If people get an opportunity to game the system, then some of them will. Especially when there are blind believers and hype, then there are always smart people who find a way to exploit the system in their favor.

So this needs fixing indeed. And it is not the end of the world. Every new system has its problems. For the system to mature, these problems need to be fixed.

As long as it is clear that a fix is coming, trust will return to the market. But if this is ignored, trust will be lost.

Let’s hope that people in control of tethers will see the benefit in the long term of a proper audit and control by a financial watchdog (that’s what we would call it in the Netherlands, but you probably get what I mean).

Unfortunately, far too often people ignore problems, or choose short term gain over long term gain, so we will have to see what happens.