When Tether starts threatening to double spend on exchanges and files lawsuits against Kraken, its investors, business partners and clients.
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Guessing you be adding to your list of prerequisites for delisting soon.
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The only other times we have delisted are Namecoin (just because tech upgrade requirements were > revenue) and Iconomi (just because token structure fundamentally changed and regulatory was unclear). It takes quite a lot to get delisted. Price discovery is still important.
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In my humble opinion, I put the current USDT operators in the category of fraud. They are masquerading as a backed stablecoin. Without backing, stability is impossible to promise. The nature of counterparty risk. There will be a massive negative goodwill effect from USDT.
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I don't have enough information to say whether USDT is fully backed or not. If you're right, it makes it all the more important that we have markets for price discovery and trading of claims.
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I hear your max ROI in short term, which I get. The reality is crypto tokens are still in a pre-commercial phase. Every bank in the world is in default competition with every USD stablecoin. I expect fiat tokens to play out like the Groundhog Day movie. Every scenerio bad.
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I expect fiat tokens to play out the same way I expect fiat to play out. A tokenized 💩 currency is a 💩coin, but fiat reserve tokens do serve a purpose, which is to have a digital representation of fiat which can be moved without the banking system and used in smart contracts.
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Any pegged fiat token without pegging eventually succumbs to lack of liquidity due to lack of banking system access. USD market cap when factoring UST interest rate swaps alone are well over $500 trillion and like more like a few quadrillion $. BTC just hit $100 billion again.
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Banking system access isn't a strict requirement. Fiat can be vaulted and cash shipped around the world, tokens redeemed at warehouses.
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Try actually getting pallets of cash without being tied into the banking system. Impossible. And if you do by some miracle collusion, you’re looking at 2% bare minimum to more like 10% deposit fee. & easy for a central bank to remove useability. ♥️s this trick.
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I don't doubt it. I think we agree that fiat sucks.
Fiat kills. Why it is vital to front end a psychopathic format.
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looking forward to the day we can delist all fiat currencies.
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