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@ supermass
2025-05-09 15:37:25
I effectively agree.
However some important points:
1) Tether is “fully-backed” with reserves 1:1 (some of this is btc which is the only reason why it matters).
2) Bank dollars are 0% reserved, full fugaze
3) The government actually is the underlying issuer of bank dollars, the “independence” of the fed is not real.
This argument could also be extended to Tether and I would concede that, but Tether isn’t out issuing their own debt into infinity. They already are a proxy for the government’s debt (because much of their reserves are UST’s).
So, surveillance- and censorship-wise, no difference.
Issuance- and reserve ratio-wise, there are technical differences.