Direct from the desk of Dane Williams.
With Tether freezing millions of dollars worth of USDT, algorithmic stablecoins like Hive Backed Dollars are the only way forward.
Stablecoins are going to be the biggest talking point within the crypto industry in 2022.
The US regulator has realised that there is no point in trying to regulate conventional cryptocurrencies like Bitcoin.
But in saying that, US backed stablecoins are a whole other kettle of fish.
Watch out collateralised stablecoins, the SEC is coming for you.
The LeoFinance community has already started the year with its finger on the pulse, putting a focus on stablecoins.
Tether are already freezing funds
But after reading news that Tether keep freezing addresses with millions of USDT, I’ve gotta ask the question again.
Why would you use Tether as your stablecoin of choice?
Here it is straight from the horse's mouth:
When contacted, a Tether spokesperson declined to share those details to maintain the owner's privacy but said Tether regularly works with regulators and law enforcement agencies worldwide, including on any cases related to hacks and scams, for freezing addresses.
And that’s before we even go down the rabbit hole of whether USDT even has the 1:1 collateral behind them that Tether promises us exists.
Sure, you’re not a criminal and you didn’t flog those funds so there’s probably nothing to worry about.
If you’re straight, they probably won’t come after your money.
But just like when it comes to being censored on traditional social media, the only thing that matters is that a centralised entity has the ability to freeze your funds at all.
If you’re a business or any sort of serious investor, parking your crypto in USDT is a risk that you simply can’t afford to take.
Algorithmic stablecoins are the only way forward
The entire market is going to wake up to this fact sooner rather than later and truly decentralised, algorithmic stablecoins are going to be the only answer.
When it comes to stablecoins of this nature that run on truly decentralised, permissionless networks, there aren’t many alternatives.
Enter Hive Backed Dollars (HBD) - The Hive Blockchain’s very own trustless, algorithmic stablecoin.
Supported by the Hive network’s ability to convert HBD into $1 USD worth of HIVE at any time, they provide a trustless solution to the soon to be highly regulated stablecoin space.
No questions asked, 1 HBD can always be converted into $1 USD worth of HIVE.
All via a Web3 Hive account that you retain full access to via your private keys, on a fully decentralised blockchain.
Move into HBD with a Hive account
Algorithmic stablecoins are the future and if you intend on retaining USD denominated capital inside the cryptosphere, then HBD is the smart choice.
You can permissionlessly buy HBD from the blockchain’s internal market with a Hive account today.
Simply use your current Web2 social media account to onboard yourself into Hive’s Web3 ecosystem.
Head to leofinance.io, click the get started button at the top and create your Hive account using your Twitter login.
Stop taking a risk on Tether.
Best of probabilities to you.