Why is trading volume the metric for "most used". Shouldn't we be measuring the actual use of the cryptocurrency in exchange for real goods and services?
Tether exceeds Bitcoin in dollar trading volume
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Re: Tether exceeds Bitcoin in dollar trading volume
#12I thought tether was pretty much accepted to be a massive scam?
Re: Tether exceeds Bitcoin in dollar trading volume
#13They're using the volume reported by CoinMarketCap which is in turn based on the volume reported by exchanges that fake their volumes. Real volumes are a small fraction of what is reported on CoinMarketCap. This is just bad reporting by a journalist far removed from the industry.
Re: Tether exceeds Bitcoin in dollar trading volume
#14This title is clickbait. "World's Most-Used Cryptocurrency is Tether, not Bitcoin" would be more informative.
Re: Tether exceeds Bitcoin in dollar trading volume
#15They're using the volume reported by CoinMarketCap which is in turn based on the volume reported by exchanges that fake their volumes. Real volumes are a small fraction of what is reported on CoinMarketCap. This is just bad reporting by a journalist far removed from the industry.
what metric would you suggest using, for getting an accurate estimate of real volume?
Re: Tether exceeds Bitcoin in dollar trading volume
#16Earlier quoted context omitted.
You can't earn money on Tether (the value is always $1) so there's no ground for FOMO.
The company that issues tether can invest the proceeds into a money market and get some meager interest. If that float is large enough, they can make a killing in absolute terms. Presumably that's what the grandparent means.
notably tether doesn’t guarantee the right to redeem the tokens for dollars, so they can do whatever they want
Re: Tether exceeds Bitcoin in dollar trading volume
#17This is misleading because Tether isn't a legitimate cryptocurrency. It is a token that is issued and tracked by storing metadata on the Bitcoin network. From Tether's whitepaper; "...Tether Limited is the only party who can issue tethers into circulation (create them) or take them out of circulation (destroy them). This is the main process by which the system solvency is maintained." (Yikes!) There has been much int…
Tether Limited does not, per the NYAG investigation and Tether's executives' own admissions.
https://finance.yahoo.com/news/tether-loaned-usdt-investors-...
Re: Tether exceeds Bitcoin in dollar trading volume
#18They're using the volume reported by CoinMarketCap which is in turn based on the volume reported by exchanges that fake their volumes. Real volumes are a small fraction of what is reported on CoinMarketCap. This is just bad reporting by a journalist far removed from the industry.
what metric would you suggest using, for getting an accurate estimate of real volume?
openmarketcap.com only shows reputable exchanges but there is still a lot of legitimate volume on Chinese exchanges faking their volume such as Okex or Huobi. The real volume is somewhat more than what is reported there on the spot market but not more than double.
In addition to that, one could add the volume on the futures markets which dwarfs the spot market.