Steemit post: https://steemit.com/cryptocurrency/@davidhay/tether-usdt-cryptocurrency-risk-vs-reward
The crypto community has been concerned about Tether, so lets take a look at what happens if it crashes. In this video, we separate the FUD from legitimate concerns. I also explain what I'm personally doing to mitigate my own risk.
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@davidhay thanks for the opinion piece.
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A good run up should either eliminate Tether, or prove that it is the real deal. I am ancxiously awaiting.
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@davidhay. I’m curious but I found you on steemit from YouTube. I typically check out the people I follow here by looking at their blog, comments, followers and wallet. I’m very confused with your wallet. Are you letting you rewards pile up? Your transaction history is limited to say the least. You’re not declining payouts on your posts so it stands to reason you’d have some form of account balance or a transaction history showing you sending money out. Either way is fine by me, I’m just confused with how this is possible. As an investor in steem power, can you please help me understand why your account doesn’t look right. It’s the only account I’ve seen that doesn’t add up. If you’re letting rewards pile up, will you lose them at some point? Nothing against you, (I’ve learned a lot from your YT channel) just looking for some clarity. Thanks for your understanding! :-)
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There's a difference between transaction history, curation rewards, and author rewards. Take a look at [Rewards] > [Author Rewards] to get a better idea. Looks like it's mostly in SBD, which would make sense considering he typical invests long-term.
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Yes, I see he’s making some good rewards but he’s not collecting them. This is the confusing part. If you don’t want to collect, then why not decline payment and let the rewards go to someone else? I say hit the collect rewards button in your wallet! 💰💰💰
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Hmm, you're right. New tokens are created at yearly inflation rate of 9.5% - maybe the return for claiming your rewards sometime in the future is greater than the amount you receive yearly in interest holding SP? I'm guessing at this point.
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👍
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Personally I don't think Tether is much of a risk anymore than Bitconnect was. USDT has a similar market cap now to where BCC was before it blew up.
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The difference between inflow and market cap and how it relates to Tethers.
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Great info, thanks for adding this.
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+1. I just watched the video and was going to add this information! :) Thanks for adding! :)
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The more we weed out the bad ones and make room for the stronger platforms and cryptos out there, the better our environment! Thanks David!
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Tether needs to simply go away. Any entity that has over $2 billion in assets has ABSOLUTELY NOTHING to hide. I don't think they anticipated this would grow this large.
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You'd be surprised re: "nothing to hide" about that large value of a company, but I agree, Tether just cannot leave a good impression right now if it's life depended on it....
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Dave, just watched this on you-tube, decent "out of the box" thinking video, and will open some eyes to the unknowing about the practice of fractional reserve banking. Will give you all your credit due for this mate.
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@davidhay, thanks for the video! I think it is ok if Tether is using a fractional reserve system, since its main purpose is to provide liquidity. But they will need to be transparent with it and should not claim that it is 100% backed. I think if it does collapse, not only their market cap will be wiped out, there is going to be a strong possibility of panic selling at exchanges that use USDT.
Personally, I try not to hold USDT as well on exchanges.
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Thank you very much for your video. I agree with your reflexions. Tether together with Bitfinex definitely is a structural problem to the markets.
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I'm a bit suss on tether... then again i'm a bit suss on crypto in general lately!
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If tether collapse, certainly may cause the collapse of the virtual currency, at least for Chinese investors is that the price of the currency will be drastically revised, because rumours tether and exchange cooperation greatly too high a price for the COINS, it's really scary, I hope this is not true.
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Thanks useful update
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I have seen quite a few videos about Tether and I think this was a valid point of view. I think you are right about someone taking its spot if Tether collapse, but it would still do some damage to the whole market like people would be scared again. Thank you for the amazing content!!
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Fractional reserve is the kind of thing that works until it doesn't, bank runs have happened before and will again. That being said, i agree that this is just a minor pebble in the road for cryptos.
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Thanks for sharing...
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This is a big risk to the whole ecosystem if we really think of what USDT does. I hope we get a definitive answer around USDT soon
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Thanks for the great content! I am surprised that Tether hasn't come out denying allegations that they do not have the 1:1 ratio of fiat. That, to me, says that something internal is going on (likely theft of some sort).
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Thanks! for being watchful and giving us infos and updates...
I'm just rely on those Steemians like you that has concern for what is happening...
Have na nice day!
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Great job explaining this, I've been trying to get some help understanding this whole tether deal...Your right if it goes down something will replace it fast! Thanks.
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Thanks for the videos David I always enjoy them. I've thought about using tether in the past for the fact there's not many safe places to take profit unless you go back to fiat.
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A cryptocurrency whose idea is great but has disappointed us. They should either clean up the mess and be more open or should just get out
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Without Tether and India FUD the scale of the current crypto dip would have been greatly diminished.
Great videos David Hay. Good Stuff!
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