3 ms·
As someone who definitely believes cryptocurrency is a big part of our future, and that stablecoins are going to be a big part of it -- I still absolutely fail
by jrm4 5y ago
As someone who definitely believes cryptocurrency is a big part of our future, and that stablecoins are going to be a big part of it -- I still absolutely fail to see what possible advantage strong government regulation provides?
It might make sense if we didn't already have regulated banks -- but we do.
Honestly, I have no idea what's going to happen to Tether, but I fail to see any advantage to gov't stepping in.
Either Tether's a big scam and a lot of people lose their shirts -- fine, that's a healthy failure to learn from. Or it's not, it stays stable despite being backed by nothing and congrats, they invented a new form of fiat.
- midjji 5y agoThe advantage is free insurance if it turns out that the stable coin you picked happens to be a scam. Bringing crypto coin scammers some of that too big to fail money... In exchange governments would get to make the insured coins as regulated and surveilled and inefficient as regular money... So from the perspective of a tether owner, or better yet tether stock owner who thinks its not a scam, well not intentionally at least, then yeah that would be great. Less loss, and less prison time, and for government, well who wants effective banking right... Its a terrible idea of course, but the regulation might be difficult to avoid for long, but historically speaking it takes around a 50 years before it kicks in.