Episode 12 – Regulatory Capture and Regulatory Arbitrage: Sleeping with your Enemy — Crypto Critics’ Corner

Regulatory Capture and Regulatory Arbitrage: Sleeping with your Enemy Crypto Critics' Corner

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.

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Episode 11 – El Salvador and Bitcoin — Crypto Critics’ Corner

El Salvador and Bitcoin Crypto Critics' Corner

Bennett and Cas try to discuss an intensely complex and controversial topic: what Bitcoin being declared legal tender in El Salvador will mean for the small, Central American country.

In this episode Cas and I discuss the politically, economically, and historically impactful news that El Salvador is adopting Bitcoin as legal tender.

Cas Piancey provided some additional context on this issue through his reporting at Protos that can be found here:

Read this before criticizing El Salvador’s adoption of Bitcoin as legal tender

https://protos.com/el-salvador-bitcoin-bukele-legal-tender-adoption-read-this/

Frances Coppola also provided an interesting perspective on the issue here.

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Sunday Reads – Things I Found Interesting 2021-06-27

Summary of Bitfinex and Tether

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:

Deutsche Bank’s Deck on Shorting Housing

Released as part of the hearings after the housing collapse we can see the deck that Deutsche Bank used to pitch investors on joining them in shorting the housing market. (My copy)

ICYMI

In this weeks episode Cas and I try to determine what the heck a Tether redemption actually is:

In this article I attempt to document many of the red flags and misdeeds surrounding Bitfinex and Tether:

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A Non-Exhaustive List of Bitfinex and Tether’s Misdeeds and Red Flags

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:

Continue reading “A Non-Exhaustive List of Bitfinex and Tether’s Misdeeds and Red Flags”

Episode 10 – This one weird trick will stop you from ever having a bank run!! (never let anyone redeem) — Crypto Critics’ Corner

This one weird trick will stop you from ever having a bank run!! (never let anyone redeem) Crypto Critics' Corner

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. 

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Sunday Reads – Things I Found Interesting 2021-06-20

El Salvador

Cas Piancey writes about El Salvador making Bitcoin legal tender for Protos Media:

Ruminations on Cryptocurrency Critics

Ben Muenster writes a brilliant piece on the strangeness of cryptocurrency critics for Decrypt.

How an eccentric astronomer took down a Russian spy ring

Read the wild story about this man who stood opposed to the internet, and used computers to find spies.

Tether

Bernhard Mueller with a very solid analysis of Tether’s risk profile.

Delicious Recipe

https://www.joshuaweissman.com/post/2-dollar-curry-butter-chicken-but-cheaper

This was one of the best tasting things I’ve ever made. I have no idea if it is anything approaching authentic, but quite enjoyed eating it. Also Joshua’s channel as a whole is great.

ICYMI

In this episode Cas and I discuss the epidemic of undisclosed shills in crypto.

I appear during this episode to discuss the founders of Bitfinex and Tether. You can read more about that here:

This posts contains affiliate links, if you purchase something using the link I will make a small amount.

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Episode 9 – Shillfluencers (and the unspoken financial epidemic) — Crypto Critics’ Corner

Shillfluencers (and the unspoken financial epidemic) Crypto Critics' Corner

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. 

I wrote about the reasons I dislike these tactics from venture capitalists here:

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Sunday Reads – Things I Found Interesting 2021-06-13

Books I Read

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.

Movies I Watched

Enron: The Smartest Guys in the Room – This documentary takes a look at the Enron fraud. There are many messages to be learned here that can be applied to other frauds.

I did a thread with my thoughts while watching the movie:

El Salvador

David Gerard covers the El Salvador situation brilliantly.

Yashar Ali

A fascinating profile on the prolific tweeter in LA Magazine.

ICYMI

In this article I try to look at the absurdity of Elon buying, selling, and shilling Bitcoin and Dogecoin.

In this article I try to wrap my head around just how big Tether really is.

In this article I discuss why I do not see venture capitalists as a sign of quality or due diligence for a crypto protocol.

In this episode Cas and I discuss the new initiative for Coinbase Media and Coinbase fact checking

I wrote about Coinbase media here.

Cas covered it here.

In this show we discuss the NYAG investigation of Bitfinex and Tether, the history of Bitfinex and Tether and more.

This posts contains affiliate links, if you purchase something using the link I will make a small amount.

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