And every other bull market since Tether was formed, yeah.
> I also tell loud and clear to stay away from them and to any exchange that wants you to be holding this shit. This doesn't mean that I swear off anyone working in crypto as a fraud like Tether.
Tether is 80% of trading volume lol. The water is so murky you could build a hut out of it. There is no market without Tether. Not one that looks anything like you imagine it does. [1]
> Inflation rate is under the target? Oh great, so now all the small business owners will go bankrupt and not be able to afford the things they need at almost the same price they were before, and the rest of the unemployed people can just take their $600 checks to buy a PS5 to kill the time they will be spending at home. Yay, economics!
Ah now I see the issue.
You've conflated fiscal, monetary, foreign and social policy into one abomination. This is your mistake. The Fed only manages the money supply. This is monetary policy. The Fed does this by increasing and decreasing the supply of money and managing interest rates and aims at a target 2% rate of inflation. It has done this incredibly successfully.
Then there's fiscal policy - and by extension social policy. This is government spending on social programs and also on foreign aid. Businesses going bankrupt are being allowed to do so by bad fiscal policy and not bad monetary policy and no amount of crypto will change that. Only you voting will change that.
That's not economics, that's fiscal and social policy. For instance, Canada is centrally banked, and doesn't have the issues you're pointing out because their fiscal policy was to provide everyone $2000 per month during COVID and is now paying small business rents. This is nothing to do with Bitcoin.
And your NGOs and the Sudan. This is both a distraction, whataboutism, and also not monetary policy. This is foreign policy. This is nothing to do with Bitcoin. This would still happen with Bitcoin, of course, but bitcoin also opens up a new avenue on top of making the situation strictly worse.
Please, learn about economics. Take an ECON-101 course. Stop trying to reinvent what you don't understand. I'm sure this is tough to hear because for many folks in the crypto space a whole lot of their identity gets wrapped up in crypto.
> Not every crypto project is a fraud.
No, but most of them are. And the ones that aren't don't solve anything better than a classical solution because trust is a huge optimization.
By all means, continue working on crypto. It's not illegal, its just, you know, not smart. But poor decisions tend not to be criminal!
[1] https://coinlib.io/coin/BTC/Bitcoin
(@konamicode, reference added here due to rate limit - I was referring to the "Money flow from/to Bitcoin in the last 24 hours" chart showing 12B of flow into Bitcoin was via Tether, out of a total of 15B).