Basically Tether foundation acting like the federal reserve and printing money.
USDT is supposed to be a stable coin pegged to the value of the dollar. It's not decentralized and many people like myself have been more than wary of this organization becoming one of the main trading standards on crypto exchanges.
The potential for abuse is unlimited.
If tether crashes it will likely be in the course of a huge swap of soon to be worthless USDT for BTC and other real decentralized cryptos. A massive cash grab resulting in alot of people loosing money and confidence in crypto being collateral damage. If that happens prices for most if not all cryptos, will plummet. Many exchanges wouldn't survive this and investors that have their crypto on those exchanges may be screwed.
If we see some abnormal upwards price action that could be a sign of the beginning of the scenario I described.
Remember guys, not your keys = not your crypto.
Get on a decentralized exchange. Avoid holding funds in USDT. Move investments into a cold storage wallet or a device like a Ledger or Trezor or other crypto wallet
This argument is old and obsolete. All crypto is 100% traceable on the blockchain. Cash is not traceable. The majority of criminals would prefer cash or laundering their money, over using crypto.
OP what does this mean for non crypto bros?
Basically Tether foundation acting like the federal reserve and printing money.
USDT is supposed to be a stable coin pegged to the value of the dollar. It's not decentralized and many people like myself have been more than wary of this organization becoming one of the main trading standards on crypto exchanges.
The potential for abuse is unlimited.
If tether crashes it will likely be in the course of a huge swap of soon to be worthless USDT for BTC and other real decentralized cryptos. A massive cash grab resulting in alot of people loosing money and confidence in crypto being collateral damage. If that happens prices for most if not all cryptos, will plummet. Many exchanges wouldn't survive this and investors that have their crypto on those exchanges may be screwed.
If we see some abnormal upwards price action that could be a sign of the beginning of the scenario I described.
Remember guys, not your keys = not your crypto.
Get on a decentralized exchange. Avoid holding funds in USDT. Move investments into a cold storage wallet or a device like a Ledger or Trezor or other crypto wallet
Finally.. expected something like this to happen a long time ago.. clowns and others are using crypto for bad things, cleanup is needed..
This argument is old and obsolete. All crypto is 100% traceable on the blockchain. Cash is not traceable. The majority of criminals would prefer cash or laundering their money, over using crypto.
Would traceable also mean a left wing government could retroactively tax transactions? Or retroactively outlaw transactions?
"stable"coins, tokenized stocks..