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The Unseen “Glue” of the Crypto World: Tether
In a world rife with digital assets that behave more like hyperactive squirrels on caffeine than traditional currencies, there’s one stalwart that seems to maintain its “composure.” Our trusty friend, Tether (USDT), that pillar of stability in the volatile realm of cryptocurrencies. Oh wait, isn’t that the one that’s meant to be pegged to the dollar, offering traders a port in the storm of crypto chaos? The coin that’s supposed to be as reliable as the good ol’ greenback? Well, seems like our faithful buddy Tether has decided to play some pranks on us.
A Bit of a Wobble, or The Start of a Full-Blown Meltdown?
Back on July 7, 2023, the seemingly infallible USDT, our dear, “stable” Tether, took a little tumble on Binance. One moment it was steadfastly glued to the dollar, and the next, it was trading as low as $0.98. That’s right, a stablecoin that can’t stay stable. But hey, we’re probably overreacting, right?
It’s not like this has happened before. Oh, but wait, it has! Remember May 12, 2022? Or how about that October 15, 2018? Our dependable Tether has had its fair share of wobbles in the past too.
But let’s not forget the subtle genius of the mainstream crypto media, who wouldn’t dream of disrupting our calm with such unimportant news as Tether’s depegging. Nah, nothing to see here!
It’s only the coin that makes up over 85% of Bitcoin’s volume. It’s just the “glue” holding everything together. A bit of instability there should be totally fine, right?
The Catastrophic Domino Effect, Nobody, Wants to Talk About
So, what happens when this “glue” decides to have a little fun and abandon its dollar peg? Surely, the answer is nothing catastrophic, right? Let’s all enjoy the ride on this ship of fools while it lasts, shall we? Because, when Tether fails, and we have the front row tickets to the spectacle, we’ll witness the true catastrophe.
And yet, there’s an eerie silence. The crypto media is suspiciously tight-lipped about this game of Russian roulette we’re playing with Tether. We’re just supposed to trust in the stability of this “stablecoin,” despite the fact that it’s acted more like a drunken sailor on shore leave.
Let’s Talk Tether, or Better Yet, Let’s Not?
To our beloved mainstream crypto media: Why so silent? Why the conspiracy of silence around Tether, the crypto-world’s Achilles heel? Is it because acknowledging the potential danger would mean bursting the crypto bubble? Is it because the fantasy of unending riches and stability is more enticing than facing the impending catastrophe?
But let’s not spoil the party with such pesky questions. After all, who wants to be the party pooper in the wild ride of crypto riches? So, let’s just sit back, relax, and hope that our “stable” Tether doesn’t decide to have another one of its “wobbles.” After all, it’s just the glue holding everything together. What could possibly go wrong, right?
