A chain is as strong as its weakest link. Our house can be very safe. We may have an impenetrable door, but if we leave the key under the carpet, our great system is probably not as secure in practice as we think. It’s certainly a mistake to think of Bitcoin as a bunker in the middle of nowhere. Bitcoin is actually an element in a much larger infrastructure. Bitcoin are the miners, developers, purses, exchanges and their colleagues. For example We can’t see Tether as anything other than Bitcoin. It would be like selling ice cream, but we don’t care if the tickets are wrong or not. Tether is a time bomb and our Achilles’ heel. Let’s talk about this big security hole in Bitcoin.
In general We have to recognize that the crypto community is not very critical. As a collective, we tend to romanticize Bitcoin in a very romantic way. When someone points out a mistake, we justify it in a thousand ways. Bitcoin has a very powerful impact on its users, making them gospel militants. Many fall in love with a story and begin to defend a dogma. This pseudo-religious behavior often makes us very intolerant of self-criticism. And without self-criticism, it is difficult to improve.
Read on: manipulation? Tether created USD1 billion in April, while Bitcoin rose more than 22%.
“”It’s not Bitcoin, it’s …Because Bitcoin is sacred and the guilty are always the rest. And we refer to others as something separate from Bitcoin. For example, let’s say Bitcoin is decentralized. However, if someone mentions the centralization of code developers, miners, exchanges and whales, we get a defensive and visceral response. This is temporary. Or it is worse in the Fiat. Or the classic “It’s not Bitcoin, it’s human“” People who have experienced communism up close are very familiar with such talks. People simply cannot be rational with the things they love and often make the mistake of defending the unsustainable.. Like the mother who defends her spoiled son through and through. The little demon may be a public threat, but she always defends her little angel.
However, we are well aware that it is possible to believe in something while recognizing its shortcomings. Not everyone who criticizes tries to discredit. Self-criticism is important in order to improve. Well then It is obvious that Bitcoin is not strong when its main pairs are weak. The Bitcoin gospel tells us that Fiat is the enemy. But that’s not true. In reality, they are great allies. The Bitcoin price is directly related to the dollar. Bitcoin and the dollar are married. Yes, gentlemen. That’s how Bitcoin’s demand comes in dollars. And with dollars, the price rises. Enemies? I do not believe that. Are Amazon Stocks Enemy Of The Dollar? This is the case of the anti-imperialist dictator who sells all his oil to the “rich” whom he criticizes so much. Are they real enemies or trade allies? In many cases Rhetoric is one thing and reality is another.
And when we talk about the dollar, we have to talk about Tether. Because Tether represents the dollar in the cryptosphere. Tether is a problem for Bitcoin, not because it is a scam. The problem is that Tether has too large a share in the stable coin market. And Tether is a centralized currency. This gives too much power to a single unit. In practice, Tether has the crypto community in hand. It has the ability to lower or raise the price of Bitcoin at the push of a button. Bitcoin’s price can go up to 100,000 or 2,000 tomorrow if Tether decides.