Condensing the critics’ critique, Tether is the flute of the pied piper that the pied piper plays as he walks all the children off the cliffs into the choppy waters below to their unknowing doom.
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Tether is a stablecoin with a simple premise. If we print out 1 USDT, we’ll put $1 in our bank account. Thus, even if the entire cryptocurrency market fails, you could take 1USDT to them and they would give you $1. Simple. Right? Wrong. Very Wrong. This is why Tether probably is the only cryptocurrency that has been treated like a bank, a fixed deposit, a scammer, and an investment banker, all rolled into one. So kinda like a big bank. Thus, Tether has to face the same level of scrutiny as a big bank - a lens that almost every other cryptocurrency, including bitcoin, has been able to avoid. How did it come to this for USDT, you ask? Well, based on the attractive premise, about 70 billion USDT have been minted to date. Now, the allegations against Tether are that they did not maintain approximately $70 Billion in their bank accounts. If banks were held to this very standard, there probably would have been no bitcoin because there would have been no housing market collapse, because there would be no gambling with depositors’ money. Nevertheless, Tether has continued to fight allegations, pay millions of dollars in fines, and enabled millions of peoples to lend/borrow/access financial services worth billions - if that’s not a big bank, we don’t know what is.