USDT is made by Bitfinex and is known to have no verification of it really holding 1 USD equivalent in their stash. Yet many exchanges use it, because its a cryptocurrency and this way they avoid FIAT gateways yet have something "keeping value".
Worth to note that Bitshares also has pegged assets that work and never lost the peg ie bitEUR or bitCNY. So you can trade this types of fiat ie on OpenLedger while staying 100% decentralized.
SBD lost the peg long ago and is worth more than STEEM so this one we take out.
Yet we have new player in town - TrueUSD aka TUSD which wants to be direct competitor of USDT and possibly take it out.
TUSD Markets
They have just 12 millions so far printed so volume is small but already got support from Binance and Bittrex/UpBit which shows the future seems bright.
USDT Markets
This has 400 pairs over loads of exchanges.
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still can not trust 100%
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So what happens to tether?
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I think a lot of people are waiting for a viable alternative, because there is a reasonable expectation that the US govt. might take legal action against the parent company for fraud. No one wants to be sitting in USDT when that happens, but right now people keep trading it because there is nothing else that fulfills its purpose, and there is also the false security of seeing so many others still doing it. I bet these exchanges heavily in USDT know they’re playing against time and are praying for a way out before the plug is pulled.
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Well how can we be certain that they are committing fraud? The numbers that bitfinix pulls could very easily cover the cost of tether.
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Because they’re saying amounts of new tether have receive dollar deposits in amounts too large to be feasible within a given period. They print it on demand, not on availability. I don’t recall the exact numbers anymore from when I really looked at it last year when the govt first opened the investigation, but the numbers just didn’t add up.
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Even if the numbers on the surface did not add up, the backend could be telling a very different story. I’m not saying the 100% have it in the bank at all times, but I’m pretty proof of existence should not be hard for them.
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Honestly, until the investigation against them falsifying the claim is closed I’m going to be cautious with that coin. I never let myself sit in it for more than a few days, and feel like I’m always increasing my risk when I do. I hope it is decided in their favor (meaning they can prove their claim is true), but I find it too unlikely to bet on.
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Tether/Bitfinex were served subpoenas on December 6, 2017, and shortly thereafter the largest amounts of Tether were printed and volume and price action exploded to the highest levels in cryptocurrency history. It is 99% probably not mere coincidence. People are leery of the actions of these entities because they have already drawn investigative scrutiny and are likely being set up to fall when central banks and governments themselves have problems keeping people locked in to their currencies as cryptocurrencies start to look like more viable alternatives for people to park their cash or funnel funds as crises start to hit multiple nations at once.
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Some credible people are questioning the legitimacy of Tether, because it refuses to be audited. Be careful if you use it.
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every day a new currency is introduced now but its fluctuating value make some time it grow and some time not, it is very fifficult to judge that a invester where invest money in crypto let see what is its future @kingscrown
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Why can't they just pair it with USD instead they complicate it?
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USDT look likes SBD????
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Much effort and dedication have been putting into the research, keep up the good work @kingscrown best of regards
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Well...looks like another lucrative one. More the player, harder the play.
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Who's the USD holder? How is the backup guaranteed?
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I am still confused to distinguish between TUSD and USDT.
Where is the difference?
How to relate both to financial gain or profit?
@kingscrow
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The diff is that TUSD promises to be more honest. It basically tether without it bad rep and more transparency for now...
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Thank u very much @sames
Regard for u
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The BitAssets have all had their pegs broken shortly after creation.
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Yes, after the launch of BitShares 1.0 in 2014. BitShares was overhauled for a 2.0 launch in October 2015, and smartcoin pegs have held since then. Right now, the highest 24 hour trade volume of any BTS pair is bitCNY/BTS on the DEX with nearly $15 million.
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Guesa stable coin would be no use of investing as it is meant to be 'stable'. SBD is an exception maybe lol.
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Okay so we really needed more parking space to park in when we take our assets out of the cryptos for a while and it is really a pain in the butt to go back to fiat.
USDT has a had a lot of shady auditing in the past and has a lost a lot of trust but no one can deny its usefulness. Really hoping that things will turn out better with TUSD
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TUSD is just a better version of tether so only time can tell if they start acting like tether
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Who would want a crypto pegged to the federal reserve note? It will continually lose value day after day, won't it?
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stability of value. BTC from 19k to 6k, gain or sig loss?
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I'm talking about overall value. I'm not talking value based on how many federal reserve notes one can trade for crypto...I'm talking about inherent worth of crypto.
Bitcoin will climb high, as the dollar crashes and maintain BTC's inherent value. This new coin will hyper-inflate right along with the dollar.
I'm not interested, but if other's are, go for it.
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Not sure what inherent worth of crypto means; maybe utility. People expect Bitcoins to be valuable due to its scarcity which is not inherent value. TUSD and other stable coins are used temporarily to prevent immediate loss of value if one can accurately predict a crash, like what happens normally with Bitcoins. So, people are not really looking to hold on to it forever or until hyper-inflation becomes apparent.
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Value is determined by whatever buyers and sellers agree to...except these days, since the price manipulators of Wall Street have perfected their craft.
You are equating value with how many federal reserve notes you can trade a Bitcoin (or other crypto) for. I don't value things that way. The federal reserve note is designed to lose value each year, each month.
It took 3 Bitcoins to buy a pizza a few years ago. Now, it takes a small percentage of a Bitcoin to buy one. During the same time period, pizza was also traded for 25 US $ then, and 30 US $ now.
Granted the federal reserve note is the world's currency and super easy to trade, but I still don't think it is wise to set a currency pegged to a fiat currency that loses value over time.
Of course, that's just my opinion and not financial advise, so do what you want...I'm just blathering...thanks.
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Personally, I have used Tether and never lost money. I definitely agree it is a risk!!
As far as TUSD. That is unheard of... I always saw it on the exchanges, but never used it. Are there any reviews on it?
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Well this really begs a question: will TUSD have a way to verify its holding the equivalent dollars or it will be the same old story?
Because otherwise, what's the advantage over USDT?
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wow its abit confusing and why have two currency doing the same job
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Competition
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There is other interesting projects for stable coins like Maker Dai, look it up.
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I wouldnt touch tether with a 10 foot pole they seem to shady. So far O am impressed the way TUSD has conducted themselves. Hopefully they continue this way and continues to be a positive force in crypto.
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THis is the beginning of the end for Tether! Hope it doesn't hurt the overall market..
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Thanks for sharing my friend
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Wait for USDC before you go all in :)
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Bitcoin faucets：https://bsai.io/?t=55
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The free market is a wonderful thing.
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Thanks for posting! I look forward to seeing where this goes.
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