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Author Topic: Why should I trust Tether?  (Read 2660 times)

KobbyC

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Why should I trust Tether?
« on: June 20, 2018, 08:23:39 am »
People are saying tether is a scam, how true is this, why should I trust Tether?

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Why should I trust Tether?
« on: June 20, 2018, 08:23:39 am »


altcoingamer

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Re: Why should I trust Tether?
« Reply #1 on: June 20, 2018, 10:49:38 am »
The short answer is you really shouldn't... The danger you play with this coin is if you are holding large amounts of USDT And you go to sleep one night and you wake up that there was an investigation and dollar per dollar that tether wasn't backed up in a bank account by Bitfinex, and there will be MASSIVE panic (the whole crypto world will feel the pain but if you have large amounts of tether, your portfolio could go to almost nothing in a few hours).   We all use USDT for an hour or maybe even 12-24 hours, but every time you touch it is like playing with fire!   Until there is some serious audit that shows look, there's no worry of this, I am very VERY concerned.
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Re: Why should I trust Tether?
« Reply #1 on: June 20, 2018, 10:49:38 am »

Kitcho

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Re: Why should I trust Tether?
« Reply #2 on: June 24, 2018, 12:20:19 pm »
The short answer is you really shouldn't... The danger you play with this coin is if you are holding large amounts of USDT And you go to sleep one night and you wake up that there was an investigation and dollar per dollar that tether wasn't backed up in a bank account by Bitfinex, and there will be MASSIVE panic (the whole crypto world will feel the pain but if you have large amounts of tether, your portfolio could go to almost nothing in a few hours).   We all use USDT for an hour or maybe even 12-24 hours, but every time you touch it is like playing with fire!   Until there is some serious audit that shows look, there's no worry of this, I am very VERY concerned.

Hello altcoingamer ,

Thanks for your answer, I give you a Karma for your participation .  ;D
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sugarchrisp

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Re: Why should I trust Tether?
« Reply #3 on: June 25, 2018, 06:36:34 am »
I don't think you should necessarily trust tether, they aren't really backed by anything and can create more of their currency whenever they want.  It's honestly somewhat concerning, I wouldn't keep much money in it for very long.
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laiya94

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Re: Why should I trust Tether?
« Reply #4 on: July 01, 2018, 05:35:19 am »
If you able to see the history of the tether all the time it's worth 1 us dollar so if you able to convert you BTC and ETH into Tether in a higher stage you will able to buy more at the dip because Tether never scales with BTC or ETH.

trofim21

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Re: Why should I trust Tether?
« Reply #5 on: July 07, 2018, 12:34:42 am »
why buy this coin, it is created for quick purchases, to keep this coin for a long time I do not advise
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altcoingamer

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Re: Why should I trust Tether?
« Reply #6 on: July 08, 2018, 03:46:36 am »
The short answer is you really shouldn't... The danger you play with this coin is if you are holding large amounts of USDT And you go to sleep one night and you wake up that there was an investigation and dollar per dollar that tether wasn't backed up in a bank account by Bitfinex, and there will be MASSIVE panic (the whole crypto world will feel the pain but if you have large amounts of tether, your portfolio could go to almost nothing in a few hours).   We all use USDT for an hour or maybe even 12-24 hours, but every time you touch it is like playing with fire!   Until there is some serious audit that shows look, there's no worry of this, I am very VERY concerned.

Hello altcoingamer ,

Thanks for your answer, I give you a Karma for your participation .  ;D

Thank you so mu ch!  Apparently theres an ex FBI guy who looked into it and he says its all backed up?  I still don't trust this coin fully and never will, but I pray for its safety because if Tether ends up being a scam, all of crypto is going to be in trouble.. its too engrained into the infastructure.
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CryptoZenWorld

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Re: Why should I trust Tether?
« Reply #7 on: July 10, 2018, 12:38:09 am »
There is no need to trust Tether. Because Tether itself has hidden his face to reveal his truth and as there is no legit third party to audit. Tether has not posted their audited accounts for several months, they had a contract with an auditing firm called Friedman LLP but was recently terminated for ‘unknown’ reasons.

So, why Tether still exists?

Tether argue that it's value is equal to 1 usd . Basically, it is just a statement but has no proof. USDT is not actually backed by the dollar at all.

So, why people still use Tether?

Mainly, people use Tether to make quick cash to USD of a large amount of Cryptocurrency when the market of cryptocurrency become cashless and the price goes down.

So, Tether is best for making hard cash, not for long-term investment. Because there is no secure reason to hold it.

Bitfinex supporting USDT and using USDT to manipulate the price of cryptocurrencies, especially Bitcoin.

So, just stay away from USDT. There is lots of trusted coins out there.

Thanks.
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natmuller68

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Re: Why should I trust Tether?
« Reply #8 on: July 14, 2018, 11:22:40 am »
Hi ,

Never trust totaly a crypto coin because you never know if its a scam or not, even though it's really well presented.
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Re: Why should I trust Tether?
« Reply #9 on: July 22, 2018, 02:01:36 pm »
Tether has got lot of promising ideas under its cap and some good team to back them up. So if they are successful with their ideas, they are definitely going to outshine other crypto.

levyashin

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Re: Why should I trust Tether?
« Reply #10 on: July 28, 2018, 08:13:47 am »
I think you shouldn't trust tether. I never hold any of it. If you really must, i suggest holding for a little time.

They say that they have every tether backing with us dollars they have on reserve. But they are not showing any audit reports. And i don't think they have more than 2 billion dollars on reserve.

So it is a ticking time bomb.
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