I second that, and if you have your money in your bank account, it is insured up to a certain amount, thus even if the bank fails, you're definitely not going to lose everything. I can't say that for your USDT, if anything goes wrong with the issuing company (and it can, with all the manipulation going on), everything you have in USDT becomes worthless and lost.
I agree. There's a difference between having your US dollars in a federally insured bank account versus owning some crypto token that a private company is supposed to be willing to redeem for you into US dollars. You're right it's not insured and it could suffer some type of adverse event causing the loss of funds (authorities "freezing" the address, depegging, etc). Most people holding USDT probably think none of that could ever happen to them though. Quote
Cryptocurrency regulation in the United States is going to a whole new level, they want to be able to monitor everything that their citizens do with cryptocurrencies,
I agree with that. The strange thing is how if you just BUY bitcoin and hold it, they so far haven't tried to impose any type of reporting requirements on USA citizens. That's kind of strange though. You'd think they'd want them at least answering a YES/NO question on their tax returns.During the past year, did you purchase any cryptocurrencies?
If you answered YES, provide the complete details of each purchase including the addresses the funds were put on.
it is very obvious the government are trying to find their way Into controlling Tether, though all these happening are associated with the hack at ledger connectkit, and it might seem the government are just trying to track the hacker, but giving them this privilege might also be the beginning of a new era in tether, where their activities would be strictly monitored and controlled by the government. I lack words to express how fucked up the crypto network would be, in the influence and control of the government.