#TetherFreeze

[ladookhotnikov]

Tether freezes wallets

Tether decided to freeze wallets that had been sanctioned by the US authorities. That can have a very serious impact on the future appearance of the crypto world.

I’m not discussing the fairness of the freeze, I’m more interested in the possibility of freezing the wallets. What’s happening is what I predicted a long time ago: the state is starting to take control of the crypto business.

In this regard, Tether plays a special role. USDT stablecoins become parallel payment instruments in Brazil and Argentina. Following sanctions policy is only the first step. Control of financial flows will almost inevitably follow... and the USDT will integrate itself into the existing fiat system.

From a business perspective, Tether was right. However, the future of the crypto business I represent quite differently. This is a decentralization!

I am convinced that no one should be able to block your money. Satoshi Nakamoto created Bitcoin based on the impossibility of blocking wallets and transactions. If the holder of a wallet is accused of something, there are many ways to organize his legal prosecution, but the network must remain neutral and impartial.

The decentralization of cryptocurrencies cannot be selective. As soon as subjective decisions can be made, a window of abuse is opened.

Such logic may seem unacceptable in the paradigm of the traditional centralized fiat economy. It is inconceivable that the state has no right to block your funds. However, let’s reformulate the problem. No one, including the State, has the right to block access to air. Own money is just as natural an asset. 

And that does not mean that criminals will go unpunished. There are plenty of tools to help us identify the intruder, let law enforcement work. It is simply impossible to adjust the financial system according to the wishes of the security forces - otherwise we will simply get the reincarnation of the fiat system with all its vices.