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When I say pyramid scheme, I don't mean it in the sort of philosophical way that you could apply to all fiat currency, but in the "OMG look at Tether" way.
by idlewords 5y ago
When I say pyramid scheme, I don't mean it in the sort of philosophical way that you could apply to all fiat currency, but in the "OMG look at Tether" way.
- alecbz 5y agoAh, I might be out of the loop. tl;dr?
- kemonocode 5y agoTether, which is the most used so-called "stablecoin" (As its value is pegged to the USD) is extremely seedy at best and has had brushes with the law already [0] or is outright a Ponzi scheme [1] and plenty of people arguing for/against crypto know and have said so already. Personally, even though I'm a proponent of cryptocurrency in general, I wish it'd disappear in spite of any short and middle-term calamitous consequences on perceived value if that means one less "dumbed-down club" (Using dang's words) when it comes to discussing crypto. [0] https://ag.ny.gov/press-release/2021/attorney-general-james-ends-virtual-currency-trading-platform-bitfinexs-illegal https://ag.ny.gov/press-release/2021/attorney-general-james-... [1] https://www.singlelunch.com/2021/05/19/the-tether-ponzi-scheme/ https://www.singlelunch.com/2021/05/19/the-tether-ponzi-sche...
- kemonocode 5y agoA not so insignificant part of me wishes Tether would crash already so it'd kill that argument dead for crypto detractors. It'd be interesting to see how Bitcoin's value would look after. I really doubt it'd be zero.