To be clear, I am 100% on board with the possibility that Tether is a massive fraud. But there's a broader context of shenanigans here that is underreported. For example, consider the way Chinese stocks are listed on US exchanges.https://twitter.com/mathewi/status/1446468360745652226 …
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"We'll make our own financial system, with blackjack and HOOKERS" is not the craziest response to what happened in 2008. I'm sorry it's using more electricity than Finland, but we kind of brought it on ourselves.pic.twitter.com/Ddo1fMa0d4
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If Trump was a raised middle finger to a bankrupt political system, then whoever the hell all these cryptocurrency moguls are is the same thing, raised to Wall Street. They're tacky, preposterous, mendacious, corrupt, and you should not underestimate their appeal.
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This is what happens when you don't let people deposit stuff in a savings account that earns a reliable 1% over inflation. Shit gets weird.
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End of conversation
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I love this point. It was cogently introduced to me by https://www.amazon.com/World-Chance-Betting-Religion-Street/dp/0521711576 … whose publisher summary echoes this subthread perfectly. And while the Brenners are academics, co-writer Aaron Brown was chief risk officer at AQR (Chicago hedge fund) before retiring recently.
Thanks. Twitter will use this to make your timeline better. UndoUndo
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