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USDT是锚定美元发布的，所以其币价相对比较稳定。单这点来说肯定非常吸引大家的眼球，但是肯定也有随之的风险，所以让大家又爱又怕，本文来分析下USDT的爱恨情节。
The USDT is an anchored dollar, so its value is relatively stable. This alone must be very attractive to everyone, but it must also be accompanied by risks, so it's a matter of love and fear.
先介绍一下USDT的发行公司:
Let's start with the USDT issuer:
Tether介绍
Introduction by Heather
2014年11月下旬，注册地为马恩岛和香港的公司Realcoin改名为Tether。2015年2月发布时就抱上了一条粗腿，当时比特币期货交易量最大交易平台：bitfinex宣布支持泰达币（USDT）交易。随后竞争币交易平台Poloniex交易所也支持USDT。P网凭着以太币强势崛起，在竞争币交易平台中隐有龙头之势，也顺带提携了USDT的交易量。
In late November 2014, Realcoin, a company registered in the Isle of Man and Hong Kong, changed its name to Tether.
USDT的发行和交易使用的是Omni（原Mastercoin）协议，而Omni币可以说是市面上的第一个基于比特币区块链的2.0币种。所以USDT的交易确认等参数是与比特币一致的。
USDT is issued and traded using the Omni (formerly Mastercoin) agreement, while Omni is the first on the market to be 2.0 currencies based on the Bitcoin block chain. So the parameters such as USDT transaction confirmation are consistent with Bitcoin.
根据Tether的CTO及联合创始人Craig Sellars 称，用户可以通过SWIFT电汇美元至Tether公司提供的银行帐户，或通过Bitfinex交易所换取USDT。赎回美元时，反向操作即可。用户也可在上述两个网站用比特币换取USDT。其网站宣称严格遵守1：1的准备金保证，即每发行1枚USDT代币，其银行帐户都会有1美元的资金保障。
According to the CTO of Tether and its co-founder, Craig Sellars, users can transfer the United States dollar to a bank account provided by Tether by SWIFT, or exchange the USDT through the Bitfinex exchange. Reverse operations are sufficient when you redeem the dollar. Users can also exchangebitcoin for USDT on both sites.
在合规方面，所有涉及到法币的操作，都要求用户完成KYC认证。
In terms of compliance, all operations involving French currency require users to complete KYC certification.
当被问及用户如何验证银行帐户保证金时，Craig称法币由Tether Liminted公司保管，并有定期审计，但目前用户还不能直接查询保证金。
When asked how the bank account bond was authenticated by the user, Craig stated that the French currency was held by Tether Limited and was subject to regular audits, but that it was not currently available to the user directly to access the bond.
目前USDT的交易量在所有稳定虚拟货币中的交易量是最大的。
At present, the volume of USDT transactions is the largest in all stable virtual currencies.
优势
Advantage
每次遇到整个数字资产市场大回调的极端行情，所有的交易员和投资者都在寻找一个稳定币，而USDT正是这样一个稳定币。
Every time there's an extreme reversal of the entire digital asset market, all traders and investors are looking for a stable currency, and the USDT is such a stable currency.
数字资产是一个回报和风险都极高的市场，玩过比特币、莱特币、以太坊这些币的投资者，在股票、基金、P2P等投资品内很难有如此大的波动。所以数字资产急需这样一种稳定货币来规避风险，有需求，就有供给。
Digital assets are a market where both returns and risks are extremely high. Investors who have played with Bitcoin, Lightcoin, and Etheria are less likely to be so volatile in investments such as equities, funds, and P2P. So digital assets urgently need such a stable currency to avoid risk, demand, and supply.
下面来看看USDT和美元是不是差不多一比一，今天美元兑人民币的是1：6.2983。
Let's see if the USDT and the US dollar are about one to one, and today the US dollar is 1:6.2983.
非小号上面查询USDT现价6.29人民币，基本上个美元汇率换算结果一样。那会不会是个凑巧呢。
It's basically the same as the dollar exchange rate. Wouldn't that be a coincidence?
下面是USDT全部的价格趋势图，可以看到那条绿线波动很小，基本就是一天直线。
The following is a map of the overall price trends of the USDT, which shows that the Green Line fluctuates very little and is basically a straight one-day line.
从这些看来USDT的投资价值上看确实不大，可以想象的就是可以帮助规避数字资产下跌，当然如果上升期，也同样会吃掉你的收益，所以要充分利用好他的优势。
The investment value of the USDT does appear to be small in these senses, and it is conceivable that it would help to avoid a fall in digital assets, and, of course, if it were to rise, it would also eat up your earnings, so make full use of his advantages.
劣势
Disadvantaged/b>
USDT的劣势说到底就是大家对Tether公司的信任度，因为它不是一个去中心化的代币，它掌握在一个公司的手中，所以任何可能性都有可能发生。市场上对于USDT的负面报道也的确不断。USDT存在的风险总共有以下几点：
The disadvantage of USDT is the confidence that people have in Tether, because it is not a decentralised token, because it is in the hands of a company, so any possibility is possible. The market’s negative coverage of USDT does continue. The risks that USDT has are:
1、USDT超发。目前在网络上能查询到USDT市值是6.75亿美元，但是Tether公司无法提供相对应银行账户的担保。Tether公司的资金储备情况一直未公开，一年前承诺发布的审计报告已经跳票到了年底。
1 USDT was over-exported. The market value of USDT was currently available online at $675 million, but Tether was unable to provide security against bank accounts. Tether’s financial reserves remained undisclosed, and audit reports promised to be issued a year ago had been dropped off by the end of the year.
2、USDT的用户免责条款是霸王条款。USDT发行方Tether公司的用户条款里面免除在任何条件下（包括公司倒闭清算时）兑付法币的责任。3、USDT赎回困难。用UDST赎回美元时非常非常困难，会拖很久。
The user exemption clause for USDT is the hegemonic clause. The user clause for USDT issuer Tether exempts it from the duty to pay the French currency under any conditions, including when the company closes down.
4、USDT发行方并不靠谱。USDT的发行方历史上的黑点不少。
4 USDT issuers are not reliable. USDT issuers have a lot of black spots in their history.
老猫在2017-11-11写了篇关于USDT的文章：《USDT，沙丘上的城堡?》，本文也一直在担心USDT靠不靠谱。他们委派了有高盛工作经验的 Partner 来对 USDT 进行调研，而调研的结果，可以用?“触目惊心”?四个字来形容，以下部分，是调查报告的摘录：
The old cat wrote an article on USDT in 2017-11: "USDT, Castle on the dunes? ", which is also a constant concern. They commissioned a partner with excellent work experience to study USDT, the results of which can be described in four words: ? : . The following is an extract from the survey:
Tether?银行账户没有那么多钱，原因是他们在交易所／银行里不断借贷，数量超过其实际的银行存款，而这样做目前没有出事的原因，因为还没有太多人提现，采用?Tether?的交易所也确保只有少数熟悉的用户可以提现美金；
Tether? The bank account does not have that much money because they continue to borrow in the exchange/bank in excess of their actual bank deposits, and there is no reason why this is not happening at this time, because there are not many cashiers, using it? The Tether? exchange also ensures that only a few familiar users can cash United States dollars;
Bitfinex?作为?Tether?的大股东，按理说可以随时接触到?Tether?的存款，或者可以?0?利息的从?Tether?那里“借贷”，这应该相当于向银行拿钱，但是，USDT 的发行机制完全不需要真实的拥有这些钱，直接发行出来交给 Bitfinex 就可以了；
Bitfinex? As a major shareholder? Tether?
而且老猫给出的建议是：无论 USDT 看起来多便捷，能带来多好的交易量，具有多大的诱惑力，请绝对不要使用 USDT ，如果你们想成为行业中安全的中坚力量，你们就必须要毫不介意收益选择“最安全原则”，如果有一天 USDT 崩塌了，最起码还能有一个交易平台是安全的。
And the old cat's advice is: no matter how easy the USDT looks, how good a deal, how tempting it is, never use the USDT. If you want to be the backbone of safety in the industry, you have to have no problem choosing the “most safe principle” of returns, and if one day the USDT collapses, at least one trading platform is safe.
看到这里大家肯定对USDT非常心寒了，别急，继续看下文。
I'm sure you're feeling very cold about the USDT here. Don't worry about it. Keep looking at it.
在2018-01-21日，老猫又发了篇文章《对 Giancarlo （Bitfinex 和 Tether 的 CFO ）的采访报告》，里面说到他要访谈Bitfinex 和 Tether 的 CFO?Giancarlo，Giancarlo先是介绍了下他们的团队和愿景：
In 2018-01-21, the old cat sent another article, “Report of an interview with Giancarlo (Bitfinex and Tether's CFO),” in which he said he was going to interview Bitfinex and Tether's CFO?Giancarlo, who started by introducing their team and vision:
1. Bitfinex 的 团队50人左右，客服团队最近新增至 20人左右，团队已经实现去中心化管理，分布在世界各地；
1. About 50 members of Bitfinex's team, the recent increase in the number of guest service teams to around 20, and the fact that the teams have been decentralised and distributed around the world;
2. Tether 团队不是为了钱工作，作为早期比特币投资者，对行业有责任和使命感，认为行业应该团结起来，共同对抗传统金融势力对资源的垄断；
2. The Tether team did not work for money, as an early bitcoin investor, had a responsibility and a sense of purpose towards the industry, believing that the industry should unite against the monopoly of resources by traditional financial forces;
3. 美国银行正在以各种手段对他们进行封锁，他们也在全球寻找合作机会，为了避免美国银行业对他们存款银行的胁迫，Tether?在未来有可能不再继续使用美元锚定，而使用 欧元、日元或者其他的锚定货币，韩国近期政策反复，银行和政府合作性低，所以，锚定韩元的可能性很小；
3. They are being blocked by various means by United States banks, and they are looking for opportunities for cooperation globally in order to avoid coercion by the United States banking industry against their deposit banks, and there is a risk that in the future there will be no further use of the United States dollar anchoring, the use of the euro, the Japanese yen or other anchoring currency, recent policy repetitions in Korea and low cooperation between banks and governments, so that the possibility of anchoring the Korean won will be minimal;
4. 他们所接触的银行家大都是好几十岁的老头，完全无法理解这个世界正在发生什么，以他们来看，未来的世界只有两种银行，一种是死去的银行，另一种是与区块链行业合作的银行。
4. Most of the bankers they contacted were dozens of old people, who simply failed to understand what was happening in the world. In their view, there were only two types of banks in the world in the future, one that were dead and the other that worked with the block chain industry.
而且老猫和赵东还验证了 Tether 的资产，其中Tether账户有18.3亿美元，bitfinex的账户有11.x亿美元，而且全程了解了 Tether 系统的运行原理，甚至，所有的历史交易以及每一笔正在活动的资产变动的转移，都可以在 Tether 的系统中一目了然。
And the old cat and Zhaodong also validated Tether's assets, of which Tether had $1.83 billion in accounts, Bitfinex had $1.1 billion in accounts, and knew the whole way about Tether's operating principles, and even that all historical transactions, as well as the transfer of each active asset movement, could be seen in Tether's system.
这样看来USDT还是相对来说可信度还是比较高的，毕竟老猫在币圈的话语权还是有地位的。但是本人建议还是要稍加警惕，如果要使用USDT作为币币交易的媒介短时间持有，那么问题不大；但务必避免长期持有大量USDT，长期的话要么选择持有BTC、ETH等大市值币种，要么选择直接持有法币更为妥当。
It seems that USDT is still relatively credible, after all, that the old cat has a say in currency circles. But I suggest that there is a need to be a little more vigilant if USDT is to be held for short periods of time as a medium for currency transactions; but it is important to avoid holding a large number of USDTs in the long run, either in large currency such as BTC, ETH or directly in French.
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