[mister_tee]

I enjoyed this meme on Twitter (saw a link to it, not familiar with any associated authors/commenters/threads): https://twitter.com/dgntec/status/1634621865485271041

Accessible description / save-you-a-click:

Left image: USDC: kitchen cabinet with a glass door; you can see on the inside a stack of dishes has mostly toppled, held up only so long as the door is closed

Right image: USDT: photo of kitchen cabinets with completely opaque wooden doors

(edit: spelling)

[wmf]

That meme is a great distillation of the cognitive bias at work here. USDC operates transparently so when there's a minor problem they admit it immediately and publicly, giving people something to overreact to. USDT is totally opaque and has outright lied in the past, so they keep saying everything is fine and people have no choice but to either trust them completely or don't touch crypto.

[drawkbox]

Same thing happens when autocracies with closed systems and closed markets who pump propaganda about Western liberalized democratic republics with open markets and open systems.

The systems that highlights and addresses problems with more transparency is the one that will be more robust and not blow up, adjustments can be made and it is a pressure release valve.

[m00dy]

I understand but as far as I know, Tether has never refused a single customer for redemption.

[lozenge]

Neither did SVB until one day, they couldn't any more.

[lokedhs]

Have they ever accepted any redemption?