Emergency Interview With Paolino Ardoino, CTO of Tetherino

Less than 12 hours after our first interview was published, Paolino’s Twitter account was suspended by Twitter without any warning or explanation. It’s obvious that Tetherino, the young and ambitious project that aims at revolutionising crypto by deploying its proprietary next-gen memeing framework, is seen as a threat by the crypto establishment. Here’s an emergency update of the situation, as it happens.

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An Interview With Paolino Ardoino, the CTO of Tetherino

The team behind the rolls of commercial toilet paper and jail sweaters are on to something. As the crypto ecosystem pivots from money laundering, securities fraud and bullshit technobabble to next-gen memeing, Tetherino is a project I can get behind.

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I’ve taken down this post after a complaint has been filed with my hosting service

You can find its contents on my Medium account, and judge by yourself I am indeed “systematically harassing executives and employees of the company Tether and Bitfinex”.

While I disagreed with Tether’s request (I presume it was them), I don’t have the time to play these games (they obviously do).

Proof of Work is Killing the Environment to Create a Regulatory Loophole for Scams and Frauds

Crypto pundits’ efforts to defend Proof of Work, despite the financial absurdity of paying millions of dollars per day to perform a few transactions, and the resulting environmental calamity, are second to none.

The reason why PoW is the hill where the crypto industry is ready to die on, is that PoW is the foundation of the legal loophole that makes the blockchain a no-man’s land from the point of view of financial regulation and liability.

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If You Buy Bitcoin, You’ll Get Screwed

Bitcoin is incredibly risky, despite the image that’s being conveyed by the media, or spread through social networks. Bitcoin’s price is manipulated to an extreme degree, to lure retail investors into buying worthless tokens with real money. We are witnessing yet another wealth transfer from people who don’t know, to insiders and scammers.

The huge operating costs that are programmed into the way the Bitcoin blockchain works are obfuscated and hidden from retail investors. The fact that Bitcoin’s price has been artificially pumped with Tethers is presented as “evidence” or “rising adoption”. Data shows that Bitcoin will crash, but shills drown facts in a stream of nonsensical statements and bullshit.

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Bitcoin’s Overnight Collapse Probability is About 50%

If you ever had a look at CME’s Bitcoin futures, you might have noticed that there are multiple contracts – one for each month, and that they have different prices. Systematically, the futures contracts for months that are further away, are more expensive than those with closer expiration, and also cheaper than spot. When this happens for a commodity like oil, we’re talking about contango.

This is usually due to the fact that there’s a risk premium on the uncertainty of the future, and it costs a little bit to be sure of the price that you’ll pay for something three months from now. But for futures on financial products, it’s very rare. Currently, the premium for Bitcoin is a whopping 2% per month, and it’s a red warning sign.

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USDT’s Endgame and Life After Tether

Tether’s days are counted – whether by natural implosion, or as a result of regulatory action, the stablecoin funding a wide array of offshore crypto activity will go the way of the dodo.

As is customary in the world of crypto, retail holders will pick up the tab. Offshore traders and DeFi yield farmers will get wiped out. Regulated exchanges won’t collapse overnight, but they will suffer from lost business as people stop buying Bitcoin as an on-ramp for offshore activity, and also from retaliation from regulators.

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USDT Is Just A Fancy Venezuelan Bolivar

We already had one instance of Bitcoin being artificially manipulated upwards, in 2013, and most people who bought in got screwed. At the time, the fraud was happening on MtGox, an exchange that was processing over half of all trading volume, and was in a position to manipulate the market.

Today, over 70% of Bitcoin trading is happening against USDT, a stablecoin that’s being printed out of thin air at an exponential rate. People who are still buying Bitcoin with real dollars, now that everyone has understood the scheme, are simply the greatest fools who allow the scammers to cash out, right before the collapse.

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Tesla Spends $1.5B of Taxpayer-Funded Environmental Credits to Burn Coal in China

Tesla’s move to allocate a $1.5 Billion chunk of its cash hoard to Bitcoin, two days ago, was applauded by Bitcoin investors as a sure-proof sign that corporations are going to go all-in in Bitcoin, elevate its price to new all-time-highs, and allow early investors to cash out for real money.

But Tesla’s investment in Bitcoin is very, very problematic on many levels.

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The Stupidity of Investing in Bitcoin

Bitcoin destroys value as running its network costs tens of millions of dollars per day. Its rise in price is a consequence of market manipulation combined with the fact that very few investors elect to sell, precisely because its price is rising. Over the long run, the price of Bitcoin is guaranteed to collapse as the network costs rise in line with the price of Bitcoin itself.

If you think that you are a sophisticated investor and don’t understand this, you don’t understand Bitcoin.

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