Quote from: vabchgent on Today at 10:35:58 AM

Quote from: efreeti on July 28, 2021, 04:47:36 PM

Quote from: Qirtov on July 28, 2021, 01:59:13 PM

The controversy over USDT in 2018 and 2019 may have caught the attention of many cryptocurrency users. This certainly makes most people worried and afraid that USDT is not safe. If you plan to keep USDT/EURT for the long term, choose a safer option by storing Tether locally in an official digital wallet (e-wallet).
There are currently no Tether hardware wallets available, but starting in late 2017, AsicVault hardware wallets became available which have support for the USDT cryptocurrency. The official Tether wallet can be used via the browser at wallet.tether.to/app/, but there is also a Tether app for iOS and Android available in the app store.

I think the problem isn't so much that people don't know how and where to store your Tether, but rather whether Tether the currency will hold its promises and always pay back one dollar for each Tether. That is the major risk. If Tether collapses, billions of dollars will collapse along with it within a blink of an eye. I guess that is what people are concerned about. So far it has been holding its peg strong.

Yes that is why I shared the article above. It is indeed impossible to know whether these stable coin providers hold the reserves they claim to hold. What if something like a bank run happens and everyone out of a sudden wants to exchange their Tether for USD? Will they be able to meet the demand? Or maybe did they use the dollars to speculate on the market themselves? If Tether collapses, crypto will go into a new crypto winter.

There has now been even more news that leading officials of Bitfinrx and Tether are investigated for lying to banks in their early days about the purpose of those bank accounts that were opened with for example Wells Fargo. Wells Fargo demanded that no cryptocurrency related activities should take place with the accounts opened with them. Bitfinex lied and did it regardless. Now the Department of Justice is probing things and they are going for some high profiles of the company.

efreeti

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