Decrypt: The fictional trading reserve — by me, after Tether announced that the skeptics had been right all along


Late yesterday evening, either Cas Piancey or Bennett Tomlin brought to the attention of crypto Twitter that Tether had revealed how it backs USDT … not with dollars (edit: it was Bitfinex’ed, over on Reddit):



I sat down at lunch today and started a Twitter rant on the subject, I pottered with it during the working day, it reached 600 words and I sent it to Josh Quittner a bit after 5pm, and he just put it up. Liberty Reserve joke stolen from Kyle S. Gibson.

Josh did well with the photo — that horse clearly bought in December 2017, and has saddlebags this heavy.

Bitfinex’ed has unlocked his Twitter:


For two years, you have been asking: Who is Tether? This is Tether speaking. I am the coin who loves his life. I am the coin who does not sacrifice his backing or his collateral. I am the coin who has deprived you of victims and thus has destroyed your world, and if you wish to

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