I’d like to discuss the pros and cons of Tether and see what our community actually thinks about the “crypto” and its use in cryptocurrency exchanges. It seems to be a hot topic over the last few days. I’d like to keep this post FUD free as much as possible and just discuss the benefits or inherent risks of Tether.
For simplicity sake, for those of you that don’t know much about cryptocurrency or Tether, Tether is a blockchain token that exists on the Omni protocol. According to their website “Tether Platform currencies are 100% backed by actual fiat currency assets in our reserve account. Tethers are redeemable and exchangeable pursuant to Tether Limited’s terms of service. The conversion rate is 1 tether USD₮ equals 1 USD.” You can use Tether to hold or store you USD value as USDT when you are not actively trading crypto and a lot of people store their USD value in USDT when the market is dumping.
You have both camps here in regards to Tether. Some people say Tether is legitimate and there have not been enough problems to scare these people away and they use USDT without issue.
On the other side of the fence, we have those that think Tether is a scam and they can back this belief through evidence like the hack that happened last year. These people stay far away from Tether in fear of its inevident demise.
Either way this is a topic that needs public discussion, so let’s discuss. Are you in favor or against Tether?
*For privacy sake I will not ask nor do you need to discuss whether you do or do not not use Tether*
Join the discussion here
