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RE: Tether: An accountant's view
Any crypto can be said to be useless crypto.
Get rid of USDT anyways ... its time to allow us to trade our fiat directly for what ever crypto we want. Once an exchange comes out an offers that it will become the #1 exhchange over night.
The sad truth is most exchanges don't want that because they want the transfer fees we pay when trading our USD for Bitcoin to use to trade for Altcoin. Which some of us will eventually trade back to Bitcoin to trade back to Fiat after we profited.
That can be said, but it wouldn't be true as many cryptocurrencies are decentralised digital tokens which cannot be destroyed or created arbitrarily which is what gives them their value as a medium of exchange.
The problem with Tether is that it has no limit on it's supply in the blockchain, we have to take Tether's word that they will only issue USDT when they have corresponding USD in their bank account.
The trouble with full-exchanges is the regulation. Anyone offering a full exchange will need to navigate the current uncertain regulatory framework. However, in the UK we have Coinbase that allows direct access from Fiat to Crypto. We may also see Binance join in as they have reportedly opened up operations in Malta (an EU country)
As for the fees, I totally agree, it's currently extortionate, but if you take John McAfee's advice, you should never be going back to fiat!
That is a concern with USDT and anything is possible with greed and temptation.
I am aware of Malta. Many online gambling sites set up shop in such countries to skirt laws in their own.
I think crypto is the future but until its widely accepted we will need fiat to purchase things crypto can not. Many peoples goals that are into crypto isn't to have a bunch of crypto. Its to have a bunch of crypto that is worth a bunch in fiat.