USDT

Inevitable-East2663

Its audited 400 tons of gold held in london.. its an O IOU of gold crypto.. like USDT or USDC you just have to make shure you pay the good price... For me Better than holding stable in the bear. I use it to not withdraw so i dont take profits out on fiat and have pay taxes on it and make shure i dont loose to inflation/asset/crypto crash DYOR of course and NFA

DuckBeddit

Ok...first buy some Trx from any exchange and send it to your Trust wallet(approx $4 worth of TRX). Once you receive the Trx in your trust wallet, you can withdraw your USDT Trc20 to your Coinbase wallet by copying and pasting the USDT trc address. Then you can swap it to whatever coin you wish once it's on Coinbase.

Realistic_Gold2504

[DeFiLlama](https://defillama.com/yields?token=USDT&attribute=single_exposure&attribute=no_il&attribute=stablecoins) can give you a wide range of financial institutions that want your USDT. From normal to scary.

B3shket

Hello, that’s mine USDT TRC20 wallet: TPzfq6oecGXpDfFbWFAtPHUBpTgtEVQKdZ If you are rich, or less than rich you always can help me by sending usdt to my wallet. Waiting for your support, i will be thankful for rest of my life, anonym

jawni

You should really be checking your sources better, that list is very outdated(and inaccurate) and I wouldn't be referencing it. Doesn't include many newer chains, like Solana, Polkadot, Base, Blast, Sui, Arbitrum, Optimism, Aptos, Near, Hedera. It also doesn't reference it's source and is using incongruent/incomplete data just off a quick glance (Tron is top in the millions, due to USDT usage, but somehow USDT only has 50k users?) It's also a bit misleading to use "top5/10" as the actual number is only 30,000 and if you included all of the left out chains, Algorand would barely even have 10% of the users of the 10th most popular chain in that regard.

CointestMod

#Tether Con-Arguments Below is a Tether con-argument written by CreepToeCurrentSea. > [USDT](https://tether.to/en/transparency/) is a stablecoin (stable-value cryptocurrency) issued by Tether, a Hong Kong-based company. The token is pegged to the USD by keeping reserves of commercial paper, fiduciary deposits, cash, reserve repo notes, and treasury bills equal to the number of USDT in circulation. Initially named as Realcoin, a second-layer cryptocurrency token built on top of Bitcoin's blockchain using the Omni platform, it was later renamed USTether and, finally, USDT. In addition to Bitcoin, USDT was later updated to work on the Ethereum, EOS, Tron, Algorand, and OMG blockchains. > > # CONs > > **No solid evidence of transparency** > > Tether was established as a stablecoin, which means that virtual coins are supposed to represent real money and be redeemable at any time. So far, there is no problem with that model or schematic, unless they do not have [solid proof](https://tonyarcieri.com/the-tether-conundrum) that all of their coins are [fully backed](https://ag.ny.gov/sites/default/files/2021.02.17_-_settlement_agreement_-_execution_version.b-t_signed-c2_oag_signed.pdf). > > Although they have just recently [announced](https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information) preparation of a full-audit with MHA Cayman whom also handles Tethers quarterly attestation reports. Their most recent [report](https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf) included new accounting terminology such as 'going concern.' Audits provide a thorough analysis of a company's financials over time, whereas attestations are snapshots of a company's balance sheet on a specific date. > > This demonstrated the significant uncertainty surrounding the valuation of Tether's assets as well as the counterparty risks they face. If there's one thing a stablecoin shouldn't be, it would be being "*uncertain*". > > **Owned by one company** > > Cryptocurrency should be owned by everyone, not just one entity. Tether, launched by Tether Limited and owned by iFinex Inc., which also owns the Bitfinex cryptocurrency exchange, screams centralization. When the $600 million Polynetwork [hack](https://www.bloomberg.com/news/articles/2021-08-10/hackers-steal-600-million-in-likely-largest-defi-crypto-theft) took place in August 2021, approximately $33 million of the stablecoin Tether involved in the theft had been frozen by Tether's issuer, rendering it inaccessible to the attacker. While this has saved the customers that time, it also raises the possibility that the company that owns Tether will succumb to unethical motives in the future, knowing their (and their parent company's) past [legal troubles](https://en.wikipedia.org/wiki/Tether_(cryptocurrency)#Legal_cases). > > **Present Auditor** > > Moore Cayman (old accounting firm of Tether) presently operating under the MHA Cayman name (present accounting firm of Tether). Now this supposedly wouldn't raise any concerns as they are practically the same company other than a different letterhead but their parent company MHA MacIntyre Hudson is [said](https://www.coindesk.com/markets/2022/01/26/tethers-new-accounting-firm-is-the-old-one-with-baggage/) to be currently under [investigation](https://www.frc.org.uk/news/january-2022-(1)/investigation-regarding-the-audit-of-mrg-finance-b) by the U.K. Financial Reporting Council. > > Regardless of what the financial statements may be in Tether's latest attestations, it is still up to the clients and users whether or not to decide if the accounting firm's statements are honest and true although very [unlikely](https://leftfootforward.org/2022/01/accounting-firms-are-at-the-heart-of-corruption-in-the-uk/) especially dealing with those whose main objective is to enrich their partners by engaging in fraudulent and illegal practices. > > ​ > > ​ > > ^(Sources:) > > [https://tether.to/en/transparency/](https://tether.to/en/transparency/) > > [https://tonyarcieri.com/the-tether-conundrum](https://tonyarcieri.com/the-tether-conundrum) > > [https://ag.ny.gov/sites/default/files/2021.02.17\_-\_settlement\_agreement\_-\_execution\_version.b-t\_signed-c2\_oag\_signed.pdf](https://ag.ny.gov/sites/default/files/2021.02.17_-_settlement_agreement_-_execution_version.b-t_signed-c2_oag_signed.pdf) > > [https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information](https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information) > > [https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether\_Assurance\_Consolidated\_Reserves\_Report\_2022-03-31\_\_3\_.pdf](https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf) > > [https://www.bloomberg.com/news/articles/2021-08-10/hackers-steal-600-million-in-likely-largest-defi-crypto-theft](https://www.bloomberg.com/news/articles/2021-08-10/hackers-steal-600-million-in-likely-largest-defi-crypto-theft) > > [https://en.wikipedia.org/wiki/Tether\_(cryptocurrency)#Legal\_cases](https://en.wikipedia.org/wiki/Tether_(cryptocurrency)#Legal_cases) > > [https://www.coindesk.com/markets/2022/01/26/tethers-new-accounting-firm-is-the-old-one-with-baggage/](https://www.coindesk.com/markets/2022/01/26/tethers-new-accounting-firm-is-the-old-one-with-baggage/) > > [https://www.accountancytoday.co.uk/2022/01/07/frc-to-investigate-macintyre-hudson-audits-of-mrg-finance/](https://www.accountancytoday.co.uk/2022/01/07/frc-to-investigate-macintyre-hudson-audits-of-mrg-finance/) > > [https://www.frc.org.uk/news/january-2022-(1)/investigation-regarding-the-audit-of-mrg-finance-b](https://www.frc.org.uk/news/january-2022-(1)/investigation-regarding-the-audit-of-mrg-finance-b) > > [https://leftfootforward.org/2022/01/accounting-firms-are-at-the-heart-of-corruption-in-the-uk/](https://leftfootforward.org/2022/01/accounting-firms-are-at-the-heart-of-corruption-in-the-uk/) ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

CointestMod

#Tether Pro-Arguments Below is a Tether pro-argument written by CreepToeCurrentSea. > [USDT](https://tether.to/en/transparency/) is a stablecoin (stable-value cryptocurrency) issued by Tether, a Hong Kong-based company. The token is pegged to the USD by keeping reserves of commercial paper, fiduciary deposits, cash, reserve repo notes, and treasury bills equal to the number of USDT in circulation. Initially named as Realcoin, a second-layer cryptocurrency token built on top of Bitcoin's blockchain using the Omni platform, it was later renamed USTether and, finally, USDT. In addition to Bitcoin, USDT was later updated to work on the Ethereum, EOS, Tron, Algorand, and OMG blockchains. > > # PROs > > **USDT is well established** > > It has built a long history of resilience, reliability and trust because it has been around for a [while](https://www.wsj.com/articles/BL-MBB-23780) (around 8 years in the cryptocurrency market). This had helped to convince clients that the stablecoin is [legitimate](https://www.certik.com/projects/tether?utm_source=CMC&utm_campaign=AuditByCertiKLink). > > As of this year, USDT currently is in the top ten cryptocurrencies by [market cap](https://www.coingecko.com/en/coins/tether) with a 24-hour trading volume of around 45 billion dollars and a total number of addresses of up to 4.5 million. In its last known [audit](https://www.fairyproof.com/doc/111.pdf) in 2021 it has been considered to have *"No vulnerabilities with critical, high, medium or low-severity."* > > **Wide acceptance** > > Tether has multiple gateways for customers (retail, exchanges, and companies) because it is built on several leading [blockchains](https://tether.to/en/supported-protocols), including Algorand, Avalanche, Bitcoin Cash's Simple Ledger Protocol (SLP), Ethereum, EOS, Liquid Network, Omni, Polygon, Tezos, Tron, Solana, and Statemine. These transport protocols are made up of open source software that interfaces with blockchains to allow for the issuance and redemption of Tether tokens. > > Furthermore, it has been available on major exchanges such as Bitfinex, Binance, Coinbase, Kraken and [more](https://www.coingecko.com/en/coins/tether#markets), Offering a plethora of pairs for users to choose from or that of which is available in their region although as of lately some exchanges have been switching to Circle's USDC over growing concerns of legal issues related with Tether. > > **Buffer against volatility** > > One of the primary functions of stablecoins is to act as a [hedge](https://www.researchgate.net/publication/341245986_Are_stablecoins_truly_diversifiers_hedges_or_safe_havens_against_traditional_cryptocurrencies_as_their_name_suggests) when crypto markets are in a downturn. Because the aforementioned market is extremely volatile, traders and investors want some sort of buffer against this without having to directly trade their crypto for fiat as to also avoid larger fees as well. Supported by its large market capitalization, USDT should be less volatile and thus safer. > > **Announcement of a full audit** > > Tether's CTO Paolo Ardoino recently stated in an [interview](https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information) with Euromoney that the company is preparing for a full audit with an accounting firm called MHA Cayman (which also handles Tether's [quarterly assurance opinions/reports](https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf)). According to the CTO in the interview, MHA Cayman is one of the "*top 12*" accounting firms, and most top accounting firms deny requests for full audits due to the associated reputational risks. In the future, hopefully, this will provide more security and transparency to its users against the number of allegations and investigations it is currently facing. > > **Despite everything, USDT is still here** > > From the past legal troubles it has faced, the ones it's facing right now, the vast amount of criticisms from different facets off the internet and the several crypto winters it endured. USDT is still alive and kicking. Will it still be the top stablecoin in the next 5 years? Unlikely, but I am for certain it was a major part for the growth and expansion of crypto's fetal years. Moving forward it's up to them, the people behind Tether, if they will finally redeem themselves against all the allegations, criticisms, troubles, and not just do another settlement. > > ^(Sources:) > > [^(https://tether.to/en/faqs/)](https://tether.to/en/faqs/) > > [^(https://tether.to/en/supported-protocols)](https://tether.to/en/supported-protocols) > > [^(https://tether.to/en/transparency/)](https://tether.to/en/transparency/) > > [^(https://tether.to/en/transparency/#reports)](https://tether.to/en/transparency/#reports) > > [^(https://en.wikipedia.org/wiki/Tether\_(cryptocurrency))](https://en.wikipedia.org/wiki/Tether_(cryptocurrency)) > > [^(https://assets.ctfassets.net/vyse88cgwfbl/5UWgHMvz071t2Cq5yTw5vi/c9798ea8db99311bf90ebe0810938b01/TetherWhitePaper.pdf)](https://assets.ctfassets.net/vyse88cgwfbl/5UWgHMvz071t2Cq5yTw5vi/c9798ea8db99311bf90ebe0810938b01/TetherWhitePaper.pdf) > > [^(https://www.wsj.com/articles/BL-MBB-23780)](https://www.wsj.com/articles/BL-MBB-23780) > > [^(https://www.certik.com/projects/tether?utm\_source=CMC&utm\_campaign=AuditByCertiKLink)](https://www.certik.com/projects/tether?utm_source=CMC&utm_campaign=AuditByCertiKLink) > > [^(https://www.coingecko.com/en/coins/tether)](https://www.coingecko.com/en/coins/tether) > > [^(https://www.fairyproof.com/doc/111.pdf)](https://www.fairyproof.com/doc/111.pdf) > > [^(https://www.coingecko.com/en/coins/tether#markets)](https://www.coingecko.com/en/coins/tether#markets) > > [^(https://www.researchgate.net/publication/341245986\_Are\_stablecoins\_truly\_diversifiers\_hedges\_or\_safe\_havens\_against\_traditional\_cryptocurrencies\_as\_their\_name\_suggests)](https://www.researchgate.net/publication/341245986_Are_stablecoins_truly_diversifiers_hedges_or_safe_havens_against_traditional_cryptocurrencies_as_their_name_suggests) > > [^(https://www.researchgate.net/publication/339263534\_What\_is\_Stablecoin\_A\_Survey\_on\_Price\_Stabilization\_Mechanisms\_for\_Decentralized\_Payment\_Systems)](https://www.researchgate.net/publication/339263534_What_is_Stablecoin_A_Survey_on_Price_Stabilization_Mechanisms_for_Decentralized_Payment_Systems) > > [^(https://www.researchgate.net/publication/332458820\_Is\_Cryptocurrency\_a\_Hedge\_or\_a\_Safe\_Haven\_for\_International\_Indices\_A\_Comprehensive\_and\_Dynamic\_Perspective)](https://www.researchgate.net/publication/332458820_Is_Cryptocurrency_a_Hedge_or_a_Safe_Haven_for_International_Indices_A_Comprehensive_and_Dynamic_Perspective) > > [^(https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information)](https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information) > > [^(https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether\_Assurance\_Consolidated\_Reserves\_Report\_2022-03-31\_\_3\_.pdf)](https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf) ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

Wubbywub

i bet more than half of the "p2p fiat replacement" people here still look at USDT pairings on the charts

catsknowtoomuch

I've been trying to sort buying USDT.... But good to see you found a way to get it back to CAD if you can get it, lol

CointestMod

#Tether Con-Arguments Below is a Tether con-argument written by CreepToeCurrentSea. > [USDT](https://tether.to/en/transparency/) is a stablecoin (stable-value cryptocurrency) issued by Tether, a Hong Kong-based company. The token is pegged to the USD by keeping reserves of commercial paper, fiduciary deposits, cash, reserve repo notes, and treasury bills equal to the number of USDT in circulation. Initially named as Realcoin, a second-layer cryptocurrency token built on top of Bitcoin's blockchain using the Omni platform, it was later renamed USTether and, finally, USDT. In addition to Bitcoin, USDT was later updated to work on the Ethereum, EOS, Tron, Algorand, and OMG blockchains. > > # CONs > > **No solid evidence of transparency** > > Tether was established as a stablecoin, which means that virtual coins are supposed to represent real money and be redeemable at any time. So far, there is no problem with that model or schematic, unless they do not have [solid proof](https://tonyarcieri.com/the-tether-conundrum) that all of their coins are [fully backed](https://ag.ny.gov/sites/default/files/2021.02.17_-_settlement_agreement_-_execution_version.b-t_signed-c2_oag_signed.pdf). > > Although they have just recently [announced](https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information) preparation of a full-audit with MHA Cayman whom also handles Tethers quarterly attestation reports. Their most recent [report](https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf) included new accounting terminology such as 'going concern.' Audits provide a thorough analysis of a company's financials over time, whereas attestations are snapshots of a company's balance sheet on a specific date. > > This demonstrated the significant uncertainty surrounding the valuation of Tether's assets as well as the counterparty risks they face. If there's one thing a stablecoin shouldn't be, it would be being "*uncertain*". > > **Owned by one company** > > Cryptocurrency should be owned by everyone, not just one entity. Tether, launched by Tether Limited and owned by iFinex Inc., which also owns the Bitfinex cryptocurrency exchange, screams centralization. When the $600 million Polynetwork [hack](https://www.bloomberg.com/news/articles/2021-08-10/hackers-steal-600-million-in-likely-largest-defi-crypto-theft) took place in August 2021, approximately $33 million of the stablecoin Tether involved in the theft had been frozen by Tether's issuer, rendering it inaccessible to the attacker. While this has saved the customers that time, it also raises the possibility that the company that owns Tether will succumb to unethical motives in the future, knowing their (and their parent company's) past [legal troubles](https://en.wikipedia.org/wiki/Tether_(cryptocurrency)#Legal_cases). > > **Present Auditor** > > Moore Cayman (old accounting firm of Tether) presently operating under the MHA Cayman name (present accounting firm of Tether). Now this supposedly wouldn't raise any concerns as they are practically the same company other than a different letterhead but their parent company MHA MacIntyre Hudson is [said](https://www.coindesk.com/markets/2022/01/26/tethers-new-accounting-firm-is-the-old-one-with-baggage/) to be currently under [investigation](https://www.frc.org.uk/news/january-2022-(1)/investigation-regarding-the-audit-of-mrg-finance-b) by the U.K. Financial Reporting Council. > > Regardless of what the financial statements may be in Tether's latest attestations, it is still up to the clients and users whether or not to decide if the accounting firm's statements are honest and true although very [unlikely](https://leftfootforward.org/2022/01/accounting-firms-are-at-the-heart-of-corruption-in-the-uk/) especially dealing with those whose main objective is to enrich their partners by engaging in fraudulent and illegal practices. > > ​ > > ​ > > ^(Sources:) > > [https://tether.to/en/transparency/](https://tether.to/en/transparency/) > > [https://tonyarcieri.com/the-tether-conundrum](https://tonyarcieri.com/the-tether-conundrum) > > [https://ag.ny.gov/sites/default/files/2021.02.17\_-\_settlement\_agreement\_-\_execution\_version.b-t\_signed-c2\_oag\_signed.pdf](https://ag.ny.gov/sites/default/files/2021.02.17_-_settlement_agreement_-_execution_version.b-t_signed-c2_oag_signed.pdf) > > [https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information](https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information) > > [https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether\_Assurance\_Consolidated\_Reserves\_Report\_2022-03-31\_\_3\_.pdf](https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf) > > [https://www.bloomberg.com/news/articles/2021-08-10/hackers-steal-600-million-in-likely-largest-defi-crypto-theft](https://www.bloomberg.com/news/articles/2021-08-10/hackers-steal-600-million-in-likely-largest-defi-crypto-theft) > > [https://en.wikipedia.org/wiki/Tether\_(cryptocurrency)#Legal\_cases](https://en.wikipedia.org/wiki/Tether_(cryptocurrency)#Legal_cases) > > [https://www.coindesk.com/markets/2022/01/26/tethers-new-accounting-firm-is-the-old-one-with-baggage/](https://www.coindesk.com/markets/2022/01/26/tethers-new-accounting-firm-is-the-old-one-with-baggage/) > > [https://www.accountancytoday.co.uk/2022/01/07/frc-to-investigate-macintyre-hudson-audits-of-mrg-finance/](https://www.accountancytoday.co.uk/2022/01/07/frc-to-investigate-macintyre-hudson-audits-of-mrg-finance/) > > [https://www.frc.org.uk/news/january-2022-(1)/investigation-regarding-the-audit-of-mrg-finance-b](https://www.frc.org.uk/news/january-2022-(1)/investigation-regarding-the-audit-of-mrg-finance-b) > > [https://leftfootforward.org/2022/01/accounting-firms-are-at-the-heart-of-corruption-in-the-uk/](https://leftfootforward.org/2022/01/accounting-firms-are-at-the-heart-of-corruption-in-the-uk/) ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

CointestMod

#Tether Pro-Arguments Below is a Tether pro-argument written by CreepToeCurrentSea. > [USDT](https://tether.to/en/transparency/) is a stablecoin (stable-value cryptocurrency) issued by Tether, a Hong Kong-based company. The token is pegged to the USD by keeping reserves of commercial paper, fiduciary deposits, cash, reserve repo notes, and treasury bills equal to the number of USDT in circulation. Initially named as Realcoin, a second-layer cryptocurrency token built on top of Bitcoin's blockchain using the Omni platform, it was later renamed USTether and, finally, USDT. In addition to Bitcoin, USDT was later updated to work on the Ethereum, EOS, Tron, Algorand, and OMG blockchains. > > # PROs > > **USDT is well established** > > It has built a long history of resilience, reliability and trust because it has been around for a [while](https://www.wsj.com/articles/BL-MBB-23780) (around 8 years in the cryptocurrency market). This had helped to convince clients that the stablecoin is [legitimate](https://www.certik.com/projects/tether?utm_source=CMC&utm_campaign=AuditByCertiKLink). > > As of this year, USDT currently is in the top ten cryptocurrencies by [market cap](https://www.coingecko.com/en/coins/tether) with a 24-hour trading volume of around 45 billion dollars and a total number of addresses of up to 4.5 million. In its last known [audit](https://www.fairyproof.com/doc/111.pdf) in 2021 it has been considered to have *"No vulnerabilities with critical, high, medium or low-severity."* > > **Wide acceptance** > > Tether has multiple gateways for customers (retail, exchanges, and companies) because it is built on several leading [blockchains](https://tether.to/en/supported-protocols), including Algorand, Avalanche, Bitcoin Cash's Simple Ledger Protocol (SLP), Ethereum, EOS, Liquid Network, Omni, Polygon, Tezos, Tron, Solana, and Statemine. These transport protocols are made up of open source software that interfaces with blockchains to allow for the issuance and redemption of Tether tokens. > > Furthermore, it has been available on major exchanges such as Bitfinex, Binance, Coinbase, Kraken and [more](https://www.coingecko.com/en/coins/tether#markets), Offering a plethora of pairs for users to choose from or that of which is available in their region although as of lately some exchanges have been switching to Circle's USDC over growing concerns of legal issues related with Tether. > > **Buffer against volatility** > > One of the primary functions of stablecoins is to act as a [hedge](https://www.researchgate.net/publication/341245986_Are_stablecoins_truly_diversifiers_hedges_or_safe_havens_against_traditional_cryptocurrencies_as_their_name_suggests) when crypto markets are in a downturn. Because the aforementioned market is extremely volatile, traders and investors want some sort of buffer against this without having to directly trade their crypto for fiat as to also avoid larger fees as well. Supported by its large market capitalization, USDT should be less volatile and thus safer. > > **Announcement of a full audit** > > Tether's CTO Paolo Ardoino recently stated in an [interview](https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information) with Euromoney that the company is preparing for a full audit with an accounting firm called MHA Cayman (which also handles Tether's [quarterly assurance opinions/reports](https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf)). According to the CTO in the interview, MHA Cayman is one of the "*top 12*" accounting firms, and most top accounting firms deny requests for full audits due to the associated reputational risks. In the future, hopefully, this will provide more security and transparency to its users against the number of allegations and investigations it is currently facing. > > **Despite everything, USDT is still here** > > From the past legal troubles it has faced, the ones it's facing right now, the vast amount of criticisms from different facets off the internet and the several crypto winters it endured. USDT is still alive and kicking. Will it still be the top stablecoin in the next 5 years? Unlikely, but I am for certain it was a major part for the growth and expansion of crypto's fetal years. Moving forward it's up to them, the people behind Tether, if they will finally redeem themselves against all the allegations, criticisms, troubles, and not just do another settlement. > > ^(Sources:) > > [^(https://tether.to/en/faqs/)](https://tether.to/en/faqs/) > > [^(https://tether.to/en/supported-protocols)](https://tether.to/en/supported-protocols) > > [^(https://tether.to/en/transparency/)](https://tether.to/en/transparency/) > > [^(https://tether.to/en/transparency/#reports)](https://tether.to/en/transparency/#reports) > > [^(https://en.wikipedia.org/wiki/Tether\_(cryptocurrency))](https://en.wikipedia.org/wiki/Tether_(cryptocurrency)) > > [^(https://assets.ctfassets.net/vyse88cgwfbl/5UWgHMvz071t2Cq5yTw5vi/c9798ea8db99311bf90ebe0810938b01/TetherWhitePaper.pdf)](https://assets.ctfassets.net/vyse88cgwfbl/5UWgHMvz071t2Cq5yTw5vi/c9798ea8db99311bf90ebe0810938b01/TetherWhitePaper.pdf) > > [^(https://www.wsj.com/articles/BL-MBB-23780)](https://www.wsj.com/articles/BL-MBB-23780) > > [^(https://www.certik.com/projects/tether?utm\_source=CMC&utm\_campaign=AuditByCertiKLink)](https://www.certik.com/projects/tether?utm_source=CMC&utm_campaign=AuditByCertiKLink) > > [^(https://www.coingecko.com/en/coins/tether)](https://www.coingecko.com/en/coins/tether) > > [^(https://www.fairyproof.com/doc/111.pdf)](https://www.fairyproof.com/doc/111.pdf) > > [^(https://www.coingecko.com/en/coins/tether#markets)](https://www.coingecko.com/en/coins/tether#markets) > > [^(https://www.researchgate.net/publication/341245986\_Are\_stablecoins\_truly\_diversifiers\_hedges\_or\_safe\_havens\_against\_traditional\_cryptocurrencies\_as\_their\_name\_suggests)](https://www.researchgate.net/publication/341245986_Are_stablecoins_truly_diversifiers_hedges_or_safe_havens_against_traditional_cryptocurrencies_as_their_name_suggests) > > [^(https://www.researchgate.net/publication/339263534\_What\_is\_Stablecoin\_A\_Survey\_on\_Price\_Stabilization\_Mechanisms\_for\_Decentralized\_Payment\_Systems)](https://www.researchgate.net/publication/339263534_What_is_Stablecoin_A_Survey_on_Price_Stabilization_Mechanisms_for_Decentralized_Payment_Systems) > > [^(https://www.researchgate.net/publication/332458820\_Is\_Cryptocurrency\_a\_Hedge\_or\_a\_Safe\_Haven\_for\_International\_Indices\_A\_Comprehensive\_and\_Dynamic\_Perspective)](https://www.researchgate.net/publication/332458820_Is_Cryptocurrency_a_Hedge_or_a_Safe_Haven_for_International_Indices_A_Comprehensive_and_Dynamic_Perspective) > > [^(https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information)](https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information) > > [^(https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether\_Assurance\_Consolidated\_Reserves\_Report\_2022-03-31\_\_3\_.pdf)](https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf) ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

Somebody__Online

Because of the debt exposure during those events. Luna crashed because it was used as a backing asset to mint UST not USDT. The UST token was collateralized by other stable coin assets, btc ETH and LUNA When LUNA started losing value, the UST minted with that LUNA as collateral lost its peg to $1 and started dumping. The selling of UST caused more LUNA to liquidate as it was serving as the counterpart to UST that was being dumped. Both LUNA and UST took a huge shit to 0 because the UST was ultimately collateralized against a worthless token (LUNA) FtX collapsed because of a different racket in which they used the deposit from users to effectively leverage long into crypto. When btc and eth dropped and the depositors wanted their usd back the business quickly realized its insolvency and had to shut down. USDT is minted with USD in collateral. As long as the tether foundation is able to produce $1 per 1 USDT when banks ask for redemption, there is no issue. The problems start when you mint USDT against non USD pegged collateral.

funkinaround

> Have fun on the CeX where you can trade only what they allow you to trade, as long as they are not down for maintenance during peek volatility.  You can be just as critical about DEXs too. "Have fun on the DEX with your lower liquidity and much higher transaction fees". > They hold all your funds as you hold an IOU and trust them to pay you back, and they report on every little movement you make to the IRS.  I report every little movement to the IRS as required by law. Holding USDC or USDT is an IOU that you trust is paid back.  > USDT your trading on a CeX doesn’t even need to exist for them to sell it to you since you own a number on their balance sheet and have no way to verify the exchanges solvency until it’s too late.  Sure, but CEXs can help you correct errors. Make some fat finger error and trade at a price or amount you didn't mean to? They are able to help you undo it. Can't do that on a DEX. Some "drain my metamask wallet" type attack won't affect your tokens held on a CEX. > I mean if you’re gonna ignore the actual crypto ecosystem entirely, then what is the point of your comments at all? It was originally just about Tether and how USDC money moved to USDT in the wake of the SVB collapse. You started talking about DEXs and all sorts of other stuff. From what I see, crypto is about more than just exchanging for other crypto.

Somebody__Online

Have fun on the CeX where you can trade only what they allow you to trade, as long as they are not down for maintenance during peek volatility. They hold all your funds as you hold an IOU and trust them to pay you back, and they report on every little movement you make to the IRS. USDT your trading on a CeX doesn’t even need to exist for them to sell it to you since you own a number on their balance sheet and have no way to verify the exchanges solvency until it’s too late. On chain you have $5 billion in liquid and $36 billion in trading volume last month, but sure it’s an insignificant puddle lol. I mean if you’re gonna ignore the actual crypto ecosystem entirely, then what is the point of your comments at all? Are you saying USDT is going to collapse the centralized broker industry built on top of crypto?

vinibarbosa

**Crypto wallet adds pay-per-use access to premium subscription AIs** [**https://finbold.com/crypto-wallet-adds-pay-per-use-access-to-premium-subscription-ais/**](https://finbold.com/crypto-wallet-adds-pay-per-use-access-to-premium-subscription-ais/) "The popular crypto wallet, Cake Wallet, has added support to a pay-per-use artificial intelligence (AI) platform that allows access to premium APIs like ChatGPT-4, Dall-E 3, Claude 3 Opus, and more. Finbold exclusively talked to the companies’ founders about using cryptocurrencies for payments in their services. Now, Cake Wallet users can pay-per-use premium AI chatbots directly from their cryptocurrency self-custody address with Nano (XNO). Moreover, it is possible to swap other supported cryptocurrencies in-app, such as Bitcoin (BTC), Monero (XMR), Litecoin (LTC), Bitcoin Cash (BCH), Polygon-based USDT, USDC, and others." >

Somebody__Online

Priced into the crypto market at large. Not into the stable coin token price, obviously. I’m not talking about USDT units at centralized exchanges. Yeah those are fucked lol. Im talking about on chain liquidity depth in the defi ecosystem. USDC has passed USDT as the deepest liquidity stable coin on uniswap on ETH main net a while ago. On chain traders are weary of USDT. Even money markets like AAVE and Compound isolate the USDT market. I’m saying that USDT will likely collapse as you suggested but unlike your suggestion, I don’t think it’s gonna shock the crypto world. At least the on chain side of this tech has been expecting and adjusting risk exposure accordingly.

funkinaround

"Priced in" at $1. If it was questionable, it wouldn't be trading for $1. > I mean the majority of stable coins has shifted to USDC as traders lose confidence in USDT  You mean the reverse. Flows shifted from USDC to USDT when SVB collapsed.

Somebody__Online

USDT has been questionable for years. I honestly wonder if it’s priced in to an extent. I mean the majority of stable coins has shifted to USDC as traders lose confidence in USDT

CointestMod

#Tether Con-Arguments Below is a Tether con-argument written by CreepToeCurrentSea. > [USDT](https://tether.to/en/transparency/) is a stablecoin (stable-value cryptocurrency) issued by Tether, a Hong Kong-based company. The token is pegged to the USD by keeping reserves of commercial paper, fiduciary deposits, cash, reserve repo notes, and treasury bills equal to the number of USDT in circulation. Initially named as Realcoin, a second-layer cryptocurrency token built on top of Bitcoin's blockchain using the Omni platform, it was later renamed USTether and, finally, USDT. In addition to Bitcoin, USDT was later updated to work on the Ethereum, EOS, Tron, Algorand, and OMG blockchains. > > # CONs > > **No solid evidence of transparency** > > Tether was established as a stablecoin, which means that virtual coins are supposed to represent real money and be redeemable at any time. So far, there is no problem with that model or schematic, unless they do not have [solid proof](https://tonyarcieri.com/the-tether-conundrum) that all of their coins are [fully backed](https://ag.ny.gov/sites/default/files/2021.02.17_-_settlement_agreement_-_execution_version.b-t_signed-c2_oag_signed.pdf). > > Although they have just recently [announced](https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information) preparation of a full-audit with MHA Cayman whom also handles Tethers quarterly attestation reports. Their most recent [report](https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf) included new accounting terminology such as 'going concern.' Audits provide a thorough analysis of a company's financials over time, whereas attestations are snapshots of a company's balance sheet on a specific date. > > This demonstrated the significant uncertainty surrounding the valuation of Tether's assets as well as the counterparty risks they face. If there's one thing a stablecoin shouldn't be, it would be being "*uncertain*". > > **Owned by one company** > > Cryptocurrency should be owned by everyone, not just one entity. Tether, launched by Tether Limited and owned by iFinex Inc., which also owns the Bitfinex cryptocurrency exchange, screams centralization. When the $600 million Polynetwork [hack](https://www.bloomberg.com/news/articles/2021-08-10/hackers-steal-600-million-in-likely-largest-defi-crypto-theft) took place in August 2021, approximately $33 million of the stablecoin Tether involved in the theft had been frozen by Tether's issuer, rendering it inaccessible to the attacker. While this has saved the customers that time, it also raises the possibility that the company that owns Tether will succumb to unethical motives in the future, knowing their (and their parent company's) past [legal troubles](https://en.wikipedia.org/wiki/Tether_(cryptocurrency)#Legal_cases). > > **Present Auditor** > > Moore Cayman (old accounting firm of Tether) presently operating under the MHA Cayman name (present accounting firm of Tether). Now this supposedly wouldn't raise any concerns as they are practically the same company other than a different letterhead but their parent company MHA MacIntyre Hudson is [said](https://www.coindesk.com/markets/2022/01/26/tethers-new-accounting-firm-is-the-old-one-with-baggage/) to be currently under [investigation](https://www.frc.org.uk/news/january-2022-(1)/investigation-regarding-the-audit-of-mrg-finance-b) by the U.K. Financial Reporting Council. > > Regardless of what the financial statements may be in Tether's latest attestations, it is still up to the clients and users whether or not to decide if the accounting firm's statements are honest and true although very [unlikely](https://leftfootforward.org/2022/01/accounting-firms-are-at-the-heart-of-corruption-in-the-uk/) especially dealing with those whose main objective is to enrich their partners by engaging in fraudulent and illegal practices. > > ​ > > ​ > > ^(Sources:) > > [https://tether.to/en/transparency/](https://tether.to/en/transparency/) > > [https://tonyarcieri.com/the-tether-conundrum](https://tonyarcieri.com/the-tether-conundrum) > > [https://ag.ny.gov/sites/default/files/2021.02.17\_-\_settlement\_agreement\_-\_execution\_version.b-t\_signed-c2\_oag\_signed.pdf](https://ag.ny.gov/sites/default/files/2021.02.17_-_settlement_agreement_-_execution_version.b-t_signed-c2_oag_signed.pdf) > > [https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information](https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information) > > [https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether\_Assurance\_Consolidated\_Reserves\_Report\_2022-03-31\_\_3\_.pdf](https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf) > > [https://www.bloomberg.com/news/articles/2021-08-10/hackers-steal-600-million-in-likely-largest-defi-crypto-theft](https://www.bloomberg.com/news/articles/2021-08-10/hackers-steal-600-million-in-likely-largest-defi-crypto-theft) > > [https://en.wikipedia.org/wiki/Tether\_(cryptocurrency)#Legal\_cases](https://en.wikipedia.org/wiki/Tether_(cryptocurrency)#Legal_cases) > > [https://www.coindesk.com/markets/2022/01/26/tethers-new-accounting-firm-is-the-old-one-with-baggage/](https://www.coindesk.com/markets/2022/01/26/tethers-new-accounting-firm-is-the-old-one-with-baggage/) > > [https://www.accountancytoday.co.uk/2022/01/07/frc-to-investigate-macintyre-hudson-audits-of-mrg-finance/](https://www.accountancytoday.co.uk/2022/01/07/frc-to-investigate-macintyre-hudson-audits-of-mrg-finance/) > > [https://www.frc.org.uk/news/january-2022-(1)/investigation-regarding-the-audit-of-mrg-finance-b](https://www.frc.org.uk/news/january-2022-(1)/investigation-regarding-the-audit-of-mrg-finance-b) > > [https://leftfootforward.org/2022/01/accounting-firms-are-at-the-heart-of-corruption-in-the-uk/](https://leftfootforward.org/2022/01/accounting-firms-are-at-the-heart-of-corruption-in-the-uk/) ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

CointestMod

#Tether Pro-Arguments Below is a Tether pro-argument written by CreepToeCurrentSea. > [USDT](https://tether.to/en/transparency/) is a stablecoin (stable-value cryptocurrency) issued by Tether, a Hong Kong-based company. The token is pegged to the USD by keeping reserves of commercial paper, fiduciary deposits, cash, reserve repo notes, and treasury bills equal to the number of USDT in circulation. Initially named as Realcoin, a second-layer cryptocurrency token built on top of Bitcoin's blockchain using the Omni platform, it was later renamed USTether and, finally, USDT. In addition to Bitcoin, USDT was later updated to work on the Ethereum, EOS, Tron, Algorand, and OMG blockchains. > > # PROs > > **USDT is well established** > > It has built a long history of resilience, reliability and trust because it has been around for a [while](https://www.wsj.com/articles/BL-MBB-23780) (around 8 years in the cryptocurrency market). This had helped to convince clients that the stablecoin is [legitimate](https://www.certik.com/projects/tether?utm_source=CMC&utm_campaign=AuditByCertiKLink). > > As of this year, USDT currently is in the top ten cryptocurrencies by [market cap](https://www.coingecko.com/en/coins/tether) with a 24-hour trading volume of around 45 billion dollars and a total number of addresses of up to 4.5 million. In its last known [audit](https://www.fairyproof.com/doc/111.pdf) in 2021 it has been considered to have *"No vulnerabilities with critical, high, medium or low-severity."* > > **Wide acceptance** > > Tether has multiple gateways for customers (retail, exchanges, and companies) because it is built on several leading [blockchains](https://tether.to/en/supported-protocols), including Algorand, Avalanche, Bitcoin Cash's Simple Ledger Protocol (SLP), Ethereum, EOS, Liquid Network, Omni, Polygon, Tezos, Tron, Solana, and Statemine. These transport protocols are made up of open source software that interfaces with blockchains to allow for the issuance and redemption of Tether tokens. > > Furthermore, it has been available on major exchanges such as Bitfinex, Binance, Coinbase, Kraken and [more](https://www.coingecko.com/en/coins/tether#markets), Offering a plethora of pairs for users to choose from or that of which is available in their region although as of lately some exchanges have been switching to Circle's USDC over growing concerns of legal issues related with Tether. > > **Buffer against volatility** > > One of the primary functions of stablecoins is to act as a [hedge](https://www.researchgate.net/publication/341245986_Are_stablecoins_truly_diversifiers_hedges_or_safe_havens_against_traditional_cryptocurrencies_as_their_name_suggests) when crypto markets are in a downturn. Because the aforementioned market is extremely volatile, traders and investors want some sort of buffer against this without having to directly trade their crypto for fiat as to also avoid larger fees as well. Supported by its large market capitalization, USDT should be less volatile and thus safer. > > **Announcement of a full audit** > > Tether's CTO Paolo Ardoino recently stated in an [interview](https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information) with Euromoney that the company is preparing for a full audit with an accounting firm called MHA Cayman (which also handles Tether's [quarterly assurance opinions/reports](https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf)). According to the CTO in the interview, MHA Cayman is one of the "*top 12*" accounting firms, and most top accounting firms deny requests for full audits due to the associated reputational risks. In the future, hopefully, this will provide more security and transparency to its users against the number of allegations and investigations it is currently facing. > > **Despite everything, USDT is still here** > > From the past legal troubles it has faced, the ones it's facing right now, the vast amount of criticisms from different facets off the internet and the several crypto winters it endured. USDT is still alive and kicking. Will it still be the top stablecoin in the next 5 years? Unlikely, but I am for certain it was a major part for the growth and expansion of crypto's fetal years. Moving forward it's up to them, the people behind Tether, if they will finally redeem themselves against all the allegations, criticisms, troubles, and not just do another settlement. > > ^(Sources:) > > [^(https://tether.to/en/faqs/)](https://tether.to/en/faqs/) > > [^(https://tether.to/en/supported-protocols)](https://tether.to/en/supported-protocols) > > [^(https://tether.to/en/transparency/)](https://tether.to/en/transparency/) > > [^(https://tether.to/en/transparency/#reports)](https://tether.to/en/transparency/#reports) > > [^(https://en.wikipedia.org/wiki/Tether\_(cryptocurrency))](https://en.wikipedia.org/wiki/Tether_(cryptocurrency)) > > [^(https://assets.ctfassets.net/vyse88cgwfbl/5UWgHMvz071t2Cq5yTw5vi/c9798ea8db99311bf90ebe0810938b01/TetherWhitePaper.pdf)](https://assets.ctfassets.net/vyse88cgwfbl/5UWgHMvz071t2Cq5yTw5vi/c9798ea8db99311bf90ebe0810938b01/TetherWhitePaper.pdf) > > [^(https://www.wsj.com/articles/BL-MBB-23780)](https://www.wsj.com/articles/BL-MBB-23780) > > [^(https://www.certik.com/projects/tether?utm\_source=CMC&utm\_campaign=AuditByCertiKLink)](https://www.certik.com/projects/tether?utm_source=CMC&utm_campaign=AuditByCertiKLink) > > [^(https://www.coingecko.com/en/coins/tether)](https://www.coingecko.com/en/coins/tether) > > [^(https://www.fairyproof.com/doc/111.pdf)](https://www.fairyproof.com/doc/111.pdf) > > [^(https://www.coingecko.com/en/coins/tether#markets)](https://www.coingecko.com/en/coins/tether#markets) > > [^(https://www.researchgate.net/publication/341245986\_Are\_stablecoins\_truly\_diversifiers\_hedges\_or\_safe\_havens\_against\_traditional\_cryptocurrencies\_as\_their\_name\_suggests)](https://www.researchgate.net/publication/341245986_Are_stablecoins_truly_diversifiers_hedges_or_safe_havens_against_traditional_cryptocurrencies_as_their_name_suggests) > > [^(https://www.researchgate.net/publication/339263534\_What\_is\_Stablecoin\_A\_Survey\_on\_Price\_Stabilization\_Mechanisms\_for\_Decentralized\_Payment\_Systems)](https://www.researchgate.net/publication/339263534_What_is_Stablecoin_A_Survey_on_Price_Stabilization_Mechanisms_for_Decentralized_Payment_Systems) > > [^(https://www.researchgate.net/publication/332458820\_Is\_Cryptocurrency\_a\_Hedge\_or\_a\_Safe\_Haven\_for\_International\_Indices\_A\_Comprehensive\_and\_Dynamic\_Perspective)](https://www.researchgate.net/publication/332458820_Is_Cryptocurrency_a_Hedge_or_a_Safe_Haven_for_International_Indices_A_Comprehensive_and_Dynamic_Perspective) > > [^(https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information)](https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information) > > [^(https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether\_Assurance\_Consolidated\_Reserves\_Report\_2022-03-31\_\_3\_.pdf)](https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf) ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

CointestMod

#Ethereum Pro-Arguments Below is an argument written by Nostalg33k which won 2nd place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > ​ > > # Ethereum: Use-case driving value > > Ethereum is a very valuable Blockchain. This blockchain is driven by innovation and utility. To understand what makes Ethereum such a valuable eco-system we need to discuss the inner-working of Ethereum. > > # Introduction: Ethereum explained > > According to [Ethereum.org](https://Ethereum.org) : > > >What is Ethereum? > > Ethereum is a technology that's home to digital money, global payments, and applications. The community has built a booming digital economy, bold new ways for creators to earn online, and so much more. It's open to everyone, wherever you are in the world – all you need is the internet. > > So the topic driving this discussion is badly worded. If we are discussing top coins then we should discuss Ether and not Ethereum. Since Ethereum is such an interesting ecosystem I will treat this argument as a pro Ethereum post. I'd love to see the discussion focused on Ether next time. > > Ethereum is not managed by a single entity nor managed by the Ethereum Foundation but is managed through a decentralized process explained [In their governance page](https://ethereum.org/en/governance/). > > Time for some metrics: Ethereum is currently trading north of 1750 $ and has a circulating supply of 122 millions ETH for a Market cap at around 218 billions > > Let's go back to the quote: "Ethereum is a technology that's home to digital money". This point is important. Ether is not the only coin which is using the Ethereum blockchain. A lot of value on the Ethereum Blockchain is not in Ether coins. This will be discussed further down. Ethereum is also home to global payment, so Ether and other cryptocurrencies can be used to settle transactions between P2P in a permissionless way. > > Applications called Dapps exist on the blockchain. We are going to discuss all of these aspects. We are also going to tackle NFTs on the Ethereum Blockchain. > > Ethereum is also completed by L2s. These are going to be mentioned. > > Ethereum has been switched from POW to Asic resistant POW to POS. These are going to be discussed. > > ​ > > # Ethereum: Home to digital money. > > Ethereum strength is that the blockchain is home to many cryptocurrencies. If gas fees are paid in Ether, many tokens have billions circulating in the Ethereum ecosystem. A quick look at Etherscans reveal how strong the ethereum ecosystem is. > > According to [EtherScan](https://etherscan.io/tokens) the blockchain has 40 Billions $ in USDT, 46 Billions in USDC and 7 Billions $ in Wrapped BTC. The market cap of Ether may be around 200 billions but the on chain value of assets in the Ethereum Blockchain is far higher. > > All of these USDT and USDC are stablecoins which can be used for transactions. In fact, it can be used for P2P transaction in a permissionless way but also to buy stuff from businesses. [Here is a list of business accepting USDT (which exists in the Ethereum blockchain)](https://nowpayments.io/blog/businesses-accepting-tether) and [Here is a list of business accepting directly Ethereum](https://www.analyticsinsight.net/top-10-companies-accepting-ethereum-as-a-payment-method-in-2022/) > > These classical transactions are not the only use of the Ethereum Blockchain: Dapps and NFT are also thriving ! > > # Ethereum: Home to dapps and NFTs > > Ethereum is home to a lot of different applications: Marketplaces, exchanges, defi, wallets, games... > > These application are different because they are called dapps: > > >A decentralised application (DApp,\[1\] dApp,\[2\] Dapp, or dapp) is an application that can operate autonomously, typically through the use of smart contracts, that run on a decentralized computing, blockchain or other distributed ledger system.\[3\] > > [Wikipedia Dapps](https://en.wikipedia.org/wiki/Decentralized_application) > > To give a glance to these dapps you can head to this website tho be wary of the first dapp listed being an advertisement for shady businesses (I haven't found a better website to source dapps) [Here you go](https://dappradar.com/rankings/protocol/ethereum/1) > > While I don't believe in the current state of NFT technology being viable (See my write up in favor of NFT speaking about the future of this technology), we have to take into account that even after losing 60% of their value there is still 3 Billions USD in NFTs in the Ethereum Blockchain [Source](https://cointelegraph.com/news/ethereum-nft-collections-lost-nearly-60-of-their-market-cap-in-2022-report) > > # Ethereum: Layers of goodness. > > Ethereum can be a bit expensive for people, this is why it was layered. There are side chains existing just to be cheaper than Ethereum while offering bridges to and from Ethereum. For example Polygon. > > >Polygon is a Layer-2 scaling solution created to help bring mass adoption to the Ethereum platform. It caters to the diverse needs of developers by providing tools to create scalable decentralized applications (dApps) that prioritize performance, user experience (UX), and security. > > So if you want to be able to evaluate Ethereum you need to go and read about the biggest layer 2 pro and cons. > > [A small list of Ethereum layer 2 given by Ethereum.org](https://ethereum.org/en/layer-2/) > > # Ethereum: Evolve to thrive > > Ethereum has been a rapidly evolving ecosystem. It has seen the evolution of mining from GPU to Asic. In order to not become reliant on Asic mining, Ethereum was made Asic resistant. This created other problems: A pressure on the GPU market but also a concern for energy efficiency. In order to improve the footprint but also reduce the fees, Ethereum was made to transistion from POW to POS. Proof of stake is a protocol in which you need to stake coins to run a node in the network. > > This shows an ability to look ahead and to tackle challenges. > > # Conclusion: Ethereum is a rapidly evolving ecosystem which has a lot of value in it. Since Ether is their native coin, all of this impacts Ether's value. > > This is where we go back to the TOP COIN aspect of this write up. Everything I have said has an impact on the value and use of Ether. If you believe in the future of the Ethereum Blockchain, you can go ahead and look a bit more into Ether. If you don't believe in the Ethereum Blockchain then you should try to find a competitor. > > Just know that Ethereum is trying to become deflationary and that their economic outlook seems on par with good cryptos. > > Ethereum is one of the techs of the future and this essay has shown some of the most important aspects of it. > > Have fun ! ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/100p71b/top_coins_ethereum_proarguments_january_2023/) to be taken to the original topic-thread for this argument or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.

Historical_Minimum71

It’s not stuck. They have your USDT and there’s almost no chance you’re getting it back. FYI, bitfinex IS Tether. It’s literally the same guys. The reason they run an exchange is to make themselves money. They just got yours.

JebusMaximus

What about USDT/EUR? Will it be unsupported too, soon?

tsurutatdk

Yeah, Peaq network has huge potential. I've already committed my USDT to the ongoing token sale on Coinlist. I hope I'll get the chance to make it, but for now, I'm waiting for the results.

Wild-Law413

Here’s a guide, let’s say you sent money out of your bank account or used a credit card to buy BTC in Coinbase, later you swapped that BTC for anything other than USDT or cash and no money went back to your bank account or credit card then you NEVER realized gains for any transaction, that’s non reportable, gains only become taxable once they are materialized. Yes Coinbase will report the movement of accounts so IRS can track it in case of review, same thing with stocks, until you SOLD that stock there’s no gain. Keep good record of purchases and sales in case you’re audited

fishnislife

Favorite videos about Bitcoin Micheal Saylor https://m.youtube.com/watch?v=8SQBIy5yG-s Jack Maller https://m.youtube.com/watch?v=d7ID3fKAFQM&pp=ygUdamFjayBtYWxsZXJzIGJpdGNvaW4gYXRsYW50aXM%3D Follow guys like CryptosRUs https://m.youtube.com/@CryptosRUs Favorite books for understanding what Bitcoin is The Bitcoin Standard How to Bitcoin Best performing asset hands down over the last 15 years. Dollar cost average. Maybe set up a daily, weekly buy so you don’t have to think about it. But before throwing any bucks at crypto, figure out what your goals are and time horizon. If it is for the long haul. BTC is a no-brainer. Maybe come up with a plan and write it down. For example 50% Btc, 20% Eth, 10% Sol, and to keep it fun and engaging for yourself, 10% to meme coins or speculative projects. Leave 10% as “dry powder” on the sidelines in USDC or USDT for the wicked 20-30% market drawdowns and corrections. Fire 5-10% in these times to dollar cost average your positions. Then load that 10% back up with savings or “extra” investment cash and do it all over again. Take small profits out every once in a while and spend it on yourself. It will re-enforce that what you are doing is good, worth it and still working. Best of luck to ya. And just have a plan, goals and exit strategies set up so you’re not emotional in making decisions in this wild market.

fishnislife

Terrible advice. I would NOT expose yourself. Quick way to go to jail. Especially if you do it near schools, parks or a Chucky Cheeses. No seriously, great advice by Horror_194. Best performing asset hands down over the last 15 years. Dollar cost average. Maybe set up a daily, weekly buy so you don’t have to think about it. But before throwing any bucks at crypto, figure out what your goals are and time horizon. If it is for the long haul. BTC is a no-brainer. Maybe come up with a plan and write it down. For example 50% Btc, 20% Eth, 10% Sol, and to keep it fun and engaging for yourself, 10% to meme coins or speculative projects. Leave 10% as “dry powder” on the sidelines in USDC or USDT for the wicked 20-30% market drawdowns and corrections. Fire 5-10% in these times to dollar cost average your positions. Then load that 10% back up with savings or “extra” investment cash and do it all over again. Best of luck to ya. And just have a plan, goals and exit strategy set up so you’re not emotional in making decisions in this wild market. It is the Wild, Wild West out there right now.

Cakeofruit

lol that right there! Advice here should be : - Buy high sell low. - leaverage on futures is good. - The lower the market cap the better ( if it is more than 1 million USDT don’t bother ). - Centralized is good at least the devs can make good decisions. - Just daytrade memes coin. Trust me bro, don’t do research u will have a Lambo soon !

VeganMortgageAdviser

What's the cheapest way to transfer BTC from Coinbase to Crypto.com Exchange? I'm in the UK, so I can't transfer fiat, only crypto/stable coins. I looked at USDT but the fee is £16. There must be a cheaper way.

Adventurous-Ad-101

gBTC saw daily net outflows since ETF launched. This appears to have ended on May 6th, but during the period would have contributed to price suppression. After the halving, you see miner costs change significantly. With the current computer power required to mine BTC, at the current price it proves unprofitable for some parties. There is therefore an incentive to suppress price and drain reserves - hopefully killing competition, reducing computing power needed and ultimately improving profitability for those that remain. Bad news is traditionally released outside of market opening hours to allow markets not to be shifted abruptly be emotional reactions. With crypto never closing, these movements have more of an impact. During the last 30 days we’ve had 2x war announcements and 2x stagflation fear stories. Regulation is currently unclear and the future for most cryptos in uncertain. Whilst this regulation isn’t impacting BTC, via liquidity pools and bridging cryptocurrency price moves are interconnected in slight ways. There are also hidden concerns over Binance & The US. US having access to Binance may uncover market manipulation and wash trades for previous high value users of crypto. They are likely currently running controlled and minimised activity on chain. Finally, there are significant truths in the SEC’s current cases. MiCa arriving in the summer reduces the dominance of USDC & USDT on chain.

Deep-Cow9096

I won't go into specifics of what I've earned or what others I know have earned. The more money you have generally the more airdrops you'll be able to get. A lot of airdrops go to people with large stacks of popular coins/tokens because they're the ones most likely to actively trade the coin or have some level of influence to popularize the coin. The past year the major ones were staking Cosmos ecosystem coins (I think it's a bit tough to get into now with how high the requirements are becoming to qualify for airdrops and when those snapshots are taken). Holding Bonk, Solana, Solana Phone, WIF, holding/staking Jupiter/Pyth. More active is using DApps but a lot of them are very low effort needed but money needed. Lending protocols like MarginFi/Kamino, deposit funds, often times lending protocols allocate airdrops most for USDC/USDT deposits. Let it sit there for months and then get an airdrop that can be worth hundreds to tens of thousands of dollars. Other like ionet just completed their first airdrop for providing access to your compute resources snapshot window for airdrop. Requires having good computer hardware so inaccessible to most people and most people are scared when they see that they have to install docker, download a file and copy a line of text and run it. That one is looking to be worth thousands to tens of thousands for airdrop earners More active is games. The last very major one was Pixels which is a game on Ronin. Wild Forest, another Ronin chain video game just did a season of play for airdrop. I imagine those that played that game over the past year rather than just last month are going to get a value at least in the 4 figure US dollar range of tokens and the value of the game unit NFTs they have. Other ones I'm aware of currently in play to airdrop or will be in the future. Apeiron, The Machines Arena, Kaidro Clan Battles, Seraph In the Darkness, some Hello Kitty and Ragnorok Online licensed games are upcoming on Ronin. Kaidro or Seraph I think may be Arbitrum or Sui or something. I think Wild Forest is going to have another play for airdrop season. Context for that games userbase is that Wild Forest had 44,013 wallets that played that game though there will be people with multiple accounts and bots Not games are testnet. Do testnet tasks. Run a testnet node for new chains like Subspace. Testnet DApps usage aren't as lucrative as 2021. It's all about mainnet activity for airdrops now. Subspace may be good though as that's a new chain entirely but requires hardware to farm testnet coins that'll translate to mainnet at some ratio It's worth it

CointestMod

#TRON Pro-Arguments Below is a TRON pro-argument written by a deleted user. > ##**PROs** > > **Disclaimer**: There is little reliable information about Tron that isn't from Tron DAO or Justin Sun interviews. The official [Tron DAO Medium](https://trondao.medium.com/) site doesn't provide links to sources in the blog, making it harder to fact check and analyze. Many of its sources are from Weibo posts that are inaccessible beyond the Great Firewall of China. Tron's documentation and community posts provide way less information than that of other major blockchain projects. Nevertheless, I'm make do with what I can get. > > ####**Performance and Consensus** > > **High throughput and fast finality** > > Blocks are produced every 3s with a max size of 2M bytes. Consensus is completed using DPoS with a fault tolerance of 70% (9/27) Super Respresentatives that act as validators. There are over 350 SR/validator candidates who vote on the 27 SRs each 6 hours. > > - **High Throughtput**: **Tron can reach a max throughput of 2600 TPS with full 2M blocks** and its current balance of actual transactions, which is really high for an EVM-compatible blockchain. > - My calculations used [Tronscan data](https://tronscan.org/#/blockchain/blocks): Basic TRX and token transfers use 250-500 Bandwidth. The current average bandwidth for each transaction is currently 298, which is not that much higher than the lower end for basic transactions. > - Each bandwidth is 0.850 bytes, so you can fit 7800 average transactions in a single 3s block. Tron officially claims that it can reach 2000 TPS, so they're giving a conservative estimate. > - Even filled with 350-550 bandwidth swaps for [SunswapV2Router02](https://tronscan.org/#/contract/TKzxdSv2FZKQrEqkKVgp5DcwEXBEKMg2Ax/transactions), that's 1400 TPS on the lower end. That's way faster swaps than [everything other than Algorand](https://medium.com/dragonfly-research/the-amm-test-a-no-bs-look-at-l1-performance-4c8c2129d581). > - The tradeoff is that consensus is highly centralized (only 27 validators), and that the validators have very high requirements like having 32 CPU cores and 64GB of memory. > - In comparison, Ethereum's Layer 1 in comparison, can only do ~15 TPS average (59 TPS for basic transfers, 7 TPS for Uniswap v3 swaps). > - **Fast Finality in 3s**: All 27 SRs are currently playing friendly with each other, so for all practical purposes, finality is in 3 seconds. (Deterministic finality occurs every 27 blocks, or 81 seconds). > > **Network Energy usage** > > Tron's estimated annual energy usage for 2022 is estimated to be 1.7 kWh, or the **energy usage of [15 average US households](https://decrypt.co/108115/tron-network-energy-use-matches-that-of-15-us-households-ccri-report)**. This puts it slightly lower than the consumption of Avalanche, Algorand, Cardano, and Solana's networks. Its carbon footprint is also 4x lower than the others. And it uses 100000x less energy than Bitcoin. > > ####**Ease of Basic Utility** > > **Transaction fees are covered for FREE by freezing TRX** > > Tron has a unique design for transaction fees instead of using gas. Transactions fees are divided into bandwidth (pays for data bytes) and energy (pays for computations). All transactions require bandwidth while only contracts need energy. > > The benefit is that you get **FREE bandwidth and energy by freezing TRX**, a process similar to staking. You currently receive about 28 energy and 1 bandwidth daily [per frozen TRX](https://tronstation.io/calculator). Basic smart contracts use 350 Bandwidth (requires freezing 330 TRX) and 14.7K energy (requires staking 520 TRX). At current TRX prices, **if you freeze $2500 worth of TRX, you could perform 100 free basic transactions daily**. In addition, each account receives [1.5 kb of bandwidth daily](https://developers.tron.network/docs/resource-model) (originally 5 kb) for free even without freezing TRX, which is good for ~5 transactions. Though I suspect users can abuse this by creating new accounts. > > Any transaction fees in excess of the free energy and bandwidth are burned. This is why TRX is **currently deflationary by ~0.3% annually** (excluding burns for the USDD minting process). > > **Settlement layer for Tether** > > According to Blockchain's [Sep 2022 interview with Justin Sun](https://podcasts.apple.com/us/podcast/exploring-tron-with-justin-sun-and-blockchain-com/id1536699961), **the original purpose of Tron was to act as a stablecoin settlement network and reserve network for Tether** (USDT). Sure enough, the bulk of DeFi on Tron's network deal with stablecoins. As of Sep 2022, [45% of Tether is now held on Tron](https://defillama.com/stablecoin/tether). And with Ethereum transaction fees being so high, Tron has become an attractive platform for USDT dApps. > > ####**DeFi Usages** > > **Smart Contracts** > > Tron's VM (TVM) is EVM-compatible and uses Solidity for the smart contract language. It is also Turing-complete. Thus, it's simple to rewrite EVM contracts for TVM. > > - **Tron's [DeFi TVL is massive at $5.4B](https://defillama.com/chains), putting at 3rd place after Binance Smart Chain**. > - Though it is a bit suspicious though that 99% of Tron's DeFi TVL are on 3 projects that are literally named after Justin Sun, though that could just be because it's very new. In comparison, Ethereum's DeFi is spread over hundreds of dApps. > - Tron SUN's [Liquidity Pool](https://sun.io/#/home) provides very high interest for USDD-USDT pairs at 5-70% APY. Back in June-July, you could gain triple-digit APY on Tron DeFi with stablecoins while the governance rewards boosts were still active. > > ####**Sustainable Tokenomics for TRX** > > - TRX's tokenomics have a steady, permanent issuance for validators, so it's **sustainable**. All transaction fees are burned. This isn't too different than Ethereum's tokenomics model (other than that Ethereum only burns part of the fee). > - TRX has a total circulating supply of about 92B, which is noticeably lower than their highest supply of 102B before the TRX-to-USDD minting protocol. TRX suddenly became [deflationary on Oct 27, 2021](https://tronscan.org/#/data/stats2/circulation). Supply has fallen about 10% since then due to token burns, making **TRX one of the most deflationary cryptocurrency in the top 30**. > - If we ignore the token burns from USDD minting, each day, ~5M TRX is minted, ~6M is burned (from transaction fees). **This gives net issuance of 1M TRX burned daily, or 0.3% annual deflation.** > > **Good TRX price action during the bear market** > > Tron's native token, TRX, is currently #15 in marketcap as of Sept 2022 with a [marketcap of $6B](https://www.coingecko.com/en/coins/tron). Its value has held up surprisingly well during the bear market, barely falling 50% while the rest of cryptocurrencies fell closer to 70-90%. **TRX is up 2x vs Bitcoin over the past year** during the bear market, pumping especially hard right around the launch of USDD and introduction of major staking and governance boost projects. > > ####**USDD, a hybrid stablecoin without UST's flaws?** > > **USDD is a hybrid collateralized/algorithmic (seigniorage) stablecoin** launched in May 2022 on Tron's network. It is one of the biggest focuses on the Tron roadmap. It was originally designed as a purely-algorithmic stablecoin based on Terra's now-failed Luna and UST stablecoin. After the collapse of Luna UST, the Tron DAO Reserve (TDR) made several changes to USDD to avoid a similar failure: > > **Differences between UST and USDD** > > 1. The biggest difference is that USDD is 300% collateralized with 11B TRX, 14K BTC, 100M USDT, and 1M USDC [Source](https://usdd.io/). **This makes USDD one of the most collateralized stablecoins.** In comparison, DAI is only 120% collateralized, and USDT and USDC are only 100% collateralized. > 1. TDR controls how much USDD can be minted or redeemed, so it's not purely algorithmic. Thus, TDR has full power to stop it from crashing. > 1. USDD will be released in multiple phases. The current phase only allows for a minting of 2B USDD. This is to limit USDD from growing astronomically quickly like with UST. [[Source](https://trondao.medium.com/improving-usdd-from-lessons-learned-e2600d7f94ad)] > 1. You're probably wondering what's the catch. There is a Peg Stability Module (PSM) that allows minting of USDD by burning TRX. You can current burn TRX for minting USDD, but **you cannot redeem USDD for TRX** [[source](https://twitter.com/TheImmutable/status/1536930692344401921)]. There is no liquidity on any of the [PSM smart contracts](https://docs.usdd.io/psm/the-psm#psm-contracts) to trade USDD for anything else. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_tron) to find submissions for other topics.

CointestMod

* Related Cointest topics: [Justin Sun](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_justin_sun), [USDT](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_tether), [DeFi](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_defi). * Related subreddits: r/Tronix, r/Tether, r/Ethereum. * Sort comments as controversial first by [clicking here](/r/CryptoCurrency/comments/1cokp1v/binance_banned_tron_foundation_for_market/l3gnlne/?sort=controversial). Doesn't work on mobile.

nick_117

Here is the big difference. Uniswap can't go to fiat and the transactions are public. If you're a criminal uniswap doesn't help you much. Say you swap your tainted ETH for USDT. You still can't unload that USDT because the transaction was public. They saw your signature they know where the swapped USDT went. They will continue to watch that address. At this point there is "tainted" ETH in the pool and someone else might get it in a swap. But not really, the taint has transferred to the swapped USDT. If someone did pull the tainted ETH out of the pool and tried to cash out at a CEX they might give them a hard time initially l. However, it would be easy to prove looking at the chain they aren't the criminal. The criminal has the problem that the USDT they swapped for is still known and now it's also been tainted. They need to do a swap where the address can't be traced. Or start "spending" it to other addresses that they actually control but aren't obvious by looking at the chain that they do control them. Ie they have lots of other legitimate transactions this could just be the hacker "paying" people with stolen funds. Those people are most at risk when trying to cash out their funds of a CEX calling the cops. On Haveno, they could swap their ETH to XMR. At this point they are gone. You could see who holds the ETH now and maybe conclude it was just the attacker moving wallets. But probably not because liquidity won't be high enough on Haveno to support offloading millions at one time. It will look like they are "paying" someone. Once the attacker has XMR they can do another swap on Haveno to cash. Even if you monitored everyone's bank account you wouldn't know which transaction was the attacker moving to cash because there is no way to know the wallet the XMR went to when they traded it for ETH. On Haveno it wouldn't even be possible to know they did a trade to monero / used Haveno. All you would see is the hacker transferring the ETH to some new address. Maybe it's the hackers friend, maybe it's the hacker with another address who knows. There isn't a smart contract to inspect showing the details. It was just a transfer. Let's say there was a smart contract - now we are talking about atomic swaps. In this case you still wouldn't be able to track the hacker anymore. You could see they swapped ETH to XMR with someone and that's it. You wouldn't be able to taint the XMR coins because they are private. You couldn't watch a wallet address to see if it moved funds because that's also private. At this point there is nothing more you could prove about the attacker unless you had their XMR wallet private keys.

Gasfordollarz

what about the alts purchased on a dex wallet and not listed on a cex? Worth the cost/risk to move to L2 early so you can swap to USDT in the bull run?

hungryforitalianfood

See, most of these are personal opinions. Just because you don’t agree with them doesn’t mean they’re objectively bad. The withdrawal from nato never happened. A lot of presidents have wanted a lot of things that didn’t happen. Many of those things are used as bargaining chips anyway. In my opinion, the stimulus package never should have been issued because we never should have locked down for the flu. Never. We crippled the value of a dollar, and everyone’s fiat savings were destroyed. The stimulus package is the reason a McDonald’s happy meal is $20. You disagree, I get it. But these are opinions. And honestly, making a claim that delaying the American stimulus package had any affect worldwide is a little stupid. Putin is a monster. Zelenskyy is just as bad. I don’t care about their dispute. It’s my opinion that America should never have gotten involved in this centuries-old fight between neighbors. Let them sort it out themselves. Russia is not a threat globally (they can’t even take Ukraine lol) and has shown no interest in expanding anywhere else. They used to own Ukraine and they want it back. This is just a glorified tribal skirmish. Why the fuck are my tax dollars paying for a penny of this charade? Oh, I just got to the part where you’re not even American. Lol of course. Your opinion about the American election is exactly as relevant as my opinion about the Romanian election. Which is to say, I don’t have one because I don’t talk about things I have no firsthand knowledge of. >Save this post -> If Trump gets in office again , Ukraine will be done by January-February of 2025 One less active war on the planet? Cool. An excellent reason to vote for Trump. Ukraine is among the most corrupt countries on the planet, and there is less than zero reason why my tax dollars should be supporting them in a war they can’t win. Absolutely none. I’m already paying for the Israel/Palestine conflict, I can’t keep paying for two wars that I do not give a shit about. >After that, he will consolidate and probably start another 'special operation' in the Nato surrounding states, probably Georgia. If he attacks a nato country (Ukraine doesn’t count), that would be a different story. But I’ll bet you any amount of money up to ten million dollars in $USDT that Putin does not do this. He’s a lot of things, but dumb isn’t one of them. He knows what wars he can and cannot win. Invading Georgia falls firmly into the latter. Turkey won’t quietly allow Russia to bring a war to its border.

CointestMod

#Tether Con-Arguments Below is a Tether con-argument written by Blendzi0r. > *First published on:* [*30.09.2021*](https://np.reddit.com/r/CryptoCurrency/comments/og1sms/rcryptocurrency_cointest_top_10_category_tether/hewuzi9/) > > *Last edited on: no edits* > > # Intro > > Tether (USDT) is a digital dollar – a stablecoin pegged to US dollar. Stablecoins are a type of cryptocurrency with a value fixed to other assets (usually assets outside of the cryptocurrency space, e.g. fiat currencies, precious metals, etc.). Their main purposes are: 1) help investors escape the volatility of the cryptocurrency market and 2) allow investors to buy cryptocurrencies on exchanges that do not offer fiat deposits. USDT is currently the most popular stablecoin. \[1\], \[2\], \[3\] > > # Cons > > **It’s centralized** > > Tether is centralized. Tether Limited (controlled by the owners of Bitfinex) is responsible for issuing USDT \[1\]. Tether Limited is free to issue and freeze all USDT. When PolyNetwork was famously hacked in August 2021, all of the USDT that hacker stole was frozen and then returned to the victim. There were other such examples in the past (e.g. when KuCoin was hacked in 2020). > > As much as the above examples are positive, nothing stops Tether from being less ethical in the future. Especially taken into consideration their shady history. Not to mention that centralization is against one of the core principles of cryptocurrencies. > > **The company lied on several occasions** > > Tether always claimed that they and Bitfinex are two completely separate entities and denied all the speculations that they are the same. In November 2017, “The Paradise Papers” revealed Bitfinex and Tether are indeed run by the same people. \[4\] > > Until February 2019, Tether claimed to be backed by the US dollar on a one-to-one basis: “Every tether is always backed 1-to-1, by traditional currency held in our reserves.” – read their website. The text was then changed to: “Every tether is always 100% backed by our reserves (…) and, from time to time, may include other assets (…). > > However, in April 2019, Tether’s general counsel admitted that the stablecoin can back only around 74% of its supply in circulation \[5\]. It was also reported by the New York Attorney General that at some point in time Tether didn’t even have access to banking services. Therefore, Tether lied about its backing. \[6\] > > Tether promised to share reports from independent auditors on their reserves. They haven’t done so until **forced** by a court order in 2021. And even then they couldn’t stop themselves from misleading the public. In a tweet from Paolo Ardoino, Tether’s CTO, he stated that they share the report because “community asked for it." \[7\] > > **There are some shady people behind it…** > > The most important people at Tether are surrounded by many controversies: > > Jan Ludovicus (or Jean Louis) **van der Velde**, Tether’s CEO, is a ghost. There’s barely any information about him \[4\]. This is rather concerning when you take into consideration he’s a CEO of a multi-billion company. > > **Giancarlo Devasini**, Tether’s CFO, boasts he built companies that generated 100 million euro in revenue but documents show it was almost 10 times less. He was sued by Microsoft for pirating their software and by Toshiba for infringing its DVD-related patents. And these are just a few examples of Devasini’s questionable doings and statements. \[6\] > > **Phil Potter**, CEO of Bitfinex (Bitfinex is the only partner of Tether. And it’s a company that actually controls Tether. So the only partner of Tether is a company that… controls it), was fired from Morgan Stanley in the 90’s after he bragged about his lavish lifestyle in an interview for The New York Times. \[8\] > > Letitia James, the New York attorney-general, called those people “unlicensed and unregulated individuals (…) dealing in the darkest corners of the financial system." \[6\] > > **…against whom criminal charges might be filed** > > US Justice Department that is investigating Tether and in July 2021 it reported that it is now considering whether it should file criminal charges against Tether executives. The charges might be based on the assumption that Tether lied about its business when it was opening bank accounts all over the world. \[9\] ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

CointestMod

#Tether Pro-Arguments Below is a Tether pro-argument written by Blendzi0r. > *First published on: \[*[30.09.2021](https://np.reddit.com/r/CryptoCurrency/comments/og1s24/rcryptocurrency_cointest_top_10_category_tether/hewpzqt/)*\]* > > *Last edited on: 19.09.2022* > > # Intro > > Tether (USDT) is a digital dollar – a stablecoin pegged to US dollar. Stablecoins are a type of cryptocurrency with a value fixed to other assets (usually assets outside of the cryptocurrency space, e.g. fiat currencies, precious metals, etc.). Their main purposes are: 1) help investors escape the volatility of the cryptocurrency market and 2) allow investors to buy cryptocurrencies on exchanges that do not offer fiat deposits. USDT is currently the largest stablecoin. \[1\], \[2\], \[3\] > > # Pros > > **It’s the most popular and oldest stablecoin** > > Tether was launched in 2014 as Realcoin and renamed to Tether the same year \[1\]. It’s the first successful stablecoin. For many years, it had completely dominated the stablecoins market and despite the recent growth of other stablecoins, mainly USDC, Tether is still the biggest and most popular stablecoin. As of September 2022, its market cap shrinked against USDC's market cap in recent months, but its volume still tends to be much higher (according to coinmarketcap, on 19.09.2022 it was 12x(!) higher). In fact, USDT’s trading volume is unmatched by any other cryptocurrency. \[1\] > > It is also worth pointing out that more than 80% of stablecoins launched in 2015 are now gone and USDT is still here, despite its bad press. \[4\] > > **It has most trading pairs** > > The market cap and volume speak for themselves – Tether is the most popular stablecoin. There are very few exchanges that don’t accept USDT and all major coins have trading pairs with USDT. Even Coinbase, which is responsible for Tether’s rival stablecoin – USDC, lists Tether on its exchange (since May 2021). \[5\] > > It is also backed by several international currencies and, therefore, allows people in different countries purchase coins that they otherwise wouldn’t be able to get. > > **It was declared dead many times but, just like Bitcoin, it's alive and kicking** > > There are many controversies around Tether. Perhaps the most concerning one is whether USDT has its reserves fully backed. Many critics believe that Tether isn’t fully backed and if many investors were to redeem tethers at the same time, there would be no liquidity \[6\]. Situations when people redeem tokens en masse usually should happen during market crashes. In the last 4 years we had three significant market crashes – in 2018, in March 2020 and in May 2021. USDT survived all of them. > > It has also survived losing almost 25% of its market cap in a short time - from May to July of this year. > > **The latest breakdowns of the reserves is a step in the right direction** > > Tether had been criticized for lack of transparency (and rightly so) for many years. In May 2021, for the first time since 2014, Tether finally gave us an insight into their reserves. The first report was rather disappointing as it turned out that barely 3% of the reserves are made-up by cash. Moreover, 65% of the reserves were made-up by commercial paper and there were no details about the type of the commercial paper. \[7\] > > However, the reports from August and December 2021 looked much better \[8\]: cash and cash equivalents made up more than 80% of the reserves, more than 10% of which were cash and bank deposits, +/- 30% were treasure bills (they are considered very safe assets) and they provided more details – the reports included information about the rating and breakdown of maturity of the commercial paper and certificates of deposit. The reports were on pair with those of USDC. > > **USDT is centralized. But is it so bad in the case of a stablecoin?** > > Decentralization is essential for cryptocurrency. But so is replacing fiat. So is decentralization that important in the case of a stablecoin? > > The fact that USDT is centralized also allowed it to do good things on many occasions. It returned USDT sent to wrong addresses and cooperated with law enforcement officials and blocked/froze addresses that used USDT for illegal activities. \[9\], \[10\] > > ^(Sources:) > > ^(\[01\]) [^(https://en.wikipedia.org/wiki/Tether/(cryptocurrency)](https://en.wikipedia.org/wiki/Tether/(cryptocurrency)) > > ^(\[02\]) [^(https://tether.to/wp-content/uploads/2016/06/TetherWhitePaper.pdf)](https://tether.to/wp-content/uploads/2016/06/TetherWhitePaper.pdf) > > ^(\[03\]) [^(https://en.wikipedia.org/wiki/Stablecoin)](https://en.wikipedia.org/wiki/Stablecoin) > > ^(\[04\])[^(https://papers.ssrn.com/sol3/papers.cfm?abstract\\\\id=3835219)](https://papers.ssrn.com/sol3/papers.cfm?abstract\id=3835219) > > ^(\[05\]) [^(https://blog.coinbase.com/tether-usdt-is-now-available-on-coinbase-214f075deaa2)](https://blog.coinbase.com/tether-usdt-is-now-available-on-coinbase-214f075deaa2) > > ^(\[06\]) [^(https://www.theverge.com/22620464/tether-backing-cryptocurrency-stablecoin)](https://www.theverge.com/22620464/tether-backing-cryptocurrency-stablecoin) > > ^(\[07\]) [^(https://tether.to/wp-content/uploads/2021/05/tether-march-31-2021-reserves-breakdown.pdf)](https://tether.to/wp-content/uploads/2021/05/tether-march-31-2021-reserves-breakdown.pdf) > > ^(\[08\]) [^(https://tether.to/en/transparency/#reports)](https://tether.to/en/transparency/#reports) > > ^(\[09\]) [^(https://decrypt.co/41920/tether-uses-centralized-power-refund-million-usdt)](https://decrypt.co/41920/tether-uses-centralized-power-refund-million-usdt) > > ^(\[10\]) [^(https://cryptopotato.com/tether-freezes-1-7m-in-usdt-stolen-in-yearn-finance-exploit/)](https://cryptopotato.com/tether-freezes-1-7m-in-usdt-stolen-in-yearn-finance-exploit/) ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

FordPrefect343

Tether can absolutely depeg and go to 0 like UST. What people fail to realize is that the issue was not that it was algorithmic. The issue was that there was in reality no capital backing it to ensure the value stayed at $1. UST depegged because they burned Luna to make UST. The capital that was theoretically backing UST was actually just injected into the market for Luna. When Holders of Luna that had a stake before the capital injection sold, there was no longer any backing for UST which caused the hyperinflation. The capital backing USDT is theoretically held by Tether. If that capital was found to not actually exist, everyone holding tether would sell and it would collapse to near 0 incredibly quickly.

jps_

>But it may not be in the glorious way Terra collapsed. If Tether collapses, it will more likely be a long slow collapse over the years, just losing dominance cycle over cycle. Nope... it is extremely unlikely to "collapse" that way. if nothing happens, it will be virtually impossible for Tether to lose money, simply because a handful of people with a good spreadsheet can run the core business, and the interest on its deposits are more than enough to pay them a good wage... If Tether collapses, it will be sudden, in the way these things always collapse: an unmitigated run on the bank. And if it does, it will be spectacular. I say "if" Tether collapses because it's not a foregone conclusion. Fractional reserve banking is a thing, and banks don't collapse simply because they are highly leveraged. They collapse only after a majority of their creditors (in this case, holders of USDT) decide that the last one out is going to be slaughtered, and get out while the getting is good.

toshiromiballza

USDC/USDT "staking" will also become unsupported. That sucks, hope this won't eventually apply to the rest of EU.

CointestMod

#Ethereum Pro-Arguments Below is an argument written by Nostalg33k which won 2nd place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > ​ > > # Ethereum: Use-case driving value > > Ethereum is a very valuable Blockchain. This blockchain is driven by innovation and utility. To understand what makes Ethereum such a valuable eco-system we need to discuss the inner-working of Ethereum. > > # Introduction: Ethereum explained > > According to [Ethereum.org](https://Ethereum.org) : > > >What is Ethereum? > > Ethereum is a technology that's home to digital money, global payments, and applications. The community has built a booming digital economy, bold new ways for creators to earn online, and so much more. It's open to everyone, wherever you are in the world – all you need is the internet. > > So the topic driving this discussion is badly worded. If we are discussing top coins then we should discuss Ether and not Ethereum. Since Ethereum is such an interesting ecosystem I will treat this argument as a pro Ethereum post. I'd love to see the discussion focused on Ether next time. > > Ethereum is not managed by a single entity nor managed by the Ethereum Foundation but is managed through a decentralized process explained [In their governance page](https://ethereum.org/en/governance/). > > Time for some metrics: Ethereum is currently trading north of 1750 $ and has a circulating supply of 122 millions ETH for a Market cap at around 218 billions > > Let's go back to the quote: "Ethereum is a technology that's home to digital money". This point is important. Ether is not the only coin which is using the Ethereum blockchain. A lot of value on the Ethereum Blockchain is not in Ether coins. This will be discussed further down. Ethereum is also home to global payment, so Ether and other cryptocurrencies can be used to settle transactions between P2P in a permissionless way. > > Applications called Dapps exist on the blockchain. We are going to discuss all of these aspects. We are also going to tackle NFTs on the Ethereum Blockchain. > > Ethereum is also completed by L2s. These are going to be mentioned. > > Ethereum has been switched from POW to Asic resistant POW to POS. These are going to be discussed. > > ​ > > # Ethereum: Home to digital money. > > Ethereum strength is that the blockchain is home to many cryptocurrencies. If gas fees are paid in Ether, many tokens have billions circulating in the Ethereum ecosystem. A quick look at Etherscans reveal how strong the ethereum ecosystem is. > > According to [EtherScan](https://etherscan.io/tokens) the blockchain has 40 Billions $ in USDT, 46 Billions in USDC and 7 Billions $ in Wrapped BTC. The market cap of Ether may be around 200 billions but the on chain value of assets in the Ethereum Blockchain is far higher. > > All of these USDT and USDC are stablecoins which can be used for transactions. In fact, it can be used for P2P transaction in a permissionless way but also to buy stuff from businesses. [Here is a list of business accepting USDT (which exists in the Ethereum blockchain)](https://nowpayments.io/blog/businesses-accepting-tether) and [Here is a list of business accepting directly Ethereum](https://www.analyticsinsight.net/top-10-companies-accepting-ethereum-as-a-payment-method-in-2022/) > > These classical transactions are not the only use of the Ethereum Blockchain: Dapps and NFT are also thriving ! > > # Ethereum: Home to dapps and NFTs > > Ethereum is home to a lot of different applications: Marketplaces, exchanges, defi, wallets, games... > > These application are different because they are called dapps: > > >A decentralised application (DApp,\[1\] dApp,\[2\] Dapp, or dapp) is an application that can operate autonomously, typically through the use of smart contracts, that run on a decentralized computing, blockchain or other distributed ledger system.\[3\] > > [Wikipedia Dapps](https://en.wikipedia.org/wiki/Decentralized_application) > > To give a glance to these dapps you can head to this website tho be wary of the first dapp listed being an advertisement for shady businesses (I haven't found a better website to source dapps) [Here you go](https://dappradar.com/rankings/protocol/ethereum/1) > > While I don't believe in the current state of NFT technology being viable (See my write up in favor of NFT speaking about the future of this technology), we have to take into account that even after losing 60% of their value there is still 3 Billions USD in NFTs in the Ethereum Blockchain [Source](https://cointelegraph.com/news/ethereum-nft-collections-lost-nearly-60-of-their-market-cap-in-2022-report) > > # Ethereum: Layers of goodness. > > Ethereum can be a bit expensive for people, this is why it was layered. There are side chains existing just to be cheaper than Ethereum while offering bridges to and from Ethereum. For example Polygon. > > >Polygon is a Layer-2 scaling solution created to help bring mass adoption to the Ethereum platform. It caters to the diverse needs of developers by providing tools to create scalable decentralized applications (dApps) that prioritize performance, user experience (UX), and security. > > So if you want to be able to evaluate Ethereum you need to go and read about the biggest layer 2 pro and cons. > > [A small list of Ethereum layer 2 given by Ethereum.org](https://ethereum.org/en/layer-2/) > > # Ethereum: Evolve to thrive > > Ethereum has been a rapidly evolving ecosystem. It has seen the evolution of mining from GPU to Asic. In order to not become reliant on Asic mining, Ethereum was made Asic resistant. This created other problems: A pressure on the GPU market but also a concern for energy efficiency. In order to improve the footprint but also reduce the fees, Ethereum was made to transistion from POW to POS. Proof of stake is a protocol in which you need to stake coins to run a node in the network. > > This shows an ability to look ahead and to tackle challenges. > > # Conclusion: Ethereum is a rapidly evolving ecosystem which has a lot of value in it. Since Ether is their native coin, all of this impacts Ether's value. > > This is where we go back to the TOP COIN aspect of this write up. Everything I have said has an impact on the value and use of Ether. If you believe in the future of the Ethereum Blockchain, you can go ahead and look a bit more into Ether. If you don't believe in the Ethereum Blockchain then you should try to find a competitor. > > Just know that Ethereum is trying to become deflationary and that their economic outlook seems on par with good cryptos. > > Ethereum is one of the techs of the future and this essay has shown some of the most important aspects of it. > > Have fun ! ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/100p71b/top_coins_ethereum_proarguments_january_2023/) to be taken to the original topic-thread for this argument or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.

jbtravel84

I don't think that to be true in this scenario. The victim lost USDT, no value change. You don't get any tax benefits (in the US) for stolen crypto either.

ConsistentClimate877

The IRS can track the USDT purchase to your wallet, and then they know your transaction history on that wallet.

one-parzival

USDT is more accessible because in some places you cannot easily buy USD bills.

HBARKing

Hugh? You can always convert BTC to USDT or something. Just send it to me and don't worry about it.

BashCo

Thanks for understanding and for your curiosity. The line is a little vague/arbitrary given that sometimes jt takes time to establish what kind of incentive structure L2s have. For example, RSK was originally supposed to be 1:1 but then they pivoted... I don't know if they have a separate token or if I'm misremembering. I consider Liquid to be an L2 even though it's federated. We've welcomed Liquid topics since forever primarily because it's 1:1, even though there is plenty of debate about Liquid's viability. We did entertain a lot of USDT chatter speculating that it would collapse any day, because we didn't want to remove that content if it turned out to be true. But currently we consider any tokens built on Liquid to be altcoins, including USDT and any NFT-type stuff they conjure up. This also goes for Ordinals on the main chain, which are purely speculative junk assets (or scams). While Lightning Network discussion is certainly encouraged, if assets on LN ever gain traction via RGB or something, those would likely be considered altcoins as well. I don't know enough about Fedimint to say for sure, but I will say that new stuff that's just coming online is usually permitted a grace period while we all figure out what it is and how it works. An example might be MimbleWimble, which was originally proposed as a Bitcoin privacy upgrade, then maybe just a sidechain, and eventually just another altcoin completely disconnected from Bitcoin.

Jeremy_Thursday

A compromised personal computer could lead to loss of funds for a wallet you setup yourself. A well time SIM swap could lead to loss of funds on a CEX account. The best mitigation IMO is setup a wallet on a brand new computer. Then just keep the seed phrase via pen/paper as a physical copy protected via safety deposit box. Send money from CEX to wallet address and pray USDT doesn't become insolvent in the next 3 years. But personally I'd just ask for a different escrow arrangement. I don't really see the point of being forced to hold your own million on crypto (especially since you control it anyways). Get the vibe this is Step-1 for multi-part scam.

mblackmblack

After getting some more info about the post, I can see why you guys labelled this Altcoin, since the body of the post included Stacks (which I completely agree is an altcoin scam) and Sovryn (which has it's own token, and is built on RSK which has it's own token, also shitcoins). I'm curious what is considered acceptable to talk about on this subreddit in that case? For example, is Liquid Network okay to talk about as a "sidechain" (not a layer 2 since it doesn't have unilateral exit), since there is no shitcoin token associated with it (other than USDT of course). Or Fedimint (since a big discussion in Fedimint is about ecash, which could be construed as a shitcoin)? In fact USDT could be considered a shitcoin too by Bitcoin-only standards. Where is the line drawn?

InstallDowndate

You sure USDT is not in place of BTC on the chart?

LimitAlternative2629

When retail fomos in, you now the top is near and you may consider rotating partially into spot USDT

OcelotWarm8822

 Wait Whattttt! Using USDT for money laundering , Ig the this guy should learn more from SBF and CZ 😂

Global_Wait_4375

I mean I made tens of thousands so I’m happy. I’m gonna buy it when it goes lower. If it goes higher that is fine, I liquidated into USDT and I make 6-10% a week trading with it so I’m sure I’ll out beat the price increase bitcoin has.

Muted_Permission2289

give me please your USDT adress, i will help you a littble bit for the great help :)

CointestMod

#Tether Con-Arguments Below is a Tether con-argument written by a deleted user. > **Tether Cons** > > **Dodgy Reserves** > > Initially, Tether asserted that each USDT was backed by a dollar in its reserves. But the truth is more nuanced, Tether is supported by a variety of: > > * Other Investments (Including Digital Tokens): 8.36% > > * Secured Loans(None To Affiliated Entities): 6.77% > > * Corporate Bonds, Funds & Precious Metals: 5.25% > > * Cash & Cash Equivalents & Other Short-Term Deposits & Commercial Paper: 79.62% > > Of the 79% cash and cash equivalents, only 10.25% is held in cash. Also to be emphasized is the lack of an independent audit of the specific breakdown of Tether's reserves. > > **Regulatory Issues** > > The Paradise Papers dump in 2017 revealed that Bitfinex and Tether are both controlled by the same individuals. The Bitfinex trading platform's owners, who also manage the tether virtual currency, have participated in a cover-up to conceal the apparent loss of $850 million dollars, according to the investigation conducted by the New York state Attorney General. Later, Tether's attorney acknowledged that only 74% of the Tether is backed. Tether is forbidden from conducting business in New York under the terms of the settlement agreement. Despite paying a $18 million punishment, Bitfinex and Tether did not confess any wrongdoing. > > **Competitors** > > * USDC: Circle and Coinbase launched USDC in 2018, and it is tied 1:1 to the US dollar. Issuers are also required to back all tokens with fiat reserves and provide monthly proof of reserves in order to guarantee that USDC maintains a continual one-to-one backing. > > * BUSD: BUSD is a stablecoin backed by USD that is 1:1 secure, compliant, and supported by Binance. It was created by Paxos and has NYDFS approval. To preserve the stability and security of the stablecoin, Paxos hires an auditing company to examine its BUSD and US Dollar supply each month. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

CointestMod

#Tether Pro-Arguments Below is a Tether pro-argument written by Blendzi0r. > *First published on: \[*[30.09.2021](https://np.reddit.com/r/CryptoCurrency/comments/og1s24/rcryptocurrency_cointest_top_10_category_tether/hewpzqt/)*\]* > > *Last edited on: 19.09.2022* > > # Intro > > Tether (USDT) is a digital dollar – a stablecoin pegged to US dollar. Stablecoins are a type of cryptocurrency with a value fixed to other assets (usually assets outside of the cryptocurrency space, e.g. fiat currencies, precious metals, etc.). Their main purposes are: 1) help investors escape the volatility of the cryptocurrency market and 2) allow investors to buy cryptocurrencies on exchanges that do not offer fiat deposits. USDT is currently the largest stablecoin. \[1\], \[2\], \[3\] > > # Pros > > **It’s the most popular and oldest stablecoin** > > Tether was launched in 2014 as Realcoin and renamed to Tether the same year \[1\]. It’s the first successful stablecoin. For many years, it had completely dominated the stablecoins market and despite the recent growth of other stablecoins, mainly USDC, Tether is still the biggest and most popular stablecoin. As of September 2022, its market cap shrinked against USDC's market cap in recent months, but its volume still tends to be much higher (according to coinmarketcap, on 19.09.2022 it was 12x(!) higher). In fact, USDT’s trading volume is unmatched by any other cryptocurrency. \[1\] > > It is also worth pointing out that more than 80% of stablecoins launched in 2015 are now gone and USDT is still here, despite its bad press. \[4\] > > **It has most trading pairs** > > The market cap and volume speak for themselves – Tether is the most popular stablecoin. There are very few exchanges that don’t accept USDT and all major coins have trading pairs with USDT. Even Coinbase, which is responsible for Tether’s rival stablecoin – USDC, lists Tether on its exchange (since May 2021). \[5\] > > It is also backed by several international currencies and, therefore, allows people in different countries purchase coins that they otherwise wouldn’t be able to get. > > **It was declared dead many times but, just like Bitcoin, it's alive and kicking** > > There are many controversies around Tether. Perhaps the most concerning one is whether USDT has its reserves fully backed. Many critics believe that Tether isn’t fully backed and if many investors were to redeem tethers at the same time, there would be no liquidity \[6\]. Situations when people redeem tokens en masse usually should happen during market crashes. In the last 4 years we had three significant market crashes – in 2018, in March 2020 and in May 2021. USDT survived all of them. > > It has also survived losing almost 25% of its market cap in a short time - from May to July of this year. > > **The latest breakdowns of the reserves is a step in the right direction** > > Tether had been criticized for lack of transparency (and rightly so) for many years. In May 2021, for the first time since 2014, Tether finally gave us an insight into their reserves. The first report was rather disappointing as it turned out that barely 3% of the reserves are made-up by cash. Moreover, 65% of the reserves were made-up by commercial paper and there were no details about the type of the commercial paper. \[7\] > > However, the reports from August and December 2021 looked much better \[8\]: cash and cash equivalents made up more than 80% of the reserves, more than 10% of which were cash and bank deposits, +/- 30% were treasure bills (they are considered very safe assets) and they provided more details – the reports included information about the rating and breakdown of maturity of the commercial paper and certificates of deposit. The reports were on pair with those of USDC. > > **USDT is centralized. But is it so bad in the case of a stablecoin?** > > Decentralization is essential for cryptocurrency. But so is replacing fiat. So is decentralization that important in the case of a stablecoin? > > The fact that USDT is centralized also allowed it to do good things on many occasions. It returned USDT sent to wrong addresses and cooperated with law enforcement officials and blocked/froze addresses that used USDT for illegal activities. \[9\], \[10\] > > ^(Sources:) > > ^(\[01\]) [^(https://en.wikipedia.org/wiki/Tether/(cryptocurrency)](https://en.wikipedia.org/wiki/Tether/(cryptocurrency)) > > ^(\[02\]) [^(https://tether.to/wp-content/uploads/2016/06/TetherWhitePaper.pdf)](https://tether.to/wp-content/uploads/2016/06/TetherWhitePaper.pdf) > > ^(\[03\]) [^(https://en.wikipedia.org/wiki/Stablecoin)](https://en.wikipedia.org/wiki/Stablecoin) > > ^(\[04\])[^(https://papers.ssrn.com/sol3/papers.cfm?abstract\\\\id=3835219)](https://papers.ssrn.com/sol3/papers.cfm?abstract\id=3835219) > > ^(\[05\]) [^(https://blog.coinbase.com/tether-usdt-is-now-available-on-coinbase-214f075deaa2)](https://blog.coinbase.com/tether-usdt-is-now-available-on-coinbase-214f075deaa2) > > ^(\[06\]) [^(https://www.theverge.com/22620464/tether-backing-cryptocurrency-stablecoin)](https://www.theverge.com/22620464/tether-backing-cryptocurrency-stablecoin) > > ^(\[07\]) [^(https://tether.to/wp-content/uploads/2021/05/tether-march-31-2021-reserves-breakdown.pdf)](https://tether.to/wp-content/uploads/2021/05/tether-march-31-2021-reserves-breakdown.pdf) > > ^(\[08\]) [^(https://tether.to/en/transparency/#reports)](https://tether.to/en/transparency/#reports) > > ^(\[09\]) [^(https://decrypt.co/41920/tether-uses-centralized-power-refund-million-usdt)](https://decrypt.co/41920/tether-uses-centralized-power-refund-million-usdt) > > ^(\[10\]) [^(https://cryptopotato.com/tether-freezes-1-7m-in-usdt-stolen-in-yearn-finance-exploit/)](https://cryptopotato.com/tether-freezes-1-7m-in-usdt-stolen-in-yearn-finance-exploit/) ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

PsychoticDisorder

Using USDT for money laundering…🤡

coinfeeds-bot

tldr; Maximilien de Hoop Cartier, heir to the Cartier luxury brand, has been arrested by the U.S. Department of Justice for money laundering charges involving cryptocurrency. Accused of drug trafficking and laundering funds using Tether (USDT), he allegedly worked with the Colombian drug cartel to import cocaine and laundered millions through over-the-counter USDT trades. Cartier used shell companies, purported to be in software and technology, to launder money. He and his accomplices managed to launder 14.5 million USDT before his arrest in Miami. He faces charges including operating an unlicensed money remitter and money laundering. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

Nixisworld

Yep, we gonna do just that, although we don't have crypto tax here, so we cool to do whatever we want. Unless we are transferring more than 15k on a bank account nobody is gonna ask anything. In a way we are using less and less banks, probably using the bybit card to empty an Atm, store some of it in cash and the rest in USDT. I'm not a btc maxi so I won't be using it as a store of value.

CointestMod

#Tether Con-Arguments Below is a Tether con-argument written by Blendzi0r. > *First published on:* [*30.09.2021*](https://np.reddit.com/r/CryptoCurrency/comments/og1sms/rcryptocurrency_cointest_top_10_category_tether/hewuzi9/) > > *Last edited on: no edits* > > # Intro > > Tether (USDT) is a digital dollar – a stablecoin pegged to US dollar. Stablecoins are a type of cryptocurrency with a value fixed to other assets (usually assets outside of the cryptocurrency space, e.g. fiat currencies, precious metals, etc.). Their main purposes are: 1) help investors escape the volatility of the cryptocurrency market and 2) allow investors to buy cryptocurrencies on exchanges that do not offer fiat deposits. USDT is currently the most popular stablecoin. \[1\], \[2\], \[3\] > > # Cons > > **It’s centralized** > > Tether is centralized. Tether Limited (controlled by the owners of Bitfinex) is responsible for issuing USDT \[1\]. Tether Limited is free to issue and freeze all USDT. When PolyNetwork was famously hacked in August 2021, all of the USDT that hacker stole was frozen and then returned to the victim. There were other such examples in the past (e.g. when KuCoin was hacked in 2020). > > As much as the above examples are positive, nothing stops Tether from being less ethical in the future. Especially taken into consideration their shady history. Not to mention that centralization is against one of the core principles of cryptocurrencies. > > **The company lied on several occasions** > > Tether always claimed that they and Bitfinex are two completely separate entities and denied all the speculations that they are the same. In November 2017, “The Paradise Papers” revealed Bitfinex and Tether are indeed run by the same people. \[4\] > > Until February 2019, Tether claimed to be backed by the US dollar on a one-to-one basis: “Every tether is always backed 1-to-1, by traditional currency held in our reserves.” – read their website. The text was then changed to: “Every tether is always 100% backed by our reserves (…) and, from time to time, may include other assets (…). > > However, in April 2019, Tether’s general counsel admitted that the stablecoin can back only around 74% of its supply in circulation \[5\]. It was also reported by the New York Attorney General that at some point in time Tether didn’t even have access to banking services. Therefore, Tether lied about its backing. \[6\] > > Tether promised to share reports from independent auditors on their reserves. They haven’t done so until **forced** by a court order in 2021. And even then they couldn’t stop themselves from misleading the public. In a tweet from Paolo Ardoino, Tether’s CTO, he stated that they share the report because “community asked for it." \[7\] > > **There are some shady people behind it…** > > The most important people at Tether are surrounded by many controversies: > > Jan Ludovicus (or Jean Louis) **van der Velde**, Tether’s CEO, is a ghost. There’s barely any information about him \[4\]. This is rather concerning when you take into consideration he’s a CEO of a multi-billion company. > > **Giancarlo Devasini**, Tether’s CFO, boasts he built companies that generated 100 million euro in revenue but documents show it was almost 10 times less. He was sued by Microsoft for pirating their software and by Toshiba for infringing its DVD-related patents. And these are just a few examples of Devasini’s questionable doings and statements. \[6\] > > **Phil Potter**, CEO of Bitfinex (Bitfinex is the only partner of Tether. And it’s a company that actually controls Tether. So the only partner of Tether is a company that… controls it), was fired from Morgan Stanley in the 90’s after he bragged about his lavish lifestyle in an interview for The New York Times. \[8\] > > Letitia James, the New York attorney-general, called those people “unlicensed and unregulated individuals (…) dealing in the darkest corners of the financial system." \[6\] > > **…against whom criminal charges might be filed** > > US Justice Department that is investigating Tether and in July 2021 it reported that it is now considering whether it should file criminal charges against Tether executives. The charges might be based on the assumption that Tether lied about its business when it was opening bank accounts all over the world. \[9\] ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

CointestMod

#Tether Pro-Arguments Below is a Tether pro-argument written by CreepToeCurrentSea. > [USDT](https://tether.to/en/transparency/) is a stablecoin (stable-value cryptocurrency) issued by Tether, a Hong Kong-based company. The token is pegged to the USD by keeping reserves of commercial paper, fiduciary deposits, cash, reserve repo notes, and treasury bills equal to the number of USDT in circulation. Initially named as Realcoin, a second-layer cryptocurrency token built on top of Bitcoin's blockchain using the Omni platform, it was later renamed USTether and, finally, USDT. In addition to Bitcoin, USDT was later updated to work on the Ethereum, EOS, Tron, Algorand, and OMG blockchains. > > # PROs > > **USDT is well established** > > It has built a long history of resilience, reliability and trust because it has been around for a [while](https://www.wsj.com/articles/BL-MBB-23780) (around 8 years in the cryptocurrency market). This had helped to convince clients that the stablecoin is [legitimate](https://www.certik.com/projects/tether?utm_source=CMC&utm_campaign=AuditByCertiKLink). > > As of this year, USDT currently is in the top ten cryptocurrencies by [market cap](https://www.coingecko.com/en/coins/tether) with a 24-hour trading volume of around 45 billion dollars and a total number of addresses of up to 4.5 million. In its last known [audit](https://www.fairyproof.com/doc/111.pdf) in 2021 it has been considered to have *"No vulnerabilities with critical, high, medium or low-severity."* > > **Wide acceptance** > > Tether has multiple gateways for customers (retail, exchanges, and companies) because it is built on several leading [blockchains](https://tether.to/en/supported-protocols), including Algorand, Avalanche, Bitcoin Cash's Simple Ledger Protocol (SLP), Ethereum, EOS, Liquid Network, Omni, Polygon, Tezos, Tron, Solana, and Statemine. These transport protocols are made up of open source software that interfaces with blockchains to allow for the issuance and redemption of Tether tokens. > > Furthermore, it has been available on major exchanges such as Bitfinex, Binance, Coinbase, Kraken and [more](https://www.coingecko.com/en/coins/tether#markets), Offering a plethora of pairs for users to choose from or that of which is available in their region although as of lately some exchanges have been switching to Circle's USDC over growing concerns of legal issues related with Tether. > > **Buffer against volatility** > > One of the primary functions of stablecoins is to act as a [hedge](https://www.researchgate.net/publication/341245986_Are_stablecoins_truly_diversifiers_hedges_or_safe_havens_against_traditional_cryptocurrencies_as_their_name_suggests) when crypto markets are in a downturn. Because the aforementioned market is extremely volatile, traders and investors want some sort of buffer against this without having to directly trade their crypto for fiat as to also avoid larger fees as well. Supported by its large market capitalization, USDT should be less volatile and thus safer. > > **Announcement of a full audit** > > Tether's CTO Paolo Ardoino recently stated in an [interview](https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information) with Euromoney that the company is preparing for a full audit with an accounting firm called MHA Cayman (which also handles Tether's [quarterly assurance opinions/reports](https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf)). According to the CTO in the interview, MHA Cayman is one of the "*top 12*" accounting firms, and most top accounting firms deny requests for full audits due to the associated reputational risks. In the future, hopefully, this will provide more security and transparency to its users against the number of allegations and investigations it is currently facing. > > **Despite everything, USDT is still here** > > From the past legal troubles it has faced, the ones it's facing right now, the vast amount of criticisms from different facets off the internet and the several crypto winters it endured. USDT is still alive and kicking. Will it still be the top stablecoin in the next 5 years? Unlikely, but I am for certain it was a major part for the growth and expansion of crypto's fetal years. Moving forward it's up to them, the people behind Tether, if they will finally redeem themselves against all the allegations, criticisms, troubles, and not just do another settlement. > > ^(Sources:) > > [^(https://tether.to/en/faqs/)](https://tether.to/en/faqs/) > > [^(https://tether.to/en/supported-protocols)](https://tether.to/en/supported-protocols) > > [^(https://tether.to/en/transparency/)](https://tether.to/en/transparency/) > > [^(https://tether.to/en/transparency/#reports)](https://tether.to/en/transparency/#reports) > > [^(https://en.wikipedia.org/wiki/Tether\_(cryptocurrency))](https://en.wikipedia.org/wiki/Tether_(cryptocurrency)) > > [^(https://assets.ctfassets.net/vyse88cgwfbl/5UWgHMvz071t2Cq5yTw5vi/c9798ea8db99311bf90ebe0810938b01/TetherWhitePaper.pdf)](https://assets.ctfassets.net/vyse88cgwfbl/5UWgHMvz071t2Cq5yTw5vi/c9798ea8db99311bf90ebe0810938b01/TetherWhitePaper.pdf) > > [^(https://www.wsj.com/articles/BL-MBB-23780)](https://www.wsj.com/articles/BL-MBB-23780) > > [^(https://www.certik.com/projects/tether?utm\_source=CMC&utm\_campaign=AuditByCertiKLink)](https://www.certik.com/projects/tether?utm_source=CMC&utm_campaign=AuditByCertiKLink) > > [^(https://www.coingecko.com/en/coins/tether)](https://www.coingecko.com/en/coins/tether) > > [^(https://www.fairyproof.com/doc/111.pdf)](https://www.fairyproof.com/doc/111.pdf) > > [^(https://www.coingecko.com/en/coins/tether#markets)](https://www.coingecko.com/en/coins/tether#markets) > > [^(https://www.researchgate.net/publication/341245986\_Are\_stablecoins\_truly\_diversifiers\_hedges\_or\_safe\_havens\_against\_traditional\_cryptocurrencies\_as\_their\_name\_suggests)](https://www.researchgate.net/publication/341245986_Are_stablecoins_truly_diversifiers_hedges_or_safe_havens_against_traditional_cryptocurrencies_as_their_name_suggests) > > [^(https://www.researchgate.net/publication/339263534\_What\_is\_Stablecoin\_A\_Survey\_on\_Price\_Stabilization\_Mechanisms\_for\_Decentralized\_Payment\_Systems)](https://www.researchgate.net/publication/339263534_What_is_Stablecoin_A_Survey_on_Price_Stabilization_Mechanisms_for_Decentralized_Payment_Systems) > > [^(https://www.researchgate.net/publication/332458820\_Is\_Cryptocurrency\_a\_Hedge\_or\_a\_Safe\_Haven\_for\_International\_Indices\_A\_Comprehensive\_and\_Dynamic\_Perspective)](https://www.researchgate.net/publication/332458820_Is_Cryptocurrency_a_Hedge_or_a_Safe_Haven_for_International_Indices_A_Comprehensive_and_Dynamic_Perspective) > > [^(https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information)](https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information) > > [^(https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether\_Assurance\_Consolidated\_Reserves\_Report\_2022-03-31\_\_3\_.pdf)](https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf) ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

EmptyReceptors

You can keep in USDT / usdc. No taxes of course unless you leave the dex. The only risk would be USDT or usdc becoming depegged. For example during a nasty crash in the bear market, etc. I thought i was perfectly fine when I had all my cash in ust back in 2022. But unfortunately it went to $0. Will be the same risk always with any stable coin

Somebody__Online

Sure I can help you understand. At its core crypto is just a distributed ledger. It’s a list of transactions that are organized chronologically and everyone’s version of this list updates wherever any legitimate transaction is made. Almost like a shared google doc but no one can make fake updates unless everyone agrees to add them. Crypto tokens are units that can be transacted on this ledger. That’s pretty much it. The tokens can represent a whole lot of things, from money to voting right in an exchange to just ownership of a monkey jpg. There’s tokens like USDC, DAI, FRAX, and USDT that track with $1 and are always worth $1 per tokens. There’s tokens like Bitcoin which are just digital units on a publicly maintained ledger. There is only 21million of them total so their value proposition comes from its verifiable scarcity in the supply and demand game. ETH is a utility token that lets you pay for the execution of programmed actions directly on its blockchain. That can be making a trade, creating a token, sending a token, creating liquidity positions, ect. You can invest into crypto by buying BTC and ETH tokens and having exposure to their price action but you can also buy USDC or other dollar backed assets and not be exposed to the price moves of crypto assets. You can use these tokens to participate in DeFi. You can supply to liquidity pools that facilitate trading or you can supply to money markets that earn interest from collateralized loans on the blockchain with no middle men. There’s a lot you can do from simple trading of tokens up to market making leveraged derivative markets. It’s all part of crypto

Virtual-Baseball-297

Nothing wrong with spending some of your gains. Regarding taxes - idea for you. Why not exchange said crypto gains to USDT on DeFi and keep in trust wallet for example? Nobody will know then haha

ChristianGreenland

I would say no. There's an professional crypto hedge fund trader on twitter (Asian guy, but forgot is handle) who did a detail quantitively analysis in 2021 or 2022. He concluded that the fees are too low for LPs to make money. Basically, the tx fees are so low DEX users are incentive to Arb LPs pools thus leaving them hold the weaker asset in volatile markets. Tactically, there's only two possible scenarios that would minimize loss. But the opp cost of leaving capital sitting earning 0.01% is not worth it:: 1/ For limit orders where you don't have a time horizon. For example, I want to swap USDC for USDT and a fix price and I'm indifferent to when the order executes. But again, I can set a limit order on Matcha, CowSwap, or 1 Inch. 2/ Assets were the is no effective IL or IL doesn't matter. For example, USDC/ USDC.e pools because if you have a Coinbase account, they will redeem either for $1 USD. But again, fees are too low (LT 0.01%) to make it worth while parking capital there.

Hunter-North

In spirit, yeah. But in reality it is almost impossible to control the actual implementation. An example is the USDT smart contract. Not too many people know Tether can freeze any address at will from trading USDT. So, only interact with verified, audited tokens and smart contracts.

Fair_Bee8649

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eburnside

Depends if it was an investment or not A USDT loss: definitely not deductible A BTC or ETH loss: potentially deductible depending on the circumstances A loss of ANY crypto that the SEC deems a security: deductible (because being a security means it's by definition an investment) Quote from the IRS guide in the theft section: "the personal-use property limitation for tax years 2018 through 2025 does not apply to losses on income producing property" [https://www.irs.gov/pub/irs-pdf/p547.pdf](https://www.irs.gov/pub/irs-pdf/p547.pdf) (which is linked from the URL you provided)

sgtslaughterTV

Yes, but there's a caveat to this: he won't know that you sent him the USDT unless you tell him and show him the transaction ID or take a screenshot of the transaction ID.

KnowledgeIsPower979

They claim they are going to "Arbitrage" Nevis/BNB for Nevis/USDT pair for a price difference in BNB ?

btcluvr

your bank already has your KYC documents. if you want to stay anonymous, exchange BTC to USDT (easy). then exchange USDT to cash PLN (easy in Warsaw, if you can google).

CointestMod

#Tether Con-Arguments Below is a Tether con-argument written by Blendzi0r. > *First published on:* [*30.09.2021*](https://np.reddit.com/r/CryptoCurrency/comments/og1sms/rcryptocurrency_cointest_top_10_category_tether/hewuzi9/) > > *Last edited on: no edits* > > # Intro > > Tether (USDT) is a digital dollar – a stablecoin pegged to US dollar. Stablecoins are a type of cryptocurrency with a value fixed to other assets (usually assets outside of the cryptocurrency space, e.g. fiat currencies, precious metals, etc.). Their main purposes are: 1) help investors escape the volatility of the cryptocurrency market and 2) allow investors to buy cryptocurrencies on exchanges that do not offer fiat deposits. USDT is currently the most popular stablecoin. \[1\], \[2\], \[3\] > > # Cons > > **It’s centralized** > > Tether is centralized. Tether Limited (controlled by the owners of Bitfinex) is responsible for issuing USDT \[1\]. Tether Limited is free to issue and freeze all USDT. When PolyNetwork was famously hacked in August 2021, all of the USDT that hacker stole was frozen and then returned to the victim. There were other such examples in the past (e.g. when KuCoin was hacked in 2020). > > As much as the above examples are positive, nothing stops Tether from being less ethical in the future. Especially taken into consideration their shady history. Not to mention that centralization is against one of the core principles of cryptocurrencies. > > **The company lied on several occasions** > > Tether always claimed that they and Bitfinex are two completely separate entities and denied all the speculations that they are the same. In November 2017, “The Paradise Papers” revealed Bitfinex and Tether are indeed run by the same people. \[4\] > > Until February 2019, Tether claimed to be backed by the US dollar on a one-to-one basis: “Every tether is always backed 1-to-1, by traditional currency held in our reserves.” – read their website. The text was then changed to: “Every tether is always 100% backed by our reserves (…) and, from time to time, may include other assets (…). > > However, in April 2019, Tether’s general counsel admitted that the stablecoin can back only around 74% of its supply in circulation \[5\]. It was also reported by the New York Attorney General that at some point in time Tether didn’t even have access to banking services. Therefore, Tether lied about its backing. \[6\] > > Tether promised to share reports from independent auditors on their reserves. They haven’t done so until **forced** by a court order in 2021. And even then they couldn’t stop themselves from misleading the public. In a tweet from Paolo Ardoino, Tether’s CTO, he stated that they share the report because “community asked for it." \[7\] > > **There are some shady people behind it…** > > The most important people at Tether are surrounded by many controversies: > > Jan Ludovicus (or Jean Louis) **van der Velde**, Tether’s CEO, is a ghost. There’s barely any information about him \[4\]. This is rather concerning when you take into consideration he’s a CEO of a multi-billion company. > > **Giancarlo Devasini**, Tether’s CFO, boasts he built companies that generated 100 million euro in revenue but documents show it was almost 10 times less. He was sued by Microsoft for pirating their software and by Toshiba for infringing its DVD-related patents. And these are just a few examples of Devasini’s questionable doings and statements. \[6\] > > **Phil Potter**, CEO of Bitfinex (Bitfinex is the only partner of Tether. And it’s a company that actually controls Tether. So the only partner of Tether is a company that… controls it), was fired from Morgan Stanley in the 90’s after he bragged about his lavish lifestyle in an interview for The New York Times. \[8\] > > Letitia James, the New York attorney-general, called those people “unlicensed and unregulated individuals (…) dealing in the darkest corners of the financial system." \[6\] > > **…against whom criminal charges might be filed** > > US Justice Department that is investigating Tether and in July 2021 it reported that it is now considering whether it should file criminal charges against Tether executives. The charges might be based on the assumption that Tether lied about its business when it was opening bank accounts all over the world. \[9\] ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

CointestMod

#Tether Pro-Arguments Below is a Tether pro-argument written by Blendzi0r. > *First published on: \[*[30.09.2021](https://np.reddit.com/r/CryptoCurrency/comments/og1s24/rcryptocurrency_cointest_top_10_category_tether/hewpzqt/)*\]* > > *Last edited on: 19.09.2022* > > # Intro > > Tether (USDT) is a digital dollar – a stablecoin pegged to US dollar. Stablecoins are a type of cryptocurrency with a value fixed to other assets (usually assets outside of the cryptocurrency space, e.g. fiat currencies, precious metals, etc.). Their main purposes are: 1) help investors escape the volatility of the cryptocurrency market and 2) allow investors to buy cryptocurrencies on exchanges that do not offer fiat deposits. USDT is currently the largest stablecoin. \[1\], \[2\], \[3\] > > # Pros > > **It’s the most popular and oldest stablecoin** > > Tether was launched in 2014 as Realcoin and renamed to Tether the same year \[1\]. It’s the first successful stablecoin. For many years, it had completely dominated the stablecoins market and despite the recent growth of other stablecoins, mainly USDC, Tether is still the biggest and most popular stablecoin. As of September 2022, its market cap shrinked against USDC's market cap in recent months, but its volume still tends to be much higher (according to coinmarketcap, on 19.09.2022 it was 12x(!) higher). In fact, USDT’s trading volume is unmatched by any other cryptocurrency. \[1\] > > It is also worth pointing out that more than 80% of stablecoins launched in 2015 are now gone and USDT is still here, despite its bad press. \[4\] > > **It has most trading pairs** > > The market cap and volume speak for themselves – Tether is the most popular stablecoin. There are very few exchanges that don’t accept USDT and all major coins have trading pairs with USDT. Even Coinbase, which is responsible for Tether’s rival stablecoin – USDC, lists Tether on its exchange (since May 2021). \[5\] > > It is also backed by several international currencies and, therefore, allows people in different countries purchase coins that they otherwise wouldn’t be able to get. > > **It was declared dead many times but, just like Bitcoin, it's alive and kicking** > > There are many controversies around Tether. Perhaps the most concerning one is whether USDT has its reserves fully backed. Many critics believe that Tether isn’t fully backed and if many investors were to redeem tethers at the same time, there would be no liquidity \[6\]. Situations when people redeem tokens en masse usually should happen during market crashes. In the last 4 years we had three significant market crashes – in 2018, in March 2020 and in May 2021. USDT survived all of them. > > It has also survived losing almost 25% of its market cap in a short time - from May to July of this year. > > **The latest breakdowns of the reserves is a step in the right direction** > > Tether had been criticized for lack of transparency (and rightly so) for many years. In May 2021, for the first time since 2014, Tether finally gave us an insight into their reserves. The first report was rather disappointing as it turned out that barely 3% of the reserves are made-up by cash. Moreover, 65% of the reserves were made-up by commercial paper and there were no details about the type of the commercial paper. \[7\] > > However, the reports from August and December 2021 looked much better \[8\]: cash and cash equivalents made up more than 80% of the reserves, more than 10% of which were cash and bank deposits, +/- 30% were treasure bills (they are considered very safe assets) and they provided more details – the reports included information about the rating and breakdown of maturity of the commercial paper and certificates of deposit. The reports were on pair with those of USDC. > > **USDT is centralized. But is it so bad in the case of a stablecoin?** > > Decentralization is essential for cryptocurrency. But so is replacing fiat. So is decentralization that important in the case of a stablecoin? > > The fact that USDT is centralized also allowed it to do good things on many occasions. It returned USDT sent to wrong addresses and cooperated with law enforcement officials and blocked/froze addresses that used USDT for illegal activities. \[9\], \[10\] > > ^(Sources:) > > ^(\[01\]) [^(https://en.wikipedia.org/wiki/Tether/(cryptocurrency)](https://en.wikipedia.org/wiki/Tether/(cryptocurrency)) > > ^(\[02\]) [^(https://tether.to/wp-content/uploads/2016/06/TetherWhitePaper.pdf)](https://tether.to/wp-content/uploads/2016/06/TetherWhitePaper.pdf) > > ^(\[03\]) [^(https://en.wikipedia.org/wiki/Stablecoin)](https://en.wikipedia.org/wiki/Stablecoin) > > ^(\[04\])[^(https://papers.ssrn.com/sol3/papers.cfm?abstract\\\\id=3835219)](https://papers.ssrn.com/sol3/papers.cfm?abstract\id=3835219) > > ^(\[05\]) [^(https://blog.coinbase.com/tether-usdt-is-now-available-on-coinbase-214f075deaa2)](https://blog.coinbase.com/tether-usdt-is-now-available-on-coinbase-214f075deaa2) > > ^(\[06\]) [^(https://www.theverge.com/22620464/tether-backing-cryptocurrency-stablecoin)](https://www.theverge.com/22620464/tether-backing-cryptocurrency-stablecoin) > > ^(\[07\]) [^(https://tether.to/wp-content/uploads/2021/05/tether-march-31-2021-reserves-breakdown.pdf)](https://tether.to/wp-content/uploads/2021/05/tether-march-31-2021-reserves-breakdown.pdf) > > ^(\[08\]) [^(https://tether.to/en/transparency/#reports)](https://tether.to/en/transparency/#reports) > > ^(\[09\]) [^(https://decrypt.co/41920/tether-uses-centralized-power-refund-million-usdt)](https://decrypt.co/41920/tether-uses-centralized-power-refund-million-usdt) > > ^(\[10\]) [^(https://cryptopotato.com/tether-freezes-1-7m-in-usdt-stolen-in-yearn-finance-exploit/)](https://cryptopotato.com/tether-freezes-1-7m-in-usdt-stolen-in-yearn-finance-exploit/) ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

coinfeeds-bot

tldr; Tether, the issuer of the USDT stablecoin, has partnered with Chainalysis to enhance transaction surveillance on secondary markets. This collaboration aims to ensure compliance with international sanctions and detect illicit transfers potentially linked to activities like terrorist financing. The move is part of Tether's efforts to boost transparency and security amid increasing regulatory scrutiny over allegations that USDT has been used to circumvent sanctions and facilitate illicit finance. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

therealgoose69

Anywhere between 100 till 150K. Depending on the BTC Dominance chart and USDT Dominance chart. Then I sell everything into stable coins and wait for the bearmarket bottom to get in again

Odd-Helicopter2201

but the base value of each token is based off solana " solana can be based of USDC, USDT etc.. solana is DEFI the shitcoins are clandestin entities accessing the system in an unfavorable way.

CointestMod

#CBDC Con-Arguments Below is a CBDC con-argument written by noxtrifle. > CBDCs are not much different from cryptocurrencies, and are digital, governmentally-issued tokens that are pegged to the value of the specific currency. Think of them like USDT or USDC, but highly regulated and centralized. This is why CBDCs have several flaws, including: > > * **Possible ban of cryptocurrencies** > * As a country implements its own CBDC, it is possible that they will simultaneously ban cryptocurrencies as an alternative means of payment, meaning that residents may be locked into using the CBDC, and nothing else. > * **Lack of privacy** > * CBDCs are fully trackable (and controllable) by the country's government, which raises concerns for users' privacy and financial autonomy. If a more authoritarian government was involved, the chances exist that the government uses citizens' personal data for malicious purposes. Even the notion that their transactions are directly trackable by the government may deter many from using CBDCs at all, diminishing their practicality if not all will use it. > * The UK's [House of Lords](https://www.omfif.org/2022/01/uk-parliament-reluctant-to-embrace-retail-cbdc/) and [US Senators](https://www.cruz.senate.gov/newsroom/press-releases/sen-cruz-introduces-legislation-prohibiting-unilateral-fed-control-of-a-us-digital-currency) Chuck Grassley, Ted Cruz, and Mike Braun also see privacy as a major concern for CBDCs, even though both countries do not have any definite, immediate plans to launch a CBDC. > * This could also give birth to a system where governments can restrict individuals' or companies' access to the monetary system for any dissent against the government, and combining CBDCs with something like China's social credit system would worsen the already-severe privacy issues in certain countries. > * **Centralisation** > * As opposed to cryptocurrencies, which in most cases are decentralized, CBDCs in their current form are fully controlled by the government or central bank. > * Without decentralization, CBDCs bring back into question many of the problems that cryptocurrencies seek to solve: including double-spending, hackers, and malicious actors. > * Data breaches are also a severe issue: unlike in the cryptocurrency space where a hacker can only gain access to one's funds, with CBDCs they can steal numerous other sensitive details including one's bank details, address, and identity as they will all likely be linked to one's CBDC account. > * **Monetary Policy Concerns** > * While CBDCs will allow governments to collect taxes and track expenditure with ease, they are also a dangerous tool in times of economic concern. > * Take the present day, for instance. Instead of raising the cash rate to decrease expenditure, governments could easily diminish citizens' accounts by a certain amount or vice versa, likely leading to rapid deflation or inflation. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_CBDC) to find submissions for other topics.

CointestMod

#DeFi Pro-Arguments Below is a DeFi pro-argument written by noxtrifle. > DeFi, or decentralized finance, is a method of transacting without the need for an intermediary, and in many ways replaces the traditional banking systems. Instead, a smart contract at the core of the app manages the whole system. Since it is the code, instead of a central authority, which manages the system, decentralisation is ensured. Thus, there are several benefits of DeFi protocols: > > * **Not subject to the limitations of traditional banking** > * [The only barriers to entrance of DeFi](https://cointelegraph.com/defi-101/defi-a-comprehensive-guide-to-decentralized-finance) are an internet connection and a crypto wallet. With just those two, one can access staking, lending, borrowing, and trading; among many more. > * Furthermore, since DeFi is governed by a smart contract and (generally) has no downtime, users are able to access their DeFi balances around the clock, without waiting for the tedious processes of, for example, waiting for a bank to open, applying for a loan, having a discussion with a loan officer, and being accepted. With DeFi, all this can be done in mere seconds. > * **Much more attractive rates for investors** > * Currently, the yield for staking or lending cryptocurrencies on DeFi is [generally above 3-4%](https://www.ecb.europa.eu\/pub/financial-stability/macroprudential-bulletin/focus/2022/html/ecb.mpbu202207_focus1.en.html), which is higher than the interest rates of most developed countries — making DeFi protocols attractive for investors who want all the benefits of cryptocurrencies along with the security offered by traditional banks. > * Stablecoins such as USDC and USDT have even higher yields (5-6% on average) and offer the same stability as the US Dollar, making DeFi rewards more attractive than most large banks. > * This results in the immediate rewarding of the most generous protocol: as more people become aware of the high yields offered, the protocol grows in size and is able to offer more services. However, such expansion will certainly cause yields to decrease. > * **Numerous use cases** > * **These include:** > * **Traditional transacting:** peer-to-peer transfers of capital are already facilitated by cryptocurrencies, and some projects [like Flexa](https://flexa.network/currencies/) allow for off-chain, in-house transfers at little to no cost. > * **Decentralized exchanges:** Decentralised exchanges, such as dYdX and Pancakeswap, provide the exact functionality of centralised exchanges, except that KYC is not required and a smart contract governs all functionality. > * **Stablecoins:** DeFi protocols give stablecoins new meaning by allowing them to be staked or lent for interest, which has very likely benefitted stablecoin adoption immensely. > * **NFTs, Yield Harvesting, Liquidity Providing, and many more.** ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_defi) to find submissions for other topics.

hermesneptune

BingX, but you would need USDT. Transfer the Bitcoin from the exchange to a hardware wallet like a Trezor

Grunblau

Hmmm… Tether? “Given Cumberland’s Chicago roots, U.S. federal agencies will have ample opportunity to compel the company to open its kimono and expose what lurks beneath. Among the more pressing questions these agencies will be interested in learning is whether Cumberland actually sent a dollar to Tether for every single USDT it received from Tether. Should those numbers not align perfectly—and they definitely haven’t on multiple occasions—a fraud case would prove a slam dunk.” [Source](https://coingeek.com/binance-plea-deal-puts-tether-in-us-law-enforcement-crosshairs/)

seeEcstatic_Broc

Why are so many USDT supply APR so high?

conceiv3d-in-lib3rty

You don’t know if Tether is fully backed, or what shady past history they want to keep sealed, you’re merely assuming they are because nobody but Tether knows. For the past 8 years, they’ve outright refused to do a legitimate full 3rd party audit and not some bullshit “moment in time” snapshot assertation, with god only knows what numbers have been manipulated directly before the snapshot is taken.. 1 full audit and then all the FUD and accusations go poof and disappears. There’s an obvious reason for this and it’s not the bullshit excuse they’ve been giving for the past 4+ years that, “but, but nobody will do an audit for us”. You know, just one of the most profitable companies on planet Earth. They also could care less due to the fact they’re making ridiculous amounts of money without an audit anyway. For what it’s worth, I actually believe Tether is fully backed and has likely been pushing extremely hard these past couple years to legitimize their business and clean house. They know this is essential for longevity. But I have also have absolutely no doubt that one of the reasons Tether was able to rise up to the giant it is today was by doing incredibly shady, illegal shit throughout its existence. Which is why they are still refusing a full audit. There’s more than enough examples of this against Tether throughout the years for me to believe it to be true. (directly funding the FTX ponzi, giving SBF keys to the money printer, $33b USDT created and then unaccounted for with Alameda, 2017 bullrun market manipulation and the propping up of the price of BTC, knowingly washing money for the Mexican cartel, etc, etc)

eburnside

Pretty sure the business model is: - print USDT - send USDT to exchanges other than bitfinex - buy BTC driving up BTC price globally - send BTC back to bitfinex - sell BTC on bitfinex at inflated rate for real dollars - rinse, repeat After which - participating exchanges globally are now holding worthless unbacked USDT and have been stripped of BTC - Tether and bitfinex have grown their real holdings Genius really

uncapchad

Trading View charts are used by most services. You an see a 1 second chart on Binance and I am sure other exchanges too. For Binance you don't need to be logged in to see the chart, just know the pair. This link is for BTCUSDT ,just switch the time-frame to 1 sec. [https://www.binance.com/en-GB/trade/BTC\_USDT?layout=pro&theme=dark&type=spot](https://www.binance.com/en-GB/trade/BTC_USDT?layout=pro&theme=dark&type=spot) If you had issues with Coinbase today or I think even yesterday, they seem to be having adventures with the roll out of their Lightning integration and a few strange things are happening

discouto

Hey everyone! I’m leaving my link with you in case you’d like to join. DCPTG has launched a new platform. This is a short term project (just as the previous app was) however this time any quantified funds are reachable on an immediate basis - you can withdraw your funds to your preferred wallet immediately after you generate them through the quantification tool. Yes, it is a Ponzi scheme, however as long as you’re careful, not too greedy and understand it won’t last forever, there’s a little profit to be done. • ⁠You can invest as little as 10 USDT. • ⁠The daily return is of 15% of your deposited amount. • ⁠After ~7 days, you’ll be recovering whatever amount you’ve invested. Please note: I wouldn’t advise on investing more than 50/60 USDT this time as any deposited funds will be locked for a while (most likely not retrievable, given the project probable short life span). My first experience with these guys didn’t end up on a good note so I’m giving this a (very careful) go hoping I can get some sort of return. Please don’t replace any investments on stocks, bonds, ETFs and similar products for this. This should be something that works as an extra to other main investments. It can be fun and interesting, if done right! https://dcptg3.com/B4697B Let me know if you need any help! 🙆🏻‍♀️🌸

Fajarsis

[Indodax.com](http://Indodax.com) [tokocrypto.com](http://tokocrypto.com) these are the exchanges that I use, they have customer support and provide pair in USDT and IDR. They accept bank transfer from/to local bank with reasonable fees and transferring to my hardware wallet or other exchanges so far I faced no problem.

Little_Number_2579

After a long 3 hour battle, I finally figured out how to withdraw the USDT for Canadians. 1.) Kraken WILL release the hold on your USDT eventually - theres no telling how much time it will take, it took me 3 weeks. 2.) Once Kraken releases it, go onto the Kraken website (NOT THE APP!) and head over to withdrawal. 3.) Get the app KuCoin, signup and verify. 4.) Once you are verified on KuCoin (5 Minutes Max) you can then transfer your USDT from Kraken to KuCoin. 5.) Once the transfer is complete, convert the USDT to USDC (easy) 6.) SEND THE USDC BACK TO KRAKEN 7.) CONVERT THE USDC TO CAD & WITHDRAWAL!! Hope that helps!!!

CointestMod

#Tether Con-Arguments Below is a Tether con-argument written by CreepToeCurrentSea. > [USDT](https://tether.to/en/transparency/) is a stablecoin (stable-value cryptocurrency) issued by Tether, a Hong Kong-based company. The token is pegged to the USD by keeping reserves of commercial paper, fiduciary deposits, cash, reserve repo notes, and treasury bills equal to the number of USDT in circulation. Initially named as Realcoin, a second-layer cryptocurrency token built on top of Bitcoin's blockchain using the Omni platform, it was later renamed USTether and, finally, USDT. In addition to Bitcoin, USDT was later updated to work on the Ethereum, EOS, Tron, Algorand, and OMG blockchains. > > # CONs > > **No solid evidence of transparency** > > Tether was established as a stablecoin, which means that virtual coins are supposed to represent real money and be redeemable at any time. So far, there is no problem with that model or schematic, unless they do not have [solid proof](https://tonyarcieri.com/the-tether-conundrum) that all of their coins are [fully backed](https://ag.ny.gov/sites/default/files/2021.02.17_-_settlement_agreement_-_execution_version.b-t_signed-c2_oag_signed.pdf). > > Although they have just recently [announced](https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information) preparation of a full-audit with MHA Cayman whom also handles Tethers quarterly attestation reports. Their most recent [report](https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf) included new accounting terminology such as 'going concern.' Audits provide a thorough analysis of a company's financials over time, whereas attestations are snapshots of a company's balance sheet on a specific date. > > This demonstrated the significant uncertainty surrounding the valuation of Tether's assets as well as the counterparty risks they face. If there's one thing a stablecoin shouldn't be, it would be being "*uncertain*". > > **Owned by one company** > > Cryptocurrency should be owned by everyone, not just one entity. Tether, launched by Tether Limited and owned by iFinex Inc., which also owns the Bitfinex cryptocurrency exchange, screams centralization. When the $600 million Polynetwork [hack](https://www.bloomberg.com/news/articles/2021-08-10/hackers-steal-600-million-in-likely-largest-defi-crypto-theft) took place in August 2021, approximately $33 million of the stablecoin Tether involved in the theft had been frozen by Tether's issuer, rendering it inaccessible to the attacker. While this has saved the customers that time, it also raises the possibility that the company that owns Tether will succumb to unethical motives in the future, knowing their (and their parent company's) past [legal troubles](https://en.wikipedia.org/wiki/Tether_(cryptocurrency)#Legal_cases). > > **Present Auditor** > > Moore Cayman (old accounting firm of Tether) presently operating under the MHA Cayman name (present accounting firm of Tether). Now this supposedly wouldn't raise any concerns as they are practically the same company other than a different letterhead but their parent company MHA MacIntyre Hudson is [said](https://www.coindesk.com/markets/2022/01/26/tethers-new-accounting-firm-is-the-old-one-with-baggage/) to be currently under [investigation](https://www.frc.org.uk/news/january-2022-(1)/investigation-regarding-the-audit-of-mrg-finance-b) by the U.K. Financial Reporting Council. > > Regardless of what the financial statements may be in Tether's latest attestations, it is still up to the clients and users whether or not to decide if the accounting firm's statements are honest and true although very [unlikely](https://leftfootforward.org/2022/01/accounting-firms-are-at-the-heart-of-corruption-in-the-uk/) especially dealing with those whose main objective is to enrich their partners by engaging in fraudulent and illegal practices. > > ​ > > ​ > > ^(Sources:) > > [https://tether.to/en/transparency/](https://tether.to/en/transparency/) > > [https://tonyarcieri.com/the-tether-conundrum](https://tonyarcieri.com/the-tether-conundrum) > > [https://ag.ny.gov/sites/default/files/2021.02.17\_-\_settlement\_agreement\_-\_execution\_version.b-t\_signed-c2\_oag\_signed.pdf](https://ag.ny.gov/sites/default/files/2021.02.17_-_settlement_agreement_-_execution_version.b-t_signed-c2_oag_signed.pdf) > > [https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information](https://www.euromoney.com/article/2a8dpi4tnxahuu98a251c/fintech/cryptocurrencies-tether-is-open-to-providing-more-information) > > [https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether\_Assurance\_Consolidated\_Reserves\_Report\_2022-03-31\_\_3\_.pdf](https://assets.ctfassets.net/vyse88cgwfbl/1np5dpcwuHrWJ4AgUgI3Vn/e0dac722de3cea07766e05c52773748b/Tether_Assurance_Consolidated_Reserves_Report_2022-03-31__3_.pdf) > > [https://www.bloomberg.com/news/articles/2021-08-10/hackers-steal-600-million-in-likely-largest-defi-crypto-theft](https://www.bloomberg.com/news/articles/2021-08-10/hackers-steal-600-million-in-likely-largest-defi-crypto-theft) > > [https://en.wikipedia.org/wiki/Tether\_(cryptocurrency)#Legal\_cases](https://en.wikipedia.org/wiki/Tether_(cryptocurrency)#Legal_cases) > > [https://www.coindesk.com/markets/2022/01/26/tethers-new-accounting-firm-is-the-old-one-with-baggage/](https://www.coindesk.com/markets/2022/01/26/tethers-new-accounting-firm-is-the-old-one-with-baggage/) > > [https://www.accountancytoday.co.uk/2022/01/07/frc-to-investigate-macintyre-hudson-audits-of-mrg-finance/](https://www.accountancytoday.co.uk/2022/01/07/frc-to-investigate-macintyre-hudson-audits-of-mrg-finance/) > > [https://www.frc.org.uk/news/january-2022-(1)/investigation-regarding-the-audit-of-mrg-finance-b](https://www.frc.org.uk/news/january-2022-(1)/investigation-regarding-the-audit-of-mrg-finance-b) > > [https://leftfootforward.org/2022/01/accounting-firms-are-at-the-heart-of-corruption-in-the-uk/](https://leftfootforward.org/2022/01/accounting-firms-are-at-the-heart-of-corruption-in-the-uk/) ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

CointestMod

#Tether Pro-Arguments Below is a Tether pro-argument written by Blendzi0r. > *First published on: \[*[30.09.2021](https://np.reddit.com/r/CryptoCurrency/comments/og1s24/rcryptocurrency_cointest_top_10_category_tether/hewpzqt/)*\]* > > *Last edited on: 19.09.2022* > > # Intro > > Tether (USDT) is a digital dollar – a stablecoin pegged to US dollar. Stablecoins are a type of cryptocurrency with a value fixed to other assets (usually assets outside of the cryptocurrency space, e.g. fiat currencies, precious metals, etc.). Their main purposes are: 1) help investors escape the volatility of the cryptocurrency market and 2) allow investors to buy cryptocurrencies on exchanges that do not offer fiat deposits. USDT is currently the largest stablecoin. \[1\], \[2\], \[3\] > > # Pros > > **It’s the most popular and oldest stablecoin** > > Tether was launched in 2014 as Realcoin and renamed to Tether the same year \[1\]. It’s the first successful stablecoin. For many years, it had completely dominated the stablecoins market and despite the recent growth of other stablecoins, mainly USDC, Tether is still the biggest and most popular stablecoin. As of September 2022, its market cap shrinked against USDC's market cap in recent months, but its volume still tends to be much higher (according to coinmarketcap, on 19.09.2022 it was 12x(!) higher). In fact, USDT’s trading volume is unmatched by any other cryptocurrency. \[1\] > > It is also worth pointing out that more than 80% of stablecoins launched in 2015 are now gone and USDT is still here, despite its bad press. \[4\] > > **It has most trading pairs** > > The market cap and volume speak for themselves – Tether is the most popular stablecoin. There are very few exchanges that don’t accept USDT and all major coins have trading pairs with USDT. Even Coinbase, which is responsible for Tether’s rival stablecoin – USDC, lists Tether on its exchange (since May 2021). \[5\] > > It is also backed by several international currencies and, therefore, allows people in different countries purchase coins that they otherwise wouldn’t be able to get. > > **It was declared dead many times but, just like Bitcoin, it's alive and kicking** > > There are many controversies around Tether. Perhaps the most concerning one is whether USDT has its reserves fully backed. Many critics believe that Tether isn’t fully backed and if many investors were to redeem tethers at the same time, there would be no liquidity \[6\]. Situations when people redeem tokens en masse usually should happen during market crashes. In the last 4 years we had three significant market crashes – in 2018, in March 2020 and in May 2021. USDT survived all of them. > > It has also survived losing almost 25% of its market cap in a short time - from May to July of this year. > > **The latest breakdowns of the reserves is a step in the right direction** > > Tether had been criticized for lack of transparency (and rightly so) for many years. In May 2021, for the first time since 2014, Tether finally gave us an insight into their reserves. The first report was rather disappointing as it turned out that barely 3% of the reserves are made-up by cash. Moreover, 65% of the reserves were made-up by commercial paper and there were no details about the type of the commercial paper. \[7\] > > However, the reports from August and December 2021 looked much better \[8\]: cash and cash equivalents made up more than 80% of the reserves, more than 10% of which were cash and bank deposits, +/- 30% were treasure bills (they are considered very safe assets) and they provided more details – the reports included information about the rating and breakdown of maturity of the commercial paper and certificates of deposit. The reports were on pair with those of USDC. > > **USDT is centralized. But is it so bad in the case of a stablecoin?** > > Decentralization is essential for cryptocurrency. But so is replacing fiat. So is decentralization that important in the case of a stablecoin? > > The fact that USDT is centralized also allowed it to do good things on many occasions. It returned USDT sent to wrong addresses and cooperated with law enforcement officials and blocked/froze addresses that used USDT for illegal activities. \[9\], \[10\] > > ^(Sources:) > > ^(\[01\]) [^(https://en.wikipedia.org/wiki/Tether/(cryptocurrency)](https://en.wikipedia.org/wiki/Tether/(cryptocurrency)) > > ^(\[02\]) [^(https://tether.to/wp-content/uploads/2016/06/TetherWhitePaper.pdf)](https://tether.to/wp-content/uploads/2016/06/TetherWhitePaper.pdf) > > ^(\[03\]) [^(https://en.wikipedia.org/wiki/Stablecoin)](https://en.wikipedia.org/wiki/Stablecoin) > > ^(\[04\])[^(https://papers.ssrn.com/sol3/papers.cfm?abstract\\\\id=3835219)](https://papers.ssrn.com/sol3/papers.cfm?abstract\id=3835219) > > ^(\[05\]) [^(https://blog.coinbase.com/tether-usdt-is-now-available-on-coinbase-214f075deaa2)](https://blog.coinbase.com/tether-usdt-is-now-available-on-coinbase-214f075deaa2) > > ^(\[06\]) [^(https://www.theverge.com/22620464/tether-backing-cryptocurrency-stablecoin)](https://www.theverge.com/22620464/tether-backing-cryptocurrency-stablecoin) > > ^(\[07\]) [^(https://tether.to/wp-content/uploads/2021/05/tether-march-31-2021-reserves-breakdown.pdf)](https://tether.to/wp-content/uploads/2021/05/tether-march-31-2021-reserves-breakdown.pdf) > > ^(\[08\]) [^(https://tether.to/en/transparency/#reports)](https://tether.to/en/transparency/#reports) > > ^(\[09\]) [^(https://decrypt.co/41920/tether-uses-centralized-power-refund-million-usdt)](https://decrypt.co/41920/tether-uses-centralized-power-refund-million-usdt) > > ^(\[10\]) [^(https://cryptopotato.com/tether-freezes-1-7m-in-usdt-stolen-in-yearn-finance-exploit/)](https://cryptopotato.com/tether-freezes-1-7m-in-usdt-stolen-in-yearn-finance-exploit/) ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Tether) to find submissions for other topics.

coinfeeds-bot

tldr; Tether Holdings Limited reported a record Q1 profit of $4.52 billion for 2024, a 56% increase from the previous quarter's $2.9 billion. This growth was primarily driven by investments in Bitcoin, gold, and US Treasuries. The company's net equity also rose to $11.3 billion, with $6.4 billion in excess reserves. Additionally, Tether issued over $12.5 billion in USDT, with 90% backed by cash and equivalents, ensuring liquidity for its stablecoin. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

Jaythiest

Me too brotha!! Still a degen trader but recently crossed 0.13 BTC. Converted funds I was using (losing) chasing leverage trades. Converted that USDT to BTC for base currency. Totally changed how I think when deciding to convert back to USDT to take a position. Or I could just HODL this BTC.

coinfeeds-bot

tldr; The price of Binance Coin (BNB) is experiencing volatility as its founder, Changpeng Zhao, awaits sentencing for violating U.S. money laundering laws. Prosecutors are seeking a three-year prison term, arguing that Zhao's actions were egregious and deserve a strong deterrent. Zhao's lawyers requested probation, citing his guilty plea and a $50 million fine already paid. The judge will consider arguments before delivering the sentence today. BNB's price currently stands at $591.9 USDT, reflecting a 1.38% decline. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

dumbasPL

Litecoin for every day payments, Montero for anonymous payments, USDT for stable coin payments, Bitcoin for everything that doesn't support Litecoin yet. Everything else is kinda redundant, pointless, and often a scam IMO. Using crypto for its intended purpose, as a currency, to pay for goods/services is the only realistic use case, all the other NFTs and what not are just an over hyped nothing burger.

Burnley77889

If you received it in ETH you pay it back in ETH, If you received it in USDT you pay it back in USDT. If you quoted the amount you needed in ETH you pay it back in ETH. If you Quoted the amount you needed in USDT you pay an equivalent of the amount lent to you in USDT. Easy as.

Holiday-Bat9204

IAM - EARN 2% DAILY AND MORE! Register: https://lam-intrust.com/register?Invitation=371428 Same as DCPTG, but this one is recent. -April 12th was the launch day; -Decent and realistic payouts so it will probably be around for some time; - Low entry investment , minimum 10USDT; - Daily withdraws; Don’t miss out on the opportunity of making some chash while it’s around, probably for the next 8/9 months, then you will probably get scammed. The sooner you register, higher is the probability of making some cash. Register: https://lam-intrust.com/register?Invitation=371428 More Info: https://t.me/WELCOME_TO_IAM

Internal-Pin477

I have now exited BTC and I feel more stable in USDT

Clipthecliph

USDT backed by debt lmao

CointestMod

#Ethereum Pro-Arguments Below is an argument written by Nostalg33k which won 2nd place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > ​ > > # Ethereum: Use-case driving value > > Ethereum is a very valuable Blockchain. This blockchain is driven by innovation and utility. To understand what makes Ethereum such a valuable eco-system we need to discuss the inner-working of Ethereum. > > # Introduction: Ethereum explained > > According to [Ethereum.org](https://Ethereum.org) : > > >What is Ethereum? > > Ethereum is a technology that's home to digital money, global payments, and applications. The community has built a booming digital economy, bold new ways for creators to earn online, and so much more. It's open to everyone, wherever you are in the world – all you need is the internet. > > So the topic driving this discussion is badly worded. If we are discussing top coins then we should discuss Ether and not Ethereum. Since Ethereum is such an interesting ecosystem I will treat this argument as a pro Ethereum post. I'd love to see the discussion focused on Ether next time. > > Ethereum is not managed by a single entity nor managed by the Ethereum Foundation but is managed through a decentralized process explained [In their governance page](https://ethereum.org/en/governance/). > > Time for some metrics: Ethereum is currently trading north of 1750 $ and has a circulating supply of 122 millions ETH for a Market cap at around 218 billions > > Let's go back to the quote: "Ethereum is a technology that's home to digital money". This point is important. Ether is not the only coin which is using the Ethereum blockchain. A lot of value on the Ethereum Blockchain is not in Ether coins. This will be discussed further down. Ethereum is also home to global payment, so Ether and other cryptocurrencies can be used to settle transactions between P2P in a permissionless way. > > Applications called Dapps exist on the blockchain. We are going to discuss all of these aspects. We are also going to tackle NFTs on the Ethereum Blockchain. > > Ethereum is also completed by L2s. These are going to be mentioned. > > Ethereum has been switched from POW to Asic resistant POW to POS. These are going to be discussed. > > ​ > > # Ethereum: Home to digital money. > > Ethereum strength is that the blockchain is home to many cryptocurrencies. If gas fees are paid in Ether, many tokens have billions circulating in the Ethereum ecosystem. A quick look at Etherscans reveal how strong the ethereum ecosystem is. > > According to [EtherScan](https://etherscan.io/tokens) the blockchain has 40 Billions $ in USDT, 46 Billions in USDC and 7 Billions $ in Wrapped BTC. The market cap of Ether may be around 200 billions but the on chain value of assets in the Ethereum Blockchain is far higher. > > All of these USDT and USDC are stablecoins which can be used for transactions. In fact, it can be used for P2P transaction in a permissionless way but also to buy stuff from businesses. [Here is a list of business accepting USDT (which exists in the Ethereum blockchain)](https://nowpayments.io/blog/businesses-accepting-tether) and [Here is a list of business accepting directly Ethereum](https://www.analyticsinsight.net/top-10-companies-accepting-ethereum-as-a-payment-method-in-2022/) > > These classical transactions are not the only use of the Ethereum Blockchain: Dapps and NFT are also thriving ! > > # Ethereum: Home to dapps and NFTs > > Ethereum is home to a lot of different applications: Marketplaces, exchanges, defi, wallets, games... > > These application are different because they are called dapps: > > >A decentralised application (DApp,\[1\] dApp,\[2\] Dapp, or dapp) is an application that can operate autonomously, typically through the use of smart contracts, that run on a decentralized computing, blockchain or other distributed ledger system.\[3\] > > [Wikipedia Dapps](https://en.wikipedia.org/wiki/Decentralized_application) > > To give a glance to these dapps you can head to this website tho be wary of the first dapp listed being an advertisement for shady businesses (I haven't found a better website to source dapps) [Here you go](https://dappradar.com/rankings/protocol/ethereum/1) > > While I don't believe in the current state of NFT technology being viable (See my write up in favor of NFT speaking about the future of this technology), we have to take into account that even after losing 60% of their value there is still 3 Billions USD in NFTs in the Ethereum Blockchain [Source](https://cointelegraph.com/news/ethereum-nft-collections-lost-nearly-60-of-their-market-cap-in-2022-report) > > # Ethereum: Layers of goodness. > > Ethereum can be a bit expensive for people, this is why it was layered. There are side chains existing just to be cheaper than Ethereum while offering bridges to and from Ethereum. For example Polygon. > > >Polygon is a Layer-2 scaling solution created to help bring mass adoption to the Ethereum platform. It caters to the diverse needs of developers by providing tools to create scalable decentralized applications (dApps) that prioritize performance, user experience (UX), and security. > > So if you want to be able to evaluate Ethereum you need to go and read about the biggest layer 2 pro and cons. > > [A small list of Ethereum layer 2 given by Ethereum.org](https://ethereum.org/en/layer-2/) > > # Ethereum: Evolve to thrive > > Ethereum has been a rapidly evolving ecosystem. It has seen the evolution of mining from GPU to Asic. In order to not become reliant on Asic mining, Ethereum was made Asic resistant. This created other problems: A pressure on the GPU market but also a concern for energy efficiency. In order to improve the footprint but also reduce the fees, Ethereum was made to transistion from POW to POS. Proof of stake is a protocol in which you need to stake coins to run a node in the network. > > This shows an ability to look ahead and to tackle challenges. > > # Conclusion: Ethereum is a rapidly evolving ecosystem which has a lot of value in it. Since Ether is their native coin, all of this impacts Ether's value. > > This is where we go back to the TOP COIN aspect of this write up. Everything I have said has an impact on the value and use of Ether. If you believe in the future of the Ethereum Blockchain, you can go ahead and look a bit more into Ether. If you don't believe in the Ethereum Blockchain then you should try to find a competitor. > > Just know that Ethereum is trying to become deflationary and that their economic outlook seems on par with good cryptos. > > Ethereum is one of the techs of the future and this essay has shown some of the most important aspects of it. > > Have fun ! ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/100p71b/top_coins_ethereum_proarguments_january_2023/) to be taken to the original topic-thread for this argument or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.

CointestMod

#Ethereum Pro-Arguments Below is an argument written by Nostalg33k which won 2nd place in the Ethereum Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > ​ > > # Ethereum: Use-case driving value > > Ethereum is a very valuable Blockchain. This blockchain is driven by innovation and utility. To understand what makes Ethereum such a valuable eco-system we need to discuss the inner-working of Ethereum. > > # Introduction: Ethereum explained > > According to [Ethereum.org](https://Ethereum.org) : > > >What is Ethereum? > > Ethereum is a technology that's home to digital money, global payments, and applications. The community has built a booming digital economy, bold new ways for creators to earn online, and so much more. It's open to everyone, wherever you are in the world – all you need is the internet. > > So the topic driving this discussion is badly worded. If we are discussing top coins then we should discuss Ether and not Ethereum. Since Ethereum is such an interesting ecosystem I will treat this argument as a pro Ethereum post. I'd love to see the discussion focused on Ether next time. > > Ethereum is not managed by a single entity nor managed by the Ethereum Foundation but is managed through a decentralized process explained [In their governance page](https://ethereum.org/en/governance/). > > Time for some metrics: Ethereum is currently trading north of 1750 $ and has a circulating supply of 122 millions ETH for a Market cap at around 218 billions > > Let's go back to the quote: "Ethereum is a technology that's home to digital money". This point is important. Ether is not the only coin which is using the Ethereum blockchain. A lot of value on the Ethereum Blockchain is not in Ether coins. This will be discussed further down. Ethereum is also home to global payment, so Ether and other cryptocurrencies can be used to settle transactions between P2P in a permissionless way. > > Applications called Dapps exist on the blockchain. We are going to discuss all of these aspects. We are also going to tackle NFTs on the Ethereum Blockchain. > > Ethereum is also completed by L2s. These are going to be mentioned. > > Ethereum has been switched from POW to Asic resistant POW to POS. These are going to be discussed. > > ​ > > # Ethereum: Home to digital money. > > Ethereum strength is that the blockchain is home to many cryptocurrencies. If gas fees are paid in Ether, many tokens have billions circulating in the Ethereum ecosystem. A quick look at Etherscans reveal how strong the ethereum ecosystem is. > > According to [EtherScan](https://etherscan.io/tokens) the blockchain has 40 Billions $ in USDT, 46 Billions in USDC and 7 Billions $ in Wrapped BTC. The market cap of Ether may be around 200 billions but the on chain value of assets in the Ethereum Blockchain is far higher. > > All of these USDT and USDC are stablecoins which can be used for transactions. In fact, it can be used for P2P transaction in a permissionless way but also to buy stuff from businesses. [Here is a list of business accepting USDT (which exists in the Ethereum blockchain)](https://nowpayments.io/blog/businesses-accepting-tether) and [Here is a list of business accepting directly Ethereum](https://www.analyticsinsight.net/top-10-companies-accepting-ethereum-as-a-payment-method-in-2022/) > > These classical transactions are not the only use of the Ethereum Blockchain: Dapps and NFT are also thriving ! > > # Ethereum: Home to dapps and NFTs > > Ethereum is home to a lot of different applications: Marketplaces, exchanges, defi, wallets, games... > > These application are different because they are called dapps: > > >A decentralised application (DApp,\[1\] dApp,\[2\] Dapp, or dapp) is an application that can operate autonomously, typically through the use of smart contracts, that run on a decentralized computing, blockchain or other distributed ledger system.\[3\] > > [Wikipedia Dapps](https://en.wikipedia.org/wiki/Decentralized_application) > > To give a glance to these dapps you can head to this website tho be wary of the first dapp listed being an advertisement for shady businesses (I haven't found a better website to source dapps) [Here you go](https://dappradar.com/rankings/protocol/ethereum/1) > > While I don't believe in the current state of NFT technology being viable (See my write up in favor of NFT speaking about the future of this technology), we have to take into account that even after losing 60% of their value there is still 3 Billions USD in NFTs in the Ethereum Blockchain [Source](https://cointelegraph.com/news/ethereum-nft-collections-lost-nearly-60-of-their-market-cap-in-2022-report) > > # Ethereum: Layers of goodness. > > Ethereum can be a bit expensive for people, this is why it was layered. There are side chains existing just to be cheaper than Ethereum while offering bridges to and from Ethereum. For example Polygon. > > >Polygon is a Layer-2 scaling solution created to help bring mass adoption to the Ethereum platform. It caters to the diverse needs of developers by providing tools to create scalable decentralized applications (dApps) that prioritize performance, user experience (UX), and security. > > So if you want to be able to evaluate Ethereum you need to go and read about the biggest layer 2 pro and cons. > > [A small list of Ethereum layer 2 given by Ethereum.org](https://ethereum.org/en/layer-2/) > > # Ethereum: Evolve to thrive > > Ethereum has been a rapidly evolving ecosystem. It has seen the evolution of mining from GPU to Asic. In order to not become reliant on Asic mining, Ethereum was made Asic resistant. This created other problems: A pressure on the GPU market but also a concern for energy efficiency. In order to improve the footprint but also reduce the fees, Ethereum was made to transistion from POW to POS. Proof of stake is a protocol in which you need to stake coins to run a node in the network. > > This shows an ability to look ahead and to tackle challenges. > > # Conclusion: Ethereum is a rapidly evolving ecosystem which has a lot of value in it. Since Ether is their native coin, all of this impacts Ether's value. > > This is where we go back to the TOP COIN aspect of this write up. Everything I have said has an impact on the value and use of Ether. If you believe in the future of the Ethereum Blockchain, you can go ahead and look a bit more into Ether. If you don't believe in the Ethereum Blockchain then you should try to find a competitor. > > Just know that Ethereum is trying to become deflationary and that their economic outlook seems on par with good cryptos. > > Ethereum is one of the techs of the future and this essay has shown some of the most important aspects of it. > > Have fun ! ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/100p71b/top_coins_ethereum_proarguments_january_2023/) to be taken to the original topic-thread for this argument or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Ethereum) to find arguments on this topic in other rounds.

VirtualSlip2368

Not true. Every Chinese supplier I buy from prefers USDT. The government knows. They swap it into RMB right away and deposit into their bank, WeChat pay, and Alipay.