySee Post

Banks vs Crypto

r/CryptoCurrencySee Post

Christ, when will people get their head out of their ass?

r/CryptoCurrencySee Post

Let's reflect on the shitstorm Bitstamp got from adding an inactivity fee

r/CryptoCurrencySee Post

eat some greens they're good for you!

r/CryptoCurrencySee Post

Which crypto will not make a new all time high?

r/CryptoCurrencySee Post

They are here! GEN 2 already got some NFTS sould out!

r/CryptoCurrencySee Post

OMG THE REAL VITALIK CONTACTED ME!!! …. Ah no lol

r/BitcoinSee Post

Satoshi Nakamoto finally Revealed OMG!!!🤯

r/CryptoCurrencySee Post

Let's check in practice rule 1 for this sub!

r/CryptoCurrencySee Post

The life of Bitcoin. Bitcoin if following the same adoption pattern as GOOGLE 12 years ago

r/BitcoinSee Post

The life of Bitcoin. Bitcoin if following the same adoption pattern as GOOGLE 12 years ago

r/BitcoinSee Post

OMG Bitcoin 💰 & Apple 🍎

r/CryptoCurrencySee Post

We all say what you want to hear j

r/CryptoCurrencySee Post

Please no more merge posts

r/CryptoCurrencySee Post

How to set custom flair options on your r/cryptocurrency account

r/CryptoCurrencySee Post

OMG! Bitcoin drop from $21300 to $4000 within 10 mins?!

r/CryptoCurrencySee Post

There are many ETH layer 2 solutions. Can they coexist?

r/CryptoMoonShotsSee Post

Omega Finance - “Trade Crypto for Stocks, NO KYC…Trade Stocks 24/7- Active Community - Start adding some real potential to your portfolio

r/CryptoCurrencySee Post

OMG 🔥🔥🔥🔥Calidumm Token is on fire Today

r/BitcoinSee Post

Ah Yes, the Bitcoin Obituary Strikes Again

r/CryptoCurrencySee Post

OMG! Kwik Trip! ATMs dude I’m drunk lole

r/CryptoCurrencySee Post

HODLing does not make you a financial genius (rant against diamond hands)

r/BitcoinSee Post

OMG! We're having a fire! ... Sale...

r/BitcoinSee Post

OMG! We're having a fire! ... Sale ...

r/CryptoCurrencySee Post

The "Tether Market Cap is going to zero" posts are FUD and I'm tired of pretending that they're not

r/BitcoinSee Post

Boys chasing girls and it seems like this. OMG BOYS BACK OFF!

r/CryptoCurrencySee Post

Not all Altcoins recover previous ATH.

r/CryptoCurrencySee Post

People buying LUNA ?

r/CryptoCurrencySee Post

UST is now $0.3

r/CryptoCurrencySee Post

UST is now $0.3

r/CryptoCurrencySee Post

Luna is now $4 while UST is $0.3

r/BitcoinSee Post

OMG

r/CryptoCurrencySee Post

Is this a legitimate long term source of passive income...or am I just kidding myself...?

r/CryptoCurrencySee Post

Is this a legitimate long term source of passive income...or am I just kidding myself...?

r/CryptoCurrencySee Post

OMG.....I am finished

r/CryptoCurrencySee Post

OMG Bitcoin and Ethereum are the best! Nothing Beats them! Everything else is garbage!!

r/CryptoCurrencySee Post

Quick question!?

r/CryptoCurrencySee Post

Help me invest €25k in crypto Reddit

r/CryptoCurrencySee Post

Oh no! We haven’t seen these prices since…. two weeks ago. A friendly reminder that the crypto market is volatile.

r/CryptoCurrencySee Post

My learnings after 1 week of day trading

r/CryptoCurrencySee Post

OMG ULTRA HIGH BUY ALERT DAILY ALL TECHNICALS LIGN UP PARABOLIC FLOAT TO $30.00 plus buybuybuy NOW🚨🔥✅💹✅🔥🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨🚀🚀🚀🚀🚀🚀🚀🚨🚨🚨🚨🚨🚀🚀🚨🚨🚨🚨🚨🚨🚨🚨🚨💹✅💹

r/CryptoCurrencySee Post

It’s never too “early” to get a hardware wallet and now is a good time. Here’s why.

r/CryptoCurrencySee Post

Cardano is totally reliable and has had zero resets since it's inception even at ATH network load and I as a MATIC and SOL HODLer I'm totally disgusted by this behaviour of what a real network looks like!

r/CryptoCurrencySee Post

New baby in Town??

r/CryptoCurrencySee Post

Coinbase SKALE Learn & Earn

r/CryptoCurrencySee Post

How to scale Ethereum? — A comprehensive analysis of all the actual Layer 2 environment - Daolectic Research

r/BitcoinSee Post

my cubic zirconia hands are melting

r/CryptoCurrencySee Post

Scam Alert! Be safe out there.

r/BitcoinSee Post

Leaving this sub, but not crypto

r/CryptoCurrencySee Post

OMG I'm so hyped with that! ByBit is the Principal Team Partner of Oracle Red Bull Racing!

r/CryptoCurrencySee Post

OMG What happened?

r/CryptoCurrencySee Post

I had an hour long conversation with a scammer so you HAVE to.

r/CryptoCurrencySee Post

Coinbase Learn and Earn. Do you have a loved one missing out?

r/CryptoCurrencySee Post

Stock market can get as volatile as Crypto but they don't bat an eyelid

r/CryptoCurrencySee Post

If there is the biggest lesson to learn from crypto investment, for me it would be "patience". Patience with buying. Patience with hodling. Patience with selling.

r/BitcoinSee Post

OMG, People... read the AOPP spec before decrying the end of privacy

r/BitcoinSee Post

True story about banks. Made me cry out for Bitcoin so softly...

r/BitcoinSee Post

OMG I was just hacked and money in my wallet has been all wiped away ( $3,500 to be exact )and the hacker sent the funds to multiple addresses please any help is really appreciated guys! From the bottom of my heart even a $1 helps! Wallet address: 35Q7YSTbhJk1PBZwwSGentxDiLXubyLcS5

Mentions

There still is inflation, it just went from 'OMG fuck', to just 'fuck me'. Don't like either one.

Mentions:#OMG

OMG the SEC and the IRS would shit..

Mentions:#OMG#SEC

#Tether Con-Arguments Below is a Tether con-argument written by CreepToeCurrentSea. > [USDT](https://tether.to/en/transparency/) is a stablecoin (stable-value cryptocurrency) issued by Tether, a Hong Kong-based company. The token is pegged to the USD by keeping reserves of commercial paper, fiduciary deposits, cash, reserve repo notes, and treasury bills equal to the number of USDT in circulation. Initially named as Realcoin, a second-layer cryptocurrency token built on top of Bitcoin's blockchain using the Omni platform, it was later renamed USTether and, finally, USDT. In addition to Bitcoin, USDT was later updated to work on the Ethereum, EOS, Tron, Algorand, and OMG blockchains. > > # CONs > > **No solid evidence of transparency** > > Tether was established as a stablecoin, which means that virtual coins are supposed to represent real money and be redeemable at any time. So far, there is no problem with that model or schematic, unless they do not have [solid proof](https://tonyarcieri.com/the-tether-conundrum) that all of their coins are [fully backed](https://ag.ny.gov/sites/default/files/2021.02.17_-_settlement_agreement_-_execution_version.b-t_signed-c2_oag_signed.pdf). > > Although they have just recently [announced](https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information) preparation of a full-audit with MHA Cayman whom also handles Tethers quarterly attestation reports. Their most recent [report](https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf) included new accounting terminology such as 'going concern.' Audits provide a thorough analysis of a company's financials over time, whereas attestations are snapshots of a company's balance sheet on a specific date. > > This demonstrated the significant uncertainty surrounding the valuation of Tether's assets as well as the counterparty risks they face. If there's one thing a stablecoin shouldn't be, it would be being "*uncertain*". > > **Owned by one company** > > Cryptocurrency should be owned by everyone, not just one entity. Tether, launched by Tether Limited and owned by iFinex Inc., which also owns the Bitfinex cryptocurrency exchange, screams centralization. When the $600 million Polynetwork [hack](https://www.bloomberg.com/news/articles/2021-08-10/hackers-steal-600-million-in-likely-largest-defi-crypto-theft) took place in August 2021, approximately $33 million of the stablecoin Tether involved in the theft had been frozen by Tether's issuer, rendering it inaccessible to the attacker. While this has saved the customers that time, it also raises the possibility that the company that owns Tether will succumb to unethical motives in the future, knowing their (and their parent company's) past [legal troubles](https://en.wikipedia.org/wiki/Tether_(cryptocurrency)#Legal_cases). > > **Present Auditor** > > Moore Cayman (old accounting firm of Tether) presently operating under the MHA Cayman name (present accounting firm of Tether). Now this supposedly wouldn't raise any concerns as they are practically the same company other than a different letterhead but their parent company MHA MacIntyre Hudson is [said](https://www.coindesk.com/markets/2022/01/26/tethers-new-accounting-firm-is-the-old-one-with-baggage/) to be currently under [investigation](https://www.frc.org.uk/news/january-2022-(1)/investigation-regarding-the-audit-of-mrg-finance-b) by the U.K. Financial Reporting Council. > > Regardless of what the financial statements may be in Tether's latest attestations, it is still up to the clients and users whether or not to decide if the accounting firm's statements are honest and true although very [unlikely](https://leftfootforward.org/2022/01/accounting-firms-are-at-the-heart-of-corruption-in-the-uk/) especially dealing with those whose main objective is to enrich their partners by engaging in fraudulent and illegal practices. > > ​ > > ​ > > ^(Sources:) > > [https://tether.to/en/transparency/](https://tether.to/en/transparency/) > > [https://tonyarcieri.com/the-tether-conundrum](https://tonyarcieri.com/the-tether-conundrum) > > [https://ag.ny.gov/sites/default/files/2021.02.17\_-\_settlement\_agreement\_-\_execution\_version.b-t\_signed-c2\_oag\_signed.pdf](https://ag.ny.gov/sites/default/files/2021.02.17_-_settlement_agreement_-_execution_version.b-t_signed-c2_oag_signed.pdf) > > [https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information](https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information) > > [https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether\_Assurance\_Consolidated\_Reserves\_Report\_2022-03-31\_\_3\_.pdf](https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf) > > [https://www.bloomberg.com/news/articles/2021-08-10/hackers-steal-600-million-in-likely-largest-defi-crypto-theft](https://www.bloomberg.com/news/articles/2021-08-10/hackers-steal-600-million-in-likely-largest-defi-crypto-theft) > > [https://en.wikipedia.org/wiki/Tether\_(cryptocurrency)#Legal\_cases](https://en.wikipedia.org/wiki/Tether_(cryptocurrency)#Legal_cases) > > [https://www.coindesk.com/markets/2022/01/26/tethers-new-accounting-firm-is-the-old-one-with-baggage/](https://www.coindesk.com/markets/2022/01/26/tethers-new-accounting-firm-is-the-old-one-with-baggage/) > > [https://www.accountancytoday.co.uk/2022/01/07/frc-to-investigate-macintyre-hudson-audits-of-mrg-finance/](https://www.accountancytoday.co.uk/2022/01/07/frc-to-investigate-macintyre-hudson-audits-of-mrg-finance/) > > [https://www.frc.org.uk/news/january-2022-(1)/investigation-regarding-the-audit-of-mrg-finance-b](https://www.frc.org.uk/news/january-2022-(1)/investigation-regarding-the-audit-of-mrg-finance-b) > > [https://leftfootforward.org/2022/01/accounting-firms-are-at-the-heart-of-corruption-in-the-uk/](https://leftfootforward.org/2022/01/accounting-firms-are-at-the-heart-of-corruption-in-the-uk/) ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

Mentions:#USDT#EOS#OMG

#Tether Con-Arguments Below is a Tether con-argument written by CreepToeCurrentSea. > [USDT](https://tether.to/en/transparency/) is a stablecoin (stable-value cryptocurrency) issued by Tether, a Hong Kong-based company. The token is pegged to the USD by keeping reserves of commercial paper, fiduciary deposits, cash, reserve repo notes, and treasury bills equal to the number of USDT in circulation. Initially named as Realcoin, a second-layer cryptocurrency token built on top of Bitcoin's blockchain using the Omni platform, it was later renamed USTether and, finally, USDT. In addition to Bitcoin, USDT was later updated to work on the Ethereum, EOS, Tron, Algorand, and OMG blockchains. > > # CONs > > **No solid evidence of transparency** > > Tether was established as a stablecoin, which means that virtual coins are supposed to represent real money and be redeemable at any time. So far, there is no problem with that model or schematic, unless they do not have [solid proof](https://tonyarcieri.com/the-tether-conundrum) that all of their coins are [fully backed](https://ag.ny.gov/sites/default/files/2021.02.17_-_settlement_agreement_-_execution_version.b-t_signed-c2_oag_signed.pdf). > > Although they have just recently [announced](https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information) preparation of a full-audit with MHA Cayman whom also handles Tethers quarterly attestation reports. Their most recent [report](https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf) included new accounting terminology such as 'going concern.' Audits provide a thorough analysis of a company's financials over time, whereas attestations are snapshots of a company's balance sheet on a specific date. > > This demonstrated the significant uncertainty surrounding the valuation of Tether's assets as well as the counterparty risks they face. If there's one thing a stablecoin shouldn't be, it would be being "*uncertain*". > > **Owned by one company** > > Cryptocurrency should be owned by everyone, not just one entity. Tether, launched by Tether Limited and owned by iFinex Inc., which also owns the Bitfinex cryptocurrency exchange, screams centralization. When the $600 million Polynetwork [hack](https://www.bloomberg.com/news/articles/2021-08-10/hackers-steal-600-million-in-likely-largest-defi-crypto-theft) took place in August 2021, approximately $33 million of the stablecoin Tether involved in the theft had been frozen by Tether's issuer, rendering it inaccessible to the attacker. While this has saved the customers that time, it also raises the possibility that the company that owns Tether will succumb to unethical motives in the future, knowing their (and their parent company's) past [legal troubles](https://en.wikipedia.org/wiki/Tether_(cryptocurrency)#Legal_cases). > > **Present Auditor** > > Moore Cayman (old accounting firm of Tether) presently operating under the MHA Cayman name (present accounting firm of Tether). Now this supposedly wouldn't raise any concerns as they are practically the same company other than a different letterhead but their parent company MHA MacIntyre Hudson is [said](https://www.coindesk.com/markets/2022/01/26/tethers-new-accounting-firm-is-the-old-one-with-baggage/) to be currently under [investigation](https://www.frc.org.uk/news/january-2022-(1)/investigation-regarding-the-audit-of-mrg-finance-b) by the U.K. Financial Reporting Council. > > Regardless of what the financial statements may be in Tether's latest attestations, it is still up to the clients and users whether or not to decide if the accounting firm's statements are honest and true although very [unlikely](https://leftfootforward.org/2022/01/accounting-firms-are-at-the-heart-of-corruption-in-the-uk/) especially dealing with those whose main objective is to enrich their partners by engaging in fraudulent and illegal practices. > > ​ > > ​ > > ^(Sources:) > > [https://tether.to/en/transparency/](https://tether.to/en/transparency/) > > [https://tonyarcieri.com/the-tether-conundrum](https://tonyarcieri.com/the-tether-conundrum) > > [https://ag.ny.gov/sites/default/files/2021.02.17\_-\_settlement\_agreement\_-\_execution\_version.b-t\_signed-c2\_oag\_signed.pdf](https://ag.ny.gov/sites/default/files/2021.02.17_-_settlement_agreement_-_execution_version.b-t_signed-c2_oag_signed.pdf) > > [https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information](https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information) > > [https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether\_Assurance\_Consolidated\_Reserves\_Report\_2022-03-31\_\_3\_.pdf](https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf) > > [https://www.bloomberg.com/news/articles/2021-08-10/hackers-steal-600-million-in-likely-largest-defi-crypto-theft](https://www.bloomberg.com/news/articles/2021-08-10/hackers-steal-600-million-in-likely-largest-defi-crypto-theft) > > [https://en.wikipedia.org/wiki/Tether\_(cryptocurrency)#Legal\_cases](https://en.wikipedia.org/wiki/Tether_(cryptocurrency)#Legal_cases) > > [https://www.coindesk.com/markets/2022/01/26/tethers-new-accounting-firm-is-the-old-one-with-baggage/](https://www.coindesk.com/markets/2022/01/26/tethers-new-accounting-firm-is-the-old-one-with-baggage/) > > [https://www.accountancytoday.co.uk/2022/01/07/frc-to-investigate-macintyre-hudson-audits-of-mrg-finance/](https://www.accountancytoday.co.uk/2022/01/07/frc-to-investigate-macintyre-hudson-audits-of-mrg-finance/) > > [https://www.frc.org.uk/news/january-2022-(1)/investigation-regarding-the-audit-of-mrg-finance-b](https://www.frc.org.uk/news/january-2022-(1)/investigation-regarding-the-audit-of-mrg-finance-b) > > [https://leftfootforward.org/2022/01/accounting-firms-are-at-the-heart-of-corruption-in-the-uk/](https://leftfootforward.org/2022/01/accounting-firms-are-at-the-heart-of-corruption-in-the-uk/) ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

Mentions:#USDT#EOS#OMG

#Tether Con-Arguments Below is a Tether con-argument written by CreepToeCurrentSea. > [USDT](https://tether.to/en/transparency/) is a stablecoin (stable-value cryptocurrency) issued by Tether, a Hong Kong-based company. The token is pegged to the USD by keeping reserves of commercial paper, fiduciary deposits, cash, reserve repo notes, and treasury bills equal to the number of USDT in circulation. Initially named as Realcoin, a second-layer cryptocurrency token built on top of Bitcoin's blockchain using the Omni platform, it was later renamed USTether and, finally, USDT. In addition to Bitcoin, USDT was later updated to work on the Ethereum, EOS, Tron, Algorand, and OMG blockchains. > > # CONs > > **No solid evidence of transparency** > > Tether was established as a stablecoin, which means that virtual coins are supposed to represent real money and be redeemable at any time. So far, there is no problem with that model or schematic, unless they do not have [solid proof](https://tonyarcieri.com/the-tether-conundrum) that all of their coins are [fully backed](https://ag.ny.gov/sites/default/files/2021.02.17_-_settlement_agreement_-_execution_version.b-t_signed-c2_oag_signed.pdf). > > Although they have just recently [announced](https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information) preparation of a full-audit with MHA Cayman whom also handles Tethers quarterly attestation reports. Their most recent [report](https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf) included new accounting terminology such as 'going concern.' Audits provide a thorough analysis of a company's financials over time, whereas attestations are snapshots of a company's balance sheet on a specific date. > > This demonstrated the significant uncertainty surrounding the valuation of Tether's assets as well as the counterparty risks they face. If there's one thing a stablecoin shouldn't be, it would be being "*uncertain*". > > **Owned by one company** > > Cryptocurrency should be owned by everyone, not just one entity. Tether, launched by Tether Limited and owned by iFinex Inc., which also owns the Bitfinex cryptocurrency exchange, screams centralization. When the $600 million Polynetwork [hack](https://www.bloomberg.com/news/articles/2021-08-10/hackers-steal-600-million-in-likely-largest-defi-crypto-theft) took place in August 2021, approximately $33 million of the stablecoin Tether involved in the theft had been frozen by Tether's issuer, rendering it inaccessible to the attacker. While this has saved the customers that time, it also raises the possibility that the company that owns Tether will succumb to unethical motives in the future, knowing their (and their parent company's) past [legal troubles](https://en.wikipedia.org/wiki/Tether_(cryptocurrency)#Legal_cases). > > **Present Auditor** > > Moore Cayman (old accounting firm of Tether) presently operating under the MHA Cayman name (present accounting firm of Tether). Now this supposedly wouldn't raise any concerns as they are practically the same company other than a different letterhead but their parent company MHA MacIntyre Hudson is [said](https://www.coindesk.com/markets/2022/01/26/tethers-new-accounting-firm-is-the-old-one-with-baggage/) to be currently under [investigation](https://www.frc.org.uk/news/january-2022-(1)/investigation-regarding-the-audit-of-mrg-finance-b) by the U.K. Financial Reporting Council. > > Regardless of what the financial statements may be in Tether's latest attestations, it is still up to the clients and users whether or not to decide if the accounting firm's statements are honest and true although very [unlikely](https://leftfootforward.org/2022/01/accounting-firms-are-at-the-heart-of-corruption-in-the-uk/) especially dealing with those whose main objective is to enrich their partners by engaging in fraudulent and illegal practices. > > ​ > > ​ > > ^(Sources:) > > [https://tether.to/en/transparency/](https://tether.to/en/transparency/) > > [https://tonyarcieri.com/the-tether-conundrum](https://tonyarcieri.com/the-tether-conundrum) > > [https://ag.ny.gov/sites/default/files/2021.02.17\_-\_settlement\_agreement\_-\_execution\_version.b-t\_signed-c2\_oag\_signed.pdf](https://ag.ny.gov/sites/default/files/2021.02.17_-_settlement_agreement_-_execution_version.b-t_signed-c2_oag_signed.pdf) > > [https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information](https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information) > > [https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether\_Assurance\_Consolidated\_Reserves\_Report\_2022-03-31\_\_3\_.pdf](https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf) > > [https://www.bloomberg.com/news/articles/2021-08-10/hackers-steal-600-million-in-likely-largest-defi-crypto-theft](https://www.bloomberg.com/news/articles/2021-08-10/hackers-steal-600-million-in-likely-largest-defi-crypto-theft) > > [https://en.wikipedia.org/wiki/Tether\_(cryptocurrency)#Legal\_cases](https://en.wikipedia.org/wiki/Tether_(cryptocurrency)#Legal_cases) > > [https://www.coindesk.com/markets/2022/01/26/tethers-new-accounting-firm-is-the-old-one-with-baggage/](https://www.coindesk.com/markets/2022/01/26/tethers-new-accounting-firm-is-the-old-one-with-baggage/) > > [https://www.accountancytoday.co.uk/2022/01/07/frc-to-investigate-macintyre-hudson-audits-of-mrg-finance/](https://www.accountancytoday.co.uk/2022/01/07/frc-to-investigate-macintyre-hudson-audits-of-mrg-finance/) > > [https://www.frc.org.uk/news/january-2022-(1)/investigation-regarding-the-audit-of-mrg-finance-b](https://www.frc.org.uk/news/january-2022-(1)/investigation-regarding-the-audit-of-mrg-finance-b) > > [https://leftfootforward.org/2022/01/accounting-firms-are-at-the-heart-of-corruption-in-the-uk/](https://leftfootforward.org/2022/01/accounting-firms-are-at-the-heart-of-corruption-in-the-uk/) ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

Mentions:#USDT#EOS#OMG

OMG! 😂

Mentions:#OMG

OMG I must say you made an amazing decision! You should choose diversified investments.

Mentions:#OMG

Bitcoin just crashed from $38,251 to $38,165. OMG!

Mentions:#OMG

My best move in all of crypto trading was to sell 90% of my OMG bag right before it became BOBA. Somehow sold at $19 per OMG.

Mentions:#OMG#BOBA

>OMG! OmiseGo

Mentions:#OMG

>And, I do slow some deep books down to as low as 1.25x, which is only 20% faster. OMG, no it is not! 1.25x would be 25% faster. Wow. Math.

Mentions:#OMG

OMG! Did you really sell a house for BTC? I totally applaud you! I wanna be just like that if I ever grow up! Seriously, the fees I am charged by Coinbase are disheartening. Good luck to ya!

Mentions:#OMG#BTC

Lol, had a huge bag of OMG Was a blue chip in 2017

Mentions:#OMG

OMG she has NO IDEA what’s she’s talking about. She completely dodged his question regarding a blockchain solution for digital currency which is already a red flag. What will Bitcoin solve vs central bank digital currency you say? How about blockchain transparency for starters, a hard limit of 21 BTC so you don’t just create more coins out of thin air and deflate the whole thing like you are with USD. Shall I continue?

Mentions:#OMG#IDEA#BTC

#Tether Con-Arguments Below is a Tether con-argument written by CreepToeCurrentSea. > [USDT](https://tether.to/en/transparency/) is a stablecoin (stable-value cryptocurrency) issued by Tether, a Hong Kong-based company. The token is pegged to the USD by keeping reserves of commercial paper, fiduciary deposits, cash, reserve repo notes, and treasury bills equal to the number of USDT in circulation. Initially named as Realcoin, a second-layer cryptocurrency token built on top of Bitcoin's blockchain using the Omni platform, it was later renamed USTether and, finally, USDT. In addition to Bitcoin, USDT was later updated to work on the Ethereum, EOS, Tron, Algorand, and OMG blockchains. > > # CONs > > **No solid evidence of transparency** > > Tether was established as a stablecoin, which means that virtual coins are supposed to represent real money and be redeemable at any time. So far, there is no problem with that model or schematic, unless they do not have [solid proof](https://tonyarcieri.com/the-tether-conundrum) that all of their coins are [fully backed](https://ag.ny.gov/sites/default/files/2021.02.17_-_settlement_agreement_-_execution_version.b-t_signed-c2_oag_signed.pdf). > > Although they have just recently [announced](https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information) preparation of a full-audit with MHA Cayman whom also handles Tethers quarterly attestation reports. Their most recent [report](https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf) included new accounting terminology such as 'going concern.' Audits provide a thorough analysis of a company's financials over time, whereas attestations are snapshots of a company's balance sheet on a specific date. > > This demonstrated the significant uncertainty surrounding the valuation of Tether's assets as well as the counterparty risks they face. If there's one thing a stablecoin shouldn't be, it would be being "*uncertain*". > > **Owned by one company** > > Cryptocurrency should be owned by everyone, not just one entity. Tether, launched by Tether Limited and owned by iFinex Inc., which also owns the Bitfinex cryptocurrency exchange, screams centralization. When the $600 million Polynetwork [hack](https://www.bloomberg.com/news/articles/2021-08-10/hackers-steal-600-million-in-likely-largest-defi-crypto-theft) took place in August 2021, approximately $33 million of the stablecoin Tether involved in the theft had been frozen by Tether's issuer, rendering it inaccessible to the attacker. While this has saved the customers that time, it also raises the possibility that the company that owns Tether will succumb to unethical motives in the future, knowing their (and their parent company's) past [legal troubles](https://en.wikipedia.org/wiki/Tether_(cryptocurrency)#Legal_cases). > > **Present Auditor** > > Moore Cayman (old accounting firm of Tether) presently operating under the MHA Cayman name (present accounting firm of Tether). Now this supposedly wouldn't raise any concerns as they are practically the same company other than a different letterhead but their parent company MHA MacIntyre Hudson is [said](https://www.coindesk.com/markets/2022/01/26/tethers-new-accounting-firm-is-the-old-one-with-baggage/) to be currently under [investigation](https://www.frc.org.uk/news/january-2022-(1)/investigation-regarding-the-audit-of-mrg-finance-b) by the U.K. Financial Reporting Council. > > Regardless of what the financial statements may be in Tether's latest attestations, it is still up to the clients and users whether or not to decide if the accounting firm's statements are honest and true although very [unlikely](https://leftfootforward.org/2022/01/accounting-firms-are-at-the-heart-of-corruption-in-the-uk/) especially dealing with those whose main objective is to enrich their partners by engaging in fraudulent and illegal practices. > > ​ > > ​ > > ^(Sources:) > > [https://tether.to/en/transparency/](https://tether.to/en/transparency/) > > [https://tonyarcieri.com/the-tether-conundrum](https://tonyarcieri.com/the-tether-conundrum) > > [https://ag.ny.gov/sites/default/files/2021.02.17\_-\_settlement\_agreement\_-\_execution\_version.b-t\_signed-c2\_oag\_signed.pdf](https://ag.ny.gov/sites/default/files/2021.02.17_-_settlement_agreement_-_execution_version.b-t_signed-c2_oag_signed.pdf) > > [https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information](https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information) > > [https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether\_Assurance\_Consolidated\_Reserves\_Report\_2022-03-31\_\_3\_.pdf](https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf) > > [https://www.bloomberg.com/news/articles/2021-08-10/hackers-steal-600-million-in-likely-largest-defi-crypto-theft](https://www.bloomberg.com/news/articles/2021-08-10/hackers-steal-600-million-in-likely-largest-defi-crypto-theft) > > [https://en.wikipedia.org/wiki/Tether\_(cryptocurrency)#Legal\_cases](https://en.wikipedia.org/wiki/Tether_(cryptocurrency)#Legal_cases) > > [https://www.coindesk.com/markets/2022/01/26/tethers-new-accounting-firm-is-the-old-one-with-baggage/](https://www.coindesk.com/markets/2022/01/26/tethers-new-accounting-firm-is-the-old-one-with-baggage/) > > [https://www.accountancytoday.co.uk/2022/01/07/frc-to-investigate-macintyre-hudson-audits-of-mrg-finance/](https://www.accountancytoday.co.uk/2022/01/07/frc-to-investigate-macintyre-hudson-audits-of-mrg-finance/) > > [https://www.frc.org.uk/news/january-2022-(1)/investigation-regarding-the-audit-of-mrg-finance-b](https://www.frc.org.uk/news/january-2022-(1)/investigation-regarding-the-audit-of-mrg-finance-b) > > [https://leftfootforward.org/2022/01/accounting-firms-are-at-the-heart-of-corruption-in-the-uk/](https://leftfootforward.org/2022/01/accounting-firms-are-at-the-heart-of-corruption-in-the-uk/) ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

Mentions:#USDT#EOS#OMG

#Tether Pro-Arguments Below is a Tether pro-argument written by CreepToeCurrentSea. > [USDT](https://tether.to/en/transparency/) is a stablecoin (stable-value cryptocurrency) issued by Tether, a Hong Kong-based company. The token is pegged to the USD by keeping reserves of commercial paper, fiduciary deposits, cash, reserve repo notes, and treasury bills equal to the number of USDT in circulation. Initially named as Realcoin, a second-layer cryptocurrency token built on top of Bitcoin's blockchain using the Omni platform, it was later renamed USTether and, finally, USDT. In addition to Bitcoin, USDT was later updated to work on the Ethereum, EOS, Tron, Algorand, and OMG blockchains. > > # PROs > > **USDT is well established** > > It has built a long history of resilience, reliability and trust because it has been around for a [while](https://www.wsj.com/articles/BL-MBB-23780) (around 8 years in the cryptocurrency market). This had helped to convince clients that the stablecoin is [legitimate](https://www.certik.com/projects/tether?utm_source=CMC&utm_campaign=AuditByCertiKLink). > > As of this year, USDT currently is in the top ten cryptocurrencies by [market cap](https://www.coingecko.com/en/coins/tether) with a 24-hour trading volume of around 45 billion dollars and a total number of addresses of up to 4.5 million. In its last known [audit](https://www.fairyproof.com/doc/111.pdf) in 2021 it has been considered to have *"No vulnerabilities with critical, high, medium or low-severity."* > > **Wide acceptance** > > Tether has multiple gateways for customers (retail, exchanges, and companies) because it is built on several leading [blockchains](https://tether.to/en/supported-protocols), including Algorand, Avalanche, Bitcoin Cash's Simple Ledger Protocol (SLP), Ethereum, EOS, Liquid Network, Omni, Polygon, Tezos, Tron, Solana, and Statemine. These transport protocols are made up of open source software that interfaces with blockchains to allow for the issuance and redemption of Tether tokens. > > Furthermore, it has been available on major exchanges such as Bitfinex, Binance, Coinbase, Kraken and [more](https://www.coingecko.com/en/coins/tether#markets), Offering a plethora of pairs for users to choose from or that of which is available in their region although as of lately some exchanges have been switching to Circle's USDC over growing concerns of legal issues related with Tether. > > **Buffer against volatility** > > One of the primary functions of stablecoins is to act as a [hedge](https://www.researchgate.net/publication/341245986_Are_stablecoins_truly_diversifiers_hedges_or_safe_havens_against_traditional_cryptocurrencies_as_their_name_suggests) when crypto markets are in a downturn. Because the aforementioned market is extremely volatile, traders and investors want some sort of buffer against this without having to directly trade their crypto for fiat as to also avoid larger fees as well. Supported by its large market capitalization, USDT should be less volatile and thus safer. > > **Announcement of a full audit** > > Tether's CTO Paolo Ardoino recently stated in an [interview](https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information) with Euromoney that the company is preparing for a full audit with an accounting firm called MHA Cayman (which also handles Tether's [quarterly assurance opinions/reports](https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf)). According to the CTO in the interview, MHA Cayman is one of the "*top 12*" accounting firms, and most top accounting firms deny requests for full audits due to the associated reputational risks. In the future, hopefully, this will provide more security and transparency to its users against the number of allegations and investigations it is currently facing. > > **Despite everything, USDT is still here** > > From the past legal troubles it has faced, the ones it's facing right now, the vast amount of criticisms from different facets off the internet and the several crypto winters it endured. USDT is still alive and kicking. Will it still be the top stablecoin in the next 5 years? Unlikely, but I am for certain it was a major part for the growth and expansion of crypto's fetal years. Moving forward it's up to them, the people behind Tether, if they will finally redeem themselves against all the allegations, criticisms, troubles, and not just do another settlement. > > ^(Sources:) > > [^(https://tether.to/en/faqs/)](https://tether.to/en/faqs/) > > [^(https://tether.to/en/supported-protocols)](https://tether.to/en/supported-protocols) > > [^(https://tether.to/en/transparency/)](https://tether.to/en/transparency/) > > [^(https://tether.to/en/transparency/#reports)](https://tether.to/en/transparency/#reports) > > [^(https://en.wikipedia.org/wiki/Tether\_(cryptocurrency))](https://en.wikipedia.org/wiki/Tether_(cryptocurrency)) > > [^(https://assets.ctfassets.net/vyse88cgwfbl/5UWgHMvz071t2Cq5yTw5vi/c9798ea8db99311bf90ebe0810938b01/TetherWhitePaper.pdf)](https://assets.ctfassets.net/vyse88cgwfbl/5UWgHMvz071t2Cq5yTw5vi/c9798ea8db99311bf90ebe0810938b01/TetherWhitePaper.pdf) > > [^(https://www.wsj.com/articles/BL-MBB-23780)](https://www.wsj.com/articles/BL-MBB-23780) > > [^(https://www.certik.com/projects/tether?utm\_source=CMC&utm\_campaign=AuditByCertiKLink)](https://www.certik.com/projects/tether?utm_source=CMC&utm_campaign=AuditByCertiKLink) > > [^(https://www.coingecko.com/en/coins/tether)](https://www.coingecko.com/en/coins/tether) > > [^(https://www.fairyproof.com/doc/111.pdf)](https://www.fairyproof.com/doc/111.pdf) > > [^(https://www.coingecko.com/en/coins/tether#markets)](https://www.coingecko.com/en/coins/tether#markets) > > [^(https://www.researchgate.net/publication/341245986\_Are\_stablecoins\_truly\_diversifiers\_hedges\_or\_safe\_havens\_against\_traditional\_cryptocurrencies\_as\_their\_name\_suggests)](https://www.researchgate.net/publication/341245986_Are_stablecoins_truly_diversifiers_hedges_or_safe_havens_against_traditional_cryptocurrencies_as_their_name_suggests) > > [^(https://www.researchgate.net/publication/339263534\_What\_is\_Stablecoin\_A\_Survey\_on\_Price\_Stabilization\_Mechanisms\_for\_Decentralized\_Payment\_Systems)](https://www.researchgate.net/publication/339263534_What_is_Stablecoin_A_Survey_on_Price_Stabilization_Mechanisms_for_Decentralized_Payment_Systems) > > [^(https://www.researchgate.net/publication/332458820\_Is\_Cryptocurrency\_a\_Hedge\_or\_a\_Safe\_Haven\_for\_International\_Indices\_A\_Comprehensive\_and\_Dynamic\_Perspective)](https://www.researchgate.net/publication/332458820_Is_Cryptocurrency_a_Hedge_or_a_Safe_Haven_for_International_Indices_A_Comprehensive_and_Dynamic_Perspective) > > [^(https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information)](https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information) > > [^(https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether\_Assurance\_Consolidated\_Reserves\_Report\_2022-03-31\_\_3\_.pdf)](https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf) ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

#Tether Pro-Arguments Below is a Tether pro-argument written by CreepToeCurrentSea. > [USDT](https://tether.to/en/transparency/) is a stablecoin (stable-value cryptocurrency) issued by Tether, a Hong Kong-based company. The token is pegged to the USD by keeping reserves of commercial paper, fiduciary deposits, cash, reserve repo notes, and treasury bills equal to the number of USDT in circulation. Initially named as Realcoin, a second-layer cryptocurrency token built on top of Bitcoin's blockchain using the Omni platform, it was later renamed USTether and, finally, USDT. In addition to Bitcoin, USDT was later updated to work on the Ethereum, EOS, Tron, Algorand, and OMG blockchains. > > # PROs > > **USDT is well established** > > It has built a long history of resilience, reliability and trust because it has been around for a [while](https://www.wsj.com/articles/BL-MBB-23780) (around 8 years in the cryptocurrency market). This had helped to convince clients that the stablecoin is [legitimate](https://www.certik.com/projects/tether?utm_source=CMC&utm_campaign=AuditByCertiKLink). > > As of this year, USDT currently is in the top ten cryptocurrencies by [market cap](https://www.coingecko.com/en/coins/tether) with a 24-hour trading volume of around 45 billion dollars and a total number of addresses of up to 4.5 million. In its last known [audit](https://www.fairyproof.com/doc/111.pdf) in 2021 it has been considered to have *"No vulnerabilities with critical, high, medium or low-severity."* > > **Wide acceptance** > > Tether has multiple gateways for customers (retail, exchanges, and companies) because it is built on several leading [blockchains](https://tether.to/en/supported-protocols), including Algorand, Avalanche, Bitcoin Cash's Simple Ledger Protocol (SLP), Ethereum, EOS, Liquid Network, Omni, Polygon, Tezos, Tron, Solana, and Statemine. These transport protocols are made up of open source software that interfaces with blockchains to allow for the issuance and redemption of Tether tokens. > > Furthermore, it has been available on major exchanges such as Bitfinex, Binance, Coinbase, Kraken and [more](https://www.coingecko.com/en/coins/tether#markets), Offering a plethora of pairs for users to choose from or that of which is available in their region although as of lately some exchanges have been switching to Circle's USDC over growing concerns of legal issues related with Tether. > > **Buffer against volatility** > > One of the primary functions of stablecoins is to act as a [hedge](https://www.researchgate.net/publication/341245986_Are_stablecoins_truly_diversifiers_hedges_or_safe_havens_against_traditional_cryptocurrencies_as_their_name_suggests) when crypto markets are in a downturn. Because the aforementioned market is extremely volatile, traders and investors want some sort of buffer against this without having to directly trade their crypto for fiat as to also avoid larger fees as well. Supported by its large market capitalization, USDT should be less volatile and thus safer. > > **Announcement of a full audit** > > Tether's CTO Paolo Ardoino recently stated in an [interview](https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information) with Euromoney that the company is preparing for a full audit with an accounting firm called MHA Cayman (which also handles Tether's [quarterly assurance opinions/reports](https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf)). According to the CTO in the interview, MHA Cayman is one of the "*top 12*" accounting firms, and most top accounting firms deny requests for full audits due to the associated reputational risks. In the future, hopefully, this will provide more security and transparency to its users against the number of allegations and investigations it is currently facing. > > **Despite everything, USDT is still here** > > From the past legal troubles it has faced, the ones it's facing right now, the vast amount of criticisms from different facets off the internet and the several crypto winters it endured. USDT is still alive and kicking. Will it still be the top stablecoin in the next 5 years? Unlikely, but I am for certain it was a major part for the growth and expansion of crypto's fetal years. Moving forward it's up to them, the people behind Tether, if they will finally redeem themselves against all the allegations, criticisms, troubles, and not just do another settlement. > > ^(Sources:) > > [^(https://tether.to/en/faqs/)](https://tether.to/en/faqs/) > > [^(https://tether.to/en/supported-protocols)](https://tether.to/en/supported-protocols) > > [^(https://tether.to/en/transparency/)](https://tether.to/en/transparency/) > > [^(https://tether.to/en/transparency/#reports)](https://tether.to/en/transparency/#reports) > > [^(https://en.wikipedia.org/wiki/Tether\_(cryptocurrency))](https://en.wikipedia.org/wiki/Tether_(cryptocurrency)) > > [^(https://assets.ctfassets.net/vyse88cgwfbl/5UWgHMvz071t2Cq5yTw5vi/c9798ea8db99311bf90ebe0810938b01/TetherWhitePaper.pdf)](https://assets.ctfassets.net/vyse88cgwfbl/5UWgHMvz071t2Cq5yTw5vi/c9798ea8db99311bf90ebe0810938b01/TetherWhitePaper.pdf) > > [^(https://www.wsj.com/articles/BL-MBB-23780)](https://www.wsj.com/articles/BL-MBB-23780) > > [^(https://www.certik.com/projects/tether?utm\_source=CMC&utm\_campaign=AuditByCertiKLink)](https://www.certik.com/projects/tether?utm_source=CMC&utm_campaign=AuditByCertiKLink) > > [^(https://www.coingecko.com/en/coins/tether)](https://www.coingecko.com/en/coins/tether) > > [^(https://www.fairyproof.com/doc/111.pdf)](https://www.fairyproof.com/doc/111.pdf) > > [^(https://www.coingecko.com/en/coins/tether#markets)](https://www.coingecko.com/en/coins/tether#markets) > > [^(https://www.researchgate.net/publication/341245986\_Are\_stablecoins\_truly\_diversifiers\_hedges\_or\_safe\_havens\_against\_traditional\_cryptocurrencies\_as\_their\_name\_suggests)](https://www.researchgate.net/publication/341245986_Are_stablecoins_truly_diversifiers_hedges_or_safe_havens_against_traditional_cryptocurrencies_as_their_name_suggests) > > [^(https://www.researchgate.net/publication/339263534\_What\_is\_Stablecoin\_A\_Survey\_on\_Price\_Stabilization\_Mechanisms\_for\_Decentralized\_Payment\_Systems)](https://www.researchgate.net/publication/339263534_What_is_Stablecoin_A_Survey_on_Price_Stabilization_Mechanisms_for_Decentralized_Payment_Systems) > > [^(https://www.researchgate.net/publication/332458820\_Is\_Cryptocurrency\_a\_Hedge\_or\_a\_Safe\_Haven\_for\_International\_Indices\_A\_Comprehensive\_and\_Dynamic\_Perspective)](https://www.researchgate.net/publication/332458820_Is_Cryptocurrency_a_Hedge_or_a_Safe_Haven_for_International_Indices_A_Comprehensive_and_Dynamic_Perspective) > > [^(https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information)](https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information) > > [^(https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether\_Assurance\_Consolidated\_Reserves\_Report\_2022-03-31\_\_3\_.pdf)](https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf) ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

OMG. Just saw that CZ is out, Teng is in. Thought the hoopla was about WorldCoin Altman ousted from OpenAI and going to Microsoft. Crazy times, but crypto will be fine in the long run.

Mentions:#OMG

#Tether Con-Arguments Below is a Tether con-argument written by CreepToeCurrentSea. > [USDT](https://tether.to/en/transparency/) is a stablecoin (stable-value cryptocurrency) issued by Tether, a Hong Kong-based company. The token is pegged to the USD by keeping reserves of commercial paper, fiduciary deposits, cash, reserve repo notes, and treasury bills equal to the number of USDT in circulation. Initially named as Realcoin, a second-layer cryptocurrency token built on top of Bitcoin's blockchain using the Omni platform, it was later renamed USTether and, finally, USDT. In addition to Bitcoin, USDT was later updated to work on the Ethereum, EOS, Tron, Algorand, and OMG blockchains. > > # CONs > > **No solid evidence of transparency** > > Tether was established as a stablecoin, which means that virtual coins are supposed to represent real money and be redeemable at any time. So far, there is no problem with that model or schematic, unless they do not have [solid proof](https://tonyarcieri.com/the-tether-conundrum) that all of their coins are [fully backed](https://ag.ny.gov/sites/default/files/2021.02.17_-_settlement_agreement_-_execution_version.b-t_signed-c2_oag_signed.pdf). > > Although they have just recently [announced](https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information) preparation of a full-audit with MHA Cayman whom also handles Tethers quarterly attestation reports. Their most recent [report](https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf) included new accounting terminology such as 'going concern.' Audits provide a thorough analysis of a company's financials over time, whereas attestations are snapshots of a company's balance sheet on a specific date. > > This demonstrated the significant uncertainty surrounding the valuation of Tether's assets as well as the counterparty risks they face. If there's one thing a stablecoin shouldn't be, it would be being "*uncertain*". > > **Owned by one company** > > Cryptocurrency should be owned by everyone, not just one entity. Tether, launched by Tether Limited and owned by iFinex Inc., which also owns the Bitfinex cryptocurrency exchange, screams centralization. When the $600 million Polynetwork [hack](https://www.bloomberg.com/news/articles/2021-08-10/hackers-steal-600-million-in-likely-largest-defi-crypto-theft) took place in August 2021, approximately $33 million of the stablecoin Tether involved in the theft had been frozen by Tether's issuer, rendering it inaccessible to the attacker. While this has saved the customers that time, it also raises the possibility that the company that owns Tether will succumb to unethical motives in the future, knowing their (and their parent company's) past [legal troubles](https://en.wikipedia.org/wiki/Tether_(cryptocurrency)#Legal_cases). > > **Present Auditor** > > Moore Cayman (old accounting firm of Tether) presently operating under the MHA Cayman name (present accounting firm of Tether). Now this supposedly wouldn't raise any concerns as they are practically the same company other than a different letterhead but their parent company MHA MacIntyre Hudson is [said](https://www.coindesk.com/markets/2022/01/26/tethers-new-accounting-firm-is-the-old-one-with-baggage/) to be currently under [investigation](https://www.frc.org.uk/news/january-2022-(1)/investigation-regarding-the-audit-of-mrg-finance-b) by the U.K. Financial Reporting Council. > > Regardless of what the financial statements may be in Tether's latest attestations, it is still up to the clients and users whether or not to decide if the accounting firm's statements are honest and true although very [unlikely](https://leftfootforward.org/2022/01/accounting-firms-are-at-the-heart-of-corruption-in-the-uk/) especially dealing with those whose main objective is to enrich their partners by engaging in fraudulent and illegal practices. > > ​ > > ​ > > ^(Sources:) > > [https://tether.to/en/transparency/](https://tether.to/en/transparency/) > > [https://tonyarcieri.com/the-tether-conundrum](https://tonyarcieri.com/the-tether-conundrum) > > [https://ag.ny.gov/sites/default/files/2021.02.17\_-\_settlement\_agreement\_-\_execution\_version.b-t\_signed-c2\_oag\_signed.pdf](https://ag.ny.gov/sites/default/files/2021.02.17_-_settlement_agreement_-_execution_version.b-t_signed-c2_oag_signed.pdf) > > [https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information](https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information) > > [https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether\_Assurance\_Consolidated\_Reserves\_Report\_2022-03-31\_\_3\_.pdf](https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf) > > [https://www.bloomberg.com/news/articles/2021-08-10/hackers-steal-600-million-in-likely-largest-defi-crypto-theft](https://www.bloomberg.com/news/articles/2021-08-10/hackers-steal-600-million-in-likely-largest-defi-crypto-theft) > > [https://en.wikipedia.org/wiki/Tether\_(cryptocurrency)#Legal\_cases](https://en.wikipedia.org/wiki/Tether_(cryptocurrency)#Legal_cases) > > [https://www.coindesk.com/markets/2022/01/26/tethers-new-accounting-firm-is-the-old-one-with-baggage/](https://www.coindesk.com/markets/2022/01/26/tethers-new-accounting-firm-is-the-old-one-with-baggage/) > > [https://www.accountancytoday.co.uk/2022/01/07/frc-to-investigate-macintyre-hudson-audits-of-mrg-finance/](https://www.accountancytoday.co.uk/2022/01/07/frc-to-investigate-macintyre-hudson-audits-of-mrg-finance/) > > [https://www.frc.org.uk/news/january-2022-(1)/investigation-regarding-the-audit-of-mrg-finance-b](https://www.frc.org.uk/news/january-2022-(1)/investigation-regarding-the-audit-of-mrg-finance-b) > > [https://leftfootforward.org/2022/01/accounting-firms-are-at-the-heart-of-corruption-in-the-uk/](https://leftfootforward.org/2022/01/accounting-firms-are-at-the-heart-of-corruption-in-the-uk/) ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

Mentions:#USDT#EOS#OMG

OMG is dead already

Mentions:#OMG

OMG Algo!!! I cry over my bags...

Mentions:#OMG

🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣OMG

Mentions:#OMG

Ok but that has no impact on the ethereum network "They noticed it would be a security, so prevented that" OMG 😱😱😱. Who cares?

Mentions:#OMG

OMG. I had never heard of it before. This is hilarious! It’s like the flat earth society.

Mentions:#OMG

OMG, didn't you hear... China banned it. Tether isn't real. It's not backed by anything. Something something environment. Or, y' know some big players took some profit which triggered a bunch of sell orders. All I know for sure is that buttcoin was right, this is a scam, I'm selling /s

Mentions:#OMG

I'm... not sure I'd classify that as "an intimidation campaign". It's a political mailer. It's crude and the wording is questionable, but there's no threat beyond "we're gonna keep sending mailers to people who give this guy political donations" which is... not a threat, it's just informational with some rather blunt wording. EG: We're not going to keep spamming you with these. TBH feels like Tuman was playing it up for attention. Like OMG people are harassing my supporters! Mailing political messages isn't harassment unless they contain harassing, threatening, or inappropriate materials or an excessive number of them are sent.

Mentions:#EG#OMG

#Tether Con-Arguments Below is a Tether con-argument written by CreepToeCurrentSea. > [USDT](https://tether.to/en/transparency/) is a stablecoin (stable-value cryptocurrency) issued by Tether, a Hong Kong-based company. The token is pegged to the USD by keeping reserves of commercial paper, fiduciary deposits, cash, reserve repo notes, and treasury bills equal to the number of USDT in circulation. Initially named as Realcoin, a second-layer cryptocurrency token built on top of Bitcoin's blockchain using the Omni platform, it was later renamed USTether and, finally, USDT. In addition to Bitcoin, USDT was later updated to work on the Ethereum, EOS, Tron, Algorand, and OMG blockchains. > > # CONs > > **No solid evidence of transparency** > > Tether was established as a stablecoin, which means that virtual coins are supposed to represent real money and be redeemable at any time. So far, there is no problem with that model or schematic, unless they do not have [solid proof](https://tonyarcieri.com/the-tether-conundrum) that all of their coins are [fully backed](https://ag.ny.gov/sites/default/files/2021.02.17_-_settlement_agreement_-_execution_version.b-t_signed-c2_oag_signed.pdf). > > Although they have just recently [announced](https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information) preparation of a full-audit with MHA Cayman whom also handles Tethers quarterly attestation reports. Their most recent [report](https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf) included new accounting terminology such as 'going concern.' Audits provide a thorough analysis of a company's financials over time, whereas attestations are snapshots of a company's balance sheet on a specific date. > > This demonstrated the significant uncertainty surrounding the valuation of Tether's assets as well as the counterparty risks they face. If there's one thing a stablecoin shouldn't be, it would be being "*uncertain*". > > **Owned by one company** > > Cryptocurrency should be owned by everyone, not just one entity. Tether, launched by Tether Limited and owned by iFinex Inc., which also owns the Bitfinex cryptocurrency exchange, screams centralization. When the $600 million Polynetwork [hack](https://www.bloomberg.com/news/articles/2021-08-10/hackers-steal-600-million-in-likely-largest-defi-crypto-theft) took place in August 2021, approximately $33 million of the stablecoin Tether involved in the theft had been frozen by Tether's issuer, rendering it inaccessible to the attacker. While this has saved the customers that time, it also raises the possibility that the company that owns Tether will succumb to unethical motives in the future, knowing their (and their parent company's) past [legal troubles](https://en.wikipedia.org/wiki/Tether_(cryptocurrency)#Legal_cases). > > **Present Auditor** > > Moore Cayman (old accounting firm of Tether) presently operating under the MHA Cayman name (present accounting firm of Tether). Now this supposedly wouldn't raise any concerns as they are practically the same company other than a different letterhead but their parent company MHA MacIntyre Hudson is [said](https://www.coindesk.com/markets/2022/01/26/tethers-new-accounting-firm-is-the-old-one-with-baggage/) to be currently under [investigation](https://www.frc.org.uk/news/january-2022-(1)/investigation-regarding-the-audit-of-mrg-finance-b) by the U.K. Financial Reporting Council. > > Regardless of what the financial statements may be in Tether's latest attestations, it is still up to the clients and users whether or not to decide if the accounting firm's statements are honest and true although very [unlikely](https://leftfootforward.org/2022/01/accounting-firms-are-at-the-heart-of-corruption-in-the-uk/) especially dealing with those whose main objective is to enrich their partners by engaging in fraudulent and illegal practices. > > ​ > > ​ > > ^(Sources:) > > [https://tether.to/en/transparency/](https://tether.to/en/transparency/) > > [https://tonyarcieri.com/the-tether-conundrum](https://tonyarcieri.com/the-tether-conundrum) > > [https://ag.ny.gov/sites/default/files/2021.02.17\_-\_settlement\_agreement\_-\_execution\_version.b-t\_signed-c2\_oag\_signed.pdf](https://ag.ny.gov/sites/default/files/2021.02.17_-_settlement_agreement_-_execution_version.b-t_signed-c2_oag_signed.pdf) > > [https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information](https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information) > > [https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether\_Assurance\_Consolidated\_Reserves\_Report\_2022-03-31\_\_3\_.pdf](https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf) > > [https://www.bloomberg.com/news/articles/2021-08-10/hackers-steal-600-million-in-likely-largest-defi-crypto-theft](https://www.bloomberg.com/news/articles/2021-08-10/hackers-steal-600-million-in-likely-largest-defi-crypto-theft) > > [https://en.wikipedia.org/wiki/Tether\_(cryptocurrency)#Legal\_cases](https://en.wikipedia.org/wiki/Tether_(cryptocurrency)#Legal_cases) > > [https://www.coindesk.com/markets/2022/01/26/tethers-new-accounting-firm-is-the-old-one-with-baggage/](https://www.coindesk.com/markets/2022/01/26/tethers-new-accounting-firm-is-the-old-one-with-baggage/) > > [https://www.accountancytoday.co.uk/2022/01/07/frc-to-investigate-macintyre-hudson-audits-of-mrg-finance/](https://www.accountancytoday.co.uk/2022/01/07/frc-to-investigate-macintyre-hudson-audits-of-mrg-finance/) > > [https://www.frc.org.uk/news/january-2022-(1)/investigation-regarding-the-audit-of-mrg-finance-b](https://www.frc.org.uk/news/january-2022-(1)/investigation-regarding-the-audit-of-mrg-finance-b) > > [https://leftfootforward.org/2022/01/accounting-firms-are-at-the-heart-of-corruption-in-the-uk/](https://leftfootforward.org/2022/01/accounting-firms-are-at-the-heart-of-corruption-in-the-uk/) ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

Mentions:#USDT#EOS#OMG

#Tether Pro-Arguments Below is a Tether pro-argument written by CreepToeCurrentSea. > [USDT](https://tether.to/en/transparency/) is a stablecoin (stable-value cryptocurrency) issued by Tether, a Hong Kong-based company. The token is pegged to the USD by keeping reserves of commercial paper, fiduciary deposits, cash, reserve repo notes, and treasury bills equal to the number of USDT in circulation. Initially named as Realcoin, a second-layer cryptocurrency token built on top of Bitcoin's blockchain using the Omni platform, it was later renamed USTether and, finally, USDT. In addition to Bitcoin, USDT was later updated to work on the Ethereum, EOS, Tron, Algorand, and OMG blockchains. > > # PROs > > **USDT is well established** > > It has built a long history of resilience, reliability and trust because it has been around for a [while](https://www.wsj.com/articles/BL-MBB-23780) (around 8 years in the cryptocurrency market). This had helped to convince clients that the stablecoin is [legitimate](https://www.certik.com/projects/tether?utm_source=CMC&utm_campaign=AuditByCertiKLink). > > As of this year, USDT currently is in the top ten cryptocurrencies by [market cap](https://www.coingecko.com/en/coins/tether) with a 24-hour trading volume of around 45 billion dollars and a total number of addresses of up to 4.5 million. In its last known [audit](https://www.fairyproof.com/doc/111.pdf) in 2021 it has been considered to have *"No vulnerabilities with critical, high, medium or low-severity."* > > **Wide acceptance** > > Tether has multiple gateways for customers (retail, exchanges, and companies) because it is built on several leading [blockchains](https://tether.to/en/supported-protocols), including Algorand, Avalanche, Bitcoin Cash's Simple Ledger Protocol (SLP), Ethereum, EOS, Liquid Network, Omni, Polygon, Tezos, Tron, Solana, and Statemine. These transport protocols are made up of open source software that interfaces with blockchains to allow for the issuance and redemption of Tether tokens. > > Furthermore, it has been available on major exchanges such as Bitfinex, Binance, Coinbase, Kraken and [more](https://www.coingecko.com/en/coins/tether#markets), Offering a plethora of pairs for users to choose from or that of which is available in their region although as of lately some exchanges have been switching to Circle's USDC over growing concerns of legal issues related with Tether. > > **Buffer against volatility** > > One of the primary functions of stablecoins is to act as a [hedge](https://www.researchgate.net/publication/341245986_Are_stablecoins_truly_diversifiers_hedges_or_safe_havens_against_traditional_cryptocurrencies_as_their_name_suggests) when crypto markets are in a downturn. Because the aforementioned market is extremely volatile, traders and investors want some sort of buffer against this without having to directly trade their crypto for fiat as to also avoid larger fees as well. Supported by its large market capitalization, USDT should be less volatile and thus safer. > > **Announcement of a full audit** > > Tether's CTO Paolo Ardoino recently stated in an [interview](https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information) with Euromoney that the company is preparing for a full audit with an accounting firm called MHA Cayman (which also handles Tether's [quarterly assurance opinions/reports](https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf)). According to the CTO in the interview, MHA Cayman is one of the "*top 12*" accounting firms, and most top accounting firms deny requests for full audits due to the associated reputational risks. In the future, hopefully, this will provide more security and transparency to its users against the number of allegations and investigations it is currently facing. > > **Despite everything, USDT is still here** > > From the past legal troubles it has faced, the ones it's facing right now, the vast amount of criticisms from different facets off the internet and the several crypto winters it endured. USDT is still alive and kicking. Will it still be the top stablecoin in the next 5 years? Unlikely, but I am for certain it was a major part for the growth and expansion of crypto's fetal years. Moving forward it's up to them, the people behind Tether, if they will finally redeem themselves against all the allegations, criticisms, troubles, and not just do another settlement. > > ^(Sources:) > > [^(https://tether.to/en/faqs/)](https://tether.to/en/faqs/) > > [^(https://tether.to/en/supported-protocols)](https://tether.to/en/supported-protocols) > > [^(https://tether.to/en/transparency/)](https://tether.to/en/transparency/) > > [^(https://tether.to/en/transparency/#reports)](https://tether.to/en/transparency/#reports) > > [^(https://en.wikipedia.org/wiki/Tether\_(cryptocurrency))](https://en.wikipedia.org/wiki/Tether_(cryptocurrency)) > > [^(https://assets.ctfassets.net/vyse88cgwfbl/5UWgHMvz071t2Cq5yTw5vi/c9798ea8db99311bf90ebe0810938b01/TetherWhitePaper.pdf)](https://assets.ctfassets.net/vyse88cgwfbl/5UWgHMvz071t2Cq5yTw5vi/c9798ea8db99311bf90ebe0810938b01/TetherWhitePaper.pdf) > > [^(https://www.wsj.com/articles/BL-MBB-23780)](https://www.wsj.com/articles/BL-MBB-23780) > > [^(https://www.certik.com/projects/tether?utm\_source=CMC&utm\_campaign=AuditByCertiKLink)](https://www.certik.com/projects/tether?utm_source=CMC&utm_campaign=AuditByCertiKLink) > > [^(https://www.coingecko.com/en/coins/tether)](https://www.coingecko.com/en/coins/tether) > > [^(https://www.fairyproof.com/doc/111.pdf)](https://www.fairyproof.com/doc/111.pdf) > > [^(https://www.coingecko.com/en/coins/tether#markets)](https://www.coingecko.com/en/coins/tether#markets) > > [^(https://www.researchgate.net/publication/341245986\_Are\_stablecoins\_truly\_diversifiers\_hedges\_or\_safe\_havens\_against\_traditional\_cryptocurrencies\_as\_their\_name\_suggests)](https://www.researchgate.net/publication/341245986_Are_stablecoins_truly_diversifiers_hedges_or_safe_havens_against_traditional_cryptocurrencies_as_their_name_suggests) > > [^(https://www.researchgate.net/publication/339263534\_What\_is\_Stablecoin\_A\_Survey\_on\_Price\_Stabilization\_Mechanisms\_for\_Decentralized\_Payment\_Systems)](https://www.researchgate.net/publication/339263534_What_is_Stablecoin_A_Survey_on_Price_Stabilization_Mechanisms_for_Decentralized_Payment_Systems) > > [^(https://www.researchgate.net/publication/332458820\_Is\_Cryptocurrency\_a\_Hedge\_or\_a\_Safe\_Haven\_for\_International\_Indices\_A\_Comprehensive\_and\_Dynamic\_Perspective)](https://www.researchgate.net/publication/332458820_Is_Cryptocurrency_a_Hedge_or_a_Safe_Haven_for_International_Indices_A_Comprehensive_and_Dynamic_Perspective) > > [^(https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information)](https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information) > > [^(https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether\_Assurance\_Consolidated\_Reserves\_Report\_2022-03-31\_\_3\_.pdf)](https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf) ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

2% dip: OMG IT DIPPED 2% I CAN'T AFFORD TO LOSE THIS MUCH!! SELLING!! 40$ dip: I'm not buying that shit.

Mentions:#OMG

I stay subscribed and fight with them consistently. New people come in who are 18-22 years old and say I am looking for advice, currently im 100% VT which is the Total world stock ETF fund. People respond saying OMG youre doing amazing! That’s the perfect balance! This is such terrible advice for an early investor. I argue with them consistently trying to hopefully help somebody see the light.

Mentions:#VT#ETF#OMG

OMG! I’m just reading all this & laughing so fooking hard, it hurts, I can’t remember when I laughed like this. Thank you, guys, you really are therapeutic. Meme coins. who would have guessed?

Mentions:#OMG

Reddit one month ago: We're abandoning moons, there will be no more distributions, and we're burning our stack. This sub: OMG moons are dead. Reddit today: We're abandoning moons, there will be no more distributions, and we're burning our stack. This sub: Oh shit, moons are alive!

Mentions:#OMG

OMG wake up

Mentions:#OMG

> Anything is better, and more retrievable in an emergency, than a piece of paper in the desk of your home that just burnt down. This the absolute OPPOSITE of good security... a very easy to break device (like an open front door to a house) is ALWAYS more secure than a very sophisticated system that can get accessed globally. Which is to say, the chance one of your 100 neighbors is a hacker / career criminal is near 0.000%, but among '5 billion people' - someone is - and if you are targeted, effectively nothing you can do will stop them aside disconnecting. > If someone hacked your Microsoft account 30+ times you are either doing something terribly wrong, or you have never eradicated the first hack. Wrong again :P I *let* them hack my Microsoft account. It's called bait. I've worked in fin crime a while.. despite what media says, the way you stop criminal is bait, not 'more cops, bigger walls'. IRL, I leave $20s scattered across my house/ office - like on the floor, etc. After someone new comes over, I count them when they leave. I don't 'tell them' - I just do it, and track. And before we engage in real business, I give them a few thousand to 'steal' if they want to - generally the addict / sloppy drunk will steal the $20s, and no career criminal will pass up thousands Scott-free 'for a chance at more'. I know nothing is linked to my Microsoft account. It's up to Coinbase to 'deny penny stocks' and up to Microsoft to not allow global spammers entry... same as duplicate profiles on Twitter. "Reporting" fakers / spammers is bad security.. you let them run wild, until Twitter agrees to stop it. Telling a criminal 'hey I caught you' is about as stupid as you can be, if your objective is to stop crime / protect yourself. Instead you say 'omg I never even knew you were there! OMG you are so good!' etc.

Mentions:#OMG

OMG 😱 did you say TIA? That shit goes hard and by hard I mean deep and by deep I mean these fat TIA bags. You could have one too. What’s stopping you? Put a few thousand in. Hell - sell your car! Put down a loan 💸 🤪 TIA everybody - it’s gonna save the world hahaha. It’s gonna solve all the problems of the universe. Mother fuckin TIA in the house bizatches! 🎉

Mentions:#OMG#TIA

OMG, It's allready time to sell? Are we picking colors again?

Mentions:#OMG

#Tether Con-Arguments Below is a Tether con-argument written by CreepToeCurrentSea. > [USDT](https://tether.to/en/transparency/) is a stablecoin (stable-value cryptocurrency) issued by Tether, a Hong Kong-based company. The token is pegged to the USD by keeping reserves of commercial paper, fiduciary deposits, cash, reserve repo notes, and treasury bills equal to the number of USDT in circulation. Initially named as Realcoin, a second-layer cryptocurrency token built on top of Bitcoin's blockchain using the Omni platform, it was later renamed USTether and, finally, USDT. In addition to Bitcoin, USDT was later updated to work on the Ethereum, EOS, Tron, Algorand, and OMG blockchains. > > # CONs > > **No solid evidence of transparency** > > Tether was established as a stablecoin, which means that virtual coins are supposed to represent real money and be redeemable at any time. So far, there is no problem with that model or schematic, unless they do not have [solid proof](https://tonyarcieri.com/the-tether-conundrum) that all of their coins are [fully backed](https://ag.ny.gov/sites/default/files/2021.02.17_-_settlement_agreement_-_execution_version.b-t_signed-c2_oag_signed.pdf). > > Although they have just recently [announced](https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information) preparation of a full-audit with MHA Cayman whom also handles Tethers quarterly attestation reports. Their most recent [report](https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf) included new accounting terminology such as 'going concern.' Audits provide a thorough analysis of a company's financials over time, whereas attestations are snapshots of a company's balance sheet on a specific date. > > This demonstrated the significant uncertainty surrounding the valuation of Tether's assets as well as the counterparty risks they face. If there's one thing a stablecoin shouldn't be, it would be being "*uncertain*". > > **Owned by one company** > > Cryptocurrency should be owned by everyone, not just one entity. Tether, launched by Tether Limited and owned by iFinex Inc., which also owns the Bitfinex cryptocurrency exchange, screams centralization. When the $600 million Polynetwork [hack](https://www.bloomberg.com/news/articles/2021-08-10/hackers-steal-600-million-in-likely-largest-defi-crypto-theft) took place in August 2021, approximately $33 million of the stablecoin Tether involved in the theft had been frozen by Tether's issuer, rendering it inaccessible to the attacker. While this has saved the customers that time, it also raises the possibility that the company that owns Tether will succumb to unethical motives in the future, knowing their (and their parent company's) past [legal troubles](https://en.wikipedia.org/wiki/Tether_(cryptocurrency)#Legal_cases). > > **Present Auditor** > > Moore Cayman (old accounting firm of Tether) presently operating under the MHA Cayman name (present accounting firm of Tether). Now this supposedly wouldn't raise any concerns as they are practically the same company other than a different letterhead but their parent company MHA MacIntyre Hudson is [said](https://www.coindesk.com/markets/2022/01/26/tethers-new-accounting-firm-is-the-old-one-with-baggage/) to be currently under [investigation](https://www.frc.org.uk/news/january-2022-(1)/investigation-regarding-the-audit-of-mrg-finance-b) by the U.K. Financial Reporting Council. > > Regardless of what the financial statements may be in Tether's latest attestations, it is still up to the clients and users whether or not to decide if the accounting firm's statements are honest and true although very [unlikely](https://leftfootforward.org/2022/01/accounting-firms-are-at-the-heart-of-corruption-in-the-uk/) especially dealing with those whose main objective is to enrich their partners by engaging in fraudulent and illegal practices. > > ​ > > ​ > > ^(Sources:) > > [https://tether.to/en/transparency/](https://tether.to/en/transparency/) > > [https://tonyarcieri.com/the-tether-conundrum](https://tonyarcieri.com/the-tether-conundrum) > > [https://ag.ny.gov/sites/default/files/2021.02.17\_-\_settlement\_agreement\_-\_execution\_version.b-t\_signed-c2\_oag\_signed.pdf](https://ag.ny.gov/sites/default/files/2021.02.17_-_settlement_agreement_-_execution_version.b-t_signed-c2_oag_signed.pdf) > > [https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information](https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information) > > [https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether\_Assurance\_Consolidated\_Reserves\_Report\_2022-03-31\_\_3\_.pdf](https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf) > > [https://www.bloomberg.com/news/articles/2021-08-10/hackers-steal-600-million-in-likely-largest-defi-crypto-theft](https://www.bloomberg.com/news/articles/2021-08-10/hackers-steal-600-million-in-likely-largest-defi-crypto-theft) > > [https://en.wikipedia.org/wiki/Tether\_(cryptocurrency)#Legal\_cases](https://en.wikipedia.org/wiki/Tether_(cryptocurrency)#Legal_cases) > > [https://www.coindesk.com/markets/2022/01/26/tethers-new-accounting-firm-is-the-old-one-with-baggage/](https://www.coindesk.com/markets/2022/01/26/tethers-new-accounting-firm-is-the-old-one-with-baggage/) > > [https://www.accountancytoday.co.uk/2022/01/07/frc-to-investigate-macintyre-hudson-audits-of-mrg-finance/](https://www.accountancytoday.co.uk/2022/01/07/frc-to-investigate-macintyre-hudson-audits-of-mrg-finance/) > > [https://www.frc.org.uk/news/january-2022-(1)/investigation-regarding-the-audit-of-mrg-finance-b](https://www.frc.org.uk/news/january-2022-(1)/investigation-regarding-the-audit-of-mrg-finance-b) > > [https://leftfootforward.org/2022/01/accounting-firms-are-at-the-heart-of-corruption-in-the-uk/](https://leftfootforward.org/2022/01/accounting-firms-are-at-the-heart-of-corruption-in-the-uk/) ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

Mentions:#USDT#EOS#OMG

#Tether Pro-Arguments Below is a Tether pro-argument written by CreepToeCurrentSea. > [USDT](https://tether.to/en/transparency/) is a stablecoin (stable-value cryptocurrency) issued by Tether, a Hong Kong-based company. The token is pegged to the USD by keeping reserves of commercial paper, fiduciary deposits, cash, reserve repo notes, and treasury bills equal to the number of USDT in circulation. Initially named as Realcoin, a second-layer cryptocurrency token built on top of Bitcoin's blockchain using the Omni platform, it was later renamed USTether and, finally, USDT. In addition to Bitcoin, USDT was later updated to work on the Ethereum, EOS, Tron, Algorand, and OMG blockchains. > > # PROs > > **USDT is well established** > > It has built a long history of resilience, reliability and trust because it has been around for a [while](https://www.wsj.com/articles/BL-MBB-23780) (around 8 years in the cryptocurrency market). This had helped to convince clients that the stablecoin is [legitimate](https://www.certik.com/projects/tether?utm_source=CMC&utm_campaign=AuditByCertiKLink). > > As of this year, USDT currently is in the top ten cryptocurrencies by [market cap](https://www.coingecko.com/en/coins/tether) with a 24-hour trading volume of around 45 billion dollars and a total number of addresses of up to 4.5 million. In its last known [audit](https://www.fairyproof.com/doc/111.pdf) in 2021 it has been considered to have *"No vulnerabilities with critical, high, medium or low-severity."* > > **Wide acceptance** > > Tether has multiple gateways for customers (retail, exchanges, and companies) because it is built on several leading [blockchains](https://tether.to/en/supported-protocols), including Algorand, Avalanche, Bitcoin Cash's Simple Ledger Protocol (SLP), Ethereum, EOS, Liquid Network, Omni, Polygon, Tezos, Tron, Solana, and Statemine. These transport protocols are made up of open source software that interfaces with blockchains to allow for the issuance and redemption of Tether tokens. > > Furthermore, it has been available on major exchanges such as Bitfinex, Binance, Coinbase, Kraken and [more](https://www.coingecko.com/en/coins/tether#markets), Offering a plethora of pairs for users to choose from or that of which is available in their region although as of lately some exchanges have been switching to Circle's USDC over growing concerns of legal issues related with Tether. > > **Buffer against volatility** > > One of the primary functions of stablecoins is to act as a [hedge](https://www.researchgate.net/publication/341245986_Are_stablecoins_truly_diversifiers_hedges_or_safe_havens_against_traditional_cryptocurrencies_as_their_name_suggests) when crypto markets are in a downturn. Because the aforementioned market is extremely volatile, traders and investors want some sort of buffer against this without having to directly trade their crypto for fiat as to also avoid larger fees as well. Supported by its large market capitalization, USDT should be less volatile and thus safer. > > **Announcement of a full audit** > > Tether's CTO Paolo Ardoino recently stated in an [interview](https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information) with Euromoney that the company is preparing for a full audit with an accounting firm called MHA Cayman (which also handles Tether's [quarterly assurance opinions/reports](https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf)). According to the CTO in the interview, MHA Cayman is one of the "*top 12*" accounting firms, and most top accounting firms deny requests for full audits due to the associated reputational risks. In the future, hopefully, this will provide more security and transparency to its users against the number of allegations and investigations it is currently facing. > > **Despite everything, USDT is still here** > > From the past legal troubles it has faced, the ones it's facing right now, the vast amount of criticisms from different facets off the internet and the several crypto winters it endured. USDT is still alive and kicking. Will it still be the top stablecoin in the next 5 years? Unlikely, but I am for certain it was a major part for the growth and expansion of crypto's fetal years. Moving forward it's up to them, the people behind Tether, if they will finally redeem themselves against all the allegations, criticisms, troubles, and not just do another settlement. > > ^(Sources:) > > [^(https://tether.to/en/faqs/)](https://tether.to/en/faqs/) > > [^(https://tether.to/en/supported-protocols)](https://tether.to/en/supported-protocols) > > [^(https://tether.to/en/transparency/)](https://tether.to/en/transparency/) > > [^(https://tether.to/en/transparency/#reports)](https://tether.to/en/transparency/#reports) > > [^(https://en.wikipedia.org/wiki/Tether\_(cryptocurrency))](https://en.wikipedia.org/wiki/Tether_(cryptocurrency)) > > [^(https://assets.ctfassets.net/vyse88cgwfbl/5UWgHMvz071t2Cq5yTw5vi/c9798ea8db99311bf90ebe0810938b01/TetherWhitePaper.pdf)](https://assets.ctfassets.net/vyse88cgwfbl/5UWgHMvz071t2Cq5yTw5vi/c9798ea8db99311bf90ebe0810938b01/TetherWhitePaper.pdf) > > [^(https://www.wsj.com/articles/BL-MBB-23780)](https://www.wsj.com/articles/BL-MBB-23780) > > [^(https://www.certik.com/projects/tether?utm\_source=CMC&utm\_campaign=AuditByCertiKLink)](https://www.certik.com/projects/tether?utm_source=CMC&utm_campaign=AuditByCertiKLink) > > [^(https://www.coingecko.com/en/coins/tether)](https://www.coingecko.com/en/coins/tether) > > [^(https://www.fairyproof.com/doc/111.pdf)](https://www.fairyproof.com/doc/111.pdf) > > [^(https://www.coingecko.com/en/coins/tether#markets)](https://www.coingecko.com/en/coins/tether#markets) > > [^(https://www.researchgate.net/publication/341245986\_Are\_stablecoins\_truly\_diversifiers\_hedges\_or\_safe\_havens\_against\_traditional\_cryptocurrencies\_as\_their\_name\_suggests)](https://www.researchgate.net/publication/341245986_Are_stablecoins_truly_diversifiers_hedges_or_safe_havens_against_traditional_cryptocurrencies_as_their_name_suggests) > > [^(https://www.researchgate.net/publication/339263534\_What\_is\_Stablecoin\_A\_Survey\_on\_Price\_Stabilization\_Mechanisms\_for\_Decentralized\_Payment\_Systems)](https://www.researchgate.net/publication/339263534_What_is_Stablecoin_A_Survey_on_Price_Stabilization_Mechanisms_for_Decentralized_Payment_Systems) > > [^(https://www.researchgate.net/publication/332458820\_Is\_Cryptocurrency\_a\_Hedge\_or\_a\_Safe\_Haven\_for\_International\_Indices\_A\_Comprehensive\_and\_Dynamic\_Perspective)](https://www.researchgate.net/publication/332458820_Is_Cryptocurrency_a_Hedge_or_a_Safe_Haven_for_International_Indices_A_Comprehensive_and_Dynamic_Perspective) > > [^(https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information)](https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information) > > [^(https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether\_Assurance\_Consolidated\_Reserves\_Report\_2022-03-31\_\_3\_.pdf)](https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf) ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

#Tether Con-Arguments Below is a Tether con-argument written by CreepToeCurrentSea. > [USDT](https://tether.to/en/transparency/) is a stablecoin (stable-value cryptocurrency) issued by Tether, a Hong Kong-based company. The token is pegged to the USD by keeping reserves of commercial paper, fiduciary deposits, cash, reserve repo notes, and treasury bills equal to the number of USDT in circulation. Initially named as Realcoin, a second-layer cryptocurrency token built on top of Bitcoin's blockchain using the Omni platform, it was later renamed USTether and, finally, USDT. In addition to Bitcoin, USDT was later updated to work on the Ethereum, EOS, Tron, Algorand, and OMG blockchains. > > # CONs > > **No solid evidence of transparency** > > Tether was established as a stablecoin, which means that virtual coins are supposed to represent real money and be redeemable at any time. So far, there is no problem with that model or schematic, unless they do not have [solid proof](https://tonyarcieri.com/the-tether-conundrum) that all of their coins are [fully backed](https://ag.ny.gov/sites/default/files/2021.02.17_-_settlement_agreement_-_execution_version.b-t_signed-c2_oag_signed.pdf). > > Although they have just recently [announced](https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information) preparation of a full-audit with MHA Cayman whom also handles Tethers quarterly attestation reports. Their most recent [report](https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf) included new accounting terminology such as 'going concern.' Audits provide a thorough analysis of a company's financials over time, whereas attestations are snapshots of a company's balance sheet on a specific date. > > This demonstrated the significant uncertainty surrounding the valuation of Tether's assets as well as the counterparty risks they face. If there's one thing a stablecoin shouldn't be, it would be being "*uncertain*". > > **Owned by one company** > > Cryptocurrency should be owned by everyone, not just one entity. Tether, launched by Tether Limited and owned by iFinex Inc., which also owns the Bitfinex cryptocurrency exchange, screams centralization. When the $600 million Polynetwork [hack](https://www.bloomberg.com/news/articles/2021-08-10/hackers-steal-600-million-in-likely-largest-defi-crypto-theft) took place in August 2021, approximately $33 million of the stablecoin Tether involved in the theft had been frozen by Tether's issuer, rendering it inaccessible to the attacker. While this has saved the customers that time, it also raises the possibility that the company that owns Tether will succumb to unethical motives in the future, knowing their (and their parent company's) past [legal troubles](https://en.wikipedia.org/wiki/Tether_(cryptocurrency)#Legal_cases). > > **Present Auditor** > > Moore Cayman (old accounting firm of Tether) presently operating under the MHA Cayman name (present accounting firm of Tether). Now this supposedly wouldn't raise any concerns as they are practically the same company other than a different letterhead but their parent company MHA MacIntyre Hudson is [said](https://www.coindesk.com/markets/2022/01/26/tethers-new-accounting-firm-is-the-old-one-with-baggage/) to be currently under [investigation](https://www.frc.org.uk/news/january-2022-(1)/investigation-regarding-the-audit-of-mrg-finance-b) by the U.K. Financial Reporting Council. > > Regardless of what the financial statements may be in Tether's latest attestations, it is still up to the clients and users whether or not to decide if the accounting firm's statements are honest and true although very [unlikely](https://leftfootforward.org/2022/01/accounting-firms-are-at-the-heart-of-corruption-in-the-uk/) especially dealing with those whose main objective is to enrich their partners by engaging in fraudulent and illegal practices. > > ​ > > ​ > > ^(Sources:) > > [https://tether.to/en/transparency/](https://tether.to/en/transparency/) > > [https://tonyarcieri.com/the-tether-conundrum](https://tonyarcieri.com/the-tether-conundrum) > > [https://ag.ny.gov/sites/default/files/2021.02.17\_-\_settlement\_agreement\_-\_execution\_version.b-t\_signed-c2\_oag\_signed.pdf](https://ag.ny.gov/sites/default/files/2021.02.17_-_settlement_agreement_-_execution_version.b-t_signed-c2_oag_signed.pdf) > > [https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information](https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information) > > [https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether\_Assurance\_Consolidated\_Reserves\_Report\_2022-03-31\_\_3\_.pdf](https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf) > > [https://www.bloomberg.com/news/articles/2021-08-10/hackers-steal-600-million-in-likely-largest-defi-crypto-theft](https://www.bloomberg.com/news/articles/2021-08-10/hackers-steal-600-million-in-likely-largest-defi-crypto-theft) > > [https://en.wikipedia.org/wiki/Tether\_(cryptocurrency)#Legal\_cases](https://en.wikipedia.org/wiki/Tether_(cryptocurrency)#Legal_cases) > > [https://www.coindesk.com/markets/2022/01/26/tethers-new-accounting-firm-is-the-old-one-with-baggage/](https://www.coindesk.com/markets/2022/01/26/tethers-new-accounting-firm-is-the-old-one-with-baggage/) > > [https://www.accountancytoday.co.uk/2022/01/07/frc-to-investigate-macintyre-hudson-audits-of-mrg-finance/](https://www.accountancytoday.co.uk/2022/01/07/frc-to-investigate-macintyre-hudson-audits-of-mrg-finance/) > > [https://www.frc.org.uk/news/january-2022-(1)/investigation-regarding-the-audit-of-mrg-finance-b](https://www.frc.org.uk/news/january-2022-(1)/investigation-regarding-the-audit-of-mrg-finance-b) > > [https://leftfootforward.org/2022/01/accounting-firms-are-at-the-heart-of-corruption-in-the-uk/](https://leftfootforward.org/2022/01/accounting-firms-are-at-the-heart-of-corruption-in-the-uk/) ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

Mentions:#USDT#EOS#OMG

OMG that’s disgusting where?

Mentions:#OMG

#Tether Con-Arguments Below is a Tether con-argument written by CreepToeCurrentSea. > [USDT](https://tether.to/en/transparency/) is a stablecoin (stable-value cryptocurrency) issued by Tether, a Hong Kong-based company. The token is pegged to the USD by keeping reserves of commercial paper, fiduciary deposits, cash, reserve repo notes, and treasury bills equal to the number of USDT in circulation. Initially named as Realcoin, a second-layer cryptocurrency token built on top of Bitcoin's blockchain using the Omni platform, it was later renamed USTether and, finally, USDT. In addition to Bitcoin, USDT was later updated to work on the Ethereum, EOS, Tron, Algorand, and OMG blockchains. > > # CONs > > **No solid evidence of transparency** > > Tether was established as a stablecoin, which means that virtual coins are supposed to represent real money and be redeemable at any time. So far, there is no problem with that model or schematic, unless they do not have [solid proof](https://tonyarcieri.com/the-tether-conundrum) that all of their coins are [fully backed](https://ag.ny.gov/sites/default/files/2021.02.17_-_settlement_agreement_-_execution_version.b-t_signed-c2_oag_signed.pdf). > > Although they have just recently [announced](https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information) preparation of a full-audit with MHA Cayman whom also handles Tethers quarterly attestation reports. Their most recent [report](https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf) included new accounting terminology such as 'going concern.' Audits provide a thorough analysis of a company's financials over time, whereas attestations are snapshots of a company's balance sheet on a specific date. > > This demonstrated the significant uncertainty surrounding the valuation of Tether's assets as well as the counterparty risks they face. If there's one thing a stablecoin shouldn't be, it would be being "*uncertain*". > > **Owned by one company** > > Cryptocurrency should be owned by everyone, not just one entity. Tether, launched by Tether Limited and owned by iFinex Inc., which also owns the Bitfinex cryptocurrency exchange, screams centralization. When the $600 million Polynetwork [hack](https://www.bloomberg.com/news/articles/2021-08-10/hackers-steal-600-million-in-likely-largest-defi-crypto-theft) took place in August 2021, approximately $33 million of the stablecoin Tether involved in the theft had been frozen by Tether's issuer, rendering it inaccessible to the attacker. While this has saved the customers that time, it also raises the possibility that the company that owns Tether will succumb to unethical motives in the future, knowing their (and their parent company's) past [legal troubles](https://en.wikipedia.org/wiki/Tether_(cryptocurrency)#Legal_cases). > > **Present Auditor** > > Moore Cayman (old accounting firm of Tether) presently operating under the MHA Cayman name (present accounting firm of Tether). Now this supposedly wouldn't raise any concerns as they are practically the same company other than a different letterhead but their parent company MHA MacIntyre Hudson is [said](https://www.coindesk.com/markets/2022/01/26/tethers-new-accounting-firm-is-the-old-one-with-baggage/) to be currently under [investigation](https://www.frc.org.uk/news/january-2022-(1)/investigation-regarding-the-audit-of-mrg-finance-b) by the U.K. Financial Reporting Council. > > Regardless of what the financial statements may be in Tether's latest attestations, it is still up to the clients and users whether or not to decide if the accounting firm's statements are honest and true although very [unlikely](https://leftfootforward.org/2022/01/accounting-firms-are-at-the-heart-of-corruption-in-the-uk/) especially dealing with those whose main objective is to enrich their partners by engaging in fraudulent and illegal practices. > > ​ > > ​ > > ^(Sources:) > > [https://tether.to/en/transparency/](https://tether.to/en/transparency/) > > [https://tonyarcieri.com/the-tether-conundrum](https://tonyarcieri.com/the-tether-conundrum) > > [https://ag.ny.gov/sites/default/files/2021.02.17\_-\_settlement\_agreement\_-\_execution\_version.b-t\_signed-c2\_oag\_signed.pdf](https://ag.ny.gov/sites/default/files/2021.02.17_-_settlement_agreement_-_execution_version.b-t_signed-c2_oag_signed.pdf) > > [https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information](https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information) > > [https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether\_Assurance\_Consolidated\_Reserves\_Report\_2022-03-31\_\_3\_.pdf](https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf) > > [https://www.bloomberg.com/news/articles/2021-08-10/hackers-steal-600-million-in-likely-largest-defi-crypto-theft](https://www.bloomberg.com/news/articles/2021-08-10/hackers-steal-600-million-in-likely-largest-defi-crypto-theft) > > [https://en.wikipedia.org/wiki/Tether\_(cryptocurrency)#Legal\_cases](https://en.wikipedia.org/wiki/Tether_(cryptocurrency)#Legal_cases) > > [https://www.coindesk.com/markets/2022/01/26/tethers-new-accounting-firm-is-the-old-one-with-baggage/](https://www.coindesk.com/markets/2022/01/26/tethers-new-accounting-firm-is-the-old-one-with-baggage/) > > [https://www.accountancytoday.co.uk/2022/01/07/frc-to-investigate-macintyre-hudson-audits-of-mrg-finance/](https://www.accountancytoday.co.uk/2022/01/07/frc-to-investigate-macintyre-hudson-audits-of-mrg-finance/) > > [https://www.frc.org.uk/news/january-2022-(1)/investigation-regarding-the-audit-of-mrg-finance-b](https://www.frc.org.uk/news/january-2022-(1)/investigation-regarding-the-audit-of-mrg-finance-b) > > [https://leftfootforward.org/2022/01/accounting-firms-are-at-the-heart-of-corruption-in-the-uk/](https://leftfootforward.org/2022/01/accounting-firms-are-at-the-heart-of-corruption-in-the-uk/) ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

Mentions:#USDT#EOS#OMG

OMG magic is going to $1

Mentions:#OMG

OMG, Stellar has a [lottery](https://stellarlotteries.com/list). :P Found it via the explorer. [https://sdexexplorer.com/](https://sdexexplorer.com/) I don't know anything about this as I have just found it. Is anyone familiar? Do you have to stake XLM to enter the lottery?

Mentions:#OMG#XLM

OMG, I can change my username color now!!!

Mentions:#OMG

Good for you.....I was anti XLM and XRP back in those days (PPT, OMG, LTC) person myself. Honestly, I was wrong on that coin.

#Tether Con-Arguments Below is a Tether con-argument written by CreepToeCurrentSea. > [USDT](https://tether.to/en/transparency/) is a stablecoin (stable-value cryptocurrency) issued by Tether, a Hong Kong-based company. The token is pegged to the USD by keeping reserves of commercial paper, fiduciary deposits, cash, reserve repo notes, and treasury bills equal to the number of USDT in circulation. Initially named as Realcoin, a second-layer cryptocurrency token built on top of Bitcoin's blockchain using the Omni platform, it was later renamed USTether and, finally, USDT. In addition to Bitcoin, USDT was later updated to work on the Ethereum, EOS, Tron, Algorand, and OMG blockchains. > > # CONs > > **No solid evidence of transparency** > > Tether was established as a stablecoin, which means that virtual coins are supposed to represent real money and be redeemable at any time. So far, there is no problem with that model or schematic, unless they do not have [solid proof](https://tonyarcieri.com/the-tether-conundrum) that all of their coins are [fully backed](https://ag.ny.gov/sites/default/files/2021.02.17_-_settlement_agreement_-_execution_version.b-t_signed-c2_oag_signed.pdf). > > Although they have just recently [announced](https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information) preparation of a full-audit with MHA Cayman whom also handles Tethers quarterly attestation reports. Their most recent [report](https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf) included new accounting terminology such as 'going concern.' Audits provide a thorough analysis of a company's financials over time, whereas attestations are snapshots of a company's balance sheet on a specific date. > > This demonstrated the significant uncertainty surrounding the valuation of Tether's assets as well as the counterparty risks they face. If there's one thing a stablecoin shouldn't be, it would be being "*uncertain*". > > **Owned by one company** > > Cryptocurrency should be owned by everyone, not just one entity. Tether, launched by Tether Limited and owned by iFinex Inc., which also owns the Bitfinex cryptocurrency exchange, screams centralization. When the $600 million Polynetwork [hack](https://www.bloomberg.com/news/articles/2021-08-10/hackers-steal-600-million-in-likely-largest-defi-crypto-theft) took place in August 2021, approximately $33 million of the stablecoin Tether involved in the theft had been frozen by Tether's issuer, rendering it inaccessible to the attacker. While this has saved the customers that time, it also raises the possibility that the company that owns Tether will succumb to unethical motives in the future, knowing their (and their parent company's) past [legal troubles](https://en.wikipedia.org/wiki/Tether_(cryptocurrency)#Legal_cases). > > **Present Auditor** > > Moore Cayman (old accounting firm of Tether) presently operating under the MHA Cayman name (present accounting firm of Tether). Now this supposedly wouldn't raise any concerns as they are practically the same company other than a different letterhead but their parent company MHA MacIntyre Hudson is [said](https://www.coindesk.com/markets/2022/01/26/tethers-new-accounting-firm-is-the-old-one-with-baggage/) to be currently under [investigation](https://www.frc.org.uk/news/january-2022-(1)/investigation-regarding-the-audit-of-mrg-finance-b) by the U.K. Financial Reporting Council. > > Regardless of what the financial statements may be in Tether's latest attestations, it is still up to the clients and users whether or not to decide if the accounting firm's statements are honest and true although very [unlikely](https://leftfootforward.org/2022/01/accounting-firms-are-at-the-heart-of-corruption-in-the-uk/) especially dealing with those whose main objective is to enrich their partners by engaging in fraudulent and illegal practices. > > ​ > > ​ > > ^(Sources:) > > [https://tether.to/en/transparency/](https://tether.to/en/transparency/) > > [https://tonyarcieri.com/the-tether-conundrum](https://tonyarcieri.com/the-tether-conundrum) > > [https://ag.ny.gov/sites/default/files/2021.02.17\_-\_settlement\_agreement\_-\_execution\_version.b-t\_signed-c2\_oag\_signed.pdf](https://ag.ny.gov/sites/default/files/2021.02.17_-_settlement_agreement_-_execution_version.b-t_signed-c2_oag_signed.pdf) > > [https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information](https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information) > > [https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether\_Assurance\_Consolidated\_Reserves\_Report\_2022-03-31\_\_3\_.pdf](https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf) > > [https://www.bloomberg.com/news/articles/2021-08-10/hackers-steal-600-million-in-likely-largest-defi-crypto-theft](https://www.bloomberg.com/news/articles/2021-08-10/hackers-steal-600-million-in-likely-largest-defi-crypto-theft) > > [https://en.wikipedia.org/wiki/Tether\_(cryptocurrency)#Legal\_cases](https://en.wikipedia.org/wiki/Tether_(cryptocurrency)#Legal_cases) > > [https://www.coindesk.com/markets/2022/01/26/tethers-new-accounting-firm-is-the-old-one-with-baggage/](https://www.coindesk.com/markets/2022/01/26/tethers-new-accounting-firm-is-the-old-one-with-baggage/) > > [https://www.accountancytoday.co.uk/2022/01/07/frc-to-investigate-macintyre-hudson-audits-of-mrg-finance/](https://www.accountancytoday.co.uk/2022/01/07/frc-to-investigate-macintyre-hudson-audits-of-mrg-finance/) > > [https://www.frc.org.uk/news/january-2022-(1)/investigation-regarding-the-audit-of-mrg-finance-b](https://www.frc.org.uk/news/january-2022-(1)/investigation-regarding-the-audit-of-mrg-finance-b) > > [https://leftfootforward.org/2022/01/accounting-firms-are-at-the-heart-of-corruption-in-the-uk/](https://leftfootforward.org/2022/01/accounting-firms-are-at-the-heart-of-corruption-in-the-uk/) ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

Mentions:#USDT#EOS#OMG

Wow....the way you just scripted out what IS going to be the rest of his life is SO serious. Let's take a closer look at what just happened: he's gonna spend the best years of his life living in a toilet. This is so unbelievably devastating that his mind likely isn't even able to comprehend the magnitude of what just happened and we can call it all sorts of different things and look at it all sorts of different ways but what happened today is this man just lost his entire life and any pieces that will remain will only be tiny little depressing shambles that aren't even worth anything and in many ways are actually worse than being left with nothing. This is so damn serious. If the universe approached me tonight and explained to me that a mistake was made and that the entire executive staff of the universe is SO SORRY but due to a mistake that was made, I'm going to have to begin living SBF's life active immediately, and that unfortunately, that is all that can be done for me. And that they were all excited to at least have the ability to offer me something, rather than nothing, so I will at least have something that somewhat resembles a life. I would tell the Universal staff thanks but no thanks and that we can go ahead and shut down my game of life right now because aint no way I'm gonna grab a James Patterson book and get nice and comfy on a mattress as thick as one sheet of construction paper inside of a brick room that is essentially a dirty toilet for the next 30 years - you've got to be fucking kidding me with these kinds of sentences I mean just shoot the motherfucker instead I mean goddamn its SO DAMN serious! And I mean hey man, cant be fucking around with billions of other peoples dollars and then say "whooops...my bad everybody' - damn, I bet he never thought this was going to cost him his entire life, OMG just imagine the mental pressure he's under right now because he likely figured that while yes it is true that he royally fucked up and yes, he's definitely in some trouble for sure, but come now, I mean Stanford, his connections, his innocent persona, and that hairstyle are surely gonna all blend together into an upper class shield that will protect him from years of dirty prison time, I mean cmon lets get real, there's no way he's gonna get that outcome, no possible way - is possibly what he might have been thinking.....my guess is that this is so extreme that most of him hasn't even accepted that this has even happened as of yet. He's likely thinking that a mistake was made somewhere, surely he's not really gonna have to do like 20 years or more in the joint. Wow, I'm so unbelievably happy that I'm not facing a life situation of that magnitude. Never again will he even be able to sit on even your standard, basic cushion....wow. Cant be playin around with other peoples money is gonna be the decades long message here....

Mentions:#SO#OMG

Lol OMG! That is *sooo* original! Did you think that one up all by yourself? You should really think about a career in comedy with fresh gems like that. Your talent is clearly wasted on your high school friends. Thank you for proving my point by the way. You actually think gay sex is an insult and use words like bootlicker unironically. Just embarrassing really. Do your parents know you’re up this late on a school night?

Mentions:#OMG

OMG short red candle? DUMP IT ALLLLLLLL!! We don't CARE if it's at a loss, HURRY UP!

Mentions:#OMG#CARE

#Tether Con-Arguments Below is a Tether con-argument written by CreepToeCurrentSea. > [USDT](https://tether.to/en/transparency/) is a stablecoin (stable-value cryptocurrency) issued by Tether, a Hong Kong-based company. The token is pegged to the USD by keeping reserves of commercial paper, fiduciary deposits, cash, reserve repo notes, and treasury bills equal to the number of USDT in circulation. Initially named as Realcoin, a second-layer cryptocurrency token built on top of Bitcoin's blockchain using the Omni platform, it was later renamed USTether and, finally, USDT. In addition to Bitcoin, USDT was later updated to work on the Ethereum, EOS, Tron, Algorand, and OMG blockchains. > > # CONs > > **No solid evidence of transparency** > > Tether was established as a stablecoin, which means that virtual coins are supposed to represent real money and be redeemable at any time. So far, there is no problem with that model or schematic, unless they do not have [solid proof](https://tonyarcieri.com/the-tether-conundrum) that all of their coins are [fully backed](https://ag.ny.gov/sites/default/files/2021.02.17_-_settlement_agreement_-_execution_version.b-t_signed-c2_oag_signed.pdf). > > Although they have just recently [announced](https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information) preparation of a full-audit with MHA Cayman whom also handles Tethers quarterly attestation reports. Their most recent [report](https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf) included new accounting terminology such as 'going concern.' Audits provide a thorough analysis of a company's financials over time, whereas attestations are snapshots of a company's balance sheet on a specific date. > > This demonstrated the significant uncertainty surrounding the valuation of Tether's assets as well as the counterparty risks they face. If there's one thing a stablecoin shouldn't be, it would be being "*uncertain*". > > **Owned by one company** > > Cryptocurrency should be owned by everyone, not just one entity. Tether, launched by Tether Limited and owned by iFinex Inc., which also owns the Bitfinex cryptocurrency exchange, screams centralization. When the $600 million Polynetwork [hack](https://www.bloomberg.com/news/articles/2021-08-10/hackers-steal-600-million-in-likely-largest-defi-crypto-theft) took place in August 2021, approximately $33 million of the stablecoin Tether involved in the theft had been frozen by Tether's issuer, rendering it inaccessible to the attacker. While this has saved the customers that time, it also raises the possibility that the company that owns Tether will succumb to unethical motives in the future, knowing their (and their parent company's) past [legal troubles](https://en.wikipedia.org/wiki/Tether_(cryptocurrency)#Legal_cases). > > **Present Auditor** > > Moore Cayman (old accounting firm of Tether) presently operating under the MHA Cayman name (present accounting firm of Tether). Now this supposedly wouldn't raise any concerns as they are practically the same company other than a different letterhead but their parent company MHA MacIntyre Hudson is [said](https://www.coindesk.com/markets/2022/01/26/tethers-new-accounting-firm-is-the-old-one-with-baggage/) to be currently under [investigation](https://www.frc.org.uk/news/january-2022-(1)/investigation-regarding-the-audit-of-mrg-finance-b) by the U.K. Financial Reporting Council. > > Regardless of what the financial statements may be in Tether's latest attestations, it is still up to the clients and users whether or not to decide if the accounting firm's statements are honest and true although very [unlikely](https://leftfootforward.org/2022/01/accounting-firms-are-at-the-heart-of-corruption-in-the-uk/) especially dealing with those whose main objective is to enrich their partners by engaging in fraudulent and illegal practices. > > ​ > > ​ > > ^(Sources:) > > [https://tether.to/en/transparency/](https://tether.to/en/transparency/) > > [https://tonyarcieri.com/the-tether-conundrum](https://tonyarcieri.com/the-tether-conundrum) > > [https://ag.ny.gov/sites/default/files/2021.02.17\_-\_settlement\_agreement\_-\_execution\_version.b-t\_signed-c2\_oag\_signed.pdf](https://ag.ny.gov/sites/default/files/2021.02.17_-_settlement_agreement_-_execution_version.b-t_signed-c2_oag_signed.pdf) > > [https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information](https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information) > > [https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether\_Assurance\_Consolidated\_Reserves\_Report\_2022-03-31\_\_3\_.pdf](https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf) > > [https://www.bloomberg.com/news/articles/2021-08-10/hackers-steal-600-million-in-likely-largest-defi-crypto-theft](https://www.bloomberg.com/news/articles/2021-08-10/hackers-steal-600-million-in-likely-largest-defi-crypto-theft) > > [https://en.wikipedia.org/wiki/Tether\_(cryptocurrency)#Legal\_cases](https://en.wikipedia.org/wiki/Tether_(cryptocurrency)#Legal_cases) > > [https://www.coindesk.com/markets/2022/01/26/tethers-new-accounting-firm-is-the-old-one-with-baggage/](https://www.coindesk.com/markets/2022/01/26/tethers-new-accounting-firm-is-the-old-one-with-baggage/) > > [https://www.accountancytoday.co.uk/2022/01/07/frc-to-investigate-macintyre-hudson-audits-of-mrg-finance/](https://www.accountancytoday.co.uk/2022/01/07/frc-to-investigate-macintyre-hudson-audits-of-mrg-finance/) > > [https://www.frc.org.uk/news/january-2022-(1)/investigation-regarding-the-audit-of-mrg-finance-b](https://www.frc.org.uk/news/january-2022-(1)/investigation-regarding-the-audit-of-mrg-finance-b) > > [https://leftfootforward.org/2022/01/accounting-firms-are-at-the-heart-of-corruption-in-the-uk/](https://leftfootforward.org/2022/01/accounting-firms-are-at-the-heart-of-corruption-in-the-uk/) ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

Mentions:#USDT#EOS#OMG

What if.... there's a hung jury. LOL or OMG? I'm going with LOL.

Mentions:#OMG

OMG, why is SOL CRASHING!?!?!?!?!?

Mentions:#OMG#SOL

Hard to prove this one so this will just have to be a "trust me bro". I believe it was around 2020-ish where Reddit hosted a scaling challenge on the r/ethereum sub and different projects could submit their entries to prove their tech was suitable for Reddit to adopt for their community points project. This probably is what led to Reddit moons but I don't believe they ever adopted any of the projects who submitted their tech. At the time I was an OMG fanboy (turned out to be a shitcoin) and happy to see they had a pretty professional and competant submission, along with Starkware and many others. Solana was an absolute joke. Their proof of concept video was I believe just some crappy clicking game where a guy was furiously clicking to demonstrate the TPS. These guys didn't even read the rules or technical requirements and just submitted a half ass entry. Anyways, there was a month long voting period of which the community could comment on the various project threads. Strangely, Solana was in the #1 lead for community upvotes but if you look at their comments and replies to their haters...it was very obviously fake. OMG was maybe 2nd place in terms of votes because they had a strong community at the time but there was a large wave of phantom downvotes hitting them and the other competitors that were gaining on Solana. Also very strange that Solana had such a mysteriously large community of posters when they were pretty much brand new at the time and no one ever heard of that name prior to the contest. I'm on mobile right now but you could probably search for the Reddit ethereum scaling challenge and look at the replies pertaining to the Solana submission (if it hasn't been deleted yet). It was full of generic replies like "Solana is great!" from users with zero post history or new accounts. It was pretty clear that Solana hired a bot farm to fake interest on Reddit.

Mentions:#OMG

#Tether Pro-Arguments Below is a Tether pro-argument written by CreepToeCurrentSea. > [USDT](https://tether.to/en/transparency/) is a stablecoin (stable-value cryptocurrency) issued by Tether, a Hong Kong-based company. The token is pegged to the USD by keeping reserves of commercial paper, fiduciary deposits, cash, reserve repo notes, and treasury bills equal to the number of USDT in circulation. Initially named as Realcoin, a second-layer cryptocurrency token built on top of Bitcoin's blockchain using the Omni platform, it was later renamed USTether and, finally, USDT. In addition to Bitcoin, USDT was later updated to work on the Ethereum, EOS, Tron, Algorand, and OMG blockchains. > > # PROs > > **USDT is well established** > > It has built a long history of resilience, reliability and trust because it has been around for a [while](https://www.wsj.com/articles/BL-MBB-23780) (around 8 years in the cryptocurrency market). This had helped to convince clients that the stablecoin is [legitimate](https://www.certik.com/projects/tether?utm_source=CMC&utm_campaign=AuditByCertiKLink). > > As of this year, USDT currently is in the top ten cryptocurrencies by [market cap](https://www.coingecko.com/en/coins/tether) with a 24-hour trading volume of around 45 billion dollars and a total number of addresses of up to 4.5 million. In its last known [audit](https://www.fairyproof.com/doc/111.pdf) in 2021 it has been considered to have *"No vulnerabilities with critical, high, medium or low-severity."* > > **Wide acceptance** > > Tether has multiple gateways for customers (retail, exchanges, and companies) because it is built on several leading [blockchains](https://tether.to/en/supported-protocols), including Algorand, Avalanche, Bitcoin Cash's Simple Ledger Protocol (SLP), Ethereum, EOS, Liquid Network, Omni, Polygon, Tezos, Tron, Solana, and Statemine. These transport protocols are made up of open source software that interfaces with blockchains to allow for the issuance and redemption of Tether tokens. > > Furthermore, it has been available on major exchanges such as Bitfinex, Binance, Coinbase, Kraken and [more](https://www.coingecko.com/en/coins/tether#markets), Offering a plethora of pairs for users to choose from or that of which is available in their region although as of lately some exchanges have been switching to Circle's USDC over growing concerns of legal issues related with Tether. > > **Buffer against volatility** > > One of the primary functions of stablecoins is to act as a [hedge](https://www.researchgate.net/publication/341245986_Are_stablecoins_truly_diversifiers_hedges_or_safe_havens_against_traditional_cryptocurrencies_as_their_name_suggests) when crypto markets are in a downturn. Because the aforementioned market is extremely volatile, traders and investors want some sort of buffer against this without having to directly trade their crypto for fiat as to also avoid larger fees as well. Supported by its large market capitalization, USDT should be less volatile and thus safer. > > **Announcement of a full audit** > > Tether's CTO Paolo Ardoino recently stated in an [interview](https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information) with Euromoney that the company is preparing for a full audit with an accounting firm called MHA Cayman (which also handles Tether's [quarterly assurance opinions/reports](https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf)). According to the CTO in the interview, MHA Cayman is one of the "*top 12*" accounting firms, and most top accounting firms deny requests for full audits due to the associated reputational risks. In the future, hopefully, this will provide more security and transparency to its users against the number of allegations and investigations it is currently facing. > > **Despite everything, USDT is still here** > > From the past legal troubles it has faced, the ones it's facing right now, the vast amount of criticisms from different facets off the internet and the several crypto winters it endured. USDT is still alive and kicking. Will it still be the top stablecoin in the next 5 years? Unlikely, but I am for certain it was a major part for the growth and expansion of crypto's fetal years. Moving forward it's up to them, the people behind Tether, if they will finally redeem themselves against all the allegations, criticisms, troubles, and not just do another settlement. > > ^(Sources:) > > [^(https://tether.to/en/faqs/)](https://tether.to/en/faqs/) > > [^(https://tether.to/en/supported-protocols)](https://tether.to/en/supported-protocols) > > [^(https://tether.to/en/transparency/)](https://tether.to/en/transparency/) > > [^(https://tether.to/en/transparency/#reports)](https://tether.to/en/transparency/#reports) > > [^(https://en.wikipedia.org/wiki/Tether\_(cryptocurrency))](https://en.wikipedia.org/wiki/Tether_(cryptocurrency)) > > [^(https://assets.ctfassets.net/vyse88cgwfbl/5UWgHMvz071t2Cq5yTw5vi/c9798ea8db99311bf90ebe0810938b01/TetherWhitePaper.pdf)](https://assets.ctfassets.net/vyse88cgwfbl/5UWgHMvz071t2Cq5yTw5vi/c9798ea8db99311bf90ebe0810938b01/TetherWhitePaper.pdf) > > [^(https://www.wsj.com/articles/BL-MBB-23780)](https://www.wsj.com/articles/BL-MBB-23780) > > [^(https://www.certik.com/projects/tether?utm\_source=CMC&utm\_campaign=AuditByCertiKLink)](https://www.certik.com/projects/tether?utm_source=CMC&utm_campaign=AuditByCertiKLink) > > [^(https://www.coingecko.com/en/coins/tether)](https://www.coingecko.com/en/coins/tether) > > [^(https://www.fairyproof.com/doc/111.pdf)](https://www.fairyproof.com/doc/111.pdf) > > [^(https://www.coingecko.com/en/coins/tether#markets)](https://www.coingecko.com/en/coins/tether#markets) > > [^(https://www.researchgate.net/publication/341245986\_Are\_stablecoins\_truly\_diversifiers\_hedges\_or\_safe\_havens\_against\_traditional\_cryptocurrencies\_as\_their\_name\_suggests)](https://www.researchgate.net/publication/341245986_Are_stablecoins_truly_diversifiers_hedges_or_safe_havens_against_traditional_cryptocurrencies_as_their_name_suggests) > > [^(https://www.researchgate.net/publication/339263534\_What\_is\_Stablecoin\_A\_Survey\_on\_Price\_Stabilization\_Mechanisms\_for\_Decentralized\_Payment\_Systems)](https://www.researchgate.net/publication/339263534_What_is_Stablecoin_A_Survey_on_Price_Stabilization_Mechanisms_for_Decentralized_Payment_Systems) > > [^(https://www.researchgate.net/publication/332458820\_Is\_Cryptocurrency\_a\_Hedge\_or\_a\_Safe\_Haven\_for\_International\_Indices\_A\_Comprehensive\_and\_Dynamic\_Perspective)](https://www.researchgate.net/publication/332458820_Is_Cryptocurrency_a_Hedge_or_a_Safe_Haven_for_International_Indices_A_Comprehensive_and_Dynamic_Perspective) > > [^(https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information)](https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information) > > [^(https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether\_Assurance\_Consolidated\_Reserves\_Report\_2022-03-31\_\_3\_.pdf)](https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf) ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

#Tether Con-Arguments Below is a Tether con-argument written by CreepToeCurrentSea. > [USDT](https://tether.to/en/transparency/) is a stablecoin (stable-value cryptocurrency) issued by Tether, a Hong Kong-based company. The token is pegged to the USD by keeping reserves of commercial paper, fiduciary deposits, cash, reserve repo notes, and treasury bills equal to the number of USDT in circulation. Initially named as Realcoin, a second-layer cryptocurrency token built on top of Bitcoin's blockchain using the Omni platform, it was later renamed USTether and, finally, USDT. In addition to Bitcoin, USDT was later updated to work on the Ethereum, EOS, Tron, Algorand, and OMG blockchains. > > # CONs > > **No solid evidence of transparency** > > Tether was established as a stablecoin, which means that virtual coins are supposed to represent real money and be redeemable at any time. So far, there is no problem with that model or schematic, unless they do not have [solid proof](https://tonyarcieri.com/the-tether-conundrum) that all of their coins are [fully backed](https://ag.ny.gov/sites/default/files/2021.02.17_-_settlement_agreement_-_execution_version.b-t_signed-c2_oag_signed.pdf). > > Although they have just recently [announced](https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information) preparation of a full-audit with MHA Cayman whom also handles Tethers quarterly attestation reports. Their most recent [report](https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf) included new accounting terminology such as 'going concern.' Audits provide a thorough analysis of a company's financials over time, whereas attestations are snapshots of a company's balance sheet on a specific date. > > This demonstrated the significant uncertainty surrounding the valuation of Tether's assets as well as the counterparty risks they face. If there's one thing a stablecoin shouldn't be, it would be being "*uncertain*". > > **Owned by one company** > > Cryptocurrency should be owned by everyone, not just one entity. Tether, launched by Tether Limited and owned by iFinex Inc., which also owns the Bitfinex cryptocurrency exchange, screams centralization. When the $600 million Polynetwork [hack](https://www.bloomberg.com/news/articles/2021-08-10/hackers-steal-600-million-in-likely-largest-defi-crypto-theft) took place in August 2021, approximately $33 million of the stablecoin Tether involved in the theft had been frozen by Tether's issuer, rendering it inaccessible to the attacker. While this has saved the customers that time, it also raises the possibility that the company that owns Tether will succumb to unethical motives in the future, knowing their (and their parent company's) past [legal troubles](https://en.wikipedia.org/wiki/Tether_(cryptocurrency)#Legal_cases). > > **Present Auditor** > > Moore Cayman (old accounting firm of Tether) presently operating under the MHA Cayman name (present accounting firm of Tether). Now this supposedly wouldn't raise any concerns as they are practically the same company other than a different letterhead but their parent company MHA MacIntyre Hudson is [said](https://www.coindesk.com/markets/2022/01/26/tethers-new-accounting-firm-is-the-old-one-with-baggage/) to be currently under [investigation](https://www.frc.org.uk/news/january-2022-(1)/investigation-regarding-the-audit-of-mrg-finance-b) by the U.K. Financial Reporting Council. > > Regardless of what the financial statements may be in Tether's latest attestations, it is still up to the clients and users whether or not to decide if the accounting firm's statements are honest and true although very [unlikely](https://leftfootforward.org/2022/01/accounting-firms-are-at-the-heart-of-corruption-in-the-uk/) especially dealing with those whose main objective is to enrich their partners by engaging in fraudulent and illegal practices. > > ​ > > ​ > > ^(Sources:) > > [https://tether.to/en/transparency/](https://tether.to/en/transparency/) > > [https://tonyarcieri.com/the-tether-conundrum](https://tonyarcieri.com/the-tether-conundrum) > > [https://ag.ny.gov/sites/default/files/2021.02.17\_-\_settlement\_agreement\_-\_execution\_version.b-t\_signed-c2\_oag\_signed.pdf](https://ag.ny.gov/sites/default/files/2021.02.17_-_settlement_agreement_-_execution_version.b-t_signed-c2_oag_signed.pdf) > > [https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information](https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information) > > [https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether\_Assurance\_Consolidated\_Reserves\_Report\_2022-03-31\_\_3\_.pdf](https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf) > > [https://www.bloomberg.com/news/articles/2021-08-10/hackers-steal-600-million-in-likely-largest-defi-crypto-theft](https://www.bloomberg.com/news/articles/2021-08-10/hackers-steal-600-million-in-likely-largest-defi-crypto-theft) > > [https://en.wikipedia.org/wiki/Tether\_(cryptocurrency)#Legal\_cases](https://en.wikipedia.org/wiki/Tether_(cryptocurrency)#Legal_cases) > > [https://www.coindesk.com/markets/2022/01/26/tethers-new-accounting-firm-is-the-old-one-with-baggage/](https://www.coindesk.com/markets/2022/01/26/tethers-new-accounting-firm-is-the-old-one-with-baggage/) > > [https://www.accountancytoday.co.uk/2022/01/07/frc-to-investigate-macintyre-hudson-audits-of-mrg-finance/](https://www.accountancytoday.co.uk/2022/01/07/frc-to-investigate-macintyre-hudson-audits-of-mrg-finance/) > > [https://www.frc.org.uk/news/january-2022-(1)/investigation-regarding-the-audit-of-mrg-finance-b](https://www.frc.org.uk/news/january-2022-(1)/investigation-regarding-the-audit-of-mrg-finance-b) > > [https://leftfootforward.org/2022/01/accounting-firms-are-at-the-heart-of-corruption-in-the-uk/](https://leftfootforward.org/2022/01/accounting-firms-are-at-the-heart-of-corruption-in-the-uk/) ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

Mentions:#USDT#EOS#OMG

you had me checking. only bags i got left are OMG (LOL) and 0x (LOL)

Mentions:#OMG

>All of my favs went down last few years: OMG, XTZ, THETA, ALGO and few others that mixed high hopes in the mud (like DOT) I think it's not crypto that it's dead, it's your shitcoins. Just learn from it and do not look for that new shiny promising project, the market will part in a market for usefull projects (there can't be hundreds) and a meme coin casino without any sense or logic.

r/BitcoinSee Comment

OMG you're dumb. Anyway, shilling shitcoins is not allowed here.

Mentions:#OMG

OMG

Mentions:#OMG

#Tether Pro-Arguments Below is a Tether pro-argument written by CreepToeCurrentSea. > [USDT](https://tether.to/en/transparency/) is a stablecoin (stable-value cryptocurrency) issued by Tether, a Hong Kong-based company. The token is pegged to the USD by keeping reserves of commercial paper, fiduciary deposits, cash, reserve repo notes, and treasury bills equal to the number of USDT in circulation. Initially named as Realcoin, a second-layer cryptocurrency token built on top of Bitcoin's blockchain using the Omni platform, it was later renamed USTether and, finally, USDT. In addition to Bitcoin, USDT was later updated to work on the Ethereum, EOS, Tron, Algorand, and OMG blockchains. > > # PROs > > **USDT is well established** > > It has built a long history of resilience, reliability and trust because it has been around for a [while](https://www.wsj.com/articles/BL-MBB-23780) (around 8 years in the cryptocurrency market). This had helped to convince clients that the stablecoin is [legitimate](https://www.certik.com/projects/tether?utm_source=CMC&utm_campaign=AuditByCertiKLink). > > As of this year, USDT currently is in the top ten cryptocurrencies by [market cap](https://www.coingecko.com/en/coins/tether) with a 24-hour trading volume of around 45 billion dollars and a total number of addresses of up to 4.5 million. In its last known [audit](https://www.fairyproof.com/doc/111.pdf) in 2021 it has been considered to have *"No vulnerabilities with critical, high, medium or low-severity."* > > **Wide acceptance** > > Tether has multiple gateways for customers (retail, exchanges, and companies) because it is built on several leading [blockchains](https://tether.to/en/supported-protocols), including Algorand, Avalanche, Bitcoin Cash's Simple Ledger Protocol (SLP), Ethereum, EOS, Liquid Network, Omni, Polygon, Tezos, Tron, Solana, and Statemine. These transport protocols are made up of open source software that interfaces with blockchains to allow for the issuance and redemption of Tether tokens. > > Furthermore, it has been available on major exchanges such as Bitfinex, Binance, Coinbase, Kraken and [more](https://www.coingecko.com/en/coins/tether#markets), Offering a plethora of pairs for users to choose from or that of which is available in their region although as of lately some exchanges have been switching to Circle's USDC over growing concerns of legal issues related with Tether. > > **Buffer against volatility** > > One of the primary functions of stablecoins is to act as a [hedge](https://www.researchgate.net/publication/341245986_Are_stablecoins_truly_diversifiers_hedges_or_safe_havens_against_traditional_cryptocurrencies_as_their_name_suggests) when crypto markets are in a downturn. Because the aforementioned market is extremely volatile, traders and investors want some sort of buffer against this without having to directly trade their crypto for fiat as to also avoid larger fees as well. Supported by its large market capitalization, USDT should be less volatile and thus safer. > > **Announcement of a full audit** > > Tether's CTO Paolo Ardoino recently stated in an [interview](https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information) with Euromoney that the company is preparing for a full audit with an accounting firm called MHA Cayman (which also handles Tether's [quarterly assurance opinions/reports](https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf)). According to the CTO in the interview, MHA Cayman is one of the "*top 12*" accounting firms, and most top accounting firms deny requests for full audits due to the associated reputational risks. In the future, hopefully, this will provide more security and transparency to its users against the number of allegations and investigations it is currently facing. > > **Despite everything, USDT is still here** > > From the past legal troubles it has faced, the ones it's facing right now, the vast amount of criticisms from different facets off the internet and the several crypto winters it endured. USDT is still alive and kicking. Will it still be the top stablecoin in the next 5 years? Unlikely, but I am for certain it was a major part for the growth and expansion of crypto's fetal years. Moving forward it's up to them, the people behind Tether, if they will finally redeem themselves against all the allegations, criticisms, troubles, and not just do another settlement. > > ^(Sources:) > > [^(https://tether.to/en/faqs/)](https://tether.to/en/faqs/) > > [^(https://tether.to/en/supported-protocols)](https://tether.to/en/supported-protocols) > > [^(https://tether.to/en/transparency/)](https://tether.to/en/transparency/) > > [^(https://tether.to/en/transparency/#reports)](https://tether.to/en/transparency/#reports) > > [^(https://en.wikipedia.org/wiki/Tether\_(cryptocurrency))](https://en.wikipedia.org/wiki/Tether_(cryptocurrency)) > > [^(https://assets.ctfassets.net/vyse88cgwfbl/5UWgHMvz071t2Cq5yTw5vi/c9798ea8db99311bf90ebe0810938b01/TetherWhitePaper.pdf)](https://assets.ctfassets.net/vyse88cgwfbl/5UWgHMvz071t2Cq5yTw5vi/c9798ea8db99311bf90ebe0810938b01/TetherWhitePaper.pdf) > > [^(https://www.wsj.com/articles/BL-MBB-23780)](https://www.wsj.com/articles/BL-MBB-23780) > > [^(https://www.certik.com/projects/tether?utm\_source=CMC&utm\_campaign=AuditByCertiKLink)](https://www.certik.com/projects/tether?utm_source=CMC&utm_campaign=AuditByCertiKLink) > > [^(https://www.coingecko.com/en/coins/tether)](https://www.coingecko.com/en/coins/tether) > > [^(https://www.fairyproof.com/doc/111.pdf)](https://www.fairyproof.com/doc/111.pdf) > > [^(https://www.coingecko.com/en/coins/tether#markets)](https://www.coingecko.com/en/coins/tether#markets) > > [^(https://www.researchgate.net/publication/341245986\_Are\_stablecoins\_truly\_diversifiers\_hedges\_or\_safe\_havens\_against\_traditional\_cryptocurrencies\_as\_their\_name\_suggests)](https://www.researchgate.net/publication/341245986_Are_stablecoins_truly_diversifiers_hedges_or_safe_havens_against_traditional_cryptocurrencies_as_their_name_suggests) > > [^(https://www.researchgate.net/publication/339263534\_What\_is\_Stablecoin\_A\_Survey\_on\_Price\_Stabilization\_Mechanisms\_for\_Decentralized\_Payment\_Systems)](https://www.researchgate.net/publication/339263534_What_is_Stablecoin_A_Survey_on_Price_Stabilization_Mechanisms_for_Decentralized_Payment_Systems) > > [^(https://www.researchgate.net/publication/332458820\_Is\_Cryptocurrency\_a\_Hedge\_or\_a\_Safe\_Haven\_for\_International\_Indices\_A\_Comprehensive\_and\_Dynamic\_Perspective)](https://www.researchgate.net/publication/332458820_Is_Cryptocurrency_a_Hedge_or_a_Safe_Haven_for_International_Indices_A_Comprehensive_and_Dynamic_Perspective) > > [^(https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information)](https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information) > > [^(https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether\_Assurance\_Consolidated\_Reserves\_Report\_2022-03-31\_\_3\_.pdf)](https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf) ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

#Tether Pro-Arguments Below is a Tether pro-argument written by CreepToeCurrentSea. > [USDT](https://tether.to/en/transparency/) is a stablecoin (stable-value cryptocurrency) issued by Tether, a Hong Kong-based company. The token is pegged to the USD by keeping reserves of commercial paper, fiduciary deposits, cash, reserve repo notes, and treasury bills equal to the number of USDT in circulation. Initially named as Realcoin, a second-layer cryptocurrency token built on top of Bitcoin's blockchain using the Omni platform, it was later renamed USTether and, finally, USDT. In addition to Bitcoin, USDT was later updated to work on the Ethereum, EOS, Tron, Algorand, and OMG blockchains. > > # PROs > > **USDT is well established** > > It has built a long history of resilience, reliability and trust because it has been around for a [while](https://www.wsj.com/articles/BL-MBB-23780) (around 8 years in the cryptocurrency market). This had helped to convince clients that the stablecoin is [legitimate](https://www.certik.com/projects/tether?utm_source=CMC&utm_campaign=AuditByCertiKLink). > > As of this year, USDT currently is in the top ten cryptocurrencies by [market cap](https://www.coingecko.com/en/coins/tether) with a 24-hour trading volume of around 45 billion dollars and a total number of addresses of up to 4.5 million. In its last known [audit](https://www.fairyproof.com/doc/111.pdf) in 2021 it has been considered to have *"No vulnerabilities with critical, high, medium or low-severity."* > > **Wide acceptance** > > Tether has multiple gateways for customers (retail, exchanges, and companies) because it is built on several leading [blockchains](https://tether.to/en/supported-protocols), including Algorand, Avalanche, Bitcoin Cash's Simple Ledger Protocol (SLP), Ethereum, EOS, Liquid Network, Omni, Polygon, Tezos, Tron, Solana, and Statemine. These transport protocols are made up of open source software that interfaces with blockchains to allow for the issuance and redemption of Tether tokens. > > Furthermore, it has been available on major exchanges such as Bitfinex, Binance, Coinbase, Kraken and [more](https://www.coingecko.com/en/coins/tether#markets), Offering a plethora of pairs for users to choose from or that of which is available in their region although as of lately some exchanges have been switching to Circle's USDC over growing concerns of legal issues related with Tether. > > **Buffer against volatility** > > One of the primary functions of stablecoins is to act as a [hedge](https://www.researchgate.net/publication/341245986_Are_stablecoins_truly_diversifiers_hedges_or_safe_havens_against_traditional_cryptocurrencies_as_their_name_suggests) when crypto markets are in a downturn. Because the aforementioned market is extremely volatile, traders and investors want some sort of buffer against this without having to directly trade their crypto for fiat as to also avoid larger fees as well. Supported by its large market capitalization, USDT should be less volatile and thus safer. > > **Announcement of a full audit** > > Tether's CTO Paolo Ardoino recently stated in an [interview](https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information) with Euromoney that the company is preparing for a full audit with an accounting firm called MHA Cayman (which also handles Tether's [quarterly assurance opinions/reports](https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf)). According to the CTO in the interview, MHA Cayman is one of the "*top 12*" accounting firms, and most top accounting firms deny requests for full audits due to the associated reputational risks. In the future, hopefully, this will provide more security and transparency to its users against the number of allegations and investigations it is currently facing. > > **Despite everything, USDT is still here** > > From the past legal troubles it has faced, the ones it's facing right now, the vast amount of criticisms from different facets off the internet and the several crypto winters it endured. USDT is still alive and kicking. Will it still be the top stablecoin in the next 5 years? Unlikely, but I am for certain it was a major part for the growth and expansion of crypto's fetal years. Moving forward it's up to them, the people behind Tether, if they will finally redeem themselves against all the allegations, criticisms, troubles, and not just do another settlement. > > ^(Sources:) > > [^(https://tether.to/en/faqs/)](https://tether.to/en/faqs/) > > [^(https://tether.to/en/supported-protocols)](https://tether.to/en/supported-protocols) > > [^(https://tether.to/en/transparency/)](https://tether.to/en/transparency/) > > [^(https://tether.to/en/transparency/#reports)](https://tether.to/en/transparency/#reports) > > [^(https://en.wikipedia.org/wiki/Tether\_(cryptocurrency))](https://en.wikipedia.org/wiki/Tether_(cryptocurrency)) > > [^(https://assets.ctfassets.net/vyse88cgwfbl/5UWgHMvz071t2Cq5yTw5vi/c9798ea8db99311bf90ebe0810938b01/TetherWhitePaper.pdf)](https://assets.ctfassets.net/vyse88cgwfbl/5UWgHMvz071t2Cq5yTw5vi/c9798ea8db99311bf90ebe0810938b01/TetherWhitePaper.pdf) > > [^(https://www.wsj.com/articles/BL-MBB-23780)](https://www.wsj.com/articles/BL-MBB-23780) > > [^(https://www.certik.com/projects/tether?utm\_source=CMC&utm\_campaign=AuditByCertiKLink)](https://www.certik.com/projects/tether?utm_source=CMC&utm_campaign=AuditByCertiKLink) > > [^(https://www.coingecko.com/en/coins/tether)](https://www.coingecko.com/en/coins/tether) > > [^(https://www.fairyproof.com/doc/111.pdf)](https://www.fairyproof.com/doc/111.pdf) > > [^(https://www.coingecko.com/en/coins/tether#markets)](https://www.coingecko.com/en/coins/tether#markets) > > [^(https://www.researchgate.net/publication/341245986\_Are\_stablecoins\_truly\_diversifiers\_hedges\_or\_safe\_havens\_against\_traditional\_cryptocurrencies\_as\_their\_name\_suggests)](https://www.researchgate.net/publication/341245986_Are_stablecoins_truly_diversifiers_hedges_or_safe_havens_against_traditional_cryptocurrencies_as_their_name_suggests) > > [^(https://www.researchgate.net/publication/339263534\_What\_is\_Stablecoin\_A\_Survey\_on\_Price\_Stabilization\_Mechanisms\_for\_Decentralized\_Payment\_Systems)](https://www.researchgate.net/publication/339263534_What_is_Stablecoin_A_Survey_on_Price_Stabilization_Mechanisms_for_Decentralized_Payment_Systems) > > [^(https://www.researchgate.net/publication/332458820\_Is\_Cryptocurrency\_a\_Hedge\_or\_a\_Safe\_Haven\_for\_International\_Indices\_A\_Comprehensive\_and\_Dynamic\_Perspective)](https://www.researchgate.net/publication/332458820_Is_Cryptocurrency_a_Hedge_or_a_Safe_Haven_for_International_Indices_A_Comprehensive_and_Dynamic_Perspective) > > [^(https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information)](https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information) > > [^(https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether\_Assurance\_Consolidated\_Reserves\_Report\_2022-03-31\_\_3\_.pdf)](https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf) ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.