USDT

Tether

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Tether (USDT) is a cryptocurrency with reference to fiat currencies that is issued by Tether Limited Company. Using the technology of Blockchain, Tether allows the users to keep, send and receive digital tokens pegged to dollars, euros and yens*. *1USDT =/= 1USD - according to ToS (Terms-of-service) of Tether Limited Company - Tether tokens...
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5 of 16 user opinions

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PS
Director of Research at Tierion Source
1. Tether is a company, not a stablecoin/bitUSD. It might as well be Mt. Gox credits.
2. It's a huge black swan risk that won't be "obvious" until after a blowup.
BM
Analyst at Alphabit Digital Currency Fund Source
Tether just redeemed/burned another $500,000,000.

This is good for the ecosystem. Having one stablecoin with so much gray area surrounding it be so dominant among UAD pegged tokens is unhealthy.

The slow decline of USDT plus competition without FUD is healthy.
MA
Partner at Arrington XRP Capital Source
Risk is something I’ve grown quite comfortable with as an investor, but I still get super nervous holding Tether for more than a few hours.
EM
Partner at INB Source
If markets thought Tether was insolvent, it would not still be trading (even against USD) at 1:1.
SB
Partner at Blockchain Capital Source
I worry that a lot of the proposed implementations will appear stable… until they aren’t - a huge left-tail risk. In the Tether model, the failure point is known (counterparty risk). In risk mitigation, the devil you know is better than the one you don’t.
TJ
Managing Partner at Multicoin Capital Source
Tether is a systemic risk in that if it explodes, billions of dollars could effectively disappear and cause exchange insolvencies. An alternative to Tether hugely reduces that risk.
MG
Founder and CEO at Braveno Source
Tether is still shady as fuck though, but as a principle it could be applied to other tokens and is an interesting development.
TA
President of iqlusion inc Source
Tether is kind of like USD, except instead of being backed by the United States government, it was created by a guy who fled the U.S. following allegations of raping children and who claims if he needs more money, he just invents a new token.
DM
Co-founder of Messari Source
Everyone seems to think that Tether's main problem was whether it's 100% backed...but it's main problem is that it's centralized. And GUSD and USDC are just Tether 2.0.
PB
Independent Consultant Source
Just because a document shows a certain bank balance amount on a certain date doesn't mean the funds are unencumbered/free and clear.

An audit, which Tether refuses to provide and which companies large and small undertake on a regular basis, would answer that question.... Additionally, assuming, arguendo, that Tether is backed 1:1 (which I otherwise do not), that much cash sitting in a bank should trade not at par but at a discount commensurate with the credit rating of the bank.
LB
Head of Project Zero at TokenSoft Source
Tether’s withdrawal fees smell like shit. Absolute shit. Can anyone name a single financial service with a withdrawal fee that increases in size as a percentage as the size of the withdrawal increases?
TD
Founder of Adamant Capital Source
I'm afraid Tether is an accident waiting to happen. I won't be surprised if bank accounts freeze on accusation of abetting with money laundering.
DM
Co-Founder of Global Financial Access and Business Development at ETCDEV Source
If Tether can't just publicly show their bank statements, accounts, signed powers of attorney docs, and executives' authorized signatures against issued tokens, then it's very likely it's a fractional reserve gone *very* wrong.

Lesson: Trusted third parties are security holes.
VB
Senior Software Engineer at Peach Inc Source
Tether is the bastard child of global capital controls.

(If USD could be traded easily and seamlessly by everyone, there would be no need for stablecoins.)
PT
Applied Cryptography Consultant Source
"**Yes, the top 0.2% owns over 90% of the token’s total supply.** This is more than double BTC’s wealth concentration." (bolded in the article)

So? Tether is a tool to move USD around between exchanges. Why is it bad that a small number of exchanges mainly use this tool?
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Most helpful opinions

NT

NT Nick Tomaino Founder at 1confirmation
The success of Tether, despite severe flaws in centralization and lack of transparency, is the only rebuttal necessary. There’s strong demand from the crypto community for a decentralized stablecoin; that is undeniable.
PT

PT Peter Todd Applied Cryptography Consultant
"**Yes, the top 0.2% owns over 90% of the token’s total supply.** This is more than double BTC’s wealth concentration." (bolded in the article) So? Tether is a tool to move USD around between exchanges. Why is it bad that a small number of exchanges mainly use this tool?
VB

VB Vijay Boyapati Senior Software Engineer at Peach Inc
Tether is the bastard child of global capital controls. (If USD could be traded easily and seamlessly by everyone, there would be no need for stablecoins.)
DM

DM Donald McIntyre Co-Founder of Global Financial Access and Business Development at ETCDEV
If Tether can't just publicly show their bank statements, accounts, signed powers of attorney docs, and executives' authorized signatures against issued tokens, then it's very likely it's a fractional reserve gone *very* wrong. Lesson: Trusted third parties are security holes.
TD

TD Tuur Demeester Founder of Adamant Capital
I'm afraid Tether is an accident waiting to happen. I won't be surprised if bank accounts freeze on accusation of abetting with money laundering.
LB

LB Lawson Baker Head of Project Zero at TokenSoft
Tether’s withdrawal fees smell like shit. Absolute shit. Can anyone name a single financial service with a withdrawal fee that increases in size as a percentage as the size of the withdrawal increases?
PB

PB Preston Byrne Independent Consultant
Just because a document shows a certain bank balance amount on a certain date doesn't mean the funds are unencumbered/free and clear. An audit, which Tether refuses to provide and which companies large and small undertake on a regular basis, would answer that question.... Additionally, assuming, arguendo, that Tether is backed 1:1 (which I otherwise do not), that much cash sitting in a bank should trade not at par but at a discount commensurate with the credit rating of the bank.
DM

DM Dan McArdle Co-founder of Messari
Everyone seems to think that Tether's main problem was whether it's 100% backed...but it's main problem is that it's centralized. And GUSD and USDC are just Tether 2.0.
TA

TA Tony Arcieri President of iqlusion inc
Tether is kind of like USD, except instead of being backed by the United States government, it was created by a guy who fled the U.S. following allegations of raping children and who claims if he needs more money, he just invents a new token.
MG

MG Mathias Groennebaek Founder and CEO at Braveno
Tether is still shady as fuck though, but as a principle it could be applied to other tokens and is an interesting development.