Usdt vs Btc, Eth, Sol transaction volume

[bitmover]

I wonder if one day digital $ (CBDC) will be as popular as USDT...?

If ever launched? Way more!
Convenience, no volatility, someone to call when something goes wrong, funds insured...
CBDC would trash stablecoins in an instant then a ton of 3rd party payments.

I think the same, and therefore it is difficult for me to imagine that CBDC will not become a reality in the US - unless someone from high politics and from the top rich participates in the USDT project and can lobby for CBDC not to be approved. No matter how we look at it, both "projects" have something in common - they print their "tokens" out of thin air, when needed and as much as needed.

I think there is great privacy movement in US, which will stop CBDC for a while. It doesn't matter who is the president, the congress must approve it.

Individual rights are important in US. Let´s see, but I believe we wont see CBDC there for a while (maybe never)

In the name of financial privacy, the U.S. House of Representatives (the House) passed a bill banning CBDCs (central bank digital currency) in the United States. This has implications across many financial areas, affecting investors as well. The official name of this landmark decision, written to protect American financial privacy, is the CBDC Anti-Surveillance State Act. The legislation would prohibit the Federal Reserve from issuing a CBDC without explicit Congressional authorization.
https://www.msn.com/en-us/money/markets/the-u-s-house-s-cbdc-ban-and-its-implications-for-investors/

[bee]

I wonder if one day digital $ (CBDC) will be as popular as USDT...?

CBDC is a government entity, of course its introduction will be carried out on a massive scale so that not even the lower classes of society are overlooked and there will definitely be massive funding by the government in order to raise this awareness.


I'm confused, they uphold privacy and on the other hand they fight mixers.

In the name of financial privacy,...

https://www.msn.com/en-us/money/markets/the-u-s-house-s-cbdc-ban-and-its-implications-for-investors/

[bitmover]

I'm confused, they uphold privacy and on the other hand they fight mixers.

In the name of financial privacy,...

https://www.msn.com/en-us/money/markets/the-u-s-house-s-cbdc-ban-and-its-implications-for-investors/

AFAIK, all banned mixers had some link to illegal activities in the past.

Privacy is an individual right. Mixers are not illegal.

[examplens]

AFAIK, all banned mixers had some link to illegal activities in the past.

Privacy is an individual right. Mixers are not illegal.

For many things, changes in the law and their interpretation play a big role in marking something as legal or illegal.
For example, Samourai Wallet was legitimate up to a point, then someone decided they crossed the line the service was declared illegal, and the founders were arrested. So, the same thing changed its legitimacy within a month.
Wasabi, for example, after seizing Samurai, declaratively removed the risk ^coinjoin function (one that can be interpreted differently) and thus went through the path of legitimate -> the edge of illegality -> legitimate again. Now everything critical is separated through the coordinators, the functionality is approximately the same, but it is considered legal. For now.

[Stompix]

I think the same, and therefore it is difficult for me to imagine that CBDC will not become a reality in the US - unless someone from high politics and from the top rich participates in the USDT project and can lobby for CBDC not to be approved. No matter how we look at it, both "projects" have something in common - they print their "tokens" out of thin air, when needed and as much as needed.

As weird as it seems my bet is on the EU first then the US.
The whole thing with having the FED as opposed to the ECB which has the mandate to print currency while this is held by the Treasury in the US, so while they will fight in bureaucracy the EU might take the lead!

AFAIK, all banned mixers had some link to illegal activities in the past.
Privacy is an individual right. Mixers are not illegal.

Pretty simple reasoning!!
By law, you have the privacy of the money you have obtained legally not to be spied upon on what you use them for.
The moment you try to actively hide money no matter what your privacy ends.
Again, this is the law, not my opinion.

I can send 100k to my relatives outside the country via a bank with no problem, going with 100k in my pockets across the border would have my funds confiscated.

The law punishes the intention, not right of course, but this is the law right now at least their law!

[NotATether]

Are these USDT stats including activity on all supported chains (like TRC20 and others) or just ERC-20v

Because if it's the latter and you factor in gas fees, I'd be inclined to think that the transaction volume on ETH comes really close to the volume for USDT.

[Lucius]

I think the same, and therefore it is difficult for me to imagine that CBDC will not become a reality in the US - unless someone from high politics and from the top rich participates in the USDT project and can lobby for CBDC not to be approved. No matter how we look at it, both "projects" have something in common - they print their "tokens" out of thin air, when needed and as much as needed.

As weird as it seems my bet is on the EU first then the US.
The whole thing with having the FED as opposed to the ECB which has the mandate to print currency while this is held by the Treasury in the US, so while they will fight in bureaucracy the EU might take the lead!

It is possible that the EU will be the first to issue a CBDC because some statements by our dear Christina indicated that it could be around 2025 (if I am not mistaken). Her fear and persistent mention of stablecoins as the biggest threat to the euro could result in us getting a digital euro much sooner than we hope. Although it was initially mentioned that everyone will be able to have a maximum of EUR 300 in their digital wallet.

Recently, the governor of my central bank stated something about this topic, and among other things, he stated that the digital euro will enable maximum privacy because no one will be able to see these transactions. The man has a very bad understanding of what he is talking about, because the CBDC will enable far greater control over transactions, as if this is not already the case with card payments and mobile banking.

[bitmover]

Recently, the governor of my central bank stated something about this topic, and among other things, he stated that the digital euro will enable maximum privacy because no one will be able to see these transactions. The man has a very bad understanding of what he is talking about, because the CBDC will enable far greater control over transactions, as if this is not already the case with card payments and mobile banking.

Well Theoretically CBDC could have enhanced privacy, if it was something like monero.

Ofc , that won't happen.

The best privacy for any fiat currency is still the simple cash.

[Lucius]

@bitmover, CBDC is nothing but centralized digital fiat and the goal of all this is to enable maximum control over how people spend money and to prevent any bad transactions. If we look at the fact that CBDC first came to life and is already widely used in China, then this is enough proof of who benefits the most from something like that.

Until they start forcing us to use CBDC, we will have at least some kind of privacy, and then we will obviously be left with using cryptocurrencies for that purpose. I wonder if then the pressure on BTC and especially some cryptocurrencies that focus on privacy will become even greater than it is now?

[dkbit98]

However, they won't show up in the US soon. They are prohibiting it there

You can clearly see in this article that the proposed bill's prospects in the Senate is unclear.
Some states may ban or delay CBDC but others will accept it for sure, if not all of them, after next major crash when dollar becomes worthless.
EU already started promoting this crap with Christine Lagarde (as optional first) so it's obvious they al have the same orders from their puppet masters.

[Abeo]

Usdt is a stable currency while BTC and ETH are not. People are using Usdt mostly whenever they have to keep their funds in a stable currency. Many centralized exchanges are bringing contests and raffles where they require old and new members to trade in USDT so then they will enter the contests and can win profit in coins or in a stable currency. These types of contests are also causing a huge trading volume. Usdt is like the fiat currency of the digital world of crypto. Therefore people prefer to use it. If we look at the top stablecoin list, USDT has a trading volume of $69,263,175,661, and the other 10 stable coins if combined collectively can't cross it in 24-hour trading volume. Usdt has been in the market for a long time and people have trust in it. Maybe PaypalUsd someday will be trusted more when Usdt will crash but till then we have to hope it will never crash.

[yhiaali3]

There has always been a lot of doubts about USDT and there have been investigations about it but since it became a friend of the US government I no longer trust USDT even though it is by far the largest stablecoin.

Stablecoins, especially centralized ones, should not be trusted because they are worse than the dollar, the coin can collapse and your money can be blocked and seized at the request of the government for any reason.

But despite that, we cannot abandon stablecoins because cryptocurrencies are very volatile and you need a somewhat stable coin to maintain the value of your money in trading during the bear market and also easier to convert to cash.

[ZAINmalik75]

There has always been a lot of doubts about USDT and there have been investigations about it but since it became a friend of the US government I no longer trust USDT even though it is by far the largest stablecoin.

Stablecoins, especially centralized ones, should not be trusted because they are worse than the dollar, the coin can collapse and your money can be blocked and seized at the request of the government for any reason.

But despite that, we cannot abandon stablecoins because cryptocurrencies are very volatile and you need a somewhat stable coin to maintain the value of your money in trading during the bear market and also easier to convert to cash.

USDT became a friend of the US government? I did not know that. If it really became then you should trust USDT more than before because now the government is backing it. But your concerns about volatility and collapse are considerable because every single crypto user knows about USDT but they can't name the other 10 stable pegged currencies in crypto because they all are taught so well to trust on USDT only.

I still use USDT for p2p and maintain the value of my money in bear market, because I have no other choice people don't provide p2p trades easily in other pegged currencies. If we have small funds then we can use USDT for holding but if we have huge funds then we should not keep all of our money in single pegged stable currency. We should diversify it.

[bhadz]

There is the contribution of USDT and other stablecoins to the market but your worry is valid. Because on 2017's bull run, USDT has played a significant role for Bitcoin's pump and that's because Tether had been printed a lot of it. And IIRC, the same on 2021. But is there really to worry about it? What's more worrying about it is it being a centralized cryptocurrency where the developers of it is able to freeze someone's fund. I know they do target criminals only with that but it doesn't mean that they can only do that to them selectively.

[yhiaali3]

There has always been a lot of doubts about USDT and there have been investigations about it but since it became a friend of the US government I no longer trust USDT even though it is by far the largest stablecoin.

Stablecoins, especially centralized ones, should not be trusted because they are worse than the dollar, the coin can collapse and your money can be blocked and seized at the request of the government for any reason.

But despite that, we cannot abandon stablecoins because cryptocurrencies are very volatile and you need a somewhat stable coin to maintain the value of your money in trading during the bear market and also easier to convert to cash.

USDT became a friend of the US government? I did not know that. If it really became then you should trust USDT more than before because now the government is backing it. But your concerns about volatility and collapse are considerable because every single crypto user knows about USDT but they can't name the other 10 stable pegged currencies in crypto because they all are taught so well to trust on USDT only.

I still use USDT for p2p and maintain the value of my money in bear market, because I have no other choice people don't provide p2p trades easily in other pegged currencies. If we have small funds then we can use USDT for holding but if we have huge funds then we should not keep all of our money in single pegged stable currency. We should diversify it.

Yes, USDT has become friendly to the US government, when a company is subject to strict terms and regulations, KYC regulations, money laundering regulations, etc., it will inevitably become friendly to the government and will become a tool in the hands of the government and it may freeze any balance or prevent any transaction upon the request of the government.

However, I am not saying that you should not deal with USDT at all, but my advice is to use it in trading, bank transfers, cash, etc. and do not keep a large amount of your assets in USDT because it is not reliable in the long run.