The crypto stablecoin USDT is not the same as US$.

This is a warning to those who are rushing to convert their life savings and wealth from Naira to USDT that they are taking a big risk.

The organisation which manages USDT claims that each unit of USDT is backed by an actual deposit of $1 in a bank but they have never been able to prove this.

There is no audit report or independent verification of this, the only document they have is an attestation.

There is a possibility of a stablecoin crashing and it has happened before.

If the USDT sufferers a serious depeg and crashes you will loose all the money you have there.

Go and read up about Do Kwon and his stablecoin UST which crashed and rendered thousands of people bankrupt.

Stop putting unnecessary pressure on the Naira by rushing to Binanc and other crypto exchanges to convert your money to USDT which is not even a legal tender in any country of the world!

Great piece

frontpage pls

if you type ‘what does USDT stand for’ in Google you will never see United States Dollar Tether. So now tell me how a token which is printed from thin air, which you cannot buy oil with, you can’t sell oil and accept USDT as payment. You can’t pay hospital bills abroad, you can’t pay schools fees, you cannot export anything of relevance and collect USDT as payment. But somehow this is supposed to be competing with actual USD that we get from oil export and other trading of goods and services, etc.

USDT has no value outside of being a hedge for crypto coins to avoid the volatility typical of cryptocurrencies while holding funds within the crypto system. It has no real world use. But somehow, we use it as exchange rate for real actual dollars gotten from trading goods and services.

Obviously it isn't the same but carry value around ±1% of USD value. It may not be "valuable" to you, but it is to some others.

JasonNOTStatham:
Obviously it isn't the same but carry value around ±1% of USD value. It may not be "valuable" to you, but it is to some others.

For something to be valuable, it should have a use. What is the use of USDT outside crypto trading. Compare it with the use of actual USD (oil, exportation, loan, medical, tourism, etc.)

I don’t have any problem with USDT but it should not be used as exchange rate for Nigeria’s economy.

USDT is printed by a random company called Tether, same way you can print meme coins in BNB chain, by imputing a bunch of values and boom. Not saying USDT is from BNB network. It’s from Tether.

But the USD is printed by the United States Department of Treasury and is backed by the US government and military.

NigerianEagle:
The crypto stablecoin USDT is not the same as US$.

This is a warning to those who are rushing to convert their life savings and wealth from Naira to USDT that they are taking a big risk.

The organisation which manages USDT claims that each unit of USDT is backed by an actual deposit of $1 in a bank but they have never been able to prove this.

There is no audit report or independent verification of this, the only document they have is an attestation.

There is a possibility of a stablecoin crashing and it has happened before.

If the USDT sufferers a serious depeg and crashes you will loose all the money you have there.

Go and read up about Do Kwon and his stablecoin UST which crashed and rendered thousands of people bankrupt.

Stop putting unnecessary pressure on the Naira by rushing to Binanc and other crypto exchanges to convert your money to USDT which is not even a legal tender in any country of the world!

From your write up, what do you want us to do.

SenecaTheYonger:


For something to be valuable, it should have a use. What is the use of USDT outside crypto trading. Compare it with the use of actual USD (oil, exportation, loan, medical, tourism, etc.)

I don’t have any problem with USDT but it should not be used as exchange rate for Nigeria’s economy.

I have used it to pay for something before. Because of it value, I was able to purchase goods and stuff after receiving a payment for a job done.

JasonNOTStatham:
I have used it to pay for something before. Because of it value, I was able to purchase goods and stuff after receiving a payment for a job done.

Please which company did you use it to purchase something from. Let me check. Some company accept BTC but never seen USDT.

SenecaTheYonger:


Please which company did you use it to purchase something from. Let me check. Some company accept BTC but never seen USDT.

(Trading platform)
BTC was also acceptable, just that I was uncertain about BTC price movements. Fees on USDT was cheaper then too. I had the option of receiving via USD, BTC, wise and a few others, I chose USDT because of price stability. I am not saying USDT = USD, just that they have similar value with cents difference.

JasonNOTStatham:
(Trading platform)
BTC was also acceptable, just that I was uncertain about BTC price movements. Fees on USDT was cheaper then too. I had the option of receiving via USD, BTC, wise and a few others, I chose USDT because of price stability. I am not saying USDT = USD, just that they have similar value with cents difference.

Trading platform. Good. I already said that in my previous post

USDT has no value outside of being a hedge for other crypto coins to avoid the volatility typical of cryptocurrencies (like BTC) while holding funds within the crypto system.

It’s not used outside trading platform bro.

SenecaTheYonger:


Trading platform. Good. I already said that in my previous post



It’s not used outside trading platform bro.

I don't have to use Western Union and some other non cost effective method to receive money from certain destinations. Funds received in few minutes and less paperwork. I can accept it as receiving method if the other person is willing or in possession of such.

Illiterates don't know

OK, be there and be capping shit. We don't need everyone to believe and understand crypto we just keep making our USDT gains 247

we know

Smh
All these govt agents sef
Instead of advising your president to work on the economy, u are talking about usdt. Other countries like Ghana & south Africa, why are their currency not falling because of usdt? I pity una

Fact

Good post OP.

Ok

Allow people to save their money in USDT if they do please, that's the easiest way to save money in virtual dollars than nigerian banks

This one is just capping.

USDT is even better than Nigerian naira.

Ask those who put their life saving in Nigerian naira since about 8 years now...

Their money is now worth less than 30% of what it was before.

Sharap

Alright

Lmao

Very accurate.

Yes it is not. But I can send it to any part of the world and the receiver can get the usd equivalent in cash or transfered to their bank accounts with out much scrutiny

Life is a risk..

Let anyone take whatever risk he or she thinks can liberate.

Make no one sha come cry for here..

We have used
Btc
Eth
Even doge to pay for stuff
USDT wey be stable coin is what you are writing epistle on
Please what's making the price of btc go up?
E get where them keep reserve for am?
You paper money, what is it backed by?
Rest my friend and rest.

Good that you warn them. But you see, greedy people no dey hear word

So what's your point?