This is incredible. How many times have cryptocurrency evangelists railed against phony fiat currency, only to be perfectly fine with an abstracted token that is backed by either fiat currency or nothing.
To be fair a lot of us stay away from these Tethers.
I think there is a place for a 1:1 backed currency on the blockchain, but I'd rather see Governments actually print for example USD and AUD onto something like an ERC20 Ethereum token.
This would add real fiat to the blockchain which is important, as in the end all taxes are paid in fiat. (It would be nice to be able to go directly into AUD for all crypto currencies, rather than the mess I have now which is to use an intermediate crypto currency like Ethereum or Bitcoin to move in and out.)
Those extra transactional costs really screw with a lot of us.
Most "cryptocurrency evangelists" as you say stayed as far away as they could from USDT and are rather supportive of Bitfinexed's arguments against tether.
Money is many things. Some people are against fiat currency as store of value, but okay as medium of exchange. Tether is fiat currency used as medium of exchange but not as store of value.
