In the normal world, Emoni is the electronic “fiat” currency – the dollar, the yen, and so on. The “money” you see in your mobile banking application is eMoney. In the blockchain world, there are stable electronic versions of fiat currencies – dollars, yen, and so on.
Tether is a big father of stable coins and produces stable coins on several blockchains – Bitcoin (Omni and Liquid Protocol), Ethereum, EOS, Tron, Algorand, SLP and OMG.
Tether stablecoins are “supported” by the US dollar, the euro and the Chinese yuan. If you are a crypto trader / investor, USDT, Tether used US dollar “supported” stablecoin. USDT has a daily trading volume of over $ 73 billion – more than that combined with Bitcoin and Ether!
Then there’s Tater Gold – 1 XAUt token represents “one troy of fine gold on a good delivery bar in London”.
1. What I love about Tater
USDT is a very important risk management tool for crypto traders. If you feel that markets are too flexible for your needs, you can easily convert your cryptos to USDT. There are other competing stable currencies, but so far the USDT has the largest and most trading pairs.
The second thing I like about USDT is that it makes it very easy and cheap to receive and send money around the world.
The third thing I like is interest rates! Earlier this year, you could earn more than 14 percent a year on your USDT deposit. Even at the current 10.5 percent rate, it pays a lot of bank deposits. Of course, there are many risk factors to consider.
Fourth, tether stable coins are “central” and have some unusual security features in the crypto ecosystem. If your account is damaged and a hacker tries to steal your money, a “5 day warranty” may be triggered.
2. What I hate about Tater
According to the website, the Twitter platform was designed to be “completely transparent at all times.” But that is not the case. First of all, there are many legal entities. According to Tetter White Paper, Teter Limited is a Hong Kong company owned entirely by Tetter Holdings Limited, a British Virgin Islands company.
Then there is the copyright of Tetter Operations Limited to the Tetter Website. And TG Commodities Limited, which operates Teter Gold. The leak of the 2017 Paradise Papers shows that Bitfinex crypto exchange and Tater are under the control of the same people – iFinex Inc.
I could not take proper care of these companies.
“Every theater has always been supported by the traditional currency in our reserves from 1 to 1,” the website said. A.D. In early 2019, it was transformed into a “reserve” fund, which includes loans to third parties, including affiliates. I think this is an accident recipe!
There are reports that only 2.9 percent of Tetter is backed by cash and more than 65 percent by paper. So far, the morale of the story can be a huge scam.
3. What I fear about Tater
My first fear was that Bitfinex would disturb you. And he deserves it too. It was first hijacked in May 2015 and lost 1,500 bitcoin.
It was then hijacked in August 2016 and lost 119,756 BTC. Unable to absorb these losses, he gave his customers “36 percent hair.” He even took money from customers who did not hold Bitcoin when they were hacked!
In September 2021, Bitfinex “paid” $ 24 million in payments by sending $ 100,000. The actual fee was $ 33. A few days ago, Tater and Bitfinex filed a lawsuit, alleging “fraudulent” statements and illegal transactions. The U.S. Commodity Futures Trading Commission (CCCT) will pay $ 42.5 million to settle civil payments.
Many people believe that the “real use” of Tater is to increase the value of Bitcoin! The media likes to tease Tater and this creates a lot of FUD. What if this FUD is true and Tater is damaged? That is my second fear.
I think it will have a huge negative impact on the entire crypto sector and will cost hundreds of billions of dollars in the crypto market cap.
Rohas Nagpal is the author of the book Money of the Future and Chief Blockchain Architect in the Consolidated Property Project. He is an amateur boxer and a retired hacker. You can follow him on LinkedIn.
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