Complex Systems with Patrick McKenzie (patio11) Stablecoins and shenanigans, with Zeke Faux
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Feb 13, 2025 Delve into the murky waters of stablecoins as Zeke Faux reveals Tether's dubious history and the implications of the forthcoming GENIUS Act. The discussion highlights Tether's struggles with transparency and trust, drawing intriguing parallels to major players in crypto. Explore the challenges of financial privacy versus accountability in a landscape rife with scams. The narrative weaves personal anecdotes that bring to life the complexities and ethical dilemmas of cryptocurrency, while underscoring the urgent need for regulation in this rapidly evolving sector.
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Tether's Audit Delay
- Tether has claimed to be on the verge of publishing an audit since 2017.
- It consistently states the audit is one to three months away.
SBF on Tether
- Sam Bankman-Fried (SBF) criticized Tether's internal processes as subpar.
- He compared Tether's processes to USDC, which he viewed as more robust.
Tether's Sketchy Beginnings
- Zeke Faux's interest in crypto began with Tether, sparked by its questionable claims.
- People used Tether extensively despite its perceived sketchiness.
