Tether Critical Announcement
The abstractions and tech which cryptocurrency works on is fragile in most of the same ways as the layers that came before it (credit cards&#x2F;banks&#x2F;etc).<p>Try to look at all this holistically.<p>How many people and resources do we dedicate on this planet to keep track of money, economy, mine the coins, cash the checks, swipe the cards, keep the lines working?<p>All of these abstractions make trade faster and more liquid but honestly it really feels like dimished returns in the grand scheme of things.<p>So many people make money by keeping track of money. So much resources. I can&#x27;t even fathom it.<p>Bankers, store clerks, amazon servers, politicians, Dunbar, Stock markets, its crazy.<p>How much do we allocate to this cause, the cause of keeping track of &quot;who owns what&quot;?<p>This is not rhetorical, If I had to guess, I would guess that 70% of our resources and jobs are dedicated to this nonsense.<p>Just think we are mining coal out of the real ground just to mine these &quot;valuable&quot; ones and zeros. What the actual fuck?<p>It all just seems like a waste.<p>Use my empty clock cycles to mine and keep track of everyone&#x27;s virtual coins?<p>I was behind folding proteins and SETI, and all the other distributed computing ideas. It felt meaningful, like I could help change the world and help raise up the human condition...<p>Thanks to this post, I just learned what &quot;Tethers&quot; are, and I have to say, I&#x27;m so fucking disappointed with this part of the industry.<p>One of the early promises of cryptocurrency was to &quot;sick it to the man and governments&quot;. Now its powered largely by greed and consuming our most important resources in breakneck speeds.<p>I wish you all luck this this &quot;investment&quot;, hopefully the planet will survive this next abstraction of &quot;money&quot;.