Wonder if anyone has had much experience with USDT (USD Tether)! It is obvious that there is not that much about it on the internet when it comes to reviews, experiences and exchange etc. Even on steemit, there are just a few posts about experiences with exchanging from Bitcoin, Eth or steem etc to USD Tether, thus, the need to write this post!
Earlier today, i tried to exchange 300 SBD to USDT. Hahaha, i knew nothing about USDT before today. Admittedly, i acted in a hurry but it's all good!
There is a great chance though, that this money may be lost as that is one thing with cryptocurrencies! Hopefully, this post helps answer some unanswered questions and serves as a guide to other steemians, when it comes to exchanges, cryptocurrencies and USDT and ofcourse, bring an influx of new users to steemit, as this topic is a fairly popular niche in the search engines!
So i basically wanted a pegged cryptocurrency as SBD hasn't been holding at 1 USD.
The aim being; to convert my 300 SBD into a form of pegged cryptocurrency (USDT in this case) and buy steem back, if it goes lower in price!
After some rapid steemit chats, i figured out BitUSD and USDT, were created for the purpose of being pegged to the US dollar, so i wanted to give one of these a shot.
Another thing before proceeding; i wanted to try a decentralized exchange this time, so i went for www.bitshares.org decentralized exchange (@bitshares)
I have not done much cryptocurrency exchanges in my life time!
To circumvent the need to trade on the exchanges, i eventually used the services of @changelly! I was more conversant with @blocktrades though but upon attempting to deposit SBD, there was no option to receive USDT, so i visited www.changelly.com, where i found that it was possible to exchange SBD for USDT.
Note: "USDT exists on @blocktrades exchange, if you check www.blocktrades.us"
Before going to @changelly, i needed to get a USDT wallet address! Like most exchanges out there; this was also possible with @bitshares. I got on my account and was able to generate a USDT wallet! Under "DEPOSIT", I got on GATEWAY/FIAT tab, selected USDT and this USDT wallet address was generated:
1G1pvgd4GhJ1aVdbhxpWyjAK4zx6HCmRYw
Now i went to www.changelly.com to exchange 300 SBD for USDT! I enter the USDT wallet address above as required and completed transaction by sending 300 SBD to @changelly with the correct memo provided. Transaction completed after some hours!
After transaction completion on @changelly, i was expecting to find around 617 USDT on my www.bitshares.org account but couldn't find it! My bitshares username is "surpassing-google"
Next, i tried to figure out how i can view the USDT block explorer, then i found this url:
http://omnichest.info
Upon typing this "1G1pvgd4GhJ1aVdbhxpWyjAK4zx6HCmRYw" in the search box of http://omnichest.info, you get this:
and this:
Notice that on both screenshots, i circled the word "invalid". On one of the screenshots however, you will actually find "616.35112676 TetherUS" on the bottom right but just underneath this figure, you will also see the word "invalid".
Now i am trying to figure out where the problem lies and if there is any slight chance that i haven't lost the 300 SBD. Besides that, i am trying to figure out where the problems lies, so that i know who to talk to; @changelly or @bitshares
During the process of getting a wallet address from bitshares.org, there was an issue with generating wallet addresses! I have a bad internet connection now so i can't get current screenshots from bitshares.org but i manage to save one screenshot:
Although, this screenshot shows BTC instead of USDT, i did get my wallet address under the USDT tab after several attempts.
For most currencies on bitshares.org during the time i was trying to get a USDT wallet address, the word "unknown" was found instead of a wallet address!
Even minutes ago, upon chatting with @j3dy for help; look at how USDT looked on bitshares.org as he tries to generate a USDT wallet address:
Long story short, i was able to generate a USDT wallet address successfully but one question at this point is, was something broken with @bitshares during this process?
Continuous research and i find that out that a USDT wallet address is similar to a BTC address but their private keys are different, so i visited https://blockchain.info and did a search in their search box using my USDT address and found this:
It does say; "unable to decode output address" though. I wonder what this means but can this be added evidence that i actually got a USDT wallet address from www.bitshares.org?
Do exchanges or bitshares.org in this case, have a database of all the wallet addresses they generate?
Are the wallet addresses generated by them or by openledger in this case; and are these wallet addresses all trackable by bitshares?
I am trying to figure out where the error lies, for instance, did @bitshares generate for me, a BTC address instead of a USDT wallet address? Can they make such error?
Or can the problem be from @changelly?
Do you see this transaction falling back to the @changelly USDT sender address after sometime, considering that the OMNI block explorer says "invalid"!
or
Can @changelly push the transaction through so that i eventually get around 617 USDT tokens on my @bitshares wallet?
If @changelly does get the 300 SBD back, is there a chance that they can refund me?
Why exactly did all these happen?
Even the internet needs this answer but there aren't much resources out there answering this. I was only able to find a related article from reddit.com but it had to do with Coinbase, which doesn't have USDT listed:
However, @changelly and @bitshares both handle USDT!
Are they not suppose to know the difference between a BTC wallet address and a USDT wallet address and decline a transaction for "incompatible wallet" reasons?
Infact, what is the difference between a USDT wallet address and a BTC wallet address? Even the internet doesn't yet have the answer and hopefully, we get to answer this!
See the result for the search query; "what is the difference between a btc wallet address and a usdt wallet address?":
Temporary Action
I have sent an email to each of these addresses:
support@openledger.info, opensupport@blocktrades.us, support@changelly.com and support@changelly.freshdesk.com
No final response just yet but perhaps, i have to give it some time
In the meantime though and based on any experience you may have had with this, is there any slight chance that my 300 SBD is recoverable? Leave any form of thought or experience in the comments!
Too, how much do you know about USDT? If this is resolved, is USDT still a currency one can consider to hold? Is there any real problem with it? What exactly were my errors in this case!
One error on my part, is not trying the exchanges with smaller amounts first and just plunging all in!
@officialfuzzy wanted to see this post happen as he feels it will help the steemit community and the world of crypto-users out there who use the search engines, so i went for it!
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USDT are really scary.
They say they are collateralized - there is no legal obligation for Bitfinex to actually redeem those tokens. VERY SKETCHY.
Not a cryptocurrency. Use bitUSD over these. At least those are decenteralized and collateralized.
Realizing this now! But do see any chance that SBDs can be recovered, looking at my case?
I would contact someone more versed in bitshares... I wish I could help more.
Thank you alot!
Can we stop punching the Dog now?😄😅😃😆
sure just push the ~ pause ~ button 😂😂😂
Thanks for freeing the Dog, he's all bloodied now😂
Hahaha, i will recruit you for this one!
I also lost $650 to USDT.
Gosh, noticing that it is a common issue! How did your experience go? What exchange, was it coinbase?
No it was on Poloniex still no response 9 days now.
Gosh, so where do you think the fault was from?
Poloniex and Coinbase use different USDT vendors. Poloniex uses omni and coinbase does not. I did not know until after the fact. So it could be my fault but Poloniex has been no help to me. I even sent 2 emails to the owner Tristan and he did not respond.
Gosh! Poloniex should have answers for you more than coinbase. Is you omni link showing "invalid" like mine? What is the error you see? I will do a post about what happens with mine! Sorry about this! But check omni blockexplorer let's see if it says "invalid" too
Good luck.
Hahaha, thank you!
I apologize for not having anything wise to say. Just good luck.
:-)
Be one with the force and the force will be with you.
Great! Thanks!
Thanks for posting man, I really hope this issue gets resolved.
Thank you for all the help in chat!
My pleasure my friend, I am sorry I wasn't able to be more help.
All good! You heard me out!
I've only used USDT to hide my money while the whole market corrected last month, since USDT wouldn't move much and actually went up a few cents inverse to the correction. I did that all through Poloniex, however, and turned the USDT back into BTC without withdrawing it.
I think it's still a good way to leverage security with risk, and to provide some FIAT-like liquidity on markets that don't take cash.
Not sure what happened in your case, but good luck to you!
Exactly what i wanted to do! Exactly that! Let's see where this all goes! Sure people will learn a thing or two. Thank you for relating your experience!
Sorry boss, wish the SBDs come back safe otherwise someone is gonna have me to answer to for doing this to my coach😡
Hahaha, really laughed! Your coach is Wenger! Your wish may happen!
😂....Don't mention that name for now, till next football season.😊
Agreed! Left you short chat!
Ok lemme go check
Great!
From my experience a persistent and polite exchange with support through email eventually leads to the resolution of these issues. I've spent 3-4 weeks sometimes resolving an issue or simply waiting for support services to work through a backlog.
My best advice is patience, polite discussion and persistent follow up.
Woah thank you! So there is a chance! Thank you! Will work on that. It feels good that @changelly and @bitshares are on steemit as well! Will give the testimonies in another post, when that time comes!
so sorry for the loss of your sbd, be patient, they may refund. I resteemedso it would be beneficial to all.
All good! Thanks for resteeming. This post was aimed to teach and for the search engines. Many people have had this problem with USDT but not many resources on the entire web tackling this issue thus the need for this post! Many could be led to steemit too as they organically look for solutions to their USDT issues!
thanks for sharing
You are welcome!
Man, I hope you do get it back. I think because of the invalid address it may go back to your changelly account but don't know for sure. In the future you would be better off converting the SBD into steem and transferring that to bitshares which is a pretty simple process I have done several times. Then you can trade the steem for bitUSD or whatever you want.
Will definitely follow this one next time! Thanks for the love. Will feedback in a post!
You should seek support from Open Ledger. Changelly completed the transfer so it's now in OL's hands apparently.
Thank you
Good luck Man. And thank for your valuable post
Yes, thank you
Am new here
Great! Too much to learn and i can always help!
Looks like you are shook
hahaha, yes a bit but this post was recommended, so it teaches!
Ha ha, the best of luck . I am currently missing $21,000 I sent to kraken from my Canadian bank account. So I know how it feels. Hopefully someone finds my money.
Sorry about that. I once lost a whole Bitcoin making a mistake while exchanging,
On the bright side you more than made up for it with this post!
I tried to withdraw some open.USDT from my Bitshares account to Tether wallet. I followed the instruction. ButI didn't receive the fund to my Tether wallet. Now all I see is this. https://cryptofresh.com/tx/4f05d898662d4bba8f51af09d8ab1bcf094b85b5
Can someone tell me, what does this mean?