thought experiment: why do BTC maxis defend Tether?
In the end a stablecoin is just another form of fiat. I'm old enough to remember when Real Bitcoiners were actively trying to destroy fiat.
But now, to insult Tether is, somehow, to insult Bitcoin itself. Say anything bad about Tether, and an army of BTC maxis (and only BTC maxis) will show up to defend it.
?
Isn't that a little strange? Why would Bitcoiners (who ostensibly want to see the end of fiat) defend Tether, which is basically fiat with less regulation.
It's not due to some general defense of liquidity in the crypto market. Look around. There are many different stablecoins that markets could use (USDC, BUSD, UST, DAI, etc). If people just switched to those, there would be the same liquidity.
So how did it happen that a big group of people who supposedly want to see the end of fiat currency become the cheerleaders for fiat?
Another thought experiment:
Print an unbacked USDT
Use unbacked USDT to purchase BTC / commercial debt
USDT is now backed by BTC / commercial debt
BTC / debt markets go up (markets manipulated)
Could it be possible that maxis are afraid their money printing + BTC-buying machine is about to stop working?
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