It’s time for some big brain quotes, from Ludovicus Jan van der Velde. The “CEO”. Of Bitfinex/Tether.
“Financial stability is an absence of instability.” -Ludovicus Jan van der Velde
If a problem cannot be defined, it cannot be solved. - Ludovicus Jan van der Velde
“Where the stablecoin is collateralized predominantly by the asset to which it is pegged, or an asset with a similar risk profile, the management of reserve assets requires little more than the provision of basic banking services.” -Ludovicus Jan van der Velde
When you see some random asshole launch a new meme dog shit token, in reality the exchanges that rush to list it were loading up on the dog shit tokens.
The minute the dog shit token was created, the exchanges were already going to list it to unload it to their sucker customers.
Instead of making fake companies and fake stocks to sell to bagholders, the exchanges just make their own dog shit tokens and peddle them to retail suckers & let the marketing guys take it over.
It's one thing to be suckered into a company that claims to have some new patent.
Instead of investing in a company with a cool patent or about to get FDA/FCC/FAA/EPA/CIA/FBI/IRS/NASA/CFR/KGB approval, now they're literally selling you dog shit tokens.
They also can just fake the market with their own wash trades, like Coinbase was convicted of.