To: TobagoJack who wrote (179754 ) 10/28/2021 3:46:00 PM From: sense 1 RecommendationRecommended By whistler3000
Read Replies (1) | Respond to of 217596 That Tether seems it is in clear violation of a number of banking regulations... doesn't matter since Tether isn't a bank. The rest is noise ? But, that doesn't mean you can ignore the noise... I'd not really considered it before... that Tether is that critical to the entire crypto enterprise... Essentially, they've outsourced crypto "convertibility" and "transaction" functionalities to Tether... so that the failure of Crypto to solve those problems intrinsically... as advertised it would... is obviated, if not convincingly for the long term, still "well enough" in the short term to enable the Ponzi schemes in crypto financing to continue raising $ to launch new coins... all of which are incentivized to use the Ponzi coin $ raising scheme... none of which are required to solve the convertibility and transaction issues themselves. The article does a good job of highlighting aspects of the risks... still carefully avoids pointing out that the resulting issues of stacking Ponzi on Ponzi... isn't an additive risk in the structure... but a risk multiplier. I've not paid much attention to competition in stable coins... but, might be worth a bit more focus. But, in parallel, one of the risks for the banking system... is in people noting that what is true of risks in Tether... is really no less true of the "approved" banking system... which is not any less a Ponzi... ? Should note re yours in "not sure how I missed it, or if I did"... that I'm pretty sure we did have this exact discussion about Tether, here... some time back... addressing the element of "if" they have the $ to back it, and "where" it is if they do. The MSM still a few months behind the conversations occurring in the metaverse is par for the course. But, how did they miss the most obvious element ? If you can't tell where Tether's $ in dollars is... that isn't about Tether at all... but is all and ONLY about the "legitimate" banks having no problem at all in managing to enable them in hiding it well enough that no one can tell where it is ? The biggest issues Crypto raises... it raises simply by holding a mirror up to the banking system... And look at the outrage expressed... when "they" think the reflection they see... isn't themselves ?