- There are three planned phases of the Reserve network:
1. The centralized phase — where Reserve is backed by a small number of collateral tokens, each of which is a tokenized US dollar.
2. The decentralized phase — where Reserve is backed by a changing basket of assets in a decentralized way, but still stabilized in price with respect to the US dollar.
3. The independent phase — where Reserve is no longer pegged to the US dollar, with the intent of stabilizing its real purchasing power regardless of fluctuations in the value of the dollar.
Emphasis mine. Anyone who thinks startup dudebros and VCs are "deeply competent in their understanding of markets" clearly hasn't been paying attention. Case in point, the entirety of the crypto "industry", Uber, that co-working company (whatchamacallit), etc etc. These "oh shit, Tether is a scam" posts have been regularly popping up for the past N years now and anybody with half a clue already knows that. Unfortunately crypto enthusiasts, startup dudebros and VCs aren't "deeply competent" at much of anything so Tether just keeps on chugging.my experience on Twitter is heavily weighted towards seeing posts by other founders and venture capitalists. By and large, these folks are well-meaning, highly intelligent, and deeply competent in their understanding of markets.