I may be interested in hedging my position if BTC pumps to extraordinary levels again. I do not trust the centralized Tether currency to do this and was wondering if it is safer to hedge in BitUSD or BitCNY or something else? Is it as simple as buying BTS and then buying the currency on the decentralized exchange? Is there any counterparty risk when buying on these assets?
bitUSD is counterparty risk free, incorruptible and decentralized.
1 bitUSD is backed by at least 200% of its underlying collateral BTS. So for every bitUSD in existance, there is at least $2 worth of bitshares locked behind.
you can buy bitUSD in any liquid market on BitShares DEX USD_BTS or USD_OPEN.BTC for example.