Memeingful Tokens EP3: A Segway

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Memeingful Tokens EP3: A Segway

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4 min read

Quick disclaimer: Before I start, let me say that not all memetokens are created equal, but they’re all better than USDT (imo, which I will discuss here). This is not an attack on USDT, we're just poking some fun. I do use USDT. Also, I don’t hate the United States or its people. I only dislike two specific individuals which I'm also gonna talk about here. Or maybe, I’m just biased to BTC and ALPH in general. Nevertheless, let’s talk about one particular memetoken in Alephium. Also, I WAS a BTC maxi, so tone could really sound like one.

Introduction

I promised to cover meme tokens and decided to start with the elephant in the room: USDT. Stay with me for a couple of sentences before you decide to leave, okay? So, let me warm things up. The Tether (USDT) cryptocurrency is designed to maintain a stable value by pegging it to the US dollar. This is achieved by backing each USDT token with yada yada yada, insert some text here to make USDT trust worthy, insert some interesting yet boring ideas about volatility. Then lets end it with some top notch ambiguous claims that it is backed 1:1 by USD or by something else. Ugh!

Here in crypto we love shitting on the US Dollar. Why not? Well maybe we hate the fact that this is where the JEETS*(n.)* jeets*(v.)* our favorite coins into. Or maybe you're like me who hates two people in particular. We prolly hate someone named OG Gary “G” who might have gangsta’d your bag not so long ago for calling your coin a security, essentially making it look like the shitcoin (on charts!). Maybe someone named Jerome POWERS (I changed his last name to keep him anon, but also because he got lots of it, apparently) is running pump and dump schemes live, on national tv! You know I speak the truth! So today, I’ve decided to breakdown the memecoin USDT, and the real shitcoin backing it, the US Dollar. I think it's more fun this way.

For Degens Only...

USDT is trust on LEVERAGE. Look, USD itself is fiat. Meaning, it is not backed by gold or anything in particular other than your trust in the government. You don't even know where that trust came from. You don't even know if you trust it! While USDT does report 1:1 backing with the dollar and regularly undergoes audits, the reliability of these audits and the exact backing is a topic of ongoing discussion. I'm not gonna go start scrutinizing how they do some wordplay about their reserves, as it is just one slippery slope, but let me just say this is a centralized entity and they can hide whatever they want to hide, show you what you want to see, freeze your USDT for whatever reason so that they could decrease the circulating supply, and/or just maybe one day- decide to pull a Lehman Brothers stunt.. Further more, what if it is not the Tether folks that’s gonna pull a stunt? What if OG Gary “G” decided one day USDT is a security? GG! pun intended! Or what if Jerome POWERS decided to print some more? Jeez, so many risks! Look how leveraged you are when you’re holding this shit. Don’t get me wrong, I use USDT. BUT I DON’T HOLD IT. Not financial advice. Just personal preference of just hodling pure ALPH.

The Use Cases

Now, let's talk about the use cases of USDT other than cashing out. This one is like a digital version of the US Dollar, but with the added bonus of being used to fund all sorts of nefarious activities. Need to buy some weapons-grade plutonium? No problem! Just use USDT. Want to fund a coup in a small, oil-rich nation? USDT has got you covered. Of course I’m exaggerating! Sometimes I just wanted to poke fun with these crypto fudders. Ugh!

Alright. You know what, I’m not gonna waste your time. I’ve decided, we’ll end this here. There’s really no point discussing this.

Thanks for joining me. I hope you enjoyed my monologue. See you on the next one!


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