Post
Topic
Board Altcoin Discussion
Re: How safe is Tether.to/USDT?
by
3227jw
on 21/07/2020, 06:36:35 UTC
I have very mixed feelings about USDT.

I personally use it sometimes when trading, but I dont think its safe at all.
Back when USDT started, it posted all the documented proof of their cash holdings from banks to prove that they have enough dollars to back up every USDT tokens.
But after couple of months or so, if I remember correctly, they stopped posting these proofs and just began to massively produce more and more USDT.

This is one of the biggest reasons for the 2017 pump, and now USDT is no where near backed up by their USD holdings.

I do agree, however, that it is indeed the most popular stable coin, and thats gotta count for something.
So I would use it to do day tradings or dodging a big dump, but I would never hold them nor stake them for mid to long term.