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Oh my goodness - they're acting just like the federal reserve! How dare they!
by tb_technical 4y ago
Oh my goodness - they're acting just like the federal reserve!
How dare they!
- Silverback_VII 4y agoWell one could say USD is at least backed by a real economy and a massive military. Moreover the Fed does not claim that the U.S. Dollar is still backed by gold. Tether is not a stablecoin if it is not backed by USD and if this is the case, then it has no value as a bridge between fiat currencies and crypto. People paid with real money to buy crypto which was heavily inflated by this USDT out of nothing scheme. Because it was real money it also was real fraud in my opinion.
- tb_technical 4y agoYou're correct! The US government doesn't claim that their currency is backed by gold - they merely strongarm the rest of the world into using dollars to pay for oil. This effectively pins the dollar to the value of a barrel of oil - without having any formal accountability of having to pay up. Meanwhile they made corporations in charge of the money supply, which they use to erode the generational wealth of the middle classes. If you're mad at what tether is doing, you ought to be mad at what the federal reserve is doing as well. That was my only point. Edit: Upon rereading my original comment - I can see how someone could take it as just snark. But we gotta keep these snakes out of controlling the money supply.