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No matter if you root for #bitcoin
, #ethereum , doges, horses, apes, shrimps, the level of hypocrisy of that statement is sure out of bounds.
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Thread: 1. Vitalik Buterin: Yeah. I’d agree with that, with one reservation, which is that I think the Bitcoin ecosystem does have its own ticking time bomb demons too, like Tether is one example. I thought a lot from what to say but this comments by itself on so many levels.
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3. It real feels like. "Yeah there will be many hacks on ETH projects, doom and locusts, scalability will arrive only after we do serious stuff like NFTing all the cat species but but but but but but but Bitcoin has problems too! And Tether is (looks at his hand notes) bad!!!"
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This is when you know someone might not be as smart as they seem. To draw such a flawed conclusion like this betrays his thinking capacities.
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USDT is not used by defi... ever.
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Yeah but he is correct. Tether need to sort their problems. The problem with the Tether project is that there is a huge lack of transparency and that you always are on the defensive. You need to be proactive with your communication and build TRUST. Get a PR consultant 4HEAD!
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Independently why just mention it as a Bitcoin only problem?
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Which coin would be hit hardest if Tether went down? ETH would. 2nd in line, gets hit hard when BTC goes down (as it gets hit even harder than BTC), has ton of projects that are stablecoin related etc. He ain't as smart as ppl think he is.
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If I was in Bitfinex and Binance position I would halt trading in ETH and everything on ETH. Send Vitalik a message that he is not a ruler. And his chicanery will not be tolerated.
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While people are impressed with $3 billion of ETH locked in, they don't understand how great it is for the US government that $38 billion and rising USD is locked in tether's vaults. Government's only concern is to keep that locked in money on USD, thus maximizing their profit.
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this is an interesting take, hadn’t considered this angle. i mean tether is kinda like a US bank but with way more USD in reserve, presumably
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