Tether and the Great Crypto Ice Age

[elsewhen]

https://hackernoon.com/tether-and-the-great-crypto-ice-age-i15h329k

[mikewarot]

My understanding is that these "stable coins" exist solely to allow the transfer of funds to places outside US oversight, places which offer insane amounts of leverage to gamble (invest?) in cryptocurrency.

I expect to eventually spend $1.00 to buy a bitcoin, for old times sake, after this implodes.

[jqpabc123]

Long story short --- stable coins are backed by fiction.

[gjvc → jqpabc123]

the term "stablecoin" is some diabolical newspeak.

[jqpabc123 → gjvc]

In the old days, they were called "wooden nickels".

[gjvc → jqpabc123]

https://en.wikipedia.org/wiki/Wooden_nickel -- the similarities are startling.