alt Hacker Newsif its bannable by a centralized place please explain how it is decentral? i thought that was the kind of controls a decentral system was specifically designed against. is that understanding of mine flawed?
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idiotsecant • today at 12:44 PM
It might be decentralized in terms of infrastructure, but the more precise property is that it is permissioned. Permissionless stablecoin exist - see DAI, etc, but USDT is absolutely not one of them. It is the worst parts of cash and the worst parts of crypto put together into one unholy pile of suck.
Your thinking is not flawed. It's just not decentralized.
Decentralized cryptocurrency is an ideal from early 2008's from the Bitcoin supporters. It's not the reality of cryptocurrency in general.
Cryptocurrencies are full of contraditory ideas between the founding ideology and the actual usage.