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RE: The Attack On Stablecoins

in LeoFinance3 years ago (edited)

Clearly, decentralized, trustless, autonomous networks are better, BUT the stablecoins you are protecting with this post are centralized private entities under the control of the devs.
Tether has also stated it is a centralized entity, has previously frozen funds in ETH wallets, and probably it is the same with USDC.
If there is one reason USDT is still running just because the government knows it can shut it down any time it wants.

Protecting crypto is about protecting decentralization, immutability, and financial freedom. Sadly, Tether is nothing about these features. It hasn't been transparent and nobody trusts the people behind it. We need trustless networks, not similar to the archaic banking system.

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I tried to edit this comment a couple of times, after I read the whole post again. I don't know why I can't edit it, however, I will write here what I wanted to add:
I made a mistake in the part that you were talking about Hive Dollar, while I thought you were trying to protect the centralized stablecoins Tether and USDC. For the part you explained this was about the Hive Backed Dollar (HBD) you find me in absolute agreement.
I also try to research DAI and feel that any decentralized stablecoin may be able to work better than the fiat currency itself.
Totally agree on CBDCs too.