If it's about the principle, shouldn't you be rallying against a company that has not been able to prove that has the reserves that it claims to have?
Keeping the peg is the least of the problems. If they somehow showed up tomorrow and said "Listen, we finally ran an audit and we found out that we really have only $0.90 for every minted USDT. But given that the small print says that we are allowed to return whatever we want, whenever you want, we decided that everyone will get a 10% haircut, ok?", you would bet that the market would shake for a week or two, but most of them would just scream Finally! and continue gambling what was left on the next project.
The real problem is that all that comes with that lack of transparency: the market manipulation, the cop-out to become a unregulated central bank, the inability for others to make a true assessment of the health of the market.
Tether basically took all the work from the cypherpunks and turned into a Casino that can't even be properly audited. They can manage to keep the peg for 20 more years for all I care, but each day they are still around is another day wasted that could be used for more meaningful things.
Keeping the peg is the least of the problems. If they somehow showed up tomorrow and said "Listen, we finally ran an audit and we found out that we really have only $0.90 for every minted USDT. But given that the small print says that we are allowed to return whatever we want, whenever you want, we decided that everyone will get a 10% haircut, ok?", you would bet that the market would shake for a week or two, but most of them would just scream Finally! and continue gambling what was left on the next project.
The real problem is that all that comes with that lack of transparency: the market manipulation, the cop-out to become a unregulated central bank, the inability for others to make a true assessment of the health of the market.
Tether basically took all the work from the cypherpunks and turned into a Casino that can't even be properly audited. They can manage to keep the peg for 20 more years for all I care, but each day they are still around is another day wasted that could be used for more meaningful things.