Have the cryptocurrency "good names" of Bitcoin and Ethereum been tarred by virtue of their Tethering co-depenencies recently 'unearthed' with stable coins USDT (Tether) and USDC ?
The CEO of USDC Allaire suggests 'Shadowbanking' from China has inflated Tether USDT and possible USDC as well have been used by the hidden hand to easily manipulate both prices, as is alleged specifically in USDT's BTC case by US regulators. That said did Tether really lend parent company BitFinex Exchange US$850M and, is that really the reason why Tether is operating with only 74% US dollar reserves as a result?
Hmmm, time to bring out the TAR CN govt style?
In this #004 issue of CRYPTO TKOs we look again 'under the hood'of these two leading stable coins, to better understand how both work and what role they were intended to fill in the marketplace and, what roles they are actually filling, especially in the case of Bitcoin, since BTC represents at least 62% of the market cap value of all cryptocurrencies combined.
Pump a Pump Pump? Let's have a quick peak find out, and while we are at it try to better understand what Shadow banking is all about...
StableCoin- The original intent- #USDC under the hood
Provide a Hedge against wild fluctuation is in #BTC and also #Ethereum.
Who'd a thunk otherwise? Allaire the CEO thinks otherwise, its not the only use case as evidence mounts against USDT in favor of current CN controls on BTC.
That said, this a struggle of titantic proportions which see the CN government controlling flight of capital, big chunks of it which could deflate the value of the CN fiat offers if alot of it runs over to #USDT.
Ok we get it.
Free market capitalists in the west sigh and, say "so What".
Regimes however, interested in complete and total control (aka CN and now more than ever big caps defunct USA corp.) greedily support ideological interest and goals and, think otherwise on the surface, when the same players behind the scenes in fact, are $$benefiting$$ from the large consumption of power through state held power utilities serving the BTC mining industry in CN to keep BTC mining operations going full tilt. (And we wonder where mosto f the BTC generated pollution comes from without asking who the benefactors are? Think _CCP_) In CN apparently the ruling class have it their way, all the time. Phewie! Shame on Pooh Bear! Boy does that stink in more ways than one!
Out of the Fog: The SWAMP Monster Tether comes forth, offering Crypto Market Stability?
Transparency? What Transparency? Look for it. Say what?
Allegations, Allegations, so many of them what's the 'poor' CEO of Tether to do? Well go to court for one and prove Tether's case.
TK Note- "In the mean time my advice is use the other stable coins out there to hop in and out of trading volatility and , USDC is as good as any place to start. It's anybody's guess how the court is stacked and, what the 'payoffs' look like in this emerging drama, etc.., so if you have any risk aversion at all, then please do yourself a favor and start looking at Stablecoin alternatives."
Where there is smoke there is often fire.
Follow the money and, in this case follow Brock Pearce (who ever he is, most likely a NYC front man, driven by a brown envelope of black and white photos he wished he owned?) Ok, The Crony Capitalists in the BTC world are facilitating this titantic struggle. Again, so what. Well with 2M CN operatives hiding out in the west, I'd have my head on swivel, if I were Pearce, unless of course the same cadre are "in on it"?
You gotta wonder, it's a reasonable question.., which likely never will be answered, given the crap transparency of Tether.
Regardless, expect a 'firefight' with shite outcome...
At the moment, USDC is looking a whole lot better when it comes to diving in and out of the BTC and ETH offers out there.
There, I have said it.
TK Over and out
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