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  1. #21
    xecutable's Avatar
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    Even if what's been said about Tether is true, FIAT is much much much worse than any randomly picked shitcoin of your choice. Why? Let's see. Has an unlimited supply that doubled in the last 14 years, isn't backed by anything, the government can print as much as they want whenever they want, inflation eats up a good portion of it every month, and you are worried about Tether?

    And yes EVERYONE has the option to EASILY convert stablecoin to other cryptos, that's the whole point of the crypto. Decentralized money available to anyone anywhere. In fact swap USDT to USDC or BUSD right away if it worries you that much. If anything they removed the volatility aspect of the payment in case it takes 4 days for your money to get to you and in a volatile market, say 10% is gone cause of the btc price (potentially, all it is is IMPERMANENT loss, until you sell).

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  3. #22
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    Quote Originally Posted by PROFRBcom View Post
    Essentially the bulk of the risk has been shifted from RN to affiliates. I think USDT should have been an OPTION, not the sole source of payments.
    Yes, I completely agree with you on that.
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  4. #23
    tufty is offline Public Member
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    I agree with the concerns about Tether and its validity. There is not enough transparency and it is a high-risk holding, even riskier than the USD it is tethered to. I also, obviously, agree with the case against Fiat which is stated above but has been stated many times everywhere and is totally valid. So Tether has two problems: 1) credibility / doubt about it actually being supported one-for-one tether to USD and 2) the fact it is tethered to inflationary sh1t-fiat USD, immediately adopting all the problems any fiat currency has.

    I also agree that swapping from USDT to a crypto of your choice is not as simple as stated for many affiliates. That act of using an exchange leaves a huge footprint that getting payment to bitcoin direct does not. The latter only leaves a tiny footprint as it does not involve an exchange. This may be of little concern for affiliates who are legitimately living in a tax haven.

    For affiliates who see USDT as a positive, read xecutable's post two above and be aware that all his valid comments about fiat also apply 100% to USDT (and all stablecoins) as its value is simply linked to the worst 'investment' you could ever make - USD or any fiat.
    Last edited by tufty; 22 August 2022 at 6:46 am.

  5. #24
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    I am on the team that does not like this forced change. Tether is a well known shitcoin that could crash at any time.

    So now we are going to have to exchange garbage USDT Tether into garbage USD dollars as fast as possible. They are both garbage but I'd rather hold garbage USD. Absolutely no sitting on aff payments in tether waiting to exchange.

    Previously if we were paid in bitcoin we were at our leisure and risk to hold in btc as needed. Often as others have mentioned, this often resulted in a nice gain on the forex exchange line item every month. Now we endure a risk without the potential of the upside. The move to tether is supposed to remove the downside risk, but anyone who is paying attention sure still feels it.

    Hey RN, make tether OPTIONAL.

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  7. #25
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    Quote Originally Posted by Sherlock View Post

    I assume it will not be the last twist.
    A safe assumption, in my view.
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  8. #26
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    Quote Originally Posted by xecutable View Post
    And yes EVERYONE has the option to EASILY convert stablecoin to other cryptos,
    No, not everyone does.

    People have unique circumstances, some you clearly cannot imagine.


    Quote Originally Posted by tufty View Post
    I agree with the concerns about Tether and its validity. There is not enough transparency and it is a high-risk holding, even riskier than the USD it is tethered to.


    Yes, this is my point exactly.

    Not only does one have the FIAT USD risk by holding USDT, but we now also have counter-party risk induced by Tether.

    This is far worse than being paid in USD. The move to USDT payments is purely -EV for affiliates.

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  10. #27
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    Quote Originally Posted by PROFRBcom View Post
    I think that stablecoin payments introduces a new counterparty risk that I personally do not want to have to endure.

    I also don't think that everyone has the same options of easily converting stablecoins into other cryptos, as each person's situation can be quite unique.

    Lastly it puts more work on the affiliate to "manage it themselves".

    Personally, the counterparty risk is what scares me the most. Tether does not have the shiniest of reputations and there has been speculation of counterfeiting and fraud related to Tether for many years. In the past it was easily ignored by affiliates, as they didn't have to deal with it. Now, that counterparty risk is added into our EV calculations.

    Essentially the bulk of the risk has been shifted from RN to affiliates.
    The counterparty risk is very low, if you think that anyone must hold the USDT for very short time (like hours).

    Everyone has very good access to converting USDT into crypto. Even people from USA. Even from North Korea. So even those who can not or do not want to use exchanges. Through defi where USDT can be converted to crypto without couterparty risk of the exchange.

    Quote Originally Posted by PROFRBcom View Post
    I think USDT should have been an OPTION, not the sole source of payments.
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  12. #28
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    USDT brought me hundreds of thousands in interest. I have nearly none by now, I am on USDC and BUSD, but even USDT is not some extremelybrisky asset imo.

    It is ofc more risky than USD which at some point will be pure garbage, but any stock or bond, even "AAA" is more risky atm. Or your pension fund. Or your electricity bill.

    Everything is a dance between eggs. 95% of affiliates spend what they make (I just estimate when even oldschool affiliates have gofundme pages).

    The stories how tether will collapse are known like bitcoin obituary.

    Big part of Iran is using USDT to overcome the sanctions for years. USDT is the same like USD in your bank. There you also bear counterparty risk. The tether at least is on the side of future unlike banks. So I claim that to have money in stablecoins is less risky than at any bank. Safer is ofc to hold USD cash, but with cash nowadays you can buy maybe icecream, but you can not use 100 bill, because you will be accused of moneylaundering.

    USDT from bovada however is anonymous electronic USD. Which can be cool for some.

    I will still convert the USDT from bovada to btc.
    We are all bloodsucking ticks, hungry, devious
    each one latched on to the ass of the previous
    when the last and the first latch on it can be shown
    ass-blood sucked by the first from the last is his own

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  14. #29
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    I asked them to provide USDC as a payment option also.

    Later.

  15. #30
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    Quote Originally Posted by star View Post
    I asked them to provide USDC as a payment option also.

    Later.
    Lets just ask for USD and be done with all the extra work and risk.

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    I prefer dealing with BTC for payments, but I can understand the change though.

  17. #32
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    Totally missed this announcement but totally fine. Less volatile so not so bad.
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  18. #33
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    I couldn't get it to WD. I thought I followed the instructions. We need to use an address generated on the ERC-20 Network?
    The address begins with 0x and is 40 characters? Sorry for being ignorant but I can't mess this up.

  19. #34
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    my "crypto bro" friends will happily take USDT off me at market value, so this works nicely for my particular situation.

  20. #35
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    Quote Originally Posted by slotplayer View Post
    I couldn't get it to WD. I thought I followed the instructions. We need to use an address generated on the ERC-20 Network?
    The address begins with 0x and is 40 characters? Sorry for being ignorant but I can't mess this up.
    yes
    We are all bloodsucking ticks, hungry, devious
    each one latched on to the ass of the previous
    when the last and the first latch on it can be shown
    ass-blood sucked by the first from the last is his own

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  22. #36
    casinobonusguy is offline Private Member
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    Quote Originally Posted by slotplayer View Post
    I couldn't get it to WD. I thought I followed the instructions. We need to use an address generated on the ERC-20 Network?
    The address begins with 0x and is 40 characters? Sorry for being ignorant but I can't mess this up.
    Did you try Coinomi? A friend of mine is using that for Revenue Network withdraws.

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  24. #37
    tufty is offline Public Member
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    Quote Originally Posted by casinobonusguy View Post
    Did you try Coinomi? A friend of mine is using that for Revenue Network withdraws.
    Can certainly generate USDT address at Coinomi very easily. Not sure how heavily to rely on coinomi?

  25. #38
    slotplayer is offline Private Member
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    Thanks I'll check it out.

    I tried generating one via the Exchange Wallet. The problem is the cashier complains its not a BTC address.

  26. #39
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    Quote Originally Posted by slotplayer View Post
    Thanks I'll check it out.

    I tried generating one via the Exchange Wallet. The problem is the cashier complains its not a BTC address.
    probably because it has to be ETH address...
    We are all bloodsucking ticks, hungry, devious
    each one latched on to the ass of the previous
    when the last and the first latch on it can be shown
    ass-blood sucked by the first from the last is his own

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  28. #40
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    Quote Originally Posted by slotplayer View Post
    Thanks I'll check it out.

    I tried generating one via the Exchange Wallet. The problem is the cashier complains its not a BTC address.
    They still haven't updated to USDT from what i see. That is why it asks for BTC adress.
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