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r/BitcoinSee Post

got scammed

r/CryptoMarketsSee Post

Pi/USDT Price

r/CryptoMoonShotsSee Post

Hydra | A permissionless, open-source, proof-of-stake blockchain | Stake HYDRA to help maintain the network

r/CryptoMoonShotsSee Post

BTCMinetrix | ERC-20 | Cloud App | Stake Tokens = Mine Bitcoin | Audited | Presale Is Almost Finished | Join Before Official Launch

r/CryptoMarketsSee Post

Opportunities and Challenges in RWA Tokenization

r/CryptoMoonShotsSee Post

BitcoinMinetrix | ERC-20 | Cloud Mining | Stake To Mine BTC | Audited & SAFU | Jump In Before Listing

r/CryptoMoonShotsSee Post

Last night I posted about the original $HOKK at 40k market cap. In 12 hours it shot to 1.5m. It has been climbing from the floor over the past 2 hours now. $HOKK was 500m in 2021.

r/CryptoMoonShotsSee Post

Yesterday I posted about the original $HOKK at 40k market cap. In 12 hours it shot to 1.5m. It has been climbing from the floor over the past 2 hours now. $HOKK was 500m in 2021.

r/CryptoMoonShotsSee Post

Yesterday I posted about the original $HOKK at 40k market cap. In 12 hours it shot to 1.5m. It has been climbing from the floor over the past 2 hours now. $HOKK was 500m in 2021.

r/SatoshiStreetBetsSee Post

Do you know any launchpad / launchpool that only required USDT ?

r/CryptoMoonShotsSee Post

BitcoinMinetrix | ERC-20 | Cloud Mining | Stake Tokens = Mine Bitcoin | Audited & Safe | Presale Is Almost Finished | Join Before Listing

r/CryptoCurrencySee Post

What does this cost mean on Binance Futures?

r/CryptoMoonShotsSee Post

remember HOKKAIDU INU? Old bizcoin now at 40k mcap. Well it's being shilled on /biz/ again!

r/CryptoMoonShotsSee Post

[SCORP] 5 Secret Reasons why $SCORP is My 2024 Top Pick! 500x Potential

r/BitcoinSee Post

What does this cost mean?

r/CryptoCurrencySee Post

I accidentally sent a screenshot of my bank balance to a p2p trader on Binance. Can they do anything with that information?

r/CryptoMoonShotsSee Post

PRESALE | BitcoinMinetrix | ERC-20 | Cloud App | Stake Tokens To Mine BTC | Audited & SAFU | Join Before Listing

r/CryptoMoonShotsSee Post

Chimpzee Is Going To Announce The Date Of The Next Exchange Listing On Bitmart Today

r/CryptoCurrencySee Post

Am I understanding the tax law in the US right?

r/CryptoMoonShotsSee Post

Cloudax - Web3 with SocialFi, P2P Crypto Trading and More

r/CryptoMoonShotsSee Post

Cloudax - Web3 with SocialFi, P2P Crypto Trading and More

r/CryptoMoonShotsSee Post

PRESALE | BTCMinetrix | ERC-20 | Cloud | App | Stake To Mine Bitcoin | Audited & Safe | Presale Is Almost Done | Join Before Listing

r/CryptoCurrencySee Post

Binance Report Unveils Crypto Market Insights

r/CryptoMoonShotsSee Post

PRESALE | BitcoinMinetrix | ERC-20 | Cloud App | Stake Tokens & Get Bitcoin | Audited & SAFU | Unique Project For 2024 Bullrun

r/CryptoCurrencySee Post

Exchanges will let you buy any crypto, or any derivative, so long as it makes them money.

r/CryptoCurrencySee Post

Lost 1.28M in Phishing Scam

r/CryptoMoonShotsSee Post

Introducing Galleoncoin / GALE : PoW privacy coin with masternodes.

r/CryptoMoonShotsSee Post

BTCMinetrix | ERC-20 | Cloud Mining | Stake Tokens = Mine Bitcoin | Audited | PRESALE Is Almost Finished | Join Now Before Listing

r/CryptoMoonShotsSee Post

PRESALE | BTCMinetrix | ERC-20 | Cloud Mining App | Stake To Mine BTC | Safe & Audited

r/CryptoMoonShotsSee Post

PRESALE | BTCMinetrix | ERC-20 | Cloud App | Stake Tokens To Mine Bitcoin | Audited | Last Chance To Join Before Listing

r/SatoshiStreetBetsSee Post

Introducing iBall from $IBIT | Progressive Blockchain Lottery With $USDT Prizes | $2 per ticket | iBiT BSC

r/CryptoMarketsSee Post

Weekly View on SOL/USDT

r/CryptoMoonShotsSee Post

PRESALE | BTCMinetrix | ERC-20 | Cloud | Stake Tokens = Mine Bitcoin | Audited | Presale Is Almost Finished | Join Before Official Launch

r/CryptoCurrencySee Post

Tether (USDT) Nears $100 Billion Market Cap After Printing More Than $10,000,000,000 in Three Months

r/CryptoMoonShotsSee Post

[SCORP] 7 Shocking Reasons why $SCORP has a 800x Potential with Proof (see last reason)!

r/BitcoinSee Post

A community project created in 2018, with a very affordable price for your pocket.

r/BitcoinSee Post

Anyone who has digital residency... deposits and withdrawal process

r/CryptoCurrencySee Post

For those of you who have digital residency. How do you deposit and withdraw?

r/CryptoMoonShotsSee Post

Applepie $Pie | PCS listing today @ 15:30 UTC | 100K Applepie = Apple iPhone ? | Earn 10% reward daily | 3600% APR | DexTools Trending | Gateio

r/BitcoinSee Post

Tournament Crypto Trading

r/CryptoMoonShotsSee Post

[SCORP] 7 Reasons why $SCORP is the Best Crypto to Buy - 800x Potential with Proof (see last reason)!

r/CryptoMoonShotsSee Post

7 Reasons Why Smart Crypto Enthusiasts Choose $SCORP - 800x Potential with Proof (see last reason)!

r/CryptoMoonShotsSee Post

7 Reasons Why Smart Crypto Enthusiasts Choose $SCORP - 800x Potential with Proof (see last reason)!

r/CryptoMoonShotsSee Post

7 Reasons Why Smart Crypto Enthusiasts Choose $SCORP - 800x Potential with Proof (see last reason)!

r/CryptoMoonShotsSee Post

Applepie $Pie | Presale Live on Pinksale |10x on Listing | 100K Applepie = Apple iPhone ? | Earn 10% reward daily | 3600% APY | Crosschain Defi Miners | Huge Marketing

r/CryptoMoonShotsSee Post

Applepie | Presale on PinkSale Today @ 12:30 UTC | 100K Applepie = Apple iPhone ? | Earn 10% reward daily | 3600% APY | Crosschain Defi Miners | Binance Live | Gateio

r/CryptoCurrencySee Post

Am I at risk by participating in this thing that looks like a scam?

r/CryptoMoonShotsSee Post

Chimpzee hits over 3 billion staked CHMPZ tokens! Big burn coming!

r/CryptoMarketsSee Post

Question on Bybit ETHUSDT perpetual trading/contract fee

r/CryptoMoonShotsSee Post

$Pie | Exclusive 5-Hour Pinksale Presale | 1 Apple Watch or Iphone 15 pro max? | 10% Daily Rewards | 3600% APY | Crosschain Defi Miners |

r/CryptoMoonShotsSee Post

ApplePie | 1 Apple Watch or Iphone 15 pro max? | Exclusive 5-Hour Pinksale Presale | Earn 10% reward daily | 3600% APY | Crosschain Defi Miners || AMA's with Binance

r/CryptoMoonShotsSee Post

ApplePie $Pie | 1 Apple Watch or Iphone 15 pro max? | Exclusive 5-Hour Pinksale Presale | Earn 10% reward daily | 3600% APY | Crosschain Defi Miners || AMA's with Binance

r/CryptoCurrencySee Post

I want to transfer money from Russia to USA, using crypto - what is the best way to do it?

r/CryptoCurrencySee Post

Unraveling a 40M+ Investment Scam

r/CryptoMoonShotsSee Post

PRESALE LIVE | Mollars Token | Store of Value Token for Ethereum Blockchain | Token Cost: US$0.45 | Nearly 1-Million Tokens Sold

r/CryptoMoonShotsSee Post

Crypto Method - $300 per day

r/CryptoMarketsSee Post

Tether Issues Strong Response to UN Report Alleging ‘Illicit Activity’ of USDT

r/CryptoCurrencySee Post

Need help with Exodus wallet

r/CryptoCurrencySee Post

[SERIOUS] Halal Earnings (Staking)?

r/CryptoCurrencySee Post

CoinEx withdrawal & Transfer - help

r/CryptoMoonShotsSee Post

$SCORP Pre-Sale is selling out Fast - $2.9 Million raised with 6700+ participant

r/CryptoCurrencySee Post

Transaction stuck on "Sending..." on Ledger Live

r/CryptoMoonShotsSee Post

PRESALE | Mollars | ERC-20 | Decentralized Token | Store Of Value | Presale Is Almost Filled | Launching Soon | Next 10-100x Gem

r/CryptoMoonShotsSee Post

[SCORP] Why SCORP is My Top Cryptocurrency Pick for 2024: Here Are the Reasons

r/CryptoMoonShotsSee Post

[$SCORP] How to Get Rich with Crypto in 2024 - Here's the Blueprint

r/CryptoMoonShotsSee Post

[$SCORP] How to Get Rich with Crypto in 2024 - Here's the Blueprint

r/CryptoMoonShotsSee Post

[$SCORP] How to Get Rich with Crypto in 2024 - Here's the Blueprint

r/CryptoMoonShotsSee Post

[$SCORP] How to Get Rich with Crypto in 2024 | Here's the Blueprint

r/CryptoMoonShotsSee Post

[$SCORP] How to Get Rich with Crypto in 2024 | Here's the Blueprint

r/CryptoMoonShotsSee Post

Dingdang $Meow | PCS listing today @ 16:00 UTC | 10x on Launching | Stake and Earn up to 1500% APY | Dextools Trending | Bitmart - BYBIT

r/CryptoMarketsSee Post

wSol swap issue

r/CryptoMoonShotsSee Post

Mollars | $MOLLARS | ETH | Decentralized | Store Of Value Utility Token | Join The Presale

r/CryptoMoonShotsSee Post

$MILBURN; your gateway to become filthy rich | Presale smashed | Launching on January 15th | Check them out now!

r/CryptoCurrencySee Post

ERC-20 Only

r/CryptoMoonShotsSee Post

Ding Dang. io | Stake and Earn up to 1500% APY | Multi Staking Pools | 10x on Listing | Presale now live on Pinksale - Ends in 4 hours | Huge Marketing | Bitmart - BYBIT

r/CryptoMoonShotsSee Post

PRESALE | Mollars | ERC-20 | Decentralized Token | Store Of Value | Next 10-100x Moonshot

r/CryptoMoonShotsSee Post

Ding Dang $Meow | Presale on PinkSale Today @ 13:00 UTC | Stake and Earn up to 1200% APY | 8 Meme Staking Pools | 10x on Listing | Bitmart - BYBIT

r/CryptoMoonShotsSee Post

Ding Dang : Exclusive 5-Hour Presale on Pinksale | Stake and Earn up to 1200% APY | Anticipating 500% Price Surge on Listing

r/CryptoMoonShotsSee Post

PRESALE | Mollars | ERC-20 | Decentralized Token | Store Of Value | Almost Filled | Massive Launch This Week

r/CryptoCurrencySee Post

Litecoin, what’s the catch?

r/CryptoMoonShotsSee Post

PRESALE | Mollars | ERC-20 | Decentralized Token | Store Of Value | Presale Is Almost Filled | Launching Soon | Next 100x Moonshot?

r/CryptoCurrencySee Post

I’ve been trading crypto for 5 years and never seen this happen.

r/CryptoMoonShotsSee Post

Presale Live | $MOLLARS | ERC-20 | Decentralized | Utility Token | Store Of Value | Presale Is Almost Filled | Lauching This Week | Next 100x Moonshot

r/CryptoCurrencySee Post

Letter from Bank: Account Dormant, fine or deposit. (Banks are a joke)

r/CryptoMoonShotsSee Post

PRESALE LIVE | Mollars | ERC-20 | Utility Token | Decentralized | Store Of Value | Next 100x Moonshot?

r/BitcoinSee Post

Top crypto launchpads by average ROI in 2023. Is BTC moving dramatically again?

r/CryptoMarketsSee Post

Solana Crypto 3 Reasons why January Holds Key Dont be FOMO Chaser

r/CryptoMoonShotsSee Post

PRESALE | Mollars | ERC-20 | Decentralized | Store Of Value Token | Presale Is Almost Filled | Launching Soon | Next 10-100x Moonshot

r/CryptoMarketsSee Post

METHOD STAKING EOS $1000 PER WEEK

r/CryptoMoonShotsSee Post

PRESALE | Mollars | ERC-20 | Decentralized Token | Store Of Value | Presale Is Almost Filled | Launching Soon

r/CryptoMoonShotsSee Post

PRESALE | Mollars Token ($MOLLARS) | ERC-20 | Decentralized Store Of Value Token

r/BitcoinSee Post

Buy bitcoin anonymously

r/CryptoCurrencySee Post

Binance futures. Is my position's margin called directly determined by my leverage and collateral?

r/BitcoinSee Post

BTC biggest moves in recent history (down). Just a historical information.

r/CryptoCurrencySee Post

[SERIOUS] Wrong network transfer - Binance to Coinbase

r/CryptoCurrencySee Post

Hi Argentinians! Can I use crypto in your country?

r/BitcoinSee Post

Could someone give me btc please

r/CryptoMoonShotsSee Post

GROKTETHER is an AI being developed to help create more human dialogue for robots | Presale on Pinksale starts at 2024.01.03 19:00 Utc

r/CryptoCurrencySee Post

I really want to have much more exposure in BTC but

r/BitcoinSee Post

How can I buy Bitcoin cost effectively

Mentions

#Ethereum Pro-Arguments Below is an argument written by Nostalg33k which won 2nd place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > ​ > > # Ethereum: Use-case driving value > > Ethereum is a very valuable Blockchain. This blockchain is driven by innovation and utility. To understand what makes Ethereum such a valuable eco-system we need to discuss the inner-working of Ethereum. > > # Introduction: Ethereum explained > > According to [Ethereum.org](https://Ethereum.org) : > > >What is Ethereum? > > Ethereum is a technology that's home to digital money, global payments, and applications. The community has built a booming digital economy, bold new ways for creators to earn online, and so much more. It's open to everyone, wherever you are in the world – all you need is the internet. > > So the topic driving this discussion is badly worded. If we are discussing top coins then we should discuss Ether and not Ethereum. Since Ethereum is such an interesting ecosystem I will treat this argument as a pro Ethereum post. I'd love to see the discussion focused on Ether next time. > > Ethereum is not managed by a single entity nor managed by the Ethereum Foundation but is managed through a decentralized process explained [In their governance page](https://ethereum.org/en/governance/). > > Time for some metrics: Ethereum is currently trading north of 1750 $ and has a circulating supply of 122 millions ETH for a Market cap at around 218 billions > > Let's go back to the quote: "Ethereum is a technology that's home to digital money". This point is important. Ether is not the only coin which is using the Ethereum blockchain. A lot of value on the Ethereum Blockchain is not in Ether coins. This will be discussed further down. Ethereum is also home to global payment, so Ether and other cryptocurrencies can be used to settle transactions between P2P in a permissionless way. > > Applications called Dapps exist on the blockchain. We are going to discuss all of these aspects. We are also going to tackle NFTs on the Ethereum Blockchain. > > Ethereum is also completed by L2s. These are going to be mentioned. > > Ethereum has been switched from POW to Asic resistant POW to POS. These are going to be discussed. > > ​ > > # Ethereum: Home to digital money. > > Ethereum strength is that the blockchain is home to many cryptocurrencies. If gas fees are paid in Ether, many tokens have billions circulating in the Ethereum ecosystem. A quick look at Etherscans reveal how strong the ethereum ecosystem is. > > According to [EtherScan](https://etherscan.io/tokens) the blockchain has 40 Billions $ in USDT, 46 Billions in USDC and 7 Billions $ in Wrapped BTC. The market cap of Ether may be around 200 billions but the on chain value of assets in the Ethereum Blockchain is far higher. > > All of these USDT and USDC are stablecoins which can be used for transactions. In fact, it can be used for P2P transaction in a permissionless way but also to buy stuff from businesses. [Here is a list of business accepting USDT (which exists in the Ethereum blockchain)](https://nowpayments.io/blog/businesses-accepting-tether) and [Here is a list of business accepting directly Ethereum](https://www.analyticsinsight.net/top-10-companies-accepting-ethereum-as-a-payment-method-in-2022/) > > These classical transactions are not the only use of the Ethereum Blockchain: Dapps and NFT are also thriving ! > > # Ethereum: Home to dapps and NFTs > > Ethereum is home to a lot of different applications: Marketplaces, exchanges, defi, wallets, games... > > These application are different because they are called dapps: > > >A decentralised application (DApp,\[1\] dApp,\[2\] Dapp, or dapp) is an application that can operate autonomously, typically through the use of smart contracts, that run on a decentralized computing, blockchain or other distributed ledger system.\[3\] > > [Wikipedia Dapps](https://en.wikipedia.org/wiki/Decentralized_application) > > To give a glance to these dapps you can head to this website tho be wary of the first dapp listed being an advertisement for shady businesses (I haven't found a better website to source dapps) [Here you go](https://dappradar.com/rankings/protocol/ethereum/1) > > While I don't believe in the current state of NFT technology being viable (See my write up in favor of NFT speaking about the future of this technology), we have to take into account that even after losing 60% of their value there is still 3 Billions USD in NFTs in the Ethereum Blockchain [Source](https://cointelegraph.com/news/ethereum-nft-collections-lost-nearly-60-of-their-market-cap-in-2022-report) > > # Ethereum: Layers of goodness. > > Ethereum can be a bit expensive for people, this is why it was layered. There are side chains existing just to be cheaper than Ethereum while offering bridges to and from Ethereum. For example Polygon. > > >Polygon is a Layer-2 scaling solution created to help bring mass adoption to the Ethereum platform. It caters to the diverse needs of developers by providing tools to create scalable decentralized applications (dApps) that prioritize performance, user experience (UX), and security. > > So if you want to be able to evaluate Ethereum you need to go and read about the biggest layer 2 pro and cons. > > [A small list of Ethereum layer 2 given by Ethereum.org](https://ethereum.org/en/layer-2/) > > # Ethereum: Evolve to thrive > > Ethereum has been a rapidly evolving ecosystem. It has seen the evolution of mining from GPU to Asic. In order to not become reliant on Asic mining, Ethereum was made Asic resistant. This created other problems: A pressure on the GPU market but also a concern for energy efficiency. In order to improve the footprint but also reduce the fees, Ethereum was made to transistion from POW to POS. Proof of stake is a protocol in which you need to stake coins to run a node in the network. > > This shows an ability to look ahead and to tackle challenges. > > # Conclusion: Ethereum is a rapidly evolving ecosystem which has a lot of value in it. Since Ether is their native coin, all of this impacts Ether's value. > > This is where we go back to the TOP COIN aspect of this write up. Everything I have said has an impact on the value and use of Ether. If you believe in the future of the Ethereum Blockchain, you can go ahead and look a bit more into Ether. If you don't believe in the Ethereum Blockchain then you should try to find a competitor. > > Just know that Ethereum is trying to become deflationary and that their economic outlook seems on par with good cryptos. > > Ethereum is one of the techs of the future and this essay has shown some of the most important aspects of it. > > Have fun ! ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/100p71b/top_coins_ethereum_proarguments_january_2023/) 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_Ethereum) to find arguments on this topic in other rounds.

u/krakenexchange has been one of the best exchanges, but it's history now. At least for German users. Their new verification process is the most annoying, intrusive, privacy abusing disaster I've ever came across in crypto. Annyoing questions, takes ages, needs to be repeated becasue they are too dumb to get it right, and so on. Don't even start this craziness. Furthermore, their new partner DLT has a sketchy reputation in Germany. These idiots cannot even get the required legal disclaimers right, lol. And even worse, from July on many cryptos will be delisted on kraken. Also, no more staking for the most popular ones like USDT and USDC. Time to move to an exchange that cares about its users and offers what people want. RIP Kraken.

The volatility is too high for long-term holding, that's why I trade short-term, I now use the stablecoin USDT to trade the market price of BTC, double risk avoidance, plus node information, this ensures that my trade is 100% Safe and 100% secure, this will also ensure I can make a profit 😊

Mentions:#USDT#BTC

While I understand your frustration, it is misplaced. Everyone and their mother hates USDT for exactly the same reasons EU does. If USDT goes under, yes things will be bad for a while. But for the future, USDT failing is good.

Mentions:#USDT

USDT is owned by bitfinex, Singapore based organisation. USDT will exist in EU, people will just use a VPN. So many backwards decisions being made by EU and Australia recent regarding crypto. Feels like these decisions only hurt the future, not nurture it. Government just wants to control everything these days.

Mentions:#USDT#VPN

>I was not trading a shitcoin Also you: >keep my USDT Sorry but you used a shitcoin. Why are you posting this in r/Bitcoin, a sub about Bitcoin (not shitcoins)?

Mentions:#USDT

I was not trading a shitcoin, please read the post again. Somehow my account got comprised. I only traded “futures” and had to keep my USDT to maintain my position or set a stop loss. My usdt was used to buy shitcoins so that the hacker could take benefit on their account end.

Mentions:#USDT

Which stablecoin would likely take the place of USDT? Does anyone have a list of the stablecoins that are authorized in the EU?

Mentions:#USDT

50% BTC is perfect for an Alt portfolio. I would also do: 1. 20% Solana since it is this cycle's choice casino. 2. 20% Other cycle narrative coins in the RWA, Solana ecosystem, Bitcoin layer 2/BRC-20, and AI categories 3. 5% Memes on Solana and Base 4. 5% USDC or USDT for dips Don't get hung up on token releases. Even coins like ONDO will do well with high token releases because their VC backers will not dump on you until near the end of the cycle and they are new to this cycle which means no bag holders from last cycle. Just be aware and dump when they dump.

If it really rises to 120K, I will sell a large amount of BTC and buy USDT to participate in futures trading. When BTC rises to 120K, the futures volatility will be very profitable.

Mentions:#BTC#USDT

Not only is that the stupidest name I have ever heard, but when I refer to stable coins I mean USDC and USDT only. None of the other matter.

Mentions:#USDC#USDT

I dont know what this means....i will learn though "ERC20, like USDT or USDC, or the other way around) using a DEX (Uniswap"

tldr; Kraken's Global Head of Asset Growth and Management, Mark Greenberg, clarified that the exchange has no immediate plans to delist USDT in the EU, despite concerns over the upcoming MiCA regulations. Greenberg emphasized Kraken's intention to keep USDT available, complying with all legal requirements. The future of stablecoins in the EU, including USDT, remains uncertain with the MiCA regime set to take effect in July, which could challenge the legitimacy of many stablecoins not authorized and regulated within the European Economic Area. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

Mentions:#USDT#DYOR

You can't buy any crypto using fiat in your coinbase wallet, you would still need to use Coinbase for that. You can trade crypto on the same chain (ETH bought with any ERC20, like USDT or USDC, or the other way around) using a DEX (Uniswap, 1inch). For long term you can get a hardware wallet yes, although you can also get a piece of paper and write the 12 words (seed phrase) of the wallet on it. As long as you can keep this piece of paper secure, it's just as good as a hardware wallet. Only when you want to use the wallet (transfer funds out) a hardware wallet will give advantages.

UST most trusted stablecoin.... when TF was that!!! USDT was more widely used. I'd trust USDC and Binances stablecoin LONG before I ever touched UST! 

#Tether Con-Arguments Below is a Tether con-argument written by Blendzi0r. > *First published on:* [*30.09.2021*](https://np.reddit.com/r/CryptoCurrency/comments/og1sms/rcryptocurrency_cointest_top_10_category_tether/hewuzi9/) > > *Last edited on: no edits* > > # Intro > > Tether (USDT) is a digital dollar – a stablecoin pegged to US dollar. Stablecoins are a type of cryptocurrency with a value fixed to other assets (usually assets outside of the cryptocurrency space, e.g. fiat currencies, precious metals, etc.). Their main purposes are: 1) help investors escape the volatility of the cryptocurrency market and 2) allow investors to buy cryptocurrencies on exchanges that do not offer fiat deposits. USDT is currently the most popular stablecoin. \[1\], \[2\], \[3\] > > # Cons > > **It’s centralized** > > Tether is centralized. Tether Limited (controlled by the owners of Bitfinex) is responsible for issuing USDT \[1\]. Tether Limited is free to issue and freeze all USDT. When PolyNetwork was famously hacked in August 2021, all of the USDT that hacker stole was frozen and then returned to the victim. There were other such examples in the past (e.g. when KuCoin was hacked in 2020). > > As much as the above examples are positive, nothing stops Tether from being less ethical in the future. Especially taken into consideration their shady history. Not to mention that centralization is against one of the core principles of cryptocurrencies. > > **The company lied on several occasions** > > Tether always claimed that they and Bitfinex are two completely separate entities and denied all the speculations that they are the same. In November 2017, “The Paradise Papers” revealed Bitfinex and Tether are indeed run by the same people. \[4\] > > Until February 2019, Tether claimed to be backed by the US dollar on a one-to-one basis: “Every tether is always backed 1-to-1, by traditional currency held in our reserves.” – read their website. The text was then changed to: “Every tether is always 100% backed by our reserves (…) and, from time to time, may include other assets (…). > > However, in April 2019, Tether’s general counsel admitted that the stablecoin can back only around 74% of its supply in circulation \[5\]. It was also reported by the New York Attorney General that at some point in time Tether didn’t even have access to banking services. Therefore, Tether lied about its backing. \[6\] > > Tether promised to share reports from independent auditors on their reserves. They haven’t done so until **forced** by a court order in 2021. And even then they couldn’t stop themselves from misleading the public. In a tweet from Paolo Ardoino, Tether’s CTO, he stated that they share the report because “community asked for it." \[7\] > > **There are some shady people behind it…** > > The most important people at Tether are surrounded by many controversies: > > Jan Ludovicus (or Jean Louis) **van der Velde**, Tether’s CEO, is a ghost. There’s barely any information about him \[4\]. This is rather concerning when you take into consideration he’s a CEO of a multi-billion company. > > **Giancarlo Devasini**, Tether’s CFO, boasts he built companies that generated 100 million euro in revenue but documents show it was almost 10 times less. He was sued by Microsoft for pirating their software and by Toshiba for infringing its DVD-related patents. And these are just a few examples of Devasini’s questionable doings and statements. \[6\] > > **Phil Potter**, CEO of Bitfinex (Bitfinex is the only partner of Tether. And it’s a company that actually controls Tether. So the only partner of Tether is a company that… controls it), was fired from Morgan Stanley in the 90’s after he bragged about his lavish lifestyle in an interview for The New York Times. \[8\] > > Letitia James, the New York attorney-general, called those people “unlicensed and unregulated individuals (…) dealing in the darkest corners of the financial system." \[6\] > > **…against whom criminal charges might be filed** > > US Justice Department that is investigating Tether and in July 2021 it reported that it is now considering whether it should file criminal charges against Tether executives. The charges might be based on the assumption that Tether lied about its business when it was opening bank accounts all over the world. \[9\] ***** 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#CTO#CEO

#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.

USDT is a shitcoin. Tether is the company that runs the USDT shitcoin. Tether is also the largest buyer of US treasury bills. That's why u/harvested said it would be ironic if Tether was the last one to be buying treasury bills.

Mentions:#USDT

#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.

Mentions:#FTX#USDT

* 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/1cvus4b/el_salvador_displays_strong_reserves_of_bitcoins/?sort=controversial). Doesn't work on mobile.

Mentions:#CEX#USDT#DEX

You confuse vaporware and price. Crypto price is solely based on each cycle narrative, hype, and lack of bag holders from the previous cycle. Crypto price has nothing to do with functionality or utility. This market is too young for that to happen yet. No Alt project is actually be used by anybody yet except Bitcoin as a store of value and USDC and USDT as a dollar proxy. Projects like Link and VET may actually be used in the future, but don’t except to make money on them now.

Mod update: May is now confirmed to be booked out of AMAs, with 7 scheduled, and 2 already booked for June. On May 18th from 21:00 to 00:00 EDT, JayX, next-gen asset management and settlement protocol, is hosting an AMA.. JayX is giving away 1,000 USDT to the best 10 questions! JayX burned 1,800 moons for the AMA and 4,320 moons to rent the banner for two days. Join here: https://www.reddit.com/r/CryptoCurrency/comments/1cupl73/ama_giveaway_alert_join_jayx_on_may_18th_to_learn/

Mentions:#USDT

Yes I understand that - and as I finally laid out in my original comment, bitcoin is an uncontrollable decentralized investment vehicle (that just happens to be transferrable, expensively, if you are lucky). But for everyday payments it's of very poor use. It's great as an investment and to keep money for a long time (even though very volatile) but not good for payments. Hence many use USDT in argentina to pay for stuff. Bitcoin is slow, expensive and volatile. Not good for payments at all. Volatlity would not even be an issue if it weren't for the slowness and expensiveness.

Mentions:#USDT

Reminds me of this USDT China ring i stumbled upon. Me and a bud traced it back to two main wallets constantly pumping money out to more wallets. They’d post their wallet keys, but coded them to need XRP for a transfer fee to get the funds out. Pretty much scamming scammers, as when you added the XRP it’s shoot down a spider web of wallets. One with 110 mil, other with 97. All in USDT. USDT is COOKED if these Chinese mafias were to sell.

Mentions:#USDT#XRP

Perhaps it is different elsewhere - but even in poor countries like argentina (i have friends there), they dont really use Bitcoin at all. They use USDT to pay for everything, mostly on the Tron network (also a shit network but doesn't matter for simple and fast payments)

Mentions:#USDT

Not sure about USDT, with current EU delisting and past problems I don't think you can simply deny everything by just saying "it was audited by Italian company"

Mentions:#USDT

Bullshit. USDT is not backed by BTC. They use part of their quarterly profits to buy BTC - and that BTC is used as RESERVE backing of USDT. But this will likely never be touched. USDT is backed by mostly T-bills, bonds, and cash as you can see on their transparency page and as attested by their auditor BDO Italia. Anything that goes beyond the 100% backing is considered reserve backing, so that they can claim USDT is overcollateralized. USDT printed by tether is, obviously as you can see, backed by dollars (that's part of the 100% full backing). And even a good chunk of the 100%+ (overcollateralized) backing is dollars. --- The answer you are seeking is that Bitcoin always has and always will be an absolute shitcoin, technically speaking, with zero application. You can't use it for transactions and payments properly because of insane fees, slowness and unpredictability of when a transaction will go through. It's not programmable either, it's not very decentralized at all and no change to the protocol can happen because the stupid Bitcoin community is so bigoted and narrow-minded that they do not accept nor allow any changes and improvements to the protocol. --- Bitcoin today is SOLELY used as an investment vehicle for speculative investments in the form of an uncontrollable asset. That's it's sole use. So yes your theory with perp trading might have some touch here, but mostly, Bitcoin is a useless piece of garbage that serves no purpose besides investing

Mentions:#USDT#BTC

USDC, rumour has it the EU will be trying to do away with USDT so some exchanges might start dropping it

Mentions:#USDC#USDT

I'm not a crypto expert, I've only used it for trading. But I learnt to use USDT to store value, as its safest (pegged to the USD).

Mentions:#USDT

Is that allowed under the MiCA? Is it just USDT that's a problem?

Mentions:#USDT

#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 Blendzi0r. > *First published on: \[*[30.09.2021](https://np.reddit.com/r/CryptoCurrency/comments/og1s24/rcryptocurrency_cointest_top_10_category_tether/hewpzqt/)*\]* > > *Last edited on: 19.09.2022* > > # Intro > > Tether (USDT) is a digital dollar – a stablecoin pegged to US dollar. Stablecoins are a type of cryptocurrency with a value fixed to other assets (usually assets outside of the cryptocurrency space, e.g. fiat currencies, precious metals, etc.). Their main purposes are: 1) help investors escape the volatility of the cryptocurrency market and 2) allow investors to buy cryptocurrencies on exchanges that do not offer fiat deposits. USDT is currently the largest stablecoin. \[1\], \[2\], \[3\] > > # Pros > > **It’s the most popular and oldest stablecoin** > > Tether was launched in 2014 as Realcoin and renamed to Tether the same year \[1\]. It’s the first successful stablecoin. For many years, it had completely dominated the stablecoins market and despite the recent growth of other stablecoins, mainly USDC, Tether is still the biggest and most popular stablecoin. As of September 2022, its market cap shrinked against USDC's market cap in recent months, but its volume still tends to be much higher (according to coinmarketcap, on 19.09.2022 it was 12x(!) higher). In fact, USDT’s trading volume is unmatched by any other cryptocurrency. \[1\] > > It is also worth pointing out that more than 80% of stablecoins launched in 2015 are now gone and USDT is still here, despite its bad press. \[4\] > > **It has most trading pairs** > > The market cap and volume speak for themselves – Tether is the most popular stablecoin. There are very few exchanges that don’t accept USDT and all major coins have trading pairs with USDT. Even Coinbase, which is responsible for Tether’s rival stablecoin – USDC, lists Tether on its exchange (since May 2021). \[5\] > > It is also backed by several international currencies and, therefore, allows people in different countries purchase coins that they otherwise wouldn’t be able to get. > > **It was declared dead many times but, just like Bitcoin, it's alive and kicking** > > There are many controversies around Tether. Perhaps the most concerning one is whether USDT has its reserves fully backed. Many critics believe that Tether isn’t fully backed and if many investors were to redeem tethers at the same time, there would be no liquidity \[6\]. Situations when people redeem tokens en masse usually should happen during market crashes. In the last 4 years we had three significant market crashes – in 2018, in March 2020 and in May 2021. USDT survived all of them. > > It has also survived losing almost 25% of its market cap in a short time - from May to July of this year. > > **The latest breakdowns of the reserves is a step in the right direction** > > Tether had been criticized for lack of transparency (and rightly so) for many years. In May 2021, for the first time since 2014, Tether finally gave us an insight into their reserves. The first report was rather disappointing as it turned out that barely 3% of the reserves are made-up by cash. Moreover, 65% of the reserves were made-up by commercial paper and there were no details about the type of the commercial paper. \[7\] > > However, the reports from August and December 2021 looked much better \[8\]: cash and cash equivalents made up more than 80% of the reserves, more than 10% of which were cash and bank deposits, +/- 30% were treasure bills (they are considered very safe assets) and they provided more details – the reports included information about the rating and breakdown of maturity of the commercial paper and certificates of deposit. The reports were on pair with those of USDC. > > **USDT is centralized. But is it so bad in the case of a stablecoin?** > > Decentralization is essential for cryptocurrency. But so is replacing fiat. So is decentralization that important in the case of a stablecoin? > > The fact that USDT is centralized also allowed it to do good things on many occasions. It returned USDT sent to wrong addresses and cooperated with law enforcement officials and blocked/froze addresses that used USDT for illegal activities. \[9\], \[10\] > > ^(Sources:) > > ^(\[01\]) [^(https://en.wikipedia.org/wiki/Tether/(cryptocurrency)](https://en.wikipedia.org/wiki/Tether/(cryptocurrency)) > > ^(\[02\]) [^(https://tether.to/wp-content/uploads/2016/06/TetherWhitePaper.pdf)](https://tether.to/wp-content/uploads/2016/06/TetherWhitePaper.pdf) > > ^(\[03\]) [^(https://en.wikipedia.org/wiki/Stablecoin)](https://en.wikipedia.org/wiki/Stablecoin) > > ^(\[04\])[^(https://papers.ssrn.com/sol3/papers.cfm?abstract\\\\id=3835219)](https://papers.ssrn.com/sol3/papers.cfm?abstract\id=3835219) > > ^(\[05\]) [^(https://blog.coinbase.com/tether-usdt-is-now-available-on-coinbase-214f075deaa2)](https://blog.coinbase.com/tether-usdt-is-now-available-on-coinbase-214f075deaa2) > > ^(\[06\]) [^(https://www.theverge.com/22620464/tether-backing-cryptocurrency-stablecoin)](https://www.theverge.com/22620464/tether-backing-cryptocurrency-stablecoin) > > ^(\[07\]) [^(https://tether.to/wp-content/uploads/2021/05/tether-march-31-2021-reserves-breakdown.pdf)](https://tether.to/wp-content/uploads/2021/05/tether-march-31-2021-reserves-breakdown.pdf) > > ^(\[08\]) [^(https://tether.to/en/transparency/#reports)](https://tether.to/en/transparency/#reports) > > ^(\[09\]) [^(https://decrypt.co/41920/tether-uses-centralized-power-refund-million-usdt)](https://decrypt.co/41920/tether-uses-centralized-power-refund-million-usdt) > > ^(\[10\]) [^(https://cryptopotato.com/tether-freezes-1-7m-in-usdt-stolen-in-yearn-finance-exploit/)](https://cryptopotato.com/tether-freezes-1-7m-in-usdt-stolen-in-yearn-finance-exploit/) ***** 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#USDC

#Ethereum Pro-Arguments Below is an argument written by Nostalg33k which won 2nd place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > ​ > > # Ethereum: Use-case driving value > > Ethereum is a very valuable Blockchain. This blockchain is driven by innovation and utility. To understand what makes Ethereum such a valuable eco-system we need to discuss the inner-working of Ethereum. > > # Introduction: Ethereum explained > > According to [Ethereum.org](https://Ethereum.org) : > > >What is Ethereum? > > Ethereum is a technology that's home to digital money, global payments, and applications. The community has built a booming digital economy, bold new ways for creators to earn online, and so much more. It's open to everyone, wherever you are in the world – all you need is the internet. > > So the topic driving this discussion is badly worded. If we are discussing top coins then we should discuss Ether and not Ethereum. Since Ethereum is such an interesting ecosystem I will treat this argument as a pro Ethereum post. I'd love to see the discussion focused on Ether next time. > > Ethereum is not managed by a single entity nor managed by the Ethereum Foundation but is managed through a decentralized process explained [In their governance page](https://ethereum.org/en/governance/). > > Time for some metrics: Ethereum is currently trading north of 1750 $ and has a circulating supply of 122 millions ETH for a Market cap at around 218 billions > > Let's go back to the quote: "Ethereum is a technology that's home to digital money". This point is important. Ether is not the only coin which is using the Ethereum blockchain. A lot of value on the Ethereum Blockchain is not in Ether coins. This will be discussed further down. Ethereum is also home to global payment, so Ether and other cryptocurrencies can be used to settle transactions between P2P in a permissionless way. > > Applications called Dapps exist on the blockchain. We are going to discuss all of these aspects. We are also going to tackle NFTs on the Ethereum Blockchain. > > Ethereum is also completed by L2s. These are going to be mentioned. > > Ethereum has been switched from POW to Asic resistant POW to POS. These are going to be discussed. > > ​ > > # Ethereum: Home to digital money. > > Ethereum strength is that the blockchain is home to many cryptocurrencies. If gas fees are paid in Ether, many tokens have billions circulating in the Ethereum ecosystem. A quick look at Etherscans reveal how strong the ethereum ecosystem is. > > According to [EtherScan](https://etherscan.io/tokens) the blockchain has 40 Billions $ in USDT, 46 Billions in USDC and 7 Billions $ in Wrapped BTC. The market cap of Ether may be around 200 billions but the on chain value of assets in the Ethereum Blockchain is far higher. > > All of these USDT and USDC are stablecoins which can be used for transactions. In fact, it can be used for P2P transaction in a permissionless way but also to buy stuff from businesses. [Here is a list of business accepting USDT (which exists in the Ethereum blockchain)](https://nowpayments.io/blog/businesses-accepting-tether) and [Here is a list of business accepting directly Ethereum](https://www.analyticsinsight.net/top-10-companies-accepting-ethereum-as-a-payment-method-in-2022/) > > These classical transactions are not the only use of the Ethereum Blockchain: Dapps and NFT are also thriving ! > > # Ethereum: Home to dapps and NFTs > > Ethereum is home to a lot of different applications: Marketplaces, exchanges, defi, wallets, games... > > These application are different because they are called dapps: > > >A decentralised application (DApp,\[1\] dApp,\[2\] Dapp, or dapp) is an application that can operate autonomously, typically through the use of smart contracts, that run on a decentralized computing, blockchain or other distributed ledger system.\[3\] > > [Wikipedia Dapps](https://en.wikipedia.org/wiki/Decentralized_application) > > To give a glance to these dapps you can head to this website tho be wary of the first dapp listed being an advertisement for shady businesses (I haven't found a better website to source dapps) [Here you go](https://dappradar.com/rankings/protocol/ethereum/1) > > While I don't believe in the current state of NFT technology being viable (See my write up in favor of NFT speaking about the future of this technology), we have to take into account that even after losing 60% of their value there is still 3 Billions USD in NFTs in the Ethereum Blockchain [Source](https://cointelegraph.com/news/ethereum-nft-collections-lost-nearly-60-of-their-market-cap-in-2022-report) > > # Ethereum: Layers of goodness. > > Ethereum can be a bit expensive for people, this is why it was layered. There are side chains existing just to be cheaper than Ethereum while offering bridges to and from Ethereum. For example Polygon. > > >Polygon is a Layer-2 scaling solution created to help bring mass adoption to the Ethereum platform. It caters to the diverse needs of developers by providing tools to create scalable decentralized applications (dApps) that prioritize performance, user experience (UX), and security. > > So if you want to be able to evaluate Ethereum you need to go and read about the biggest layer 2 pro and cons. > > [A small list of Ethereum layer 2 given by Ethereum.org](https://ethereum.org/en/layer-2/) > > # Ethereum: Evolve to thrive > > Ethereum has been a rapidly evolving ecosystem. It has seen the evolution of mining from GPU to Asic. In order to not become reliant on Asic mining, Ethereum was made Asic resistant. This created other problems: A pressure on the GPU market but also a concern for energy efficiency. In order to improve the footprint but also reduce the fees, Ethereum was made to transistion from POW to POS. Proof of stake is a protocol in which you need to stake coins to run a node in the network. > > This shows an ability to look ahead and to tackle challenges. > > # Conclusion: Ethereum is a rapidly evolving ecosystem which has a lot of value in it. Since Ether is their native coin, all of this impacts Ether's value. > > This is where we go back to the TOP COIN aspect of this write up. Everything I have said has an impact on the value and use of Ether. If you believe in the future of the Ethereum Blockchain, you can go ahead and look a bit more into Ether. If you don't believe in the Ethereum Blockchain then you should try to find a competitor. > > Just know that Ethereum is trying to become deflationary and that their economic outlook seems on par with good cryptos. > > Ethereum is one of the techs of the future and this essay has shown some of the most important aspects of it. > > Have fun ! ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/100p71b/top_coins_ethereum_proarguments_january_2023/) 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_Ethereum) to find arguments on this topic in other rounds.

**Mod updates:** May is now confirmed to be booked out of AMAs, with 7 scheduled, and 2 already booked for June. On **May 18th from 21:00 to 00:00 EDT**, JayX, next-gen asset management and settlement protocol, is hosting an AMA. JayX is **giving away 1,000 USDT to the best 10 questions!**  JayX burned 1,800 moons for the AMA and 4,320 moons to rent the banner for two days. Join here: [https://www.reddit.com/r/CryptoCurrency/comments/1cupl73/ama\_giveaway\_alert\_join\_jayx\_on\_may\_18th\_to\_learn/](https://www.reddit.com/r/CryptoCurrency/comments/1cupl73/ama_giveaway_alert_join_jayx_on_may_18th_to_learn/)

Mentions:#USDT

#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.

#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.

#Ethereum Pro-Arguments Below is an argument written by Nostalg33k which won 2nd place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > ​ > > # Ethereum: Use-case driving value > > Ethereum is a very valuable Blockchain. This blockchain is driven by innovation and utility. To understand what makes Ethereum such a valuable eco-system we need to discuss the inner-working of Ethereum. > > # Introduction: Ethereum explained > > According to [Ethereum.org](https://Ethereum.org) : > > >What is Ethereum? > > Ethereum is a technology that's home to digital money, global payments, and applications. The community has built a booming digital economy, bold new ways for creators to earn online, and so much more. It's open to everyone, wherever you are in the world – all you need is the internet. > > So the topic driving this discussion is badly worded. If we are discussing top coins then we should discuss Ether and not Ethereum. Since Ethereum is such an interesting ecosystem I will treat this argument as a pro Ethereum post. I'd love to see the discussion focused on Ether next time. > > Ethereum is not managed by a single entity nor managed by the Ethereum Foundation but is managed through a decentralized process explained [In their governance page](https://ethereum.org/en/governance/). > > Time for some metrics: Ethereum is currently trading north of 1750 $ and has a circulating supply of 122 millions ETH for a Market cap at around 218 billions > > Let's go back to the quote: "Ethereum is a technology that's home to digital money". This point is important. Ether is not the only coin which is using the Ethereum blockchain. A lot of value on the Ethereum Blockchain is not in Ether coins. This will be discussed further down. Ethereum is also home to global payment, so Ether and other cryptocurrencies can be used to settle transactions between P2P in a permissionless way. > > Applications called Dapps exist on the blockchain. We are going to discuss all of these aspects. We are also going to tackle NFTs on the Ethereum Blockchain. > > Ethereum is also completed by L2s. These are going to be mentioned. > > Ethereum has been switched from POW to Asic resistant POW to POS. These are going to be discussed. > > ​ > > # Ethereum: Home to digital money. > > Ethereum strength is that the blockchain is home to many cryptocurrencies. If gas fees are paid in Ether, many tokens have billions circulating in the Ethereum ecosystem. A quick look at Etherscans reveal how strong the ethereum ecosystem is. > > According to [EtherScan](https://etherscan.io/tokens) the blockchain has 40 Billions $ in USDT, 46 Billions in USDC and 7 Billions $ in Wrapped BTC. The market cap of Ether may be around 200 billions but the on chain value of assets in the Ethereum Blockchain is far higher. > > All of these USDT and USDC are stablecoins which can be used for transactions. In fact, it can be used for P2P transaction in a permissionless way but also to buy stuff from businesses. [Here is a list of business accepting USDT (which exists in the Ethereum blockchain)](https://nowpayments.io/blog/businesses-accepting-tether) and [Here is a list of business accepting directly Ethereum](https://www.analyticsinsight.net/top-10-companies-accepting-ethereum-as-a-payment-method-in-2022/) > > These classical transactions are not the only use of the Ethereum Blockchain: Dapps and NFT are also thriving ! > > # Ethereum: Home to dapps and NFTs > > Ethereum is home to a lot of different applications: Marketplaces, exchanges, defi, wallets, games... > > These application are different because they are called dapps: > > >A decentralised application (DApp,\[1\] dApp,\[2\] Dapp, or dapp) is an application that can operate autonomously, typically through the use of smart contracts, that run on a decentralized computing, blockchain or other distributed ledger system.\[3\] > > [Wikipedia Dapps](https://en.wikipedia.org/wiki/Decentralized_application) > > To give a glance to these dapps you can head to this website tho be wary of the first dapp listed being an advertisement for shady businesses (I haven't found a better website to source dapps) [Here you go](https://dappradar.com/rankings/protocol/ethereum/1) > > While I don't believe in the current state of NFT technology being viable (See my write up in favor of NFT speaking about the future of this technology), we have to take into account that even after losing 60% of their value there is still 3 Billions USD in NFTs in the Ethereum Blockchain [Source](https://cointelegraph.com/news/ethereum-nft-collections-lost-nearly-60-of-their-market-cap-in-2022-report) > > # Ethereum: Layers of goodness. > > Ethereum can be a bit expensive for people, this is why it was layered. There are side chains existing just to be cheaper than Ethereum while offering bridges to and from Ethereum. For example Polygon. > > >Polygon is a Layer-2 scaling solution created to help bring mass adoption to the Ethereum platform. It caters to the diverse needs of developers by providing tools to create scalable decentralized applications (dApps) that prioritize performance, user experience (UX), and security. > > So if you want to be able to evaluate Ethereum you need to go and read about the biggest layer 2 pro and cons. > > [A small list of Ethereum layer 2 given by Ethereum.org](https://ethereum.org/en/layer-2/) > > # Ethereum: Evolve to thrive > > Ethereum has been a rapidly evolving ecosystem. It has seen the evolution of mining from GPU to Asic. In order to not become reliant on Asic mining, Ethereum was made Asic resistant. This created other problems: A pressure on the GPU market but also a concern for energy efficiency. In order to improve the footprint but also reduce the fees, Ethereum was made to transistion from POW to POS. Proof of stake is a protocol in which you need to stake coins to run a node in the network. > > This shows an ability to look ahead and to tackle challenges. > > # Conclusion: Ethereum is a rapidly evolving ecosystem which has a lot of value in it. Since Ether is their native coin, all of this impacts Ether's value. > > This is where we go back to the TOP COIN aspect of this write up. Everything I have said has an impact on the value and use of Ether. If you believe in the future of the Ethereum Blockchain, you can go ahead and look a bit more into Ether. If you don't believe in the Ethereum Blockchain then you should try to find a competitor. > > Just know that Ethereum is trying to become deflationary and that their economic outlook seems on par with good cryptos. > > Ethereum is one of the techs of the future and this essay has shown some of the most important aspects of it. > > Have fun ! ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/100p71b/top_coins_ethereum_proarguments_january_2023/) 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_Ethereum) to find arguments on this topic in other rounds.

#Ethereum Pro-Arguments Below is an argument written by Nostalg33k which won 2nd place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > ​ > > # Ethereum: Use-case driving value > > Ethereum is a very valuable Blockchain. This blockchain is driven by innovation and utility. To understand what makes Ethereum such a valuable eco-system we need to discuss the inner-working of Ethereum. > > # Introduction: Ethereum explained > > According to [Ethereum.org](https://Ethereum.org) : > > >What is Ethereum? > > Ethereum is a technology that's home to digital money, global payments, and applications. The community has built a booming digital economy, bold new ways for creators to earn online, and so much more. It's open to everyone, wherever you are in the world – all you need is the internet. > > So the topic driving this discussion is badly worded. If we are discussing top coins then we should discuss Ether and not Ethereum. Since Ethereum is such an interesting ecosystem I will treat this argument as a pro Ethereum post. I'd love to see the discussion focused on Ether next time. > > Ethereum is not managed by a single entity nor managed by the Ethereum Foundation but is managed through a decentralized process explained [In their governance page](https://ethereum.org/en/governance/). > > Time for some metrics: Ethereum is currently trading north of 1750 $ and has a circulating supply of 122 millions ETH for a Market cap at around 218 billions > > Let's go back to the quote: "Ethereum is a technology that's home to digital money". This point is important. Ether is not the only coin which is using the Ethereum blockchain. A lot of value on the Ethereum Blockchain is not in Ether coins. This will be discussed further down. Ethereum is also home to global payment, so Ether and other cryptocurrencies can be used to settle transactions between P2P in a permissionless way. > > Applications called Dapps exist on the blockchain. We are going to discuss all of these aspects. We are also going to tackle NFTs on the Ethereum Blockchain. > > Ethereum is also completed by L2s. These are going to be mentioned. > > Ethereum has been switched from POW to Asic resistant POW to POS. These are going to be discussed. > > ​ > > # Ethereum: Home to digital money. > > Ethereum strength is that the blockchain is home to many cryptocurrencies. If gas fees are paid in Ether, many tokens have billions circulating in the Ethereum ecosystem. A quick look at Etherscans reveal how strong the ethereum ecosystem is. > > According to [EtherScan](https://etherscan.io/tokens) the blockchain has 40 Billions $ in USDT, 46 Billions in USDC and 7 Billions $ in Wrapped BTC. The market cap of Ether may be around 200 billions but the on chain value of assets in the Ethereum Blockchain is far higher. > > All of these USDT and USDC are stablecoins which can be used for transactions. In fact, it can be used for P2P transaction in a permissionless way but also to buy stuff from businesses. [Here is a list of business accepting USDT (which exists in the Ethereum blockchain)](https://nowpayments.io/blog/businesses-accepting-tether) and [Here is a list of business accepting directly Ethereum](https://www.analyticsinsight.net/top-10-companies-accepting-ethereum-as-a-payment-method-in-2022/) > > These classical transactions are not the only use of the Ethereum Blockchain: Dapps and NFT are also thriving ! > > # Ethereum: Home to dapps and NFTs > > Ethereum is home to a lot of different applications: Marketplaces, exchanges, defi, wallets, games... > > These application are different because they are called dapps: > > >A decentralised application (DApp,\[1\] dApp,\[2\] Dapp, or dapp) is an application that can operate autonomously, typically through the use of smart contracts, that run on a decentralized computing, blockchain or other distributed ledger system.\[3\] > > [Wikipedia Dapps](https://en.wikipedia.org/wiki/Decentralized_application) > > To give a glance to these dapps you can head to this website tho be wary of the first dapp listed being an advertisement for shady businesses (I haven't found a better website to source dapps) [Here you go](https://dappradar.com/rankings/protocol/ethereum/1) > > While I don't believe in the current state of NFT technology being viable (See my write up in favor of NFT speaking about the future of this technology), we have to take into account that even after losing 60% of their value there is still 3 Billions USD in NFTs in the Ethereum Blockchain [Source](https://cointelegraph.com/news/ethereum-nft-collections-lost-nearly-60-of-their-market-cap-in-2022-report) > > # Ethereum: Layers of goodness. > > Ethereum can be a bit expensive for people, this is why it was layered. There are side chains existing just to be cheaper than Ethereum while offering bridges to and from Ethereum. For example Polygon. > > >Polygon is a Layer-2 scaling solution created to help bring mass adoption to the Ethereum platform. It caters to the diverse needs of developers by providing tools to create scalable decentralized applications (dApps) that prioritize performance, user experience (UX), and security. > > So if you want to be able to evaluate Ethereum you need to go and read about the biggest layer 2 pro and cons. > > [A small list of Ethereum layer 2 given by Ethereum.org](https://ethereum.org/en/layer-2/) > > # Ethereum: Evolve to thrive > > Ethereum has been a rapidly evolving ecosystem. It has seen the evolution of mining from GPU to Asic. In order to not become reliant on Asic mining, Ethereum was made Asic resistant. This created other problems: A pressure on the GPU market but also a concern for energy efficiency. In order to improve the footprint but also reduce the fees, Ethereum was made to transistion from POW to POS. Proof of stake is a protocol in which you need to stake coins to run a node in the network. > > This shows an ability to look ahead and to tackle challenges. > > # Conclusion: Ethereum is a rapidly evolving ecosystem which has a lot of value in it. Since Ether is their native coin, all of this impacts Ether's value. > > This is where we go back to the TOP COIN aspect of this write up. Everything I have said has an impact on the value and use of Ether. If you believe in the future of the Ethereum Blockchain, you can go ahead and look a bit more into Ether. If you don't believe in the Ethereum Blockchain then you should try to find a competitor. > > Just know that Ethereum is trying to become deflationary and that their economic outlook seems on par with good cryptos. > > Ethereum is one of the techs of the future and this essay has shown some of the most important aspects of it. > > Have fun ! ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/100p71b/top_coins_ethereum_proarguments_january_2023/) 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_Ethereum) to find arguments on this topic in other rounds.

I got scammed $157k on a fake platform, but i got my lost USDT bac with the help of this professional programmer called @𝙤𝙠𝙩𝙖𝙩𝙚𝙘𝙝𝙞𝙚 𝙤𝙣 𝐭𝐞𝐥𝐞 𝐠𝐫𝐚𝐦. they are 100% legit teste and trusted

Mentions:#USDT

I got scammed $157k on a fake platform, but i got my lost USDT bac with the help of this professional programmer called @𝙤𝙠𝙩𝙖𝙩𝙚𝙘𝙝𝙞𝙚 𝙤𝙣 𝐭𝐞𝐥𝐞 𝐠𝐫𝐚𝐦. they are 100% legit teste and trusted

Mentions:#USDT

tldr; Chinese police dismantled an underground bank that processed $1.9 billion in illegal foreign exchange transactions using the USDT stablecoin. The operation, active since January 2021, involved 193 suspects across 26 provinces. The network facilitated illegal activities such as drug smuggling, overseas asset purchases, and fraudulent tax refunds. The bust was part of an investigation launched in November 2022 by the Chengdu Municipal Public Security Bureau, highlighting the risks of using digital currencies to bypass national regulations. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

Mentions:#USDT#DYOR

USDT gonna take off, any day now!

Mentions:#USDT

You bought into the ISO token garbage. XRP is the most overhyped crypto with downright horrible tokenomics and a bunch of delusional idiots promoting it. As far as its real world usage goes..Stablecoins came out after XRP and unintentionally solved every mission Ripple set out for, without the volatility. Why would a rich company risk using XRP for a border transfer when they can just use USDT? Ripple finally realized this, hence why they are trying to get their greedy paws into the stablecoin market. Just buy Bitcoin bro. Only 5 coins in the top 100 outpaced Bitcoin in the past year. Like Saylor says, "Diversification is essentially selling the winner to buy the losers." Bitcoin is by far the winner in this race.

Mentions:#XRP#USDT

USDT has nothing to do with /r.Bitcoin

Mentions:#USDT

Im not saying they don’t have it, im saying no one in the crypto space trusts it’s unequivocally. They know it themselves, it’s why they try to get full audits from reputable firms. If they didn’t have an image problem they would not constantly need to reassure us the funds are backed. I still use USDT on chains where other stable coins are not well established but personally, I borrow those USDT against USDC on a money market before moving to DeFi with them.

Mentions:#USDT#USDC

> I figured this sub hates ICP and memecoins are inevitable. >I'm newish to crypto You must be really new ... *Coingecko stats* "The most popular exchange to buy and trade Internet Computer is Gate.io, where the most active trading pair ICP/USDT has a trading volume of $7,823,726 in the last 24 hours. Other popular options include Deepcoin and Bit2Me." **"The highest price paid for Internet Computer (ICP) is $700.65, which was recorded on May 10, 2021 (about 3 years). Comparatively, the current price is 98.22% lower than the all-time high price."** No one hates ICP , same way as you don't "hate" the garbage you throw out each day.

Mentions:#ICP#USDT

When bullmarket 2021 was over, I read the Whitepaper of that Luna Stablecoin construct and wondered, how that should work in the end and preferred USDT. 3 months later I knew, I was right. A friend lost a lot and we tried to check out how to short it, but when in the end we had that Bybit account running, it was too late for him.

Mentions:#USDT

I have this motto when it comes to investments that is"If I can't understand why people should invest in something then I probably shouldn't do it myself ". LUNA was a clear example of that: it had nothing unique from other blockchains except for having its price dependent on a speculative protocol (Anchor and consequently USDT) that had nothing except high APRs in a - apparently - stable coin. That's what happen when people go greedy instead of rational and don't make a fundamental analysis of the projects they throw their money into. It was an extremely flawed protocol but people turn their eyes into the 10% APRs.

Mentions:#LUNA#USDT

I’m having problems with Bitget too. I have $100 USDT in my wallet, but when I try to transfer to exchange or swap it, it says “no liquidity pool”🤷🏼‍♀️ So now I’m working on getting the heck out of there, as I have money sitting there that I can’t use

Mentions:#USDT

So why don’t companies accept stable coins like USDT and USDC then? Wouldn’t that at least be a good start?

Mentions:#USDT#USDC

But Trx on Coinbase/Binance. Send it to Trust wallet. Now send your USDT TRC20 from Trust wallet to Binance. Then from Binance you send it to your Coinbase wallet using your preferred chain (make sure you have the native token of that chain).

Mentions:#USDT#TRC

>Volatility Bitcoin may seem volitale for people in US, Canada and other amazing economies but pull up a chart of Bitcoin to the Turkish lira or Aregitian Peso and see how much they have most value to it. >high fees, slow tech Money goes in layers, Bitcoin has a l2 called lighting network which allows for transaction speeds that take fairly the same amount of time as using a credit card. >price stability is provided by stablecoins. That's trusting that those companies havw that money, look at a video by coffeezilla about USDT, secondly you can use stablecoins on bitcoin through the Liquid Network, which is another L2 and is less decentralized but you can also have confidential transactions.

Mentions:#USDT

Currently whats best bridge to send from BSC (USDT) to ETH?

Mentions:#USDT#ETH

Its audited 400 tons of gold held in london.. its an O IOU of gold crypto.. like USDT or USDC you just have to make shure you pay the good price... For me Better than holding stable in the bear. I use it to not withdraw so i dont take profits out on fiat and have pay taxes on it and make shure i dont loose to inflation/asset/crypto crash DYOR of course and NFA

Ok...first buy some Trx from any exchange and send it to your Trust wallet(approx $4 worth of TRX). Once you receive the Trx in your trust wallet, you can withdraw your USDT Trc20 to your Coinbase wallet by copying and pasting the USDT trc address. Then you can swap it to whatever coin you wish once it's on Coinbase.

Mentions:#TRX#USDT

[DeFiLlama](https://defillama.com/yields?token=USDT&attribute=single_exposure&attribute=no_il&attribute=stablecoins) can give you a wide range of financial institutions that want your USDT. From normal to scary.

Mentions:#USDT

Hello, that’s mine USDT TRC20 wallet: TPzfq6oecGXpDfFbWFAtPHUBpTgtEVQKdZ If you are rich, or less than rich you always can help me by sending usdt to my wallet. Waiting for your support, i will be thankful for rest of my life, anonym

Mentions:#USDT#TRC

You should really be checking your sources better, that list is very outdated(and inaccurate) and I wouldn't be referencing it. Doesn't include many newer chains, like Solana, Polkadot, Base, Blast, Sui, Arbitrum, Optimism, Aptos, Near, Hedera. It also doesn't reference it's source and is using incongruent/incomplete data just off a quick glance (Tron is top in the millions, due to USDT usage, but somehow USDT only has 50k users?) It's also a bit misleading to use "top5/10" as the actual number is only 30,000 and if you included all of the left out chains, Algorand would barely even have 10% of the users of the 10th most popular chain in that regard.

Mentions:#USDT

#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.

i bet more than half of the "p2p fiat replacement" people here still look at USDT pairings on the charts

Mentions:#USDT

I've been trying to sort buying USDT.... But good to see you found a way to get it back to CAD if you can get it, lol

Mentions:#USDT#CAD

#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.

Because of the debt exposure during those events. Luna crashed because it was used as a backing asset to mint UST not USDT. The UST token was collateralized by other stable coin assets, btc ETH and LUNA When LUNA started losing value, the UST minted with that LUNA as collateral lost its peg to $1 and started dumping. The selling of UST caused more LUNA to liquidate as it was serving as the counterpart to UST that was being dumped. Both LUNA and UST took a huge shit to 0 because the UST was ultimately collateralized against a worthless token (LUNA) FtX collapsed because of a different racket in which they used the deposit from users to effectively leverage long into crypto. When btc and eth dropped and the depositors wanted their usd back the business quickly realized its insolvency and had to shut down. USDT is minted with USD in collateral. As long as the tether foundation is able to produce $1 per 1 USDT when banks ask for redemption, there is no issue. The problems start when you mint USDT against non USD pegged collateral.

> Have fun on the CeX where you can trade only what they allow you to trade, as long as they are not down for maintenance during peek volatility.  You can be just as critical about DEXs too. "Have fun on the DEX with your lower liquidity and much higher transaction fees". > They hold all your funds as you hold an IOU and trust them to pay you back, and they report on every little movement you make to the IRS.  I report every little movement to the IRS as required by law. Holding USDC or USDT is an IOU that you trust is paid back.  > USDT your trading on a CeX doesn’t even need to exist for them to sell it to you since you own a number on their balance sheet and have no way to verify the exchanges solvency until it’s too late.  Sure, but CEXs can help you correct errors. Make some fat finger error and trade at a price or amount you didn't mean to? They are able to help you undo it. Can't do that on a DEX. Some "drain my metamask wallet" type attack won't affect your tokens held on a CEX. > I mean if you’re gonna ignore the actual crypto ecosystem entirely, then what is the point of your comments at all? It was originally just about Tether and how USDC money moved to USDT in the wake of the SVB collapse. You started talking about DEXs and all sorts of other stuff. From what I see, crypto is about more than just exchanging for other crypto.

Have fun on the CeX where you can trade only what they allow you to trade, as long as they are not down for maintenance during peek volatility. They hold all your funds as you hold an IOU and trust them to pay you back, and they report on every little movement you make to the IRS. USDT your trading on a CeX doesn’t even need to exist for them to sell it to you since you own a number on their balance sheet and have no way to verify the exchanges solvency until it’s too late. On chain you have $5 billion in liquid and $36 billion in trading volume last month, but sure it’s an insignificant puddle lol. I mean if you’re gonna ignore the actual crypto ecosystem entirely, then what is the point of your comments at all? Are you saying USDT is going to collapse the centralized broker industry built on top of crypto?

Mentions:#USDT

**Crypto wallet adds pay-per-use access to premium subscription AIs** [**https://finbold.com/crypto-wallet-adds-pay-per-use-access-to-premium-subscription-ais/**](https://finbold.com/crypto-wallet-adds-pay-per-use-access-to-premium-subscription-ais/) "The popular crypto wallet, Cake Wallet, has added support to a pay-per-use artificial intelligence (AI) platform that allows access to premium APIs like ChatGPT-4, Dall-E 3, Claude 3 Opus, and more. Finbold exclusively talked to the companies’ founders about using cryptocurrencies for payments in their services. Now, Cake Wallet users can pay-per-use premium AI chatbots directly from their cryptocurrency self-custody address with Nano (XNO). Moreover, it is possible to swap other supported cryptocurrencies in-app, such as Bitcoin (BTC), Monero (XMR), Litecoin (LTC), Bitcoin Cash (BCH), Polygon-based USDT, USDC, and others." >

Priced into the crypto market at large. Not into the stable coin token price, obviously. I’m not talking about USDT units at centralized exchanges. Yeah those are fucked lol. Im talking about on chain liquidity depth in the defi ecosystem. USDC has passed USDT as the deepest liquidity stable coin on uniswap on ETH main net a while ago. On chain traders are weary of USDT. Even money markets like AAVE and Compound isolate the USDT market. I’m saying that USDT will likely collapse as you suggested but unlike your suggestion, I don’t think it’s gonna shock the crypto world. At least the on chain side of this tech has been expecting and adjusting risk exposure accordingly.