As tether crumbles, there's bitUSD for everyone

Tether is one of the most useful assets in centralize exchanges. With this asset we can save our earnings whenever our assets goes up. Exchanging our crypto in exchange for USDT. Tether claims that every USDT is backed with a USD on their bank but all claims are just verbal meaning they never ever did a public audit to show their investors that they have "the dollars in their banks".

Another storm is yet to hit Tether as CoinDesk issues a report about Tether Confirms Its Relationship With Auditor Has 'Dissolved'. Are tethers really backed with USD? Are they printing USDT with nothing to back it's value? So what's holding the value of USDT? Will they issue a public audit for everyone to verify? While Tether can't answer these questions. I suggest that we stay away from USDT(Tether) and move our assets in a more secured that is actually backed like bitUSD. bitUSD are smart assets that is actually backed with atleast 1.75 of it's total value with the use of Bitshares.

In order to produce bitUSD you need to lock your Bitshares in a smart contract for at least 1.75 of the total amount you've borrowed from the platform. This can only be unlock once the dept is fully paid with the same amount you borrowed from the platform. bitUSD are more safe to use than USDT that are suspicious and can't even issue a public audit. Some Exchanges are now using bitUSD instead of USDT because they believe that it's more safe to use and more secure than USDT.

Here's a list of exchanges that uses bitUSD for margin trading.

https://coinmarketcap.com/currencies/bitusd/#markets

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tolkatore (55) 7 years ago

We definitely need a safe storage coin or token to lock in profits, or to escape a downward market with on exchanges, and hopefully BitUSD becomes that overtime on all exchanges!

$0.28

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