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The USDT, The Peg and The Ugly: A Tether Conspiracy and BCH’s Truth
It’s no secret that I don’t think Tether will last if it keeps on going this way.
I’ve written in the past on how I think USDT is very shady, unsustainable, and responsible for a lot of promiscuity with BTC – alongside some other shady dealings.
Having this in mind, it’s plain for everyone to see that I believe USDT will implode if it keeps walking this shady past it has chosen to walk.
USDT is no less rotten than our current system, and in fact takes a lot of its sneaky playbook right from Central Banking policies, even emulating some of their less noble maneuvers.
Either way, the peg will probably break, and that will surely send ripples throughout the crypto ocean, filtering it and decanting its whole ecosystem.
Of course, someone will have to pay the price for this, and I’m afraid BTC investors, as well as people who keep their crypto in exchanges, are the ones who are going to bite the bullet as exchanges will become insoluble and BTC’s price will probably hit in a way in which it won’t ever recover – after all, USDT is probably among the biggest responsible agents for its current price.
The concept of a stable coin is great in a world in which taxes still need to be paid, and still need to be paid with FIAT.
On the other hand, the peg can only hold if the stablecoin is either decentralized or if it is centralized it needs to absolutely be well backed – which everyone knows it isn’t, as Tether goes Brrrrrrrrrr and prints to its many schemes’ desires.
These schemes have been doing a lot as far as raising attention to crypto is concerned (everyone loves bulls and market cap increases) but it also did a lot of disservice to crypto by artificially rising crapcoins to ultra prices – and even BTC’s astronomical price is mostly due to USDT in my opinion.
The promiscuity between a lot of the tokens and Tether – BCH being one of the many exceptions – has reached levels in which the whole ecosystem needs to be complacent to every one of the Tether’s dirty deeds.
Exchanges keep the peg and do their best to maintain the status quo, as Tether increases crypto’s market cap and BTC’s price to new heights.
Their only value, everyone knows, is the peg. If the peg breaks, all hell will break loose!
We all know states don’t love crypto, and they shouldn’t, so Tether is just asking for them to come knocking for an audit to ensure they have proper backing.
On the other hand, a lot of our systems run on USDT, like a lot of the DeFi projects out there.
Finally, USDT is offered as collateral for a lot of loans – so imagine what happens when USDT inevitably breaks the peg (as we know can happen and did happen with other stablecoins, which had solid foundations when compared to USDTs shaky model).
USDT backs BTC’s price, BTC backs USDT by a lot as well, and they continue with their synergy, and USDT keeps on printing bull markets to BTC already insane price.
When the inevitable collapse starts to happen when the pieces are falling into place, the USDT insiders will cash out and start a selling spree that will not only close Tether but anally destroy BTC as well – and a lot of good (and bad) projects with it.
BitcoinCash, however, will prevail – as will other “real-use” decentralized tokens.
USDTs are also used for leveraged trading if you consider how it is used as leverage – this also entices exchanges to keep the peg.
Finally, some exchanges also sleep with Tether because it pumps BTC and as such increases the revenue these exchanges have due to new money hitting the HODL mindset on this artificially inflated asset.
Tether knew damn well that by pumping BTC and putting that measure as the core of its strategies, it would please a lot of agents who in turn would make its shady dealings viable and ignore, or close their eyes, to Tether’s usual shenanigans.
Of course, USDT’s party will come to an end, and when it does then USDT holders will need to buy BTC to cash out to FIAT, as there are few exchanges that allow the withdrawal from “alts” to FIAT that aren’t in bed with Tether by this point.
Aaaand… BTC’s party will be popped as well since after the initial surge, it will inevitably fall as everyone will just want to sell.
This is when true use-case, fundamental cryptocurrencies will see their breakthrough.
The centralized paradigm will end as the centralized exchanges will fade one after the other due to rug pulling, exit scamming, and the flight caused by the lack of liquidity, incompetent backing, and the dependency on USDT.
On the other hand, BCH has little to fear from Tether’s dealings.
- BTC investors need to use Tether for Transactions: BCH users don’t, they transact using BCH.
- BTC has its roots in the dirt of all of Tether’s schemes: BCH doesn’t.
- BTC has no use, people holding it just want to sell it higher: BCH has been used by thousands and will keep on being used.
- BTC was always higher: BCH went through hell and back as far as price is concerned – it demonstrated it is solid!
That’s right, on top of all of this BCH already demonstrated that despite people running its reputation to the ground in favor of BTC, the evil twin and agent of the system, it still holds its inherent value as a token meant to be used.
It crashed, recovered, and is now on the rise, all of this without Tether pumping its price, but due to increased adoption and the hard work of several developers, like SmartBCH, the Read.Cash and Noise.Cash crew, Prompt.Cash devs and even just people holding those projects and propelling them to new heights, such as MarcDeMesel, Roger Ver, Simon, and more!
Of course, you may not agree with me, which is fine as I don’t claim this to be anything else but my opinion, but it is my opinion and I don’t mind sharing it with you – make of it what you will.