Tether leaves the crypto community

When we talk about cryptocurrencies, we imagine something independent, free from traditional finance.

This is true, but only for certain cryptocurrencies that are fully decentralized. A fine example is Bitcoin. This is really a classic cryptocurrency, almost independent from the intervention of third parties, including developers. Indeed, the impossibility of such interference was embedded in the original ideas of Satoshi Nakamoto. That was the main ideological principle, and the blockchain helped put it into practice.

We now see that principle being violated.

CEO of Tether (USDT) Paolo Ardoino stated that he aims to become a world-class partner of the US to help "expand US$ hegemony". As a real "help", Tether froze $435M in user wallets at the request of American law enforcement. 

Tether stated that it considered such a policy a sign of foresight and vigilance.

In fact, this is an excellent example of short-sighted politics.

The crisis of the fiat economy is now gaining momentum in the world. The magnitude of the problems and contradictions has reached such a level that there is a real possibility of a complete collapse of the financial sector. Tether actually joins the existing fiat system. It’s like fighting for "Titanic" captain position before its last voyage.

This will certainly bring fairly quick benefits.Tether will receive, as an encouragement, support from the financial systems of several countries. The first contender is Argentina, where Tether is actually starting to be introduced.

However, the big question is what comes next.

In fact, Tether wants to be the official crypto dollar. To a certain extent, this is a gift to the US government; they do not spend time and money on developing their own crypto stablecoin. Here is a ready solution!

Good, but at the same time Tether loses its reputation. It risks joining the global fiat system into crisis.

It’s their choice.

#CryptoCommunity #Decentralization #Bitcoin #SatoshiNakamoto #Blockchain