Quote from: fulcare on Today at 01:13:23 PM

Quote from: Sithara007 on Today at 03:55:32 AM

Quote from: fulcare on August 08, 2021, 06:32:28 PM

That is one important aspect and the other one is that even stable coins aren't a solution to that problem because the hassle is too big as hardly any business accepts Tether. Also, why use Tether if you can just use the USD in your bank account. Less explanations to financial authorities, overall less trouble. We are not quite there that more and more people get paid in crypto because it is more practical to them. Some do receive or take crypto as payment because they want to drive adoption, which is a good and important endeavor.

There is no point in using Tether (or any other stablecoin), when their acceptability is far lower than fiat currency. As of now, none of the cryptocurrencies have an acceptability rate which can be compared with that of fiat currency. On top of that, the usage of these stablecoins may create issues for you, when you file your tax returns. And finally, I would not consider Tether (USDT) as a safe asset. From whatever data they have published so far, it is clear that only a minority of the reserves are being held in cash. That will be an issue in case of a mass liquidation event.

It is even worse than that... I think they published only a sort of pie diagram and provided the % for each of that asset classes they hold to back their Tether, but nobody knows how much value the assets they hold to back Tether really have! Cheesy

They could provide a pie diagram and have less than a million available to back billions of Tether. What a ridiculous report! Tongue

There must be a trusted source where this data has been verified. Otherwise why people will believe what they are showing. I haven't seen anyone claiming they have provided false statements.

I saw some porn industry will use USDT as a payments option. That means stable currency could be a better alternative to fiat because of no speculation in them.