BTC vs USDT - Question for the CommunitysteemCreated with Sketch.

in bitcoin •  7 years ago 

Noob Question: Say Poloniex is hacked - would the hacker have any benefit from stealing the USDT?

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https://coinmarketcap.com/assets/tether/

As it is a teathered crypto - is it only valid on Polionex? If it is stolen, can it be forked then or pulled back (ideally by the 'teather') to return the funds to the associated account (similar to ETC)?

Specifically - is USDT then safer than BTC on an exchange in the event of a hack?

Thank so much - I appreciate all of your expertise and insight!!

BK

bitcoin polionex coinbase usd cryptocurrency
7 years ago by

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      ·  7 years ago 

    Hey BK . Huge fan of your Youtube videos - great to see you being active on Steemit ... I think you make a good point - are you thinking of investing in USDT as it might be more protected than other currencies on Poloniex ... that exchange is just bad news ... I wouldn't touch it with a barge poll.

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        ·  7 years ago 

      I'll Re-steem this ... lets get you some answers :)

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          ·  7 years ago 

        Thanks! Yea I wanted to see what all the hoop-lah was about on here so I joined :)

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            ·  7 years ago 

          I'd say if the exchange is hacked then everything you've got on there can be taken... no matter what the wallet is. USDT doesn't have a desktop wallet yet (as far as I know) - you can keep it on the exchange (never recommended, hey!) or as a mobile app (haven't check out how its security works yet). You can also use tether.io to send and receive funds but yeah... no desktop wallet that I know of yet. Check https://www.cryptocompare.com/coins/guides/what-is-usdt-and-how-to-use-it/ for more info.

          I have a tether wallet on bittrex and use it when everything's crashing. Then just buy back on the reversal (BTC or ETH on bittrex are possible. Poloniex has more options) Not totally happy that there's no desktop wallet though....

          Hope that helps.

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