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I work in fintech and I don't see how a run on Tether will result in everyone getting their money back. The people financing it are hidden behind shell corps in
by agentultra 5y ago
I work in fintech and I don't see how a run on Tether will result in everyone getting their money back. The people financing it are hidden behind shell corps in shady countries with loose reporting and have not been playing ball with regulators. It's not reasonable to believe they have the reserves.
The systems of payments we have today are social systems. They're built on a system of obligations, credits, debits, and liabilities. The technology used to facilitate modern systems is merely a reflection of that system.
The entire reason for the crypto ecosystem to exist is to have a financial system free of that regulation and governance.
- Zamicol 5y agoTether is rat poison, and from the very beginning most voices in the cryptocurrency community have refused to call it a "cryptocurrency". It's a private token controlled by a private ledger. I know no one in the space that has a favorable view of Tether. USDC is regulated and sane centralized alternative. Dai is a sane distributed alternative.