Tether (USDT) Paolo Ardoino to Ethereum Vitalik Buterin on Moving Value across BlockchainsMay 28, 2020
Tether is a stable coin. The whole idea for Tether is for it to have some parity with USD. If it is going to divert from it, then it is not serving the purpose.
Vitalik Buterin, the co-founder of Ethereum, suggested that stablecoins could enable users to move value across different blockchains.
In response, Paolo Ardoino tweeted: “Projects like pTokens_io (and would expect others I’m not aware of) are working exactly on this use case.”
Sydney Ifergan, the crypto expert, tweeted: “Those who are into cryptocurrency are in for a reason. They have queried more than the average investors. They know why Tether works and how USDT works and why it is good.”
Tether (USDT) Queries from Commentators
With all that apart, one of the commentators took to the issues with Tether USDT. The commentator had a lot of queries for which he was genuinely seeking answers. The query was exhaustive, and whether Paolo would bother to answer is a different thing, though.
The combined volumes of the largest exchanges, like Binance, Okex, and Huobi, contributes to 86% of the whole market. He queried on what are the Tether strategies to keep the users on the platform? And, about how they are looking at the competition they are facing from other markets?
Concerns about customer service read thus: “It has become a standard for sizable exchange platforms to provide 24/7 customer support with knowledge people solving technical problems real-time. Can you tell us about Customer Support?”
There were questions about centralization vs. Decentralization. The commentator asked, what are the solutions against centralization? He pointed to how several other so-called decentralized networks out there get managed by some whales? Further about how power pools, which can easily get manipulated?
While adoption is one of the important factors which all sustainable blockchain projects need to address, how can stablecoins become a regular payment method, or become more useful for everyday use?
One of the issues facing by stablecoins is the LACK of TRANSPARENCY. Tether has encountered some issues about its promise that every unit is “100% backed by the US dollar. What are the approaches you are doing to make sure it will not happen again?
Yet another commentator asked what if a customer asks for a business use case or ROI for implementing the blockchain and what are the common aspects which should be addressed to showcase the real value of $LEO and $USDT solution.
An average crypto investor is already aware of the answers to all of these questions. However, it is good for the community to know about how people think when they think of crypto or stable coins.