In this episode Bennett and Cas discuss the concepts of regulatory capture and regulatory arbitrage – systemic problems that aren't unique to any particular industry, but have helped dissolve public trust of regulators and enriched some of the worst companies and individuals.
In this episode Cas and I discuss the new tendency for cryptocurrency businesses to hire regulators and the old tendency to try to avoid regulation at any cost.
Grant Williams wrote the best summary of Bitfinex and Tether I have yet read, it is unfortunately paywalled, but if you would like to subscribe to get access you can go here. (Note: I was given a free copy)
If instead you would like to read my introduction you can here:
This is a living document that I intend to continue to update as I continue to research Bitfinex and Tether. I hope it will serve as a useful reference material for anyone who needs to try to keep in mind their many inappropriate behaviors. If you find any I missed, feel free to leave a comment. Update: since this is a living document I wanted to provide you an archive link of the original so you can see any changes that are made. You can find that here. If you believe I made a mistake then feel free to leave a comment. It is not an introduction or summary. For that you can look here:
In this episode, Bennett and Cas discuss the confusing concept of what a "Tether redemption" would look like: an ever-shifting definition built on a stablecoin with an ever-shifting definition of what 1-1 backed by traditional fiat currency means.
Though we haven't seen an actual Tether redemption shown on Twitter, or otherwise, for the world to see, we look forward to someone coming forward with one shortly!
In this episode Cas and I discuss what is a Tether redemption, what’s a Bitfinex redemption, and why all this talk about redemptions even matters.
In this episode Bennett and Cas discuss what's being termed "shillfluencers," or influencers, celebrities, and other individuals with wealth and power, who use their "influence" to "shill" their investments. There's plenty of people – including billionaires (Elon) and has-beens (Soulja Boy) – who continue to take advantage of their ability to manipulate markets, to the point where it feels like a societal sickness.
But will there be consequences?
In this episode Cas and I discuss the epidemic of shills in crypto. People getting free tokens or paid to promote tokens in what effectively is a pump and dump scheme.
Insomnia– This book by Stephen King is a supernatural thriller (like many of King’s books). If you are a fan of King you will likely enjoy this, especially with the references back to Dark Tower and to Derry more broadly. If you are not a fan of King, I think he has better works for you to read. Be forewarned if you listen to the audiobook, the music selections between chapters are incredibly annoying.
Mostly the reason I have zero faith in crypto venture capitalists as an institution is that their primary value add is marketing, their due diligence is a joke, and they are functionally equivalent to the shills we all mock.