Tether tokens on the Ethereum blockchain have unilateral Blacklist & Destroy functions

Blacklist & Destroy
The following is for Tether tokens on the Ethereum blockchain only.
The Omni/Bitcoin blockchain Tether tokens function differently.
Looking through their smart contract source on lines 264 through 299 are the blacklist and destroy functions.
etherscan.io/address/0xdac17f958d2ee523a2206206994597c13d831ec7#code

Summary
Tether is able to unilaterally blacklist any Ethereum address. Doing so labels the user as evilUser and all their Tether tokens are designated as dirtyFunds. Once a user is blacklisted the destroyBlackFunds function can be used on their Tether token balances.
This sets their Tether token balances to 0 and decreases the total supply for the affected Tether tokens.

Possible Consequences
Aside from the obvious of being at the complete mercy of Tether, this leaves them open to potentially catastrophic incidents and coercion from governments and other entities. Someone who gains access to the smart contract functions could blacklist all token holder addresses and then destroy all Ethereum Tether tokens.
Tether could say they will comply with all legitimate government orders and blacklist and destroy the funds of anyone a government requests.

As a potential model for authoritarian governments
Cash is difficult to control. How much easier it would be for a government to have centralized control over all of their citizens' net worth of legal currency. First a warning is given. After so many offenses or for whatever reason, the citizen's government issued address is blacklisted, temporarily or permanently. Their funds destroyed, or not.
This would cut them off from rest of the national economy, except for those who'd risk becoming blacklisted as well.
This has all the makings of a Black Mirror episode.

Plea
Please, don't support this model. Don't let think anyone think this is acceptable.

Other urls found in this thread:

youtube.com/watch?v=45JHsGzRVHI
twitter.com/NSFWRedditVideo

Holding 200k USDT right now. Keep fudding :)

>blah blah blah I copy pasted this from my discord

So your portfolio is basally dead...

I don't even use discord

I'll give you a dollar for all of it.

remember folks, don't do this

Lines 264 to 299

contract BlackList is Ownable, BasicToken {

/////// Getters to allow the same blacklist to be used also by other contracts (including upgraded Tether) ///////
function getBlackListStatus(address _maker) external constant returns (bool) {
return isBlackListed[_maker];
}

function getOwner() external constant returns (address) {
return owner;
}

mapping (address => bool) public isBlackListed;

function addBlackList (address _evilUser) public onlyOwner {
isBlackListed[_evilUser] = true;
AddedBlackList(_evilUser);
}

function removeBlackList (address _clearedUser) public onlyOwner {
isBlackListed[_clearedUser] = false;
RemovedBlackList(_clearedUser);
}

function destroyBlackFunds (address _blackListedUser) public onlyOwner {
require(isBlackListed[_blackListedUser]);
uint dirtyFunds = balanceOf(_blackListedUser);
balances[_blackListedUser] = 0;
_totalSupply -= dirtyFunds;
DestroyedBlackFunds(_blackListedUser, dirtyFunds);
}

event DestroyedBlackFunds(address _blackListedUser, uint _balance);

event AddedBlackList(address _user);

event RemovedBlackList(address _user);

youtube.com/watch?v=45JHsGzRVHI

the ability to buy and sell turned off at will by the state

where does this sound familiar? that's right, it's in the bibble. mark of the beast