- Inside Crypto’s Doomsday Machine; Are the Crypto markets being propped up by a Tether Ponzi Scheme? “Crypto Anonymous” — a one-time-use Medium account — with a quite damning indictment:
The implication was shocking: there weren’t nearly enough dollars in all the domestic banks in the Bahamas to back the Tethers that were floating around in the crypto market.
So this was crypto’s big short: Tether Ltd. was short of US dollars — to the tune of about $25 billion.
- A Twitter thread offering a cautious and nuanced counter-perspective. Bottom line; even if Tether is a fraud, its impact on BTC and wider Crypto is hard to quantify and the ecosystem has proven antifragile to other scams and crises.
- Why Silicon Valley Doesn’t Get Bitcoin.
- Bitcoin mining taking over from nickel mining in Siberian city of Norilsk, fuelled by Arctic cold and cheap electricity: “the bitcoin mining operation is using an abandoned Norilsk Nickel plant that was closed in 2016. “The place is perfect for crypto mining: it’s cold and the area has [a] power supply that’s not linked to any of Russia’s power grids,”
- Mike Novogratz and Raoul Pal (video) discussing all things Crypto.
- Niall Ferguson on how “the the network platforms turned the originally decentralised worldwide web into an oligarchically organised and hierarchical public sphere from which they made money and to which they controlled access.”
Western Decline 