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Keeping the Tether delusion going is an existential matter for everyone with a stake in crypto.

• ur-whale 4y ago
  > Keeping the Tether delusion going is an existential matter for everyone with a stake in crypto. First, all money is delusion, that's a documented fact (or to put it nicely, currencies rely on user's faith/belief to function). Second I do agree with you, but I believe it's only part of the story. I think tether also does actually provide a tangibly useful service to the crypto world, specifically high-speed liquidity to exchanges which is why the scam is allowed to continue. My bet is that the day a legitimate (as in: transparent, properly audited by both traditional accounting firms and blockchain techniques), incorporated in non-banana-republic jurisdiction, etc ...) competitor comes around, Tether will die in an instant dumpster fire. Startup opportunity y'all.
  • pjc50 4y ago
    > transparent, properly audited by both traditional accounting firms and blockchain techniques), incorporated in non-banana-republic jurisdiction You can't square that circle because the money laundering controls aren't solvable enough to be in a regular jurisdiction and have psudonymous permissionless blockchain transfers.