Review on Tether by Pierre Bargues

Name: Tether
Item: Tether
Rating: 2

December 17, 2018

Great Idea, bad execution. I prefer to use TrueUSD which does provide proof of…

Great Idea, bad execution. I prefer to use TrueUSD which does provide proof of funds, is mainly trusted and, most importantly, has keept a great, reliable and consistent United States dollar 1:1 parity one of the challenges ahead for TrueUSD however would be to simplify the funds recovery process as aiming for a larger adoption by apps, exchanges and other blockchain ecosystem members.
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Pros

The idea seems convenient and innovative, allowing for a quick USD exposure. Furthermore, such a token allow to avoid bureaucratic issues which come with using United States Dollar.

Cons

Tether has failed to provide reliable proof of full USD backing causing a loss of trust and a drop in price parity. Most people will not require a Big Four audit but a simple reliable audit will be sufficient. Also it the project is backed by the Bitfinex team which some will rather avoid because of their once hacked platform as well as their quite shady exchange platform.