USDT

Rain_sc2

you lost about 99.9% of the population when you said you have to first get SOL then get a specific kind of USDT that uses SOL network and USDT is not federally insured as a store of value and has had shoddy audits of their financials so many are uncomfortable storing large amounts long-term in the asset

coinfeeds-bot

tldr; Ripple has switched its US On-Demand Liquidity (ODL) clients from using XRP to USDT following a 2023 court ruling that deemed the institutional sale of XRP tokens as violating US security laws. This change was made to comply with legal restrictions, and Ripple now uses non-US entities to handle the sale of XRP to ODL customers. Ripple's decision aims to continue providing ODL services in the US while adhering to the court's order. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

ZealousidealMonk1728

Bitcoin is not a token. A token is something like USDT on Ethereum. You verify that the institution that tokenizes Bitcoin actually has the Bitcoin they claim. So if they give out 100 tokenized Bitcoin but actually only own 10 you know it's fraud.

funkinaround

From the NYAG report: >In June 2017, Bitfinex opened an account at a Puerto Rico-based entity named Noble Bank International (“Noble Bank”). Noble Bank was a subsidiary of New York-based Noble Markets LLC. However, Tether did not open an account at Noble Bank, or any other bank, until September 15, 2017. This is being mentioned to suggest that Tether was using Bitfinex's accounts at Noble Bank. >Please do the very basic math here and say how they could only be printing Tether's on deposit of USD, and only burning them on withdrawal, and for there to be 433 million Tether's in circulation when the only bank account they had anything to do with (which wasn't their account) only had 63 million dollars at most? From the NYAG report: >Between June 1, 2017 and September 15, 2017, Bitfinex held approximately $382 million of Tether’s funds in a comingled account, which should have been held by Tether as “backing” for tethers then in circulation but was not. In certain documents Bitfinex and Tether produced to OAG during its investigation, Tether accounted for this amount as a “receivable” from Bitfinex. Tether didn't have an open bank account, but Bitfinex did. Tether used Bitfinex's account to collect new USD deposits and issue new USDT tokens. This was at a period of time where USD deposited to the platform could be withdrawn as USDT without an explicit conversion. >The same attestations they've been proven to fraudulently produce? The same attestations that the NYAG required them to submit. If the attestations are good enough for the NYAG, they're good enough for whales. >I mean sure, they moved Bitfinex funds into a bank account for 1 day to produce the attestation for Tether's reserves and then immediately moved it back to Bitfinex, but surely they'd never do that again. Well, now Tether is mostly backed by cash equivalents, loans, reverse repos, and not cash. Doesn't make sense to put cash equivalents in Bitfinex fiat accounts.

Deep-Cow9096

Both fanbases exist in a bubble. XRP in the CBDC is going to for some reason use Ripple rather than anything homegrown. I don't know what is supposed to drive users to XRP in ways it hasn't done in the last 10 years. It's existence and price is just inertia at this point. Sometimes I still see people tout 2017 feats like it's fast and use it for exchange transfers - same with XLM bag holders - (waste of money, transfer what you already have or use USDT since almost every exchange uses USDT trading pairs) Cardano those that got hit with Hoskinson used car salesman talk. For a smart contract chain, Cardano only stands out in send/receive speeds and fees against base Ethereum. It competes with base base Ethereum on throughput as in they're both pretty damn slow. Network fees are around 10 to 20 cents with current network activity. DApp fees get worse with DEXs that charge 2 ADA batcher fees. Not ridiculous but still more expensive than many other lvl1 chains and ETH lvl 2 chains. Cardano itself has already experienced congestion issues multiple times in the past. Transactions eventually complete but the congestion issues with so little activity makes it not fast in my opinion

funkinaround

>I'm talking about when their banking services got cut off. Meaning there was nowhere on earth you could deposit dollars for Tether, and yet they still printed Tethers, despite claiming they only print Tethers when they receive USD. Here's the right section Could not "directly" process any fiat deposits. They used other accounts to process deposits. Part of it mentions using their legal counsel's accounts for moving funds. This does not prove Tether minted USDT without having actual cash deposits. >There's no proof Tether has redeemed even 10% of that. The proof is in the attestations. March 2022: $82B in assets and $82B in tokens. June 2022: $66B in assets and $66B in tokens.

suninabox

>Tether Truthers were misreading NYAG statements "tethers were again no longer backed one-to-one by U.S. dollars in a Tether bank account" as meaning Tether tokens had no backing at all. You aren't even citing the right part. I'm not talking about when Tether lost part of their reserve and lied to their customers claiming to still have a 1:1 reserve. I'm talking about when their banking services got cut off. Meaning there was nowhere on earth you could deposit dollars for Tether, and yet they still printed Tethers, despite claiming they only print Tethers when they receive USD. Here's the right section: >Because Tether did not have a significant bank relationship in its name from at least March 2017 until September 15, 2017, **it could not directly process any fiat deposits for purchases of Tethers by customers on either the Tether website or via the Bitfinex trading platform.** Go look up the market cap of Tether's during this time and see whether they could have possibly been printing Tether's in exchange for USD deposits. What was that about "misreading NYAG statements" again? >Whales listen when the CEO of Cantor Fitzgerald says "Tether has the money" Yeah who needs an audit when you could take the word of a CEO with a financial interest in Tether. It's not like Tether has a proven track record of getting other people to lie about their reserves. "Trust, don't verify." >Whales were able to redeem $17B USDT in 2022 There's no proof Tether has redeemed even 10% of that. All you have proof of is that Tether burned that amount of Tether which given we know at least 1 billion of this was a loan to Celsius in exchange for crypto (despite saying they don't do this), there's no reason to believe those burns are proof of real USD being handed out to anyone when they can and do mint and burn tether with no associated USD deposit or withdrawal.

deviantgoober

Did you read the article? > By the end of the first quarter, PDVSA had moved many spot oil deals not involving swaps to a contract model demanding prepayment for half of each cargo's value in USDT.

overthetop2017

You guys actually think that there is BTC in Coinbase Custody onchain wallets to match ETFs sold? Where is proof of reserves? I mean real BTC not collateralized financial instruments in USDT/C that have no affect on supply demand. What little we know about few wallet transactions we can track, that it has no correlation with daily ETFs volume when some amount of BTC changes hands.

WorkingLime

I am sure the government won't use USDT or USDC, if they do they deserve a freeze haha

coinfeeds-bot

tldr; The Central Bank of Nigeria (CBN) has directed banks to freeze accounts linked to cryptocurrency exchanges Bybit, KuCoin, OKX, and Binance for six months by placing them on a Post No Debit (PND) status. This action follows the identification of these exchanges as unlicensed in Nigeria. The CBN aims to curb illegal transactions, particularly those involving Tether (USDT) through peer-to-peer methods. This directive contradicts a previous decision from December 2023 that allowed banks to facilitate crypto transactions. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

Professional_Day365

So, nothing to do with the loan or Nexo. You just didn’t sell your BTC when you should have. If you had sold your BTC and used your USDT to take a loan, everything would have been fine.

deviantgoober

Aid is one thing... attempting to circumvent sanctions is another beast. I never said they couldnt send USDC/USDT, that was never a question. Circle would be forced to blacklist those circumventions by freezing any related addresses like they would for North Korea.

FlappyEmu

I don’t trust it at all. It’s just very worrying most of the exchanges that do forex and crypto will only take TR20 based tokens aka USDT etc. Never understood why they didn’t just take bitcoin straight up

PRESHII

I thought the same thing:( I was investing in Bitcoin then I convert them into USDT and use that money to invest again

anaxaos

It's the highest spread i ever saw. Checked a few days ago for a friend and getting 500 USDC for 510 USDT, is an MASSIVE spread. But i use CDC for the debit card only anyway. It's fine, since topping up with FIAT is without fee. Everything else is high fee

Winston_Sm

I'm getting increasingly spooked by USDT as well

abhoriginal

Against the USDT or BTC? What platform?

SulkyVirus

I have like 6 of those free NFT 5000 USDT scams sitting on my page now. Is there a way to get rid of them or delete them without interacting with them in any compromising way?

Comfortable-Cheetah3

Just loaded up about 200 USDT ! Thanks for the post Check out my project as well Pinguonsol - [https://birdeye.so/token/Ffjrfw9phxYYpQc9fyYq5uRV3K6943Wzo3t9a1L4vfoW?chain=solana](https://birdeye.so/token/Ffjrfw9phxYYpQc9fyYq5uRV3K6943Wzo3t9a1L4vfoW?chain=solana)

jeanpierrenc

USDT can still be frozen, better use DAI though

coinfeeds-bot

tldr; In response to renewed US sanctions targeting Venezuela's oil sector, the state-owned oil company PDVSA is increasingly adopting cryptocurrencies, specifically Tether dollars (USDT), for oil and gasoline transactions. This strategic shift aims to circumvent financial restrictions and mitigate risks like foreign bank freezes on oil revenues. PDVSA now requires half of the purchase price in USDT and mandates new customers to have a USDT-compatible crypto wallet, despite initial compliance challenges for Western oil traders. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

basedregards

I work in the industry and run my own business and I always get paid in USDC or USDT. Occasionally I’ll get paid in ETH but it’s a major pain in the ass - because it isnt a stable coin and makes taxes annoying - and usually the small clients do that for one or two jobs. I’ve been doing this for half a decade, lol.

Upper-Count-2181

Holding USD carries the risk of the government defaulting its debt. USDT carries the risk of the government defaulting on its debt and the Tether corporation going bankrupt. Thats a HUUUUUUGE difference in counterparty risk. Nobody should be holding USDT who isnt using it to trade.

c0mbucha

> We do have somewhere between 1-2 Million BTC still technically available for potential selling on Exchanges, taking those into consideration is much more complex. Waa thats $132bn! Of course there might be an equal number of USDT/USDC floating around ready to buy. And of course anyone can even just redeem a private bitcoin key from like 8 years ago and sell within like 3 minutes lol

felidae_tsk

Could be good idea for stablecoins, terrible for everything else. Also heavily depends on average bill. You will need €1-€20 to spend/aggregate USDT/USDC depending on the network. You will have to estimate volatility for anything else as you don't want sell goods for 1000 EUR and have only 200 EUR in cash tomorrow. We have 20-25% price markup during high volatility periods like now. Dust is other problem, transactions below some amount will cost you more than their amount.

deviantgoober

How in the hell is that going to help them? Dont both Circle and Tether have the ability to freeze USDC/USDT funds on any address?

FlappyEmu

So basically always make sure to swap USDT for USDC once I have completed a trx

StefansLair

The main problem with BTC as a currency is the cost to transact with it. It can cost upwards of $50 per transaction. Sending $1mm to another continent? No brainer. Either BTC or thousands of $ and days of waiting via banks. Buying a coffee or grocery shopping? Not so much. The “target population” towards which Bitcoin is often aimed at, especially by those promoting Bitcoin as the end-all be-all solution to all world’s problems, are the unbanked people in the world. This thought process is quite broken for the simple fact that this exact category of people are mostly from third world countries who would never in a million years be able to afford spending this kind of money on a transaction. We don’t even have to take third world countries as an example, because even within Europe, with the exception of a handful of countries in the north-west, most people couldn’t realistically afford to spend such an amount for a transaction. The only exception would be that of sending money abroad, let’s say as a remittance. But even then, if you’re a person who simply wants to get their money to the destination as soon as possible, and you aren’t thinking about the ideals of Bitcoin, what it stands for, etc., why would you simply not be transferring USDT on a cheap network such as Polygon or Tron? The transactions are essentially free and almost instantaneous. If the Bitcoin lightning network will one day be developed to such an extent that the average user can send BTC more easily and for cheaper than a stablecoin, things will without a doubt change, but until then, Bitcoin is one of the worst coins to be used as currency as things stand now. Insanely expensive to begin with, and it takes +1h for your transaction to be completed. On the other hand, I believe Bitcoin to be the absolute best store of value asset in today’s world… but that’s a completely different subject.

freedomfriis

This guy seriously needs to look over his shoulder wherever he goes, at least in jail he'll be safe! I'm sure the USDT he dumped into his own shitcoin is fully backed and audited and he purchased it by himself with REAL money. 🤭

funkinaround

>Why would whales deposit so much USD with the one stable coin proven to have repeatedly lied about its reserves, scammed its own customers, printed Tether with no backing? Whales have better reading comprehension than Tether Truthers. Whales continue to mint and redeem Tether tokens while Tether Truthers claim it can't be done. Whales listen when the CEO of Cantor Fitzgerald says "Tether has the money" when Tether Truthers claim nonsense like "Tether prints USDT without deposits and buys Bitcoin with it". Whales were able to redeem $17B USDT in 2022 when Tether Truthers were misreading NYAG statements "tethers were again no longer backed one-to-one by U.S. dollars in a Tether bank account" as meaning Tether tokens had no backing at all.

coinfeeds-bot

tldr; Squared Labs had a productive first quarter in 2024, launching their Testnet on the Sei Network for BTC² and USDT³ protocols, doubling their team size, and securing an investment from Blockchain Founders Fund. They also revamped their website to better represent their brand and vision. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

AzagorodNightbringer

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AzagorodNightbringer

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AzagorodNightbringer

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AzagorodNightbringer

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SuccotashComplete

Wholesalers probably get a discount on USDT since they can pull it out of think air. It’s honestly a beautiful strategy, as long as the market keeps going steadily up

suninabox

Depeg happens because USDT do not have any open market redemption mechanism, and exchanges don't have infinite liquidity. If you could always buy a Tether for $1 from Tether, there would be no reason to ever pay more than $1 for one. And if you could always exchange 1 tether for $1, you would never accept less than $1. You only pay more than $1 if there's a shortage, or pay less if there is a glut, and those things only happen when there isn't open redemption If they allowed open market redemption then during all the times when they didn't have a reserve, they could be in the unfortunate position of having to cease redemptions and then Tether instantly becoming worthless when people realized it's no longer backed by anything. When Tether is traded through exchanges you can just use wash trading to maintain the peg regardless of whether you can meet any redemptions. Hell, the peg has been maintained even when they had 0 banking anywhere in the world, and therefore could not meet any redemptions. It all works fine as long as you're not holding the bag of shit when the scam collapses.

LinsaFTW

I prefer using Paxos Gold with a 8% interest rather than USDT with a 16% interest. Gold is much more trustable than the dollar.

CointestMod

#TRON Pro-Arguments Below is a TRON pro-argument written by a deleted user. > ##**PROs** > > **Disclaimer**: There is little reliable information about Tron that isn't from Tron DAO or Justin Sun interviews. The official [Tron DAO Medium](https://trondao.medium.com/) site doesn't provide links to sources in the blog, making it harder to fact check and analyze. Many of its sources are from Weibo posts that are inaccessible beyond the Great Firewall of China. Tron's documentation and community posts provide way less information than that of other major blockchain projects. Nevertheless, I'm make do with what I can get. > > ####**Performance and Consensus** > > **High throughput and fast finality** > > Blocks are produced every 3s with a max size of 2M bytes. Consensus is completed using DPoS with a fault tolerance of 70% (9/27) Super Respresentatives that act as validators. There are over 350 SR/validator candidates who vote on the 27 SRs each 6 hours. > > - **High Throughtput**: **Tron can reach a max throughput of 2600 TPS with full 2M blocks** and its current balance of actual transactions, which is really high for an EVM-compatible blockchain. > - My calculations used [Tronscan data](https://tronscan.org/#/blockchain/blocks): Basic TRX and token transfers use 250-500 Bandwidth. The current average bandwidth for each transaction is currently 298, which is not that much higher than the lower end for basic transactions. > - Each bandwidth is 0.850 bytes, so you can fit 7800 average transactions in a single 3s block. Tron officially claims that it can reach 2000 TPS, so they're giving a conservative estimate. > - Even filled with 350-550 bandwidth swaps for [SunswapV2Router02](https://tronscan.org/#/contract/TKzxdSv2FZKQrEqkKVgp5DcwEXBEKMg2Ax/transactions), that's 1400 TPS on the lower end. That's way faster swaps than [everything other than Algorand](https://medium.com/dragonfly-research/the-amm-test-a-no-bs-look-at-l1-performance-4c8c2129d581). > - The tradeoff is that consensus is highly centralized (only 27 validators), and that the validators have very high requirements like having 32 CPU cores and 64GB of memory. > - In comparison, Ethereum's Layer 1 in comparison, can only do ~15 TPS average (59 TPS for basic transfers, 7 TPS for Uniswap v3 swaps). > - **Fast Finality in 3s**: All 27 SRs are currently playing friendly with each other, so for all practical purposes, finality is in 3 seconds. (Deterministic finality occurs every 27 blocks, or 81 seconds). > > **Network Energy usage** > > Tron's estimated annual energy usage for 2022 is estimated to be 1.7 kWh, or the **energy usage of [15 average US households](https://decrypt.co/108115/tron-network-energy-use-matches-that-of-15-us-households-ccri-report)**. This puts it slightly lower than the consumption of Avalanche, Algorand, Cardano, and Solana's networks. Its carbon footprint is also 4x lower than the others. And it uses 100000x less energy than Bitcoin. > > ####**Ease of Basic Utility** > > **Transaction fees are covered for FREE by freezing TRX** > > Tron has a unique design for transaction fees instead of using gas. Transactions fees are divided into bandwidth (pays for data bytes) and energy (pays for computations). All transactions require bandwidth while only contracts need energy. > > The benefit is that you get **FREE bandwidth and energy by freezing TRX**, a process similar to staking. You currently receive about 28 energy and 1 bandwidth daily [per frozen TRX](https://tronstation.io/calculator). Basic smart contracts use 350 Bandwidth (requires freezing 330 TRX) and 14.7K energy (requires staking 520 TRX). At current TRX prices, **if you freeze $2500 worth of TRX, you could perform 100 free basic transactions daily**. In addition, each account receives [1.5 kb of bandwidth daily](https://developers.tron.network/docs/resource-model) (originally 5 kb) for free even without freezing TRX, which is good for ~5 transactions. Though I suspect users can abuse this by creating new accounts. > > Any transaction fees in excess of the free energy and bandwidth are burned. This is why TRX is **currently deflationary by ~0.3% annually** (excluding burns for the USDD minting process). > > **Settlement layer for Tether** > > According to Blockchain's [Sep 2022 interview with Justin Sun](https://podcasts.apple.com/us/podcast/exploring-tron-with-justin-sun-and-blockchain-com/id1536699961), **the original purpose of Tron was to act as a stablecoin settlement network and reserve network for Tether** (USDT). Sure enough, the bulk of DeFi on Tron's network deal with stablecoins. As of Sep 2022, [45% of Tether is now held on Tron](https://defillama.com/stablecoin/tether). And with Ethereum transaction fees being so high, Tron has become an attractive platform for USDT dApps. > > ####**DeFi Usages** > > **Smart Contracts** > > Tron's VM (TVM) is EVM-compatible and uses Solidity for the smart contract language. It is also Turing-complete. Thus, it's simple to rewrite EVM contracts for TVM. > > - **Tron's [DeFi TVL is massive at $5.4B](https://defillama.com/chains), putting at 3rd place after Binance Smart Chain**. > - Though it is a bit suspicious though that 99% of Tron's DeFi TVL are on 3 projects that are literally named after Justin Sun, though that could just be because it's very new. In comparison, Ethereum's DeFi is spread over hundreds of dApps. > - Tron SUN's [Liquidity Pool](https://sun.io/#/home) provides very high interest for USDD-USDT pairs at 5-70% APY. Back in June-July, you could gain triple-digit APY on Tron DeFi with stablecoins while the governance rewards boosts were still active. > > ####**Sustainable Tokenomics for TRX** > > - TRX's tokenomics have a steady, permanent issuance for validators, so it's **sustainable**. All transaction fees are burned. This isn't too different than Ethereum's tokenomics model (other than that Ethereum only burns part of the fee). > - TRX has a total circulating supply of about 92B, which is noticeably lower than their highest supply of 102B before the TRX-to-USDD minting protocol. TRX suddenly became [deflationary on Oct 27, 2021](https://tronscan.org/#/data/stats2/circulation). Supply has fallen about 10% since then due to token burns, making **TRX one of the most deflationary cryptocurrency in the top 30**. > - If we ignore the token burns from USDD minting, each day, ~5M TRX is minted, ~6M is burned (from transaction fees). **This gives net issuance of 1M TRX burned daily, or 0.3% annual deflation.** > > **Good TRX price action during the bear market** > > Tron's native token, TRX, is currently #15 in marketcap as of Sept 2022 with a [marketcap of $6B](https://www.coingecko.com/en/coins/tron). Its value has held up surprisingly well during the bear market, barely falling 50% while the rest of cryptocurrencies fell closer to 70-90%. **TRX is up 2x vs Bitcoin over the past year** during the bear market, pumping especially hard right around the launch of USDD and introduction of major staking and governance boost projects. > > ####**USDD, a hybrid stablecoin without UST's flaws?** > > **USDD is a hybrid collateralized/algorithmic (seigniorage) stablecoin** launched in May 2022 on Tron's network. It is one of the biggest focuses on the Tron roadmap. It was originally designed as a purely-algorithmic stablecoin based on Terra's now-failed Luna and UST stablecoin. After the collapse of Luna UST, the Tron DAO Reserve (TDR) made several changes to USDD to avoid a similar failure: > > **Differences between UST and USDD** > > 1. The biggest difference is that USDD is 300% collateralized with 11B TRX, 14K BTC, 100M USDT, and 1M USDC [Source](https://usdd.io/). **This makes USDD one of the most collateralized stablecoins.** In comparison, DAI is only 120% collateralized, and USDT and USDC are only 100% collateralized. > 1. TDR controls how much USDD can be minted or redeemed, so it's not purely algorithmic. Thus, TDR has full power to stop it from crashing. > 1. USDD will be released in multiple phases. The current phase only allows for a minting of 2B USDD. This is to limit USDD from growing astronomically quickly like with UST. [[Source](https://trondao.medium.com/improving-usdd-from-lessons-learned-e2600d7f94ad)] > 1. You're probably wondering what's the catch. There is a Peg Stability Module (PSM) that allows minting of USDD by burning TRX. You can current burn TRX for minting USDD, but **you cannot redeem USDD for TRX** [[source](https://twitter.com/TheImmutable/status/1536930692344401921)]. There is no liquidity on any of the [PSM smart contracts](https://docs.usdd.io/psm/the-psm#psm-contracts) to trade USDD for anything else. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_tron) to find submissions for other topics.

CointestMod

* Related Cointest topics: [Justin Sun](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_justin_sun), [USDT](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_tether), [DeFi](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_defi). * Related subreddits: r/Tronix, r/Tether, r/Ethereum. * Sort comments as controversial first by [clicking here](/r/CryptoCurrency/comments/1ca5vyk/a_mysterious_cryptocurrency_wallet_purchased_405/l0rdpg0/?sort=controversial). Doesn't work on mobile.

Bishop-22

It’s free to swap to USDT, only onchain has fees

myfranco

You can convert to USDT and send it to another exchange. It will be way cheaper.

crypto_dood

sure, but how do do please demand if USDT is not only traded through a central tether bank? If you cannot control trading you have to try to control the biggest markets by iceberg orders close to 1:1 and for one side you need a very high number of USDT and on the other side the USD that were exchanged for issued USDT.  We see that depegg sometimes happens, until it snaps back due to arbitrage traders.

MIP_PL

Tokenized gold is the equivalent of "not your keys not your bitcoin". Who is in charge of storing the physical gold? How do you know they don´t tokenize more gold than the on in reserves? Can the token be censored like USDT/USDC does? Tokenized gold makes zero sense.

coinfeeds-bot

tldr; A mysterious cryptocurrency wallet, suspected to belong to Tron founder Justin Sun, reportedly purchased 127,388 Ethereum (ETH) worth $405.19 million since April 8. The wallet also transferred 787 million USDT from the Tron network to Binance on March 31, and withdrew $96.8 million worth of stablecoins from Binance, before buying the ETH. The transaction patterns suggest that the wallet could be linked to Justin Sun. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

MemenaSerena

Well, it's because of Halving hype. A lot people wanted to be in the last blocks. For large amounts BTC will be reliable in future, for daily transaction I think we should stick with Altcoins - SOL, XRP, BNB, WBT, USDT

suarystan

Help Needed for Family Emergency Dear Kind People, I hope this message finds you well. I am reaching out to you with a heavy heart and a sense of desperation, as my family is facing a dire situation that requires immediate assistance. Currently, my family is stuck in Germany while I am here in Canada, and we are separated by thousands of miles due to unforeseen circumstances. Recently, I suffered a severe injury while working a fishing job, leaving me unable to provide for my family as I normally would. The situation has left us in a precarious financial position, as we struggle to cover basic necessities and overcome the challenges of being separated by such a vast distance. My heart aches knowing that my loved ones are in need, and I am unable to be there for them in person. I am reaching out to you in the hope that you might be able to offer support during this difficult time. Any contribution, no matter how small, would go a long way in helping to alleviate the financial burden my family is currently facing. Whether it's a donation or assistance in spreading the word, your kindness and generosity would be deeply appreciated. I understand that times are tough for many, but I am hopeful that with the help of compassionate individuals like yourself, we can overcome this challenge and reunite our family once again. Thank you for taking the time to read this message and for considering my family's plight. Your support means more to us than words can express. With sincere gratitude, Artem My USDT address is 0x78D8Ce2c649c978BdB07320C5F0e6Af1eAA152cB

suarystan

Help Needed for Family Emergency Dear Kind People, I hope this message finds you well. I am reaching out to you with a heavy heart and a sense of desperation, as my family is facing a dire situation that requires immediate assistance. Currently, my family is stuck in Germany while I am here in Canada, and we are separated by thousands of miles due to unforeseen circumstances. Recently, I suffered a severe injury while working a fishing job, leaving me unable to provide for my family as I normally would. The situation has left us in a precarious financial position, as we struggle to cover basic necessities and overcome the challenges of being separated by such a vast distance. My heart aches knowing that my loved ones are in need, and I am unable to be there for them in person. I am reaching out to you in the hope that you might be able to offer support during this difficult time. Any contribution, no matter how small, would go a long way in helping to alleviate the financial burden my family is currently facing. Whether it's a donation or assistance in spreading the word, your kindness and generosity would be deeply appreciated. I understand that times are tough for many, but I am hopeful that with the help of compassionate individuals like yourself, we can overcome this challenge and reunite our family once again. Thank you for taking the time to read this message and for considering my family's plight. Your support means more to us than words can express. With sincere gratitude, Artem My USDT address is 0x78D8Ce2c649c978BdB07320C5F0e6Af1eAA152cB

jps_

We are more aligned than you think we are. Whether USDT represents an *enforceable* guarantee or not, it is still a guarantee. I agree with you it's not worth the paper it isn't printed on. But it is still, as the term of art goes, a guarantee. You claimed there is *no* redemption mechanism. One does exist - strapped with conditions as it may be... Whether we can rely upon Tether keeping the redemption window open when the chips are down is a completely different thing, but the point is that folks are indeed pretending (on paper, in their financial accounting) that it exists. That's what makes one USDT "worth" one USD. In the minds of people. In the end, that's all that matters. And that's all that matters in banking as well: do people trust that the money will be there tomorrow? If so, the bank is there tomorrow. If not, it can join Silicon Valley Bank in the bank graveyard. make no mistake about it: I believe Tether is what will bring down crypto. It may take a century, but it will happen. Such is the nature of long-tail risk. Banks are the same. They take your money, they make promises that they hope never to have to fulfil (I used the word guarantee, but if it triggers you, please feel free to substitute some other word). And if it weren't for regulators, they'd party hearty. Tether is a bank, because it is behaving as a bank. But it is also behaving without the regulatory oversight. It's a disaster waiting to happen

CointestMod

#Tether Con-Arguments Below is a Tether con-argument written by a deleted user. > **Tether Cons** > > **Dodgy Reserves** > > Initially, Tether asserted that each USDT was backed by a dollar in its reserves. But the truth is more nuanced, Tether is supported by a variety of: > > * Other Investments (Including Digital Tokens): 8.36% > > * Secured Loans(None To Affiliated Entities): 6.77% > > * Corporate Bonds, Funds & Precious Metals: 5.25% > > * Cash & Cash Equivalents & Other Short-Term Deposits & Commercial Paper: 79.62% > > Of the 79% cash and cash equivalents, only 10.25% is held in cash. Also to be emphasized is the lack of an independent audit of the specific breakdown of Tether's reserves. > > **Regulatory Issues** > > The Paradise Papers dump in 2017 revealed that Bitfinex and Tether are both controlled by the same individuals. The Bitfinex trading platform's owners, who also manage the tether virtual currency, have participated in a cover-up to conceal the apparent loss of $850 million dollars, according to the investigation conducted by the New York state Attorney General. Later, Tether's attorney acknowledged that only 74% of the Tether is backed. Tether is forbidden from conducting business in New York under the terms of the settlement agreement. Despite paying a $18 million punishment, Bitfinex and Tether did not confess any wrongdoing. > > **Competitors** > > * USDC: Circle and Coinbase launched USDC in 2018, and it is tied 1:1 to the US dollar. Issuers are also required to back all tokens with fiat reserves and provide monthly proof of reserves in order to guarantee that USDC maintains a continual one-to-one backing. > > * BUSD: BUSD is a stablecoin backed by USD that is 1:1 secure, compliant, and supported by Binance. It was created by Paxos and has NYDFS approval. To preserve the stability and security of the stablecoin, Paxos hires an auditing company to examine its BUSD and US Dollar supply each month. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

CointestMod

#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.

jps_

Talk about clueless... >USDT isn't a guarantee to anything. Check your terms and conditions. I guarantee that you know nothing. And you have no contract with me. >There is no redemption mechanism. Yeah dude, you probably missed this: https://tether.to/en/redeem-tethers-to-fiat-currency/ >The likelihood is 0 since there's no redemption mechanism. As above. >That's not how banks work. Uh yeah, that's exactly how banks work. Look up the term "GIC". Next time, have at least three fifths of a clue before you reply.

Bishop-22

Use exodus defi wallet, swab BTC for USDT there for free with only on chain fees. Then send USDT to coinbase to cash out.

suninabox

> The more people sell USD for USDT the more USDT must be available, therefore must be minted This was never supposed to be the premise. They were only ever supposed to print Tethers when someone made a USD deposit in their bank account, which was how you would know your Tether would always be redeemable for 1 USD. The second they start printing unbacked Tether's just to maintain the peg, they're now scamming their own customers and creaming counterfeit seigniorage off the top. >2) let USDT appreciate over USD and destroy the business promise of a stable coin There would be no need for this mechanism if they actually ran a straight business. No one would pay more than $1 for a Tether that could only ever be worth $1 if there was a way to just send $1 to Tether and get $1 in Tether back. But of course since the whole thing is a flywheel scam it has never actually operated like that.

suninabox

> It takes in USD and issues loan guarantees against that USD in the form of USDT USDT isn't a guarantee to anything. Check your terms and conditions. >which can be redeemed at a discount There is no redemption mechanism. >the likelihood that more than 20-30% getting withdrawn "at once" is quite small. The likelihood is 0 since there's no redemption mechanism. What would be a "run" on Tether is too many people trying to sell Tether and it depegging faster than they can wash trade its price back up. >Tether is just JP Morgan, Digital Edition. That's not how banks work.

ignore_my_typo

That’s….not how it works. But if you’re serious, since BTC is dropping in price since your post you can transfer the BTC to my wallet and I’ll send you $700 USDT. Best offer I can do.

Drspaceman1717

Read it again. I don’t trust them…. They have lots of money but will they reserve it responsibly or take risky bets with their deposits. They buy BTC… this isn’t a secret. The real profits is from selling USDT and acquiring fiat and BTC with the profits. The more USDT they can create the more bonds and BTC they can have on their balance sheet and therefore more profits.

RadonRanger1234

USDT is about to die lol

Existing-Dust3123

Find a job and keep accumulating. Also, if you buy low and don't sell high, nobody can help you. It will never go "too high" and then stay high, that's just FOMO that will never materialize. Realize some profits into USDT whenever it seems reasonable aka oh shit it just went up 5x over last year, time to sell. You get it? And then do it again in a few years, and then again. And keep accumulating the entire way. When you get to age 28, you will have a lot more than 0.05BTC

Drspaceman1717

I still don’t trust them with 100 billion dollars and I’m convinced they just create USDT to purchase BTC but they’ve lasted multiple winters.

Drspaceman1717

No. They supposedly take in new fiat USD when they issue USDT.

PeachScary413

They print them out of thin air, it's not a cryptocurrency like Bitcoin that has to be mined. It's literally like they have a giant excel file that they change some numbers in and now they are 5 billion richer in USDT. What gives their "currency" value is that they claim its actually backed by USD (now they changed it to equivalent or almost backed or whatever) but they won't allow any firm to do a independent investigation and verification that it is in fact true.. you might wonder why someone with nothing to hide won't allow that 😉

NightLanderYoutube

Just like Sol was a scam at 4 dollars according to this reddit. It doesn't matter what is legit in crypto, only what matter is a price and thanks to USDT btc pumps.

jps_

It's actually a more clever bid than that. Tether is a bank. It takes in USD and issues loan guarantees against that USD in the form of USDT, which can be redeemed at a discount. It then invests that USD for return. Some of which is in leveraged loans. It can reliably keep 20-30% around in cash for the same reason that fractional reserve banking works: the likelihood that more than 20-30% getting withdrawn "at once" is quite small. The rest, it can use for fun and profit. While the likelihood of a run is small, it is not zero. A legitimately serious run will kill Tether. No ifs, ands or buts. However, as it gets bigger and bigger, and crypto becomes more diversified, the likelihood of a run is smaller and smaller. Tether is just JP Morgan, Digital Edition.

thinkingperson

Wait. So you are saying that Tether Treasury can just mint new USDT without any new deposits of USD????

crypto_dood

I think a stable coin is backed by USD, unlike the FED's goal to control inflation (depreciation) a stable coin must meet demand of USD on the block chain. The more people sell USD for USDT the more USDT must be available, therefore must be minted. Otherwise Tether only had two options 1) stop the usdt exchange business if no more USDT are available or 2) let USDT appreciate over USD and destroy the business promise of a stable coin As long there is increased demand for USDT more USDT must be minted. If I sell a USD for a USDT, it's minted and if I sell USDT for USD the USDT stays on the Blockchain until someone buys it. Until then there is no need to mintore because there is this additional available one.

OsloPanzer

If you are depositing GBP, its probably easiest to buy BTC/GBP. Not familiar with UK tax laws, but swapping from GBP to USD or USDT could be an additional, completely unecessary taxable event. Both are for buying BTC, just with different fiat currency. Stay away from perpetuals (PERP) if you dont know what it is. And even if you do, usually best to stay clear.

UnArgentoPorElMundo

Problem is that you do not support BEP20. So sending USDT to my local exchange is very expensive.

UnArgentoPorElMundo

I like kraken, sadly they do not support BEP20, so transfer to my local exchange are much more expensive in USDT.

ArjanaEU

Which can be done irresponsibly. If they intend, and do use the btc they buy with the USDT as collateral, you can run in hot waters.

funkinaround

I bet you USDT trades above $0.99 one year from now.

crystalpeaks25

USDT is supposed to be 1:1 with USR so if theres infinity USF there should be infinity USDT hahaha

funkinaround

It's FUD because USDT tokens are covered 100% by assets. A lower percentage is cash and equivalents. The rest is bonds, precious metals (for XAUT), Bitcoins as investments from interest, and secured loans that are being wound down. The FUD is to represent 74% cash and equivalents as Tether being partially unbacked. Yes, Tether settled with the NYAG, paid a fine, and was required to submit attestations about their assets under management. You know what didn't happen to them? They weren't convicted of a felony like Binance and CZ. They would have been charged with felonies if the things people think about Tether were true. They still function and still handle redemptions when people want to redeem USDT at 1 USDT for 1 USD.

LoquaciousLethologic

Tether is actually pulling off something remarkable. They claim to use some profits to purchase Bitcoin for their treasury. They stack US treasuries to back USDT. The conspiracies around Tether may come from a lack of understanding how they are profitable, and not trusting the audits that have occurred. For me personally they are sketchy, especially early on, but so far they hold the 1:1 ratio, win in court, and third parties say they have the backing for their stablecoin currently. So long as the US government continues to print money, Tether can access yield off these treasuries while they back USDT, and then turn around and put Bitcoin on their ledger with their profits AND yield with the expectation that Bitcoin's price will continue to go up over time, then they will be extremely lucrative. The tl;dr is that Tether will succeed so long as the government prints more money on a repeating short-term time-frame and Bitcoin continues to go up in price on the long-term time-frame.

Smiling_Jack_

They're not printing out of thin air. They purchase USD collateral to mint USDT.

lookuplookdown

Exchanging Bitcoin for USDT or USDC is a taxable event in the US.

Big-Finding2976

Moving BTC might be very cheap, but to trade £10,000 for USD or crypto, Kraken Pro charges £20 (0.2% per trade). If you need to convert from GBP to USD or USDT first because there isn't a GBP pair for the coin you want to buy, it costs £40 in total.

DzingDzong

I just moved 10k USDT through Gate.io without problems, and am using Gate.io in general for years - no issues so far.

dannygladiolas

Not only USDT, later they will add Tether gold stable too.

Agha_shadi

I don't like Tether either. It's shady and central. But there is no option on my Exchange to buy BTC using DAI ! all there is, is a USDT/BTC deal available. If there was a DAI/BTC deal available, I'd be more than happy to use it.

Dark_Raiden_

I immediately had to check USDT/USD after seeing USD second

Houstman

Everyone knows Tether is a giant scam. No one wants to be the one to point to a balance sheet and prove it because the entirety of the crypto market collapses to near zero when that happens. The vast majority of BTC purchases are bought using Tether, and there is a 271% correlation to BTC gains when Tether mints new USDT. When the feds went looking for Tether's cash reserves, they only found 3 cents on the dollar in off-shore accounts. The scam is simple: mint billions in Tether that you claim is backed by cash, then buy billions in BTC. We saw in the FTX filings that Tether was minting billions in un-backed coins and sending them to Binance, FTX, and others. If you have the power to essentially counterfeit USD and get away with it on a technicality, you're going to do it.

alterise

It's the same thing. All you have to do is look at tether's cmc page to see it referred to as "USDT", "USD₮", and "USDt".

CointestMod

#Tether Con-Arguments Below is a Tether con-argument written by a deleted user. > **Tether Cons** > > **Dodgy Reserves** > > Initially, Tether asserted that each USDT was backed by a dollar in its reserves. But the truth is more nuanced, Tether is supported by a variety of: > > * Other Investments (Including Digital Tokens): 8.36% > > * Secured Loans(None To Affiliated Entities): 6.77% > > * Corporate Bonds, Funds & Precious Metals: 5.25% > > * Cash & Cash Equivalents & Other Short-Term Deposits & Commercial Paper: 79.62% > > Of the 79% cash and cash equivalents, only 10.25% is held in cash. Also to be emphasized is the lack of an independent audit of the specific breakdown of Tether's reserves. > > **Regulatory Issues** > > The Paradise Papers dump in 2017 revealed that Bitfinex and Tether are both controlled by the same individuals. The Bitfinex trading platform's owners, who also manage the tether virtual currency, have participated in a cover-up to conceal the apparent loss of $850 million dollars, according to the investigation conducted by the New York state Attorney General. Later, Tether's attorney acknowledged that only 74% of the Tether is backed. Tether is forbidden from conducting business in New York under the terms of the settlement agreement. Despite paying a $18 million punishment, Bitfinex and Tether did not confess any wrongdoing. > > **Competitors** > > * USDC: Circle and Coinbase launched USDC in 2018, and it is tied 1:1 to the US dollar. Issuers are also required to back all tokens with fiat reserves and provide monthly proof of reserves in order to guarantee that USDC maintains a continual one-to-one backing. > > * BUSD: BUSD is a stablecoin backed by USD that is 1:1 secure, compliant, and supported by Binance. It was created by Paxos and has NYDFS approval. To preserve the stability and security of the stablecoin, Paxos hires an auditing company to examine its BUSD and US Dollar supply each month. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

CointestMod

#Tether Pro-Arguments Below is a Tether pro-argument written by Nostalg33k. > # Tether, criticized but stable. > > ​ > > Tether is always the bane of all jokes. USDT despite some problems of transparency is still the best stablecoin. Let's dive in. > > ​ > > # What is a USDT or Tether: A Stablecoin > > While we argue about USDT maybe you need a reminder: USDT is a cryptocurrency (it is on blockchains and works through these digital un-modifiable ledgers) and its value is correlated to a currency which is the dollar. Therefore the name Stablecoin. While this cointest is about Tether, you need to understand the advantages of stablecoins. > > While we are waiting for a cointest about stablecoins as a whole, here is the jist of it. > > 1) Stablecoins allow you to trade without returning to your fiat. > > Stablecoins are a way to circumvent profit declarations. Trading crypto is already complicated as it is, trading crypto is very fast paced and trading crypto relies on stablecoins. The reliance on stablecoin is due to taxable events: Selling a part of your folio for fiat leads to a taxable event. If you are not planning to put money out or to try to get your losses written as a loss (which may backfire later but you do you) then you should rely on stablecoins. Trading in a USDT pair does not (yet) create a taxable event. So go yolo out there ! > > 2) Fast paced liquidity which is digitally managed by a blockchain. > > Stablecoins have the advantages of being highly liquid and being secured by blockchain. > > 3) Swapping for a stable dollar value on your Ledger. > > If you are a fan of DEX, these platform do not have a fiat ramp, so if you want to go back to a dollar valued coin which is not suffering from unstable market conditions => stablecoins. > > # The main argument is liquidity. > > While trust in Tether is lacking, anyone knows that you can transit by Tether without risking a depeg. Users have seen UST and other stable coins crumble while Tether stays standing. With a daily volume close to its circulating supply, you can trust USDT if you have to buy it or sell it. Some will be sold and bought as you need it. > > [The data of this stablecoin is showing that you can trust it](https://coinmarketcap.com/currencies/tether/) > > # The backbone of the industry. > > If you want to support the Crypto industry as a whole, USDT is the stablecoin to hold. By holding USDC you are propping up Coinbase and Bitcoin, by holding BUSD you are propping up Binance. USDT is universal right now. It is the common stablecoin which is on all platforms. Yes it has links with bitfinex but it is more generalized than other stablecoins. > > ​ > > # Nice Staking rates for small bag holders. > > A lot of platforms such as [Binance](https://www.binance.com/en/earn/usdt) offer good rates for staking USDT. Which means that you can be paid for supporting the crypto industry as a whole. This staking is safer than other cryptos since your main investment stays pegged to the dollar which has been shown to be the ultimate commodity in our inflationary cycle. > > ​ > > # Tether like any crypto can be sent from a user to another. > > USDT can be your way to send money to your friend. USDT is free to move (you still have to pay the blockchain fees). This part can be a way to on-ramp your friend into the crypto ecosystem. You can send them some money on their newly created wallet and show them the way stablecoins work. > > ​ > > # Conclusion: Advantages of a stablecoin and of market domination makes Tether the best one. > > Often people are speaking about USDT saying it should crumble under its own weight. They don't realize that the volume of USDT is so high that a large part of the market cap is actually exchanging hands. If tomorrow 20 billions or more are slashed directly from people's pockets this would create the biggest bloodbath in crypto history. Tether has become to huge to fail and its liquidity makes it the best one for users. > > It has all the advantages of a stablecoin and you should be able to trust it. It has existed for nearly 10 years and will surely exist for 10 years more ! ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

Malkavius2

Why is the T small? Is it different from USDT ?

Otherwise_Dig_7172

I had an issue with Kraken suspending my acct also. I tried to transfer USDT into account and something happened with security so they locked up the account. Took 5 weeks to get it unlocked and in suspended. I had a little ETH in the account and wasn’t able to tease it during its run. All good now but had to open a second acct just to be able to talk to an agent. They weren’t taking phone calls. My deposit went through after it was cleared up. I appreciate them securing my money but shouldn’t take 5 weeks.

FlappyEmu

Why don’t more exchanges use USDC instead of USDT then if tether is so sus

dannygladiolas

Transfer of USDT between Telegram users is free same as withdrawing from your Wallet.

dannygladiolas

This sub still ignoring the partnership between TON and Tether, transfers of USDT between Telegram users has 0 fees.

Historical_Minimum71

According to Caroline Ellison: “Alameda could create USDT on credit through the unofficial Deltec Line of Credit and sell that USDT for a gain before having to fund the purchase by depositing US Dollars in Tether’s Deltec account.” FTX was creating tethers out of thin air when they were $8B from being solvent. If that doesn’t tell you everything you need to know about the entire crypto space and how it’s propped up like a house of cards through Tether, I don’t know what will.

bgi123

Why would they want to audit USDT that was created by the FBI?

CointestMod

#Proof of Reserves Pro-Arguments Below is an argument written by excalilbug which won 3rd place in the Proof of Reserves Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > Proof of Reserves became really popular after Sam Bankman-Fried stole our money from FTX. Other centralized exchanges were afraid that people will withdraw their deposits so they came up with the idea of PoR. In short it shows that crypto exchange really has all or most of the coins that it claims to have. Exchanges can of course lie about it and hire some shady audit firms or borrow coins from another exchange before the audit but here we're going to talk about a Proof of Reserves done right and how it can benefit the industry > > First of all we should probably say a word about **how Proof of Reserves is done**. > > So let's say Coinbase wants to show their customers they can trust them. It can't just say "every USDT is backed 1:1" or "Funds are SAFU" because no one except smooth brained apes would believe them. Thats why Coinbase needs to find some **auditing firm** that is not connected to the company in any way > > Then the auditing firm comes to Coinbase and starts the **investigation**. It checks their documentation, interviews people, and makes a report. In that report auditors present a breakdown of Coinbase assets. If they weren't bribed along the way, auditors will publish an honest **breakdown of exchanges' assets** and customers will know exactly in what financial condition the exchange is and whether their funds are safe > > This is a great way for investors to know what exchanges to use to keep their assets as safe as possible. Everyone can keep an eye on what the exchange is doing and it makes it very hard for another Bankman-Fried to steal big sums of money > > It can also help remove shady exchanges from the market since people will likely join exchanges that publish their Proof of Reserves instead of those that don't. Exchanges that perform their audits regularly will be much less likely to go bankrupt all of a sudden > > But why use audit firms when blockchain stores every transaction and is so transparent you ask? Good question. Probably because it's risky to show all your info to the competition. I don't know. But the truth is Proof of Reserves brings more trust which is so much needed in the crypto space. If exchanges performed regular audits, the industry would be more transparent and we could avoid another FTX > > ​ > > TL;DR: transparency, trust, people can feel more secure about their assets, exchanges that are fair and really back their coins can prosper while other exchanges can go to hell > > ​ > > Soucres: > > [https://www.coingecko.com/learn/what-is-proof-of-reserves-por](https://www.coingecko.com/learn/what-is-proof-of-reserves-por) > > [https://cointelegraph.com/news/proof-of-reserves-can-reserve-audits-avoid-another-ftx-like-moment](https://cointelegraph.com/news/proof-of-reserves-can-reserve-audits-avoid-another-ftx-like-moment) > > [https://decrypt.co/resources/what-are-proof-reserves-why-do-they-matter](https://decrypt.co/resources/what-are-proof-reserves-why-do-they-matter) ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/z9o1cr/general_concepts_proof_of_reserves_proarguments/) to be taken to the original topic-thread for this argument or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive##wiki_proof_of_reserves) to find arguments on this topic in other rounds.

CointestMod

* Relevant Cointest topics:[Binance](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_binance), [Coinbase](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_coinbase), [CEX](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_cex), [USDT](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_tether). * Relevant subreddits: r/binance, r/Kraken, r/CoinBase, r/Crypto_com, r/DEX, r/ProofofStake. * Sort comments as controversial first by [clicking here](/r/CryptoCurrency/comments/1c7t5aq/why_the_big_four_apparently_wont_audit_tethers/?sort=controversial). Doesn't work on mobile.

coinfeeds-bot

tldr; Tether's CEO Paolo Ardoino explained that the Big Four accounting firms (Deloitte, PwC, EY, KPMG) are hesitant to audit Tether due to reputation risks, despite it being a top priority for the company. Tether, the issuer of the world's leading stablecoin USDT with a $108 billion market value, currently relies on quarterly attestations instead of audits. The lack of a Big Four audit contributes to ongoing investor concerns about the backing of USDT. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

Shaglock

Completely out of powder now. Not even a single $USDT to DCA in. Will turn off the chart and come back later in the summer. You kids behave okay?