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Bitcoin-Tether Paradox is unbelievable but accurate by the end of 2020. As everybody knows in the crypto-space and now millions out, Bitcoin has reached new historical highs.
Almost 12 years later of creating the first block on the Bitcoin blockchain on January 3, 2009 — known in more technical language as its "genesis block," we are confronted with a crazy paradox.
Bitcoin
A revolutionary text
Bitcoin: A Peer-to-Peer Electronic Cash System — published on October 31, 2008 — outlined a tamper-proof, decentralized peer-to-peer protocol that could track and verify digital transactions, prevent double-spending and generate a transparent record for anyone to inspect in nearly real-time.
The protocol represented a cryptographically-secured system — based on a Proof-of-Work algorithm — in which Bitcoins (BTC) are "mined" for a reward by individual nodes and then verified by other nodes in a decentralized network.
This system contained the possibility of overcoming the need for intermediaries such as banks and financial institutions to facilitate and audit transactions — a major disruption to a siloed, monopolized field of centralized financial power.
Tether
On December 18, 2020, a headline on Cointelegraph read: 'BAM!' Tether celebrates as USDT market cap passes $20 billion.
From Tether's website, you can read:
"Tethers exist as digital tokens built on bitcoin (Omni and Liquid Protocol), Ethereum, EOS, Tron, Algorand, SLP, and OMGblockchains. These transport protocols consist of open source software that interface with blockchains to allow for the issuance and redemption of cryptocurrency tokens, in our case, "tethers." Tether Platform currencies are 100% backed by Tether's reserves. Tethers are redeemable and exchangeable pursuant to Tether Limited's terms of service. The conversion rate is 1 tether USD₮ equals 1 USD.
The Tether Platform is fully reserved when the sum of all tethers in circulation is less than or equal to the value of our reserves. Through our Transparency page, anyone can view both of these numbers on a daily basis.
Not Revolutionary at all
Tether has by far the most volume in the cryptocurrency space. In other words, Satoshi's Nakamoto remarkable tech break trough has been surpassed by better blockchains in terms of scalability, speed, consensus mechanisms, and so on, but the dream of a Decentralized "Peer to Peer cash system" is now taken by a USD dollar ERC 20 simple representation and a "Not very Peer to Peer cash system" with reserves in a traditional bank in HK. If Satoshi is dead, he must be rolling in his grave; if not, we have come with a solution that will make him proud.
A revolution we are starting
GAUGECASH/GAUGEFIELD is the First Decentralized Monetary System that should take down Tether and all the fiat back stable coins. We are aiming with outstanding innovation over an already great tech to become a real competitor for the EUR/USD Markets. Doing so can bring enormous wealth for any investor who wants to take on the venture with us to conquer the largest financial market in the world in DeFi Fashion.
We are ending a troublesome year, but like never before in history, Bitcoin has brought wealth to investors but will not be able to accomplish its original purpose because of today’s better blockchain tech. But that doesn’t mean by 2022, we should be facing this awful Bitcoin-Paradox again.
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