Oh so brave! Another hackernews commenter who hates bitcoin and thinks the price is too high! You're going to get so many upvotes!
I know too many people are too deeply involved now to accept it...
Honestly, crypto might crash now, sure, but long term I am confident we will see a crypto currency emerge as the global reserve currency. It just fits too well for it not to.
How is this not 'most of the liquidity'?
It prevents governments from controlling their own fiscal policy. It doesn’t fit AT ALL with the way any solvent government currently runs their country. The only place it fits are countries with unstable or nonexistent financial markets.
But what does that actually imply? What's the scam?
This isn't a black and white thing. Tether might not have sufficient assets to be able to redeem any USDT for USD, or Tether might actually have sufficient assets and willingness to redeem all USDT and then some... or anything in between.
Tether being dishonest is one thing, Tether not being able to maintain the USD peg is another.
People are guessing that they’re doing this to regain reserves that were stolen by an untrustworthy bank that they previously used. Ie they were probably telling the truth in the past before their money was stolen. It’s similar to what happened with Mt Gox. What’s impressive to me is how the people at Tether are somehow 8 steps ahead of regulators, whereas Mt Gox just failed overnight.
Imo regardless of Tether fuckery, I believe that the Ethereum platform has utility beyond speculation
The fun bit is that few can actually redeem, and most of those who could have a vested interest in never doing it anyway!
It's only recently I've started to see some genuine opposition.
The very mixed Bitcoin rollout in El Salvador by an authoritarian govt should also tell us that the fantasy of crypto enabling freedom from oppressive govt is also still unrealized.