The Crypto Cartel

While presented as a tool for decentralization, stablecoins are being used to centralize power within the cryptocurrency space.

A group of insiders, venture capital firms, and currency speculators, many linked to the PayPal mafia, are using stablecoins to influence market direction and gain significant control over the infrastructure and governance of cryptocurrencies.

Peter Thiel, co-founder of PayPal and a central figure in the PayPal mafia, has played a pivotal role in shaping the cryptocurrency landscape, particularly regarding the rise of stablecoins.

Thiel and his business partners have used their wealth, influence, and access to institutions to promote a vision of the crypto space that directly benefits their interests, often at the expense of decentralization.

Stablecoins, especially those backed by the US dollar such as USDT and USDC, have become the dominant form of payment in the crypto space.

This dominance is not accidental, but the result of a deliberate strategy by the cartel to "dollarize" Ethereum.

https://unlimitedhangout.com/2024/09/investigative-series/the-chain-of-consensus-the-cartel-behind-the-blockchain/