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Which Stablecoin if USDT / Tether is risky?

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Spinat

Spinat

Fake user - Alias of JohnLocke
Jan 3, 2009
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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 ?

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

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.
 
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.
 
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.
 
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 you︀ require anonymity there are better ways compared to "stable"coins: Keep your money in cash in︁ a mix of different currencies. Perhaps add some gold into the mix.
 
1. Every︀ decent wallet is open source code
The seed phrase is compatible across most other wallets︁ if 1. is decent, which it should be in the first place.

Stable coins are︂ a lot faster to transact internationally and in/out of crypto and not all banks want︃ to have crypto funds. Stable coins are not a useful tool for "dubious anonymity".
 
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.
 
I assume that your accounting is OK with this?⁠ Do they treat like any other USD-denominated bank account?
 
yes all approved also by the Switzerland‍ authority, that's not the issue.
 
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 one︀ 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, will︂ be 100% a bad bet for retirement. These 100k prob will only pay 60k later︃ down the road.
 
That is supported by some notaries and provinces. Signing with private key and afaik‍ 50% more capital required bc of vola.
 
I mean︀ tbh, if you can't keep a piece of paper safe, I don't know what are︁ they doing being in this forum.

as @JackAlabama said, the seed phrase work on almost︂ any wallet, so all you have to do is keep it safe.
 
Shouldn't be any issues with USDC... DAI etc I'd be more concerned with BUSD, as‌ its issued in conjunction with Binance, which has violated soooooo many laws.
 
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