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RE: Bullish on BitShares: BitCNY on AEX and BitUSD > USDT
As some of you may already know, Tether is a centralized company that promises to back every USDT with an actual US Dollar
Owk I am new to the crypto world but this is very impressive . For a centralised company to chose to back decentralized systems, that's plain amazing
If or when Tether implodes, the entire crypto market will suffer greatly
Now this is the problem we have with this. What can we do about it?
Switch to using BitUSD instead. It has no counter party. Each BitUSD is fully collateralized by a minimum of 1.75$ worth of BTS.
There's no need for human auditors since the BitShares blockchain is the auditor! You can see the collateral with your own eyes.
The problem with bitUSD is that it is only available on bitShares. That and it is only backed with bitShares. I think it will work best in an environment where bitShares is number one. That isn’t likely to happen. As long as Binance and Bittrex have USDT pairs Tether will rule. That being said I’m not ruling out a USDT scandal. Although, I think the fear around USDT is a little overblown. Since Bittrix owns Tether they would have a lot to lose in a collapse or USDT.
Agreed. I think a BitUSD on EOS would be king!
That's what I anticipate. I see BitShares upgrading to the EOS platform once it's launched