This is so much deeper than FTX. Tether is what is called stablecoin. Ostensibly there is one Tether coin created for each USD invested in the company. Tether is used as the basis of the entire crypto world. It keeps the wheels greased.
You now who loves tether? Isis and the drug cartels.
But its even deeper than that.
For this reason, crypto experts tell Revolver that “true-believers” in crypto often turn a blind eye to the dark and damning questions surrounding Tether due to the implications this would have on the entire crypto project.
One crypto veteran we spoke to described the Tether situation in rather vivid terms.
“I have a soft spot for thinking kindly of crypto-libertarians, but they all go Ponzi Mindset when it comes to Tether,” he said. “In order to be congruent and confident in the future they need to believe Tether isn’t a burning bag of shit overlayed on top of a flaming diarrhetic volcano. Everything that in retrospect looks super shady and how-did-they-get-away-with-it-for-so-long for FTX is WNBA-tier compared to the 1994-Olympics Dream Team of Schemes that is Tether.”>
Revolver does a deep dive:
Ive always been suspicious of crypto. How is something with no inherent value created out of thin air? Miners? Pfft, when there is no oversight, criminality is the order of the day. I think crypto is a cabal financing and laundering op and a way to get people accustomed to digital currencies and it looks like it is being proven to be one. Im not a big finance guy but if I had money in crypto Id take it out. The entire thing is a ponzi scheme about to collapse.
Worst case? If crypto even survives people will be buying bitcoin for pennies on a thousand.
This is so much deeper than FTX. Tether is what is called stablecoin. Ostensibly there is one Tether coin created for each USD invested in the company. Tether is used as the basis of the entire crypto world. It keeps the wheels greased.
You now who loves tether? Isis and the drug cartels.
But its even deeper than that.
For this reason, crypto experts tell Revolver that “true-believers” in crypto often turn a blind eye to the dark and damning questions surrounding Tether due to the implications this would have on the entire crypto project.
One crypto veteran we spoke to described the Tether situation in rather vivid terms.
“I have a soft spot for thinking kindly of crypto-libertarians, but they all go Ponzi Mindset when it comes to Tether,” he said. “In order to be congruent and confident in the future they need to believe Tether isn’t a burning bag of shit overlayed on top of a flaming diarrhetic volcano. Everything that in retrospect looks super shady and how-did-they-get-away-with-it-for-so-long for FTX is WNBA-tier compared to the 1994-Olympics Dream Team of Schemes that is Tether.”>
Revolver does a deep dive:
Ive always been suspicious of crypto. I think it is a cabal op and it looks like it is being proven to be one. Im not a big finance guy but if I had money in crypto Id take it out. The entire thing is a ponzi scheme about to collapse.