If you are getting into the space now USDC is an audited stablecoin backed by Coinbase and Circle which has the second highest issuance after Tether. Most likely you would prefer USDC over tether.
And you need to do all that in every jurisdiction you touch, plus likely the US even if you don’t touch it.
I will disclose that I know way more about this industry than all of you commenting that I'm "shilling" as if this is some altcoin scam. Welcome to crypto
Plenty of people promote their own work on HN as it’s their area of expertise.
But crypto has some baggage attached so people get sensitive.
Why would that make his opinion any less bias based? Most opinions tend to be like that.
Is there any specific opinion in his comment you object to?
I've dissected the comment below, it should be easy to point out the specific part that bothers you.
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Opinions where the employer seems completely irrelevant:
> USDT has a strong following in APAC countries
> Also for some crypto users part of its allure is that it’s vaguely sketchy - it means they are less likely to have their funds blacklisted,
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Simple statements of fact:
>a feature which Tether maintains the ability to do but has never enforced as far as I’m aware
>USDC is an audited stablecoin backed by Coinbase and Circle which has the second highest issuance after Tether
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A possibly biased opinion, (But really just a fact, USDC is far less likely to disappear overnight than USDT. Anyone familiar with both will agree.)
>Most likely you would prefer USDC over tether.
What does that mean?
That doesn't sound like a positive thing.
Are you serious? You need to establish presence at an exchange meaning you need to scan and send your ID to a company which more likely than not -- does QuadrigaCX ring a bell -- is run by scammers. Then you need to buy bitcoin and store it somewhere... and then send it to someone. The sending costs an unknown amount, takes an unknwon amount of time, the receiver gets something but none of you can predict how much that is actually worth by the time they receive it. If they want to do something with it they need to go through the exchange rigmarole. And you call this very easy to use.
Bitcoin was, is always will be nothing more than a novel scam. It's not a Ponzi... it's a novel form of scam. https://prestonbyrne.com/2017/12/08/bitcoin_ponzi/
You only need to hold Bitcoin for ~1 hour total in the entire process. You can avoid making international wires by using domestic payment systems on each end of the transaction. If you do some research, you may be able to move money across borders and actually make a small profit of 3-4%, depending on the sending / receiving currency.
All said and done, Bitcoin allows people to have much greater control of their money. It is very useful for moving money between countries without subjecting yourself to the wait times and high fees associated with cross-border transactions.
This is a downright lie.
>the receiver gets something but none of you can predict how much that is actually worth by the time they receive it
This is just misleading, the recipient gains control of the transmitted bitcoin almost instantly. Confirmation delays are known.
> The sending costs an unknown amount
Here's you can see historic daily average Bitcoin transaction fees both in dollars per transaction and in satoshis per byte https://bitcoinfees.info/
> takes an unknwon amount of time
Here's the average time for one confirmation: https://coincentral.com/wp-content/uploads/2017/12/Screensho... here
> This is just misleading,
But it's not, there's a time delay between when you initiate exchanging your real money to scam money and the receiver finishes the exchange back and during that time bitcoin can move in any direction.
>But it's not, there's a time delay between when you initiate exchanging your real money to scam money and the receiver finishes the exchange back and during that time bitcoin can move in any direction
Well yes, but this is known beforehand. There are many mechanisms you could use to hedge your risk here.
Do you even hear yourself? We started from very easy to use and now we are at hedging strategies...
I was merely objecting to your false claims. Bitcoin & co. have enough problems as is, there’s no need to invent imaginary ones.
Sketchy is a generous characterization of tether. Tether is fraudulent.
https://www.bloomberg.com/opinion/articles/2019-04-26/things...
In contrast, I don't see a worthy reason to sell US dollars for any stablecoin.
If the exchange was overseas/super sketchy it's possible that the exchange just plain stole some of his money and claimed it was "for taxes."
You can park it outside the crypto market, ready to buy back into crypto at any moment.
If FUD scares you then crypto trading is not for you