• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Tether libra
Nexo

Is Liquid Tether a Libra Alternative or a Headache?

Anatol Antonovici by Anatol Antonovici
3 years ago
in Altcoin News
0

Tether’s (USDT) launch on the Liquid Network makes Libra obsolete even before it goes live, according to Samson Mow, chief strategy officer (CSO) at Blockstream.


Liquid USDT Might Overshadow Libra

At the end of July, Tether announced that it was launching on the Liquid Network sidechain, which was developed by Blockstream. Prior to that, the USD-backed stablecoin was residing on Bitcoin’s Omni Layer.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Bitfinex already accepts deposits and withdrawals of Liquid-based Tether, called Liquid USDT. Besides, the Liquid team is now working to develop support for the new USDT on many other crypto exchanges, including OKCoin, OKEx, and BTSE, among others.

Liquid USDT offers a much faster settlement of transactions and multi-sig security. It could be used for payments worldwide. Blockstream CSO Samson Mow expressed his confidence that Liquid USDT could overshadow Facebook’s Libra. He told BlockTV in a recent interview:

“With the deployment of Tether (USDT) on Liquid that kind of makes Libra obsolete already even before it launches.”

Facebook intends to develop a global stablecoin that would allow its WhatsApp and Messenger users to carry out cross-border transfers and buy goods with it. However, the US government made it clear that it wouldn’t allow the social media giant to operate outside of its supervision. Things went so far that Facebook even admitted that it doubts the launch, according to its latest financial report.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Does Liquid Tether Leave Door Open to More Risks?

The fact that Tether is launching on the Liquid Network might lead to an increase in unnecessary market risks. The problem is that the stablecoin will become less transparent and more difficult to track. Tether is a controversial coin that was blamed for many Bitcoin-related manipulations. Besides, some alleged that the company’s fiat reserves didn’t match the number of issued coins.

Finance professor John Griffin, who said that half of BTC’s rally in 2017 was the result of Tether manipulations, told Bloomberg:

“It does make it more difficult to track when one has crypto on different blockchains. I can’t say for sure why Tether is doing this. It could be both for increased transaction speed and for more difficulty in tracking.”

Some of Liquid’s privacy functions, like the confidentiality feature, don’t allow analysts to tell if the sent coins are Tether or Bitcoin.

Besides the transparency issues, if Tether collapses someday, Bitcoin may be hit in the first place.

What do you think of Tether’s migration to new blockchain networks? Should we worry about the potential risks?


Images via Shutterstock

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Anatol Antonovici

Anatol Antonovici

Related Posts

Crypto Corner: The Sports Slice

Crypto Corner: The Sports Slice

1 day ago
Crypto & Gaming: A Look At NRG’s Insights Report

Crypto & Gaming: A Look At NRG’s Insights Report

2 days ago
Crypto Corner: The Sports Slice

Crypto Corner: The Sports Slice

1 week ago
CBDC

As A Part Of CBDC Testing Chinese Residents Receive Digital Yuan

2 weeks ago
Crypto

Nepal Issues Warning; Shuts Access To Crypto Gambling And Other Apps

3 weeks ago
Cardano

Cardano Ledger App Receives Smart Contract Functionality

3 weeks ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.