I mean when you've got no alternative then you're still probably going to accept it...
You could also peg a currency to the dollar so that in 30 years, it becomes a separate currency once you're more financially stable?
Also, I thought usdc was fully backed they have about half the issued usdc already redeemed that have beem minted? I wouldn't touch tether at all... I mean if the company is greedy enough to hold 70% in reserves and not just invest the other 30% but keep it as a reserve then WTF are people using them.
Topic: Many countries have currencies pegged to the US dollar. When tether collapses... - page 2. (Read 263 times)
July 05, 2020, 10:19:21 PM
July 05, 2020, 10:06:01 PM
https://en.wikipedia.org/wiki/Zimbabwean_bonds
After hyperinflation, Zimbabwe created a new currency that's pegged to the US dollar. It works the same as a stablecoin, they hold reserves of us dollars and print their own currency backed by it. Why don't they just use the US dollars instead then, why print paper backed by paper? I'm betting there are more Zimbabwe notes printed than there are us dollars in their reserves, duh.
So tether is a pegged to the US dollar, we know orginal the creator said they own 1 dollar for every tether and then they changed it to something like they only own 70% in reserves, and then they changed it and we have no clue what reserves tether holds. Theres some gov cases against tether by the DOJ and the new york attorney general. So when Tether gets exposed as a pegged currency lacking reserves, it could finally wake up the people of zimbabwe in the same situtation.
There are 66 countries that peg their own currency to the US dollar. All of those countries could start to panic. Tether collapse, could cause the collapse of pegged currencies, not just stablecoins. IT will be the most bullish thing for Bitcoin and precious metals.
After hyperinflation, Zimbabwe created a new currency that's pegged to the US dollar. It works the same as a stablecoin, they hold reserves of us dollars and print their own currency backed by it. Why don't they just use the US dollars instead then, why print paper backed by paper? I'm betting there are more Zimbabwe notes printed than there are us dollars in their reserves, duh.
So tether is a pegged to the US dollar, we know orginal the creator said they own 1 dollar for every tether and then they changed it to something like they only own 70% in reserves, and then they changed it and we have no clue what reserves tether holds. Theres some gov cases against tether by the DOJ and the new york attorney general. So when Tether gets exposed as a pegged currency lacking reserves, it could finally wake up the people of zimbabwe in the same situtation.
There are 66 countries that peg their own currency to the US dollar. All of those countries could start to panic. Tether collapse, could cause the collapse of pegged currencies, not just stablecoins. IT will be the most bullish thing for Bitcoin and precious metals.
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