3min chapter

Tech Won't Save Us cover image

Bitcoin is a Right-Wing Technology w/ David Golumbia

Tech Won't Save Us

CHAPTER

The New York Attorney General's Injunction on Tether

Tether is supposed to maintain a constant price of one us. Dollar per tether coin. The attorney general said that tether has been lying all along about how much money it has to back these tethers. There is a really disturbing coincidence between the issuing of tethers, which are issued in just millions of dollars all the time, and the shape of the bit coin trading market. It looks like that market is just being flooded with phantom dollars to keep it floating.

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