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I understand why stablecoins exist, but doesn’t an operation like Tether go against the decentralization goal of “crypto”? The fact that the ecosystem has become dependent on these types of players is interesting to me. Why hasn’t the community demanded even basic transparency about their operations? It seems to be totally exempt from the pious expectations of other crypto projects.

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Most of the crypto heads on Twitter actually seem to believe that it is properly backed. But you know, you're judging the opinion of people who invest in cartoon apes.

> Most of the crypto heads on Twitter actually seem to believe that it is properly backed.

I don't think anyone genuinely believes this. But as long as everyone knows the game, but the peg holds and their bags are pumped, then nobody cares.

Yeah, I actually probably lean towards following the nuttier ones for my own entertainment.

Just had a look on r/crytpocurrency and they all seem to realise it's BS and a huge risk to the market.

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