12-09-2021, 12:56 PM
There is a lot to unpack but there is something interesting recently occurring. Tether is what they call a "stable" coin it is supposed to be backed by real assets so it could potentially be useful. Many exchanges use it to essentially convert various coins back into easily moveable and convertible currency. Like most things crypto things weren't as they appeared as, Tether was supposed to be cash backed but they actually are cast and cash equivalent backed...which means cash and Crypto (mainly Crypto). Tether was essentially issuing coins to back it with other crypto which then allowed it to issue more coins because the value of their back increased, essentially setting up a large house of cards. The belief is the recent BTC crash was related to this and essentially some believe a tether collapse could bring down the whole crypto economy.
The reality is that the whole crypto economy is propped up by people trying to get rich and not based on utility purpose or "a new decentralized currency". Many projects say they are, so many followers lie to themselves that what they have is the real golden ticket, but they are simply investment tools that are there to create wealth. Some may point to Etherum and NFT's, but NFT's are new age expensive art crap (valuable for the sake of value). Buy a digital picture of something say it's worth a ton of money sell it for a ton of money rinse and repeat. It all needs to be far better regulated because it really takes people like 3 days to make a coin now and they simply pump it on forums and social media abandon it and do it again.
The reality is that the whole crypto economy is propped up by people trying to get rich and not based on utility purpose or "a new decentralized currency". Many projects say they are, so many followers lie to themselves that what they have is the real golden ticket, but they are simply investment tools that are there to create wealth. Some may point to Etherum and NFT's, but NFT's are new age expensive art crap (valuable for the sake of value). Buy a digital picture of something say it's worth a ton of money sell it for a ton of money rinse and repeat. It all needs to be far better regulated because it really takes people like 3 days to make a coin now and they simply pump it on forums and social media abandon it and do it again.
