Some Bitcoin maxis are happy that Tether (TUSD) is going to be buying up loads of BTC on a monthly basis...
But I thought both Ethereum and Tether were shitcoins?
Some Bitcoin maxis are happy that Tether (TUSD) is going to be buying up loads of BTC on a monthly basis...
But I thought both Ethereum and Tether were shitcoins?
Do not forget UST tried the same thing.
Indeed, that maybe can have a moderate positive impact on the price today, but in the future any situation with Tether can be catastrophic for the entire crypto environment.
The Bitcoin Maxi part of the equation should provide you with enough answer.
They are morons. To back a currency (reserve) with a volatile asset is stupid. Great move when price goes up; price goes down have to add to the reserve.
And that's the fundamental fault line. A stablecoin utility is different, as its backing. The purpose is altogether different. They are only trying to feed the narrative of the so-called FOMO.