Tether: Heads I Win, Tails You Lose

Tether is the entity that issues and manages the USDT stablecoin. The “entity” wording is key: although Tether is incorporated as a Hong Kong company, its offices don’t seem to exist at the filing address, its CEO and CFO are M.I.A., and the bulk of communication is performed by its CTO, Paolo Ardoino. USDTs are […]

The Tether Press and Bitcoin’s Speculative Mania

Tether has become a plain old fiat central bank, issuing new USDTs against debt. USDTs are backed, but not by US dollars. They are backed by promises to make good on their debts by the receivers of newly minted USDTs. While it’s not fraudulent per se, the fact that USDTs aren’t backed by US dollars […]

Bitcoin is not a literal Ponzi scheme

In a tweet that has been celebrated by the Bitcoin community worldwide, Stephen Palley (who is a lawyer and knows a lot about crypto, inside and out), ruled: Bitcoin is not a Ponzi. Bitcoin is “literally” not a Ponzi scheme. Ponzis are an investment fraud where fraudsters pay old investors w/ new investor $$, unknown […]