3 ms·

I don't get Thether. It's an embodiment of everything cryptocurrencies are supposed to be against: • It's issued and controlled by a central authority that you

by pornel 5y ago

I don't get Thether. It's an embodiment of everything cryptocurrencies are supposed to be against: • It's issued and controlled by a central authority that you must trust. • It's pegged to an inflationary government-issued fiat currency. It's not a cryptocurrency. It's just a dodgy private bank with a very over-engineered inefficient API.

up_o 5y ago
To your first point, I think the cryptocurrenc[y|ies] that get issuance and control from a central authority right will in the end come out the most successful, as control of issuance lends itself to enabling modern economic levers any state may want to pull--for various reasons. Of course there's an argument to be made that cryptocurrencies as we now know them will only ever have intended use as a secondary currency. In which case, fair enough.
Darmody 5y ago
People are in crypto because of money, no because of some philosophical questions about who should control money. It doesn't matter it it's a stable coin, a pump and dump scheme, or a regular fiat currency. If they see the chance to get a x10 or x100 profit in a year they'll go for it. So Tether to them is just a tool that allow them to buy and sell crypto and make profit.
- smabie 5y ago
  Exactly. To be certain, most people/firms would prefer to hold another stable coin vs tether, but if I have to have some tether exposure to earn some returns (as sometimes is the case), then that's what I'll do. Regardless, for the tether skeptics, they should put their money where their mouth is and short it. PS: I personally think tether is sketchy, but it's not something I lose sleep over. However it is prudent for one to think about what will happen in the case of a tether depeg (both minor and major), and plan accordingly so you won't become destitute if it happens.

3 ms·

I don't get Thether. It's an embodiment of everything cryptocurrencies are supposed to be against: • It's issued and controlled by a central authority that you

by pornel 5y ago

up_o 5y ago
To your first point, I think the cryptocurrenc[y|ies] that get issuance and control from a central authority right will in the end come out the most successful, as control of issuance lends itself to enabling modern economic levers any state may want to pull--for various reasons. Of course there's an argument to be made that cryptocurrencies as we now know them will only ever have intended use as a secondary currency. In which case, fair enough.
Darmody 5y ago
People are in crypto because of money, no because of some philosophical questions about who should control money. It doesn't matter it it's a stable coin, a pump and dump scheme, or a regular fiat currency. If they see the chance to get a x10 or x100 profit in a year they'll go for it. So Tether to them is just a tool that allow them to buy and sell crypto and make profit.
- smabie 5y ago
  Exactly. To be certain, most people/firms would prefer to hold another stable coin vs tether, but if I have to have some tether exposure to earn some returns (as sometimes is the case), then that's what I'll do. Regardless, for the tether skeptics, they should put their money where their mouth is and short it. PS: I personally think tether is sketchy, but it's not something I lose sleep over. However it is prudent for one to think about what will happen in the case of a tether depeg (both minor and major), and plan accordingly so you won't become destitute if it happens.