EXCLUSIVE: Dogecoin Mania did not show the “finish of crypto” in order that they launched industrial bathroom paper – Benzinga
Dogecoin (CRYPTO: DOGE) and other meme coins have been in the spotlight this year as they skyrocketed, but there’s one cryptocurrency out there that aims to take the meme hoopla to the nth level. Get to know Tetherino, a project that deals with stablecoins and in particular Tether (CRYPTO: USDT) whom it calls its “step brother”.
See also: Best stablecoins
Commercial toilet paper: “We hoped the Dogecoin mania would end crypto by exposing how ridiculous crypto ratings are. But we were wrong, ”Tetherino Chief Technology Officer, who goes by the pseudonym Paolino Ardoino, told Benzinga about the motivation behind the“ commercial toilet paper ”inspired project and his TTR coin.
Image: How Tetherino describes itself on its website with “Pumping The Markets” as a declared goal
“That’s why we decided to create the most ridiculous cryptocurrency there can be and make it successful in terms of liquidity, acceptance and market capitalization to do the job that Dogecoin failed to do.”
Tetherino is not inspired by Dogecoin, but wants to overshadow it as a joke cryptocurrency. Ardoino revealed that the project was inspired by Tether himself, pointing to the stablecoin’s “commercial paper” backing, which led Tetherino to opt for “commercial toilet paper”.
Ardoino argued that Tetherino’s support was “more real and valuable” than Tetherino’s.
“The impossibility of redeeming stablecoins has led us to introduce an actual“ redemption function ”for Tetherinos, where you can get real (commercial) toilet paper rolls by sending Tetherinos back to our treasury account.”
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Another inspiration for Tetherino was XRP (CRYPTO: XRP) and their liquidity provider claims according to Ardoino. Bitcoin (CRYPTO: BTC) “Comedy Gold” is an inspiration for Tetherino’s memes and image.
Image: A quote from Warrenino Buffetino, an “early supporter” of Tetherino.
Why aim at Tether? Why Tetherino is training his weapons on Tether and other stablecoins with his parody, Ardoino told Benzinga that “Tether’s roots are very deep in the entire cryptocurrency ecosystem”.
“Parent company iFinex also owns the Bitfinex exchange and has a stake in Blockstream, where most of the Bitcoin Core development team comes from.”
“The bull market that began in March 2020 coincided with Binance’s decision to accept Tether as collateral for leveraged trading. The [circumstantial] The evidence that Tether and the team behind it are at the heart of the crypto ecosystem and market is overwhelming, ”explained Ardoino.
Tetherino’s CTO criticized Tether’s alleged disbelief. He said, “You are a joke for anyone who has real experience in finance and banking.”
See also: Tether (USDT) and Binance Coin (BNB) are likely targets for SEC lawsuits, says crypto legal expert
“They don’t have proper reporting standards, don’t adhere to accounting standards, have oversight, no funds segregation procedures. They just make things up as they go. But nobody dares to question them, probably because they are so deeply rooted in the crypto ecosystem. We believe that a bankruptcy of Tether would be a catastrophe for the crypto markets “, criticized Ardoino.
Image: Quote from Elonoino Mosquito, also an “early supporter” of Tetherino.
On pump and dump: Ardoino blames an institutional “empty trust check” for the disease plaguing the cryptocurrency ecosystem. On Tether, he claimed, “You can buy print USDT to buy and inflate bitcoin and then offload bitcoin to wallets.”
Ardoino admitted that pumps and dumps exist in all markets when asked about the manipulative system in the broader context. However, he pointed out that the difference lies in oversight, transparency and incentives like the rule of law.
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“The Federal Reserve, for example, has ‘financial stability’ as one of its mandates,” said Ardoino, adding, “Mr. Powell, the chairman of the Fed, for example, couldn’t manipulate the S&P500 by printing itself a trillion dollars.” buying stocks to pump them up and tossing them to retail investors for the profits. Tether could. That is the big problem. “
Community, no coins: Tetherino’s mission is to raise awareness of issues affecting the cryptocurrency ecosystem, Ardoino revealed. In this respect, the community around the project is more valuable than the token.
“We need the community for creativity, insights and of course memes,” said Ardoino.
“If one day the Tetherino token hits a $ 1 billion market cap, that can’t be ignored and wiped away – people would have to talk about it, which in turn would draw the attention of the wider audience to our message,” explained Ardoino.
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Cover picture from Here and now unfortunately ends my journey on Pixabay from Pixabay