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"Most decentralized" is marketing fluff, BUT, Tether maintains the ability to freeze tether-coins on any chain that they support - it's included in the contract for their token...
@cjd Not really. There are some metrics about decentralization and some are better than others. The way a project is mined (or pre-mined) and the distribution does matter.
You're right. I said "marketing fluff" because I didn't care to get in to the weeds on how nothing really touches a project like Bitcoin... But anyway, point is he's definitely not really telling the truth, but still it's orthogonal to what Tether does with their token contract...
@cjd I get it but that is what would make someone who holds crypto like BTC, DOGE, XVG, MONERO, or even ADA say "not decentralized" if someone can just do such a thing. Do we even have full transparency regarding how they are collateralized anyways?
Tron is a contract chain, like Ethereum. So Tether on Tron is just a token, Sun is claiming Tron itself is decentralized (doubt) which isn't the same as Tether. I don't think anyone in the world claims Tether is ... "decentralized" (or I hope they wouldn't)
@cjd Wait, are you sure about that? Isn't Tether just a cross-chain stablecoin? They are on several chains AFAIK.
They are, but they're doing that by issuing a token on top of each chain using a smart contract.
@Sovereign @cjd @DrBtc @jb
i looked in to the reason:
Tether has frozen two Tron-based wallets holding about $344 million in USDT, marking one of its largest enforcement moves to date. One wallet contained roughly $212.9 million, while the other held $131.3 million. The action was carried out in coordination with the U.S. Office of Foreign Assets Control (OFAC) and other law enforcement agencies as part of ongoing investigations into illicit financial activity. The move reflects Tether’s increasing role in supporting global regulators by blacklisting suspicious funds and tightening oversight of stablecoin flows across blockchain networks.
Okay?...... so since they can do this type of thing then in my opinion tether might as well be a CBDC.. fuck that
is there any coin that is pegged to the dollar that doesn't have a smart contract that allows them to have centralized control like this? or would it be impossible to keep the price pegged if they didn't have central control over the coin?..
i looked in to the reason:
Tether has frozen two Tron-based wallets holding about $344 million in USDT, marking one of its largest enforcement moves to date. One wallet contained roughly $212.9 million, while the other held $131.3 million. The action was carried out in coordination with the U.S. Office of Foreign Assets Control (OFAC) and other law enforcement agencies as part of ongoing investigations into illicit financial activity. The move reflects Tether’s increasing role in supporting global regulators by blacklisting suspicious funds and tightening oversight of stablecoin flows across blockchain networks.
Okay?...... so since they can do this type of thing then in my opinion tether might as well be a CBDC.. fuck that
is there any coin that is pegged to the dollar that doesn't have a smart contract that allows them to have centralized control like this? or would it be impossible to keep the price pegged if they didn't have central control over the coin?..
@FF777 @DrBtc @jb @cjd The problem with not having a CBDC though is that you have a harder time ensuring that peg. There are plenty of examples of "stable"coins destabilizing and making a bunch of people lose money. Although I fully get the CBDC concerns, most people who beat on that anti-CBDC drum aren't providing solutions to pegged assets losing their peg lol. I'm acknowledging the concerns but also mentioning that just throwing fire on CBDCs doesn't actually bring much to the discussion.
Switzerland solved this. Make cash payments constitutionally enforced everywhere if the citizen wishes to pay with cash.
Yes that was Terra/luna but back in 2022 it collapsed when the market melted down. It had no physical money backing it up but was an algorithm system to maintain the peg. It entered a death spiral and about $50b got wiped out. So now we're stuck with centralized dollar pegs.
It's a pretty interesting concept for a stable coin but they just dont hold up with panic starts. Do kwon got 15 years for it but I guess hes lucky to be alive after burning down that much money.
Ironically, the EU has the same rule. You can use cash anywhere you want, "card only" shops are illegal.