I'd link a 'everything is fine, don't freak out' video but those don't exist because they don't get clicks for ad revenue.
If Tether collapsed tomorrow, the bitcoin network would hum away like nothing happened just like it kept humming away from $20,000 to $3,000 after 2017 and everybody who had their bitcoin before will still have it after.
Stablecoins aren't charities, hence they need to profit from the endeavor somehow to exist. Everybody knows they make loans and investments with the holdings. This is similar to how banks work. Tether isn't FDIC backed? Well no shit. If crypto followed regulations, it wouldn't exist in the first place. This is the wild west and we like it that way. Anything that isn't a bank has some counterparty risk. We're adults and we can make our own risk assessments. I've been burned buying crypto assets-- even very recently-- and it's my fucking fault for not doing sufficient research. (for the love of God, google the coin's emission schedules people) I don't need a nanny state to protect me.
Tether is losing market share to other stablecoins. There are now stablecoins that are amalgams of multiple stablecoins. Eventually people will switch over to the coins with the least risk. Tether started the whole stablecoin phenomena and created something that has a huge demand. This is now forcing nation states to make CBDCs, so Tether has forced innovation down the throats of traditional financiers. That's what happens when regulations don't get in the way of new ideas.
I'm not suggesting Tether is 100% legit, but this whole '2017 was 50% Tether manipulation' stuff is nonsense. It's been around 5+ years without collapse, so just maybe it's not that risky to hold tether for a few days to send money wherever then convert it back to whatever which is a common use case for it. If you use it to tax dodge then you take your chances knowingly.
If Tether collapsed tomorrow, the bitcoin network would hum away like nothing happened just like it kept humming away from $20,000 to $3,000 after 2017 and everybody who had their bitcoin before will still have it after.
Stablecoins aren't charities, hence they need to profit from the endeavor somehow to exist. Everybody knows they make loans and investments with the holdings. This is similar to how banks work. Tether isn't FDIC backed? Well no shit. If crypto followed regulations, it wouldn't exist in the first place. This is the wild west and we like it that way. Anything that isn't a bank has some counterparty risk. We're adults and we can make our own risk assessments. I've been burned buying crypto assets-- even very recently-- and it's my fucking fault for not doing sufficient research. (for the love of God, google the coin's emission schedules people) I don't need a nanny state to protect me.
Tether is losing market share to other stablecoins. There are now stablecoins that are amalgams of multiple stablecoins. Eventually people will switch over to the coins with the least risk. Tether started the whole stablecoin phenomena and created something that has a huge demand. This is now forcing nation states to make CBDCs, so Tether has forced innovation down the throats of traditional financiers. That's what happens when regulations don't get in the way of new ideas.
I'm not suggesting Tether is 100% legit, but this whole '2017 was 50% Tether manipulation' stuff is nonsense. It's been around 5+ years without collapse, so just maybe it's not that risky to hold tether for a few days to send money wherever then convert it back to whatever which is a common use case for it. If you use it to tax dodge then you take your chances knowingly.
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