Do your share and refrain from interacting with USDT

General
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It’s that easy: competitors currently account for well over 50% of USDT’s market cap (and growing quickly as more people realize it’s a Ponzi scheme), thus the company’s actual market capitalization isn’t as problematic as the massive volume of transaction it facilitates.

Please select the option to trade directly via FIAT or to buy in using an other currency instead of USDT if offered. Instead of storing your value in USDT, please utilize USDC or another audited competitor.

Due to declining demand, this will not only make it more difficult for them to coin more USDT, but it will also help minimize any possible bank run.

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Ponzi and pyramid schemes are forms of investment fraud where organizers use funds from new investors to pay returns to earlier investors, eventually leading to the scheme’s collapse. A well-known recent example is Bernie Madoff’s billion-dollar Ponzi scheme, which deceived celebrities, Swiss banks and charities. If such prominent figures and organizations were misled, it raises concerns about the likelihood of others falling victim to similar schemes.

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All stablecoins have different types of risks:

USDT: risk of it being unregulated, controlled by shady entities

USDC: risk of US govt cracking down on it

Dai: risk of smart contract risk, bad collateral, governance issues

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  • It still sees a lot of trading.
  • Want more transparency? USDC and other audited coins might be a better fit.
  • You do you! If USDT works for you, research the risks and go for it. But there are alternatives:
    • Trade with regular money (FIAT) if possible.
    • Explore other stablecoins like USDC or DAI.

The choice is yours! Research, understand the risks, and pick what makes you feel secure.

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