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Why Tether's Collapse Would Be Bad For Cryptocurrencies (wired.com)
Yesterday, Bloomberg reported that the U.S. Commodity Futures Trading Commission sent subpoenas last week to virtual-currency venue Bitfinex and Tether, a company that issues a widely traded coin and claims it's pegged to the dollar. Wired's Sandra Upson explains why Tether's collapse would be bad for the entire cryptocurrency market: Unlike bitcoin and its many siblings, tether is what is called a stablecoin, an entity designed to not fluctuate in value. With most cryptocurrencies prone to wild swings, tether offers people who dabble in the market the option of buying a currency that its backers say is pegged to the U.S. dollar. The root of the controversy is whether the company behind it, also called Tether, is telling the truth when it claims that every unit in circulation is matched by a U.S. dollar it holds in reserve. If the company has a dollar for every tether, that means in theory any holder can sell tethers back to the company for an equal number of dollars at any time. This belief keeps the value of a tether pegged to a dollar.
If tethers are not backed by a matching number of dollars, then Tether can print an arbitrary amount of money. (Other cryptocurrencies, by contrast, create new tokens according to strictly prescribed, predictable rules.) Other problems ensue, including suspicions that Tether is timing the release of new tethers to coincide with drops in the price of bitcoin and then using those tethers to scoop up bitcoins. Some observers fear that these purchases are artificially inflating the price of bitcoin. If traders lose faith in tether, they could end up triggering the crypto version of a bank run. Tether helps stabilize cryptocurrency exchanges in various ways, so its collapse could also cause some exchanges to topple, wiping out billions of dollars of investments overnight and potentially undoing much of the public's growing interest in new technologies like bitcoin.
If tethers are not backed by a matching number of dollars, then Tether can print an arbitrary amount of money. (Other cryptocurrencies, by contrast, create new tokens according to strictly prescribed, predictable rules.) Other problems ensue, including suspicions that Tether is timing the release of new tethers to coincide with drops in the price of bitcoin and then using those tethers to scoop up bitcoins. Some observers fear that these purchases are artificially inflating the price of bitcoin. If traders lose faith in tether, they could end up triggering the crypto version of a bank run. Tether helps stabilize cryptocurrency exchanges in various ways, so its collapse could also cause some exchanges to topple, wiping out billions of dollars of investments overnight and potentially undoing much of the public's growing interest in new technologies like bitcoin.
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Man is a Sinner in the Eyes of a Holy God.
Isaiah 53:6, “All we like sheep have gone astray; we have turned every one to his own way; and the LORD hath laid on him the iniquity of us all.”
Romans 3:19, “Now we know that what things soever the law saith, it saith to them who are under the law: that every mouth may be stopped, and all the world may become guilty before God.”
John 3:3, “Jesus answered and said unto him, Verily, verily, I say unto thee, Except a man be born again, he cannot see the kingdom of God.”
Romans 3:10, “As it is written, There is none righteous, no, not one.”
Romans 3:23, “For all have sinned, and come short of the glory of God.”
There is a Price For Our SinBurning in Hell Forever.
Romans 6:23, “For the wages of sin is death; but the gift of God is eternal life through Jesus Christ our Lord.”
Romans 5:12, “Wherefore, as by one man sin entered into the world, and death by sin; and so death passed upon all men, for that all have sinned.”
2nd Thessalonians 1:8, “In flaming fire taking vengeance on them that know not God, and that obey not the gospel of our Lord Jesus Christ.”
Revelation 20:15, "And whosoever was not found written in the book of life was cast into the lake of fire.”
Revelation 21:8, “But the fearful, and unbelieving, and the abominable, and murderers, and whoremongers, and sorcerers, and idolaters, and all liars, shall have their part in the lake which burneth with fire and brimstone: which is the second death.”
Jesus paid that price by dying on the cross and shedding His blood; Christ was buried and bodily rose again the third day!
Romans 5:8, “But God commendeth his love toward us, in that, while we were yet sinners, Christ died for us.”
John 3:16, “For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life.”
1st Timothy 1:15, “This is a faithful saying, and worthy of all acceptation, that Christ Jesus came into the world to save sinners; of whom I am chief.”
1st Peter 1:18-19, “Forasmuch as ye know that ye were not redeemed with corruptible things, as silver and gold, from your vain conversation received by tradition from your fathers; But with the prec