I think you're cool if you're on BitShares. There's no counterparty risk. Everything is 100% backed by its equivalent that goes into a smart contract when the funds come on board. For every bitUSD, there's a real USD in a smart contract. Same thing for everything "Bit" that's traded on BitShares, as I understand it (correct me if I'm wrong; likewise, please confirm it if I'm right).
If there is a blow-up with Tether, unlike the centralized exchanges that could get hit hard, BitShares wouldn't feel a thing. That having been said, all holders of USDT, and related, would get hit. The big difference is that the exchange wouldn't be compromised, again, as I understand things.
Yes that’s how I understand it as well. So given that, why wouldn’t everyone be tethering to bitUSD instead. Is it just not traded on exchanges outside of bitshares?
I think you're cool if you're on BitShares. There's no counterparty risk. Everything is 100% backed by its equivalent that goes into a smart contract when the funds come on board. For every bitUSD, there's a real USD in a smart contract. Same thing for everything "Bit" that's traded on BitShares, as I understand it (correct me if I'm wrong; likewise, please confirm it if I'm right).
If there is a blow-up with Tether, unlike the centralized exchanges that could get hit hard, BitShares wouldn't feel a thing. That having been said, all holders of USDT, and related, would get hit. The big difference is that the exchange wouldn't be compromised, again, as I understand things.
Yes that’s how I understand it as well. So given that, why wouldn’t everyone be tethering to bitUSD instead. Is it just not traded on exchanges outside of bitshares?
I haven't looked at them yet