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> If Tether did somehow implode and users left in droves, something else would come along to take its place and within a year or two and the entire Bitcoin ecos
by ryanSrich 5y ago
> If Tether did somehow implode and users left in droves, something else would come along to take its place and within a year or two and the entire Bitcoin ecosystem would come roaring back stronger than ever
Pick any of the already existing stable coins. We don't even need new technology to replace Tether. We just need international exchanges to support existing stables.
- zionic 5y agoExactly. Tether has some amazing alternatives. DAI for example.
- graeme 5y agoDAI is critically dependent on USDC. USDC recently received a Wells notice from SEC and had to amend their reserves. Still weird behaviour from them overall: they don’t disclose what their short term commercial paper is, its rating or how much of their cash equivalents it us. Just today in the financial times Tether claimed USDC also issues USDCs backed by crypto. And they have funny printing patterns: whenever Tether stops printing, USDC starts.
- zzleeper 5y ago> And they have funny printing patterns: whenever Tether stops printing, USDC starts. I noticed that, specially recently. What's going on?
- TimeBearingDown 5y agoSource for Dai being critically dependent on USDC? It’s been around years before USDC and maintained its peg through the 2017 collapse, if I recall. I know it has changed over time (multi-collateral Dai).