An Introduction to the Tether/Bitfinex Controversy

Bitfinex is one of the historically largest Bitcoin exchanges and Tether is by far the largest stablecoin. Each potentially has significant influence over the industry on their own, and their interconnectedness makes this more of a concern. However, since both were founded years ago and many of the events have happened and been in revealed in bits and spurts it can be difficult to understand their place in the cryptocurrency environment. This will hopefully serve as a basic introductory document that will then prompt further research.

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$ALCX: Alchemix Cannot Turn Lead to Gold

There is a brand new DeFi protocol that lets you immediately take out a loan for half your collateral and the protocol will automatically pay back your loan. Financial magic, involving transmuting one coin, into another, while depositing one in a pool, magically you can get a loan and have no risk of liquidations (not really but that’s what people are claiming [1, 2, 3, 4, 5, 6, and the coup de grace their website (archive)]). I think this protocol is flawed. You can find the whitepaper here. (Archive) (My copy)

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Conjure Spectator

This is a homebrew spell that I created for my Dungeons and Dragons group. It is meant to integrate well with the lore surround spectators and their role as summoned protectors of spaces.

Name: Conjure Spectator

Level: 4

Casting Time: 1 Action

Range/Area: 90 feet

Components: Verbal, somatic, four beholder eyestalks, drop of casters blood

Duration: Concentration, creature stays summoned for up to 101 years

School: Conjuration

Spell Text:

You summon to an unoccupied space within 90 feet of you that you can see a spectator.  The spectator is friendly towards you and your companions, unless attacked by one of you.  The spectator should be tasked with protecting a location or item and it will do so for 101 years.  The spectator acts on its own initiative.  For as long as you maintain concentration you can command the creature as a bonus action.  Once concentration is broken, the creature still exists and as a bonus action you can try to ‘suggest’ a course of action to the creature, but it is not guaranteed to follow it. (DM will roll a d100 and if the die roll is less than the number of years the spectator has existed on this plane, then it may interpret it’s directive broadly, otherwise it will follow exactly.) 

This spell consumes all material components.  Creature cannot be dismissed by ending the spell, it remains until sent to another plane using magic, or is killed.  If the creature is not killed it will remain and guard the location or item of the summoner’s choosing for up to 101 years.  The longer it has been since the spectator has been summoned, the more likely it is for the madness that is their type to affect them. 

If this spell is cast at level 7 or higher, then a Gaust is summoned instead of a Spectator.

Note: You must have all material components, and they are consumed in casting this spell.  An arcane focus or component pouch does not allow you to bypass these material components.  

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My Second Conversation with Cas Piancey on ‘Tether: A Stable Discussion’: Solvency and Backing

PART ONE CAN BE FOUND HERE

Cas Piancey, my writing partner and friend, and I are doing several episodes on the history and controversy surrounding Bitfinex and Tether.

This episode is mostly focused on the post hack history. We discuss banking, insolvency, and unbacked Tethers.

You can find the episode here: https://anchor.fm/cas-piancey/episodes/Tether-A-Stable-Discussion-Part-II-es1dgc/a-a4sa0qn

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Some Recent Photos

This image is released under the Creative Commons Attribution-ShareAlike 3.0 Unported License
This image is released under the Creative Commons Attribution-ShareAlike 3.0 Unported License
This image is released under the Creative Commons Attribution-ShareAlike 3.0 Unported License
This image is released under the Creative Commons Attribution-ShareAlike 3.0 Unported License

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This image is released under the Creative Commons Attribution-ShareAlike 3.0 Unported License