$3 billion worth of stablecoins got frozen after the Binance hack last week. Proving once and for all that

1) stablecoins are not crypto currency

2) they can be tracked, frozen, and stolen at ANY TIME by their issuer

3) thus they are equivalent in value to electronic fiat that central banks “print” every day

Only the funds that weren’t recovered are legitimate cryptocurrencies, since the tech was built to be uncensorable. I know it sucks for those who lost their coins (or Binance who has to recapitalize), but this is how blockchains work.

submitted by /u/No-Masterpiece2246 [link] [comments]r/CryptoCurrencyRead More

You might also be interested in reading How I started taking control of money.