Which Stablecoin if USDT / Tether is risky?

[Spinat]

What's the experts say, USDT / Tether seems at risk to be executed by shooting.

Now I would ask what's the Stablecoin we count on, USDC ?

Toggle signature
Specialized in advisory service for tailor made Offshore setups with banking and payment processing. Privacy and Anonymity is my priority.
Contact

 

[MiltonStone]

I'm asking the same?

 

[JohnnyDoe]

Why do you need a stablecoin when we have btc?

Toggle signature

@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields​

 

[Spinat]

BTC is volatile, you can't hold your money in BTC. I have 80K USDC and 70K USDT sitting in my wallet right now. I was convince it was free of risk. Now I read the s**t abut USDC and USDT.

What's to do now?

Toggle signature
Specialized in advisory service for tailor made Offshore setups with banking and payment processing. Privacy and Anonymity is my priority.
Contact

 

[JohnnyDoe]

Spinat said:
BTC is volatile, you can't hold your money in BTC. I have 80K USDC and 70K USDT sitting in my wallet right now. I was convince it was free of risk. Now I read the **** abut USDC and USDT.

What's to do now?
Click to expand...

You can't hold your money in fiat or in any fiat crypto copy, because fiat is designed to be worth zero. It's not my opinion, it's math.
Use fiat to buy something valuable, for example btc.

Toggle signature

@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields​

 

[Spinat]

So I will have to worry every morning I open my eyes, did I lost everything or did I made winnings.... that's simply to risky for me.

Toggle signature
Specialized in advisory service for tailor made Offshore setups with banking and payment processing. Privacy and Anonymity is my priority.
Contact

 

[JohnnyDoe]

Spinat said:
So I will have to worry every morning I open my eyes, did I lost everything or did I made winnings.... that's simply to risky for me.
Click to expand...

Much better to open your eyes knowing that every day, since the beginning of history, fiat regularly and inevitably loses value thu&¤#

Toggle signature

@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields​

 

[Jerry1911]

Spinat said:
BTC is volatile, you can't hold your money in BTC. I have 80K USDC and 70K USDT sitting in my wallet right now. I was convince it was free of risk. Now I read the **** abut USDC and USDT.

What's to do now?
Click to expand...

I would exchange that USDT for BUSD. Or at least split it 50/50.

 

[JohnnyDoe]

Jerry1911 said:
I would exchange that USDT for BUSD. Or at least split it 50/50.
Click to expand...

That will not solve the base problem.
If you regularly buy crypto and sell it only when you need fiat, price fluctuations will be leveled out.

Toggle signature

@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields​

 

[Jerry1911]

JohnnyDoe said:
If you regularly buy crypto and sell it only when you need fiat, price fluctuations will be leveled out.
Click to expand...

Alternatively, one could take out a crypto loan. I do this regularly against my XMR holdings on Binance.

 

[JackAlabama]

Spinat said:
So I will have to worry every morning I open my eyes, did I lost everything or did I made winnings.... that's simply to risky for me.
Click to expand...

It is not risky, this is called volatility.
If vola stresses you out, keep 2-3 years of living expenses in these (unsecure fiat instruments).

Jerry1911 said:
I would exchange that USDT for BUSD. Or at least split it 50/50.
Click to expand...

Usdt is ok, would rather trust them than that very opaque binance operation. But as its fiat, everything is not that great at all. You will see when the money printing comes back soon.

 

[MiddleEuroAsia]

Spinat said:
What's the experts say, USDT / Tether seems at risk to be executed by shooting.

Now I would ask what's the Stablecoin we count on, USDC ?
Click to expand...

split it between GUSD, DAI and USDT.

 

[Jerry1911]

JackAlabama said:
would rather trust them than that very opaque binance operation.
Click to expand...

I'm not going to spend time arguing about this as it essentially comes down to personal opinion/risk profile.

BUSD was approved by the New York State Department of Financial Services and that is at least _some_ kind of a guarantee in my book.

I must admit I didn't know about GUSD. Seems like it's a decent alternative as well.

 

[khinkali]

There's also PAXG for those who don't want the risk of BTC or USD volatility and don't mind US regulation. NYDFS are decent, but being in the US gives rise to federal exchange/capital control risk and confiscation.

 

[backpacker]

Spinat said:
BTC is volatile, you can't hold your money in BTC. I have 80K USDC and 70K USDT sitting in my wallet right now. I was convince it was free of risk. Now I read the **** abut USDC and USDT.

What's to do now?
Click to expand...

Your assessment is correct: Currently you run three main risks:

1. Your wallet (a simple commercial enterprise) goes bankrupt/rogue and ceases to exist.
2. Your wallet gets hacked and the "stable"coins vanish overnight.
3. Your "stable"coins are less stable than the word "stable" suggests.

Why did you put your money into "stable"coins? If not for dubious anonymity you can achieve the same by holding fiat in an interest bearing bank account.
Even if you require anonymity there are better ways compared to "stable"coins: Keep your money in cash in a mix of different currencies. Perhaps add some gold into the mix.

 

[JackAlabama]

backpacker said:
Your assessment is correct: Currently you run three main risks:

1. Your wallet (a simple commercial enterprise) goes bankrupt/rogue and ceases to exist.
2. Your wallet gets hacked and the "stable"coins vanish overnight.
3. Your "stable"coins are less stable than the word "stable" suggests.

Why did you put your money into "stable"coins? If not for dubious anonymity you can achieve the same by holding fiat in an interest bearing bank account.
Even if you require anonymity there are better ways compared to "stable"coins: Keep your money in cash in a mix of different currencies. Perhaps add some gold into the mix.
Click to expand...

1. Every decent wallet is open source code
The seed phrase is compatible across most other wallets if 1. is decent, which it should be in the first place.

Stable coins are a lot faster to transact internationally and in/out of crypto and not all banks want to have crypto funds. Stable coins are not a useful tool for "dubious anonymity".

 

[EliasIT]

I'm glad OP rised the question.

I'm holding 100K euro in stablecoin USDC in the believing it was safe to store my retirement in that coin.

The Wallet is owned by a Switzerland company owned by me, I was not able to open a business account yet for the company, that's why I store them in stablecoins.

What you people suggest here is good, but requires some sort of bank account which is not possible for all to get.

Toggle signature
If money is your hope for independence you will never have it. The only real security that a man will have in this world is a reserve of knowledge, experience, and ability!
My personal favorite thread posted in the Mentor Group. Group of investment companies to avoid licensing.

 

[Jerry1911]

EliasIT said:
The Wallet is owned by a Switzerland company owned by me, I was not able to open a business account yet for the company, that's why I store them in stablecoins.
Click to expand...

I assume that your accounting is OK with this? Do they treat like any other USD-denominated bank account?

 

[EliasIT]

Jerry1911 said:
I assume that your accounting is OK with this? Do they treat like any other USD-denominated bank account?
Click to expand...

yes all approved also by the Switzerland authority, that's not the issue.

Toggle signature
If money is your hope for independence you will never have it. The only real security that a man will have in this world is a reserve of knowledge, experience, and ability!
My personal favorite thread posted in the Mentor Group. Group of investment companies to avoid licensing.

 

[JackAlabama]

EliasIT said:
I'm glad OP rised the question.

I'm holding 100K euro in stablecoin USDC in the believing it was safe to store my retirement in that coin.

The Wallet is owned by a Switzerland company owned by me, I was not able to open a business account yet for the company, that's why I store them in stablecoins.

What you people suggest here is good, but requires some sort of bank account which is not possible for all to get.
Click to expand...

Swissquote denied you?

Up it to 500k and Sygnum et al will onboard you as you live in Switzerland.
Not all need to be crypto, you can use and consolidate your other fiat holdings into one of these.

Depending on your age and lets say your retirement is 20 years out, storing fiat which does not even have interest paid and hence does not compound, will be 100% a bad bet for retirement. These 100k prob will only pay 60k later down the road.