The Living Force
It's pretty much the same with cryptos from that perspective - if peeps couldn't be sold on the idea of expending energy on them then they'd have no value.
Exactly. Money is a technology. Nothing more, nothing less. Like all technology, it can be used for good or evil.The US dollar itself is not evil, but what and how it is used IS often evil.
Obviously there are scams in crypto, just like there are scams in the world of fiat currency. I agree that Tether has a very shady legal and accounting history. But it's much more likely they've simply grown far faster than they expected and have been thrust into regulatory challenges in a mainstream banking and investment environment that has been outright hostile to cryptocurrency. In Jan 2019, Tether's market cap was only about $2 billion; it's now >$80 billion. That kind of growth is almost unprecedented. Despite some of their ethically-questionable behaviour during their explosive growth, there's no outright evidence they intended to scam people from the beginning. Here's an recent article showing the mainstream financial media's view of Tether:
Amidst worries that Tether, the world’s biggest stablecoin, was losing its 1-to-1 peg to the dollar, Paolo Ardoino stepped in to reassure investors. Tether’s chief technology officer emphasized that the private company behind the coin that plays a critical role in the crypto ecosystem had no...
It's also worth noting that Tether's main competitor, USDC, grew from ~$260 million to ~$50 billion in the same timeframe. They're registered in the US and have been focused on regulatory compliance from the beginning. I would expect that unless Tether sorts its regulatory situation out (which it appears to be doing), it's likely that a lot of people will start shifting their assets across to USDC, as most exchanges support both coins these days. But the bottom line is that neither of these coins are as vulnerable as LUNA/UST was, being fully collateralized coins.
As @Scottie has pointed out before, and has been discussed on this thread, the current banking infrastructure can do pretty much everything a CBDC requires. With the US government having full regulatory control over USDC, and likely soon USDT, that means a large portion of the crypto market cap will basically be an extension of the USD. So expect to see the Wall St financial raiders like Citadel et al start targeting Bitcoin, Ethereum and other coins to scare investors out of USD alternatives.
Given Bitcoin's infrastructure resilience, it's not out of the realms of possibility that there could be an NSA/CIA attack at the cryptography level, but it's more likely that the Consortium has been buying up large positions in both Bitcoin and Ethereum to manipulate the market in the same way they've been suppressing the gold price. With more nations announcing support for Bitcoin payment mechanisms though (even Chinese courts seemingly reversing their position on Bitcoin holdings for citizens), it's possible that such market manipulation will fail, especially with the mounting economic pressure on the USD from Russia and China via the traditional financial system. If the value of the USD collapses, the Consortium's stablecoin leverage against other cryptocurrencies won't be worth squat. So, I guess we'll see.
Yep. Vast wealth is only meaningful if they can be used to move yourself and others into a realm where Free Will for All reigns supreme.In the end, all money is basically hot air. So, again, make money if you can, but never forget that ultimately, it's all an illusion for the purposes of control.