RE: Safety precautions for the incoming SegWit2x mess
Do not buy USDT under any circumstances. Buy bitUSD to hedge or store value. USDT is a complete scam - read their terms. They claim to back the value 1:1 with USD in some Hong Kong bank account, which is not audited and nobody has every seen. It is far, far worse than the Fed Reserve, Fort Knox, COMEX etc.
Anyone that thinks there is $250M USD just sitting in a bank account backing USDT is nuts. There is most likey $0 and they are literally printing money. If word gets out or they go bankrupt USDT will become worthless overnight - because it is worthless.
bitUSD is fully backed by at least 2x collateral and runs on the Bitshares network. There is zero counterparty risk.
Better yet, buy HERO tokens, which is basically bitUSD that pays 5% interest. Not a joke, I keep all of the risk-off portion of my portfolio in HERO. It's like a savings account that pays 5% interest.
Hell, even SBD (Steem dollars) is a better way to store value safely than USDT. Stay away!
This sounds very interesting. Do you have any source I could read about the dangers of USDT? Also, aren't bitUSD and USDT the same thing concept?
USDT (Tether) is IOU and bitUSD is Market Pegged Asset
source: https://tether.to/legal/
more info about bitUSD you will find here:
https://steemit.com/bitshares/@xeroc/what-makes-the-bitusd-than-nubits
Look also for something about HERO ( it's like bitUSD with 5% apr)
https://steemit.com/trending/hero
Thank you fractal. It looks like a very good argument, but isn't this kind of wording standard for the bussiness? I remember reading whitepapers with similar information, I understand it is because failing to add a disclaimer than this, would put the devs at risk of legal action or regulation, is this not the case?