Re:Tether has “dissolved” relationship with auditor Friedman...
by chrisco255 on Sunday January 28, 2018 @10:23PM
(#16255123)
In my opinion, people are using USDT to dodge the price swings that occur in the market. I don't know that USDT represents a fundamental underpinning of the price of Bitcoin, for instance. Coinbase had over a $1 billion in revenue last year, alone, so Coinbase is probably responsible for tens of billions of USD deposits on ETH & BTC markets.
Yeah if USDT crashed it might cause a big hit on the market, but not worse than anything else we've seen. 30-50% drops are fairly common in this market.
In the mean time, I think other stable coins (like Dai) will continue to grow in popularity. I've read Preston Byrne's article, but I've also read Dai's white paper and I think that they have a fine model to build a relatively stable coin, not a perfectly stable one, mind you, but a relatively stable one that trends towards $1. For those wishing to hedge their bets against the swings in the market (the great bulk majority of the USDT market) I think Dai is a great alternative. We'll see as it matures, it's still early days.
Yeah if USDT crashed it might cause a big hit on the market, but not worse than anything else we've seen. 30-50% drops are fairly common in this market.
In the mean time, I think other stable coins (like Dai) will continue to grow in popularity. I've read Preston Byrne's article, but I've also read Dai's white paper and I think that they have a fine model to build a relatively stable coin, not a perfectly stable one, mind you, but a relatively stable one that trends towards $1. For those wishing to hedge their bets against the swings in the market (the great bulk majority of the USDT market) I think Dai is a great alternative. We'll see as it matures, it's still early days.