How Tether’s Ponzi Scheme May Damage Bitcoin, Part 1

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We are joined by Kirian Van Hest, who goes by Deso online, regarding his new article on his concerns over the Bitcoin model for currencies. Deso sees immense value in digital ledgers and trustless transactions, but thinks the current Bitcoin model has several weaknesses. 

Some of these weaknesses in the Bitcoin model are being exploited by Tether, a stablecoin whose system he describes as a Ponzi scheme. We go through in detail, in Part 1, the issues with the current cryptocurrency model. 

In Part 2 upcoming, we will discuss the Tether Ponzi scheme and how it may contribute to the eventual demise of the current version of Bitcoin’s cryptocurrency model. Stay tuned for Part 2 to be published soon!


Part 1 Topics:


Digital ledger technology and trustless transactions have immense value

Why Deso Dislikes Bitcoin’s cryptocurrency

Bitcoin Inefficiencies – implementation of value in cryptocurrencies is a bad model

Energy is not Bitcoin’s value

Alternative cryptos improvements over Bitcoin

Transactions are not anonymous

Bitcoin is not fungible

Discussion of Tether’s stablecoin model (setting up the Tether/Bitcoin relationship for Part 2) 

Outlining the Tether fraud in detail


Deso’s article: Why I hate Bitcoin and why Tether will end up killing it.

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