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There are alternatives to Tether/USDT. TrueCoin is most similar to Tether. It's new, and they promise "transparency", and hopefully they learn from Tether's mi

There are alternatives to Tether/USDT. TrueCoin is most similar to Tether. It's new, and they promise "transparency", and hopefully they learn from Tether's mistakes. Being completely transparent is the only option for any stablecoin claiming to be backed by real USD. Alternatively, you can look into those trying to build smart coins pegged to USD that use other means of backing. Personally, I use bitUSD when I need to. BitUSD on the BitShares platform is backed by users staking BTS as collateral for margin trading. For example, I borrow $1,000 bitUSD from the network by putting up at least 1.75x BTS at the current exchange rate. Normally, I put up 6x due to volatility. If your collateral ratio is low, you can be "force settled" where your collateral is sold at the dropping price, so most people try to stake as much as possible to keep their margins high. bitUSD is then used for easy trading between assets on the DEX. Very transparent, but I wouldn't treat bitUSD as long term savings account. It's not like it's FDIC insurance or anything. MakerDAO has the "Dai", which sounds promising, but I don't know enough about it to comment.

JumpCrisscross 9y ago
> Being completely transparent is the only option for any stablecoin claiming to be backed by real USD U.S. dollar backed "stable coins" share an inherent flaw. There is no way to safely house large quantities of U.S. dollars without knowing their beneficial owners. It's prima facie what anti-money laundering laws are meant to prohibit. If a country wanted to flout American international jurisdiction that boldly, they'd do better simply re-permitting anonymous numbered bank accounts.
aphextron 9y ago
I have to say I was skeptical but this sounds pretty legit, far beyond some shady Chinese company registered in BVI at least. https://blog.trusttoken.com/trueusd-faq-18dbc563fb67 https://blog.trusttoken.com/trueusd-faq-18dbc563fb67
hbosch 9y ago
Of the 103 coins currently trading on Bitfinex[0], the exchange most likely to be full of users who need this kind of coin, I don't see TrueCoin listed. Am I missing it, or has TrueCoin not been added to Bitfinex? 0. https://coinmarketcap.com/exchanges/bitfinex/ https://coinmarketcap.com/exchanges/bitfinex/

JumpCrisscross 9y ago

> Being completely transparent is the only option for any stablecoin claiming to be backed by real USD U.S. dollar backed "stable coins" share an inherent flaw. There is no way to safely house large quantities of U.S. dollars without knowing their beneficial owners. It's prima facie what anti-money laundering laws are meant to prohibit. If a country wanted to flout American international jurisdiction that boldly, they'd do better simply re-permitting anonymous numbered bank accounts.

aphextron 9y ago

I have to say I was skeptical but this sounds pretty legit, far beyond some shady Chinese company registered in BVI at least. https://blog.trusttoken.com/trueusd-faq-18dbc563fb67 https://blog.trusttoken.com/trueusd-faq-18dbc563fb67

hbosch 9y ago

Of the 103 coins currently trading on Bitfinex[0], the exchange most likely to be full of users who need this kind of coin, I don't see TrueCoin listed. Am I missing it, or has TrueCoin not been added to Bitfinex? 0. https://coinmarketcap.com/exchanges/bitfinex/ https://coinmarketcap.com/exchanges/bitfinex/