Let's talk about Tether

[jimbursch]

It has become clear to me that the greatest hazard to all cryptocurrencies, including Dash, is the problem of Tether, and increasing dependence on Tether as a proxy for USD.

Tether is worse than fiat and fractional reserve banking when it comes to false promises of fixed value.

I'm especially disturbed to hear that there are exchanges that represent USDT reserves as USD (or allow people to think that). I would view any exchange that deals in Tether to be suspect and very likely highly exposed to Tether. It's just too easy to keep things afloat with Tether, and any exchange that deals in Tether will find it very difficult to resist the easy way out with Tether.

There will be a reckoning; I don't know when, but there will be a reckoning.

 

[slamdunk]

Do you think some of that reckoning is priced in already though?

Exchanges aside, Tether's banks split and their auditors split. Now, the .gov cronies are on the case. USDT is getting someone's attention!

But, if Tether can offer/counterfeit a cryptographic dollar haven't they "hacked" the dollar? I mean, we throw around the "H" word all the time with regard to crypto, right?

If .gov shuts down USDT, doesn't the question become why .gov isn't offering a cryptographic dollar? I mean, if USDT walks like a duck and quacks like a duck, then it's a duck, albeit the wrong duck.