Tether
- The Jacobian argued that crypto is a ponzi scheme, artificially driven by Tether purchases. Stablecoins such as tether are used to drive BTC price rises on the theory that they are backed by the dollar. However, evidence exists that their backing is not in dollars but also more illiquid and volatile corporate paper1. Some have compared this to the idea of wildcat banking3
- Patrick McKenzie has argued similarly that Tether does not have the assets to back itâs dollar peg, and is the âbiggest fraud in historyâ4
Negative Aspects of Cryptocurrency
web3isgoinggreat.com - by Molly White Line Goes Up a documentary by Dan Olson
1. Mortavai, S. A. Cryptocurrency Is a Giant Ponzi Scheme. (2022).
2. Lewis, M. Going Infinite: The Rise and Fall of a New Tycoon. (W. W. Norton & Company, 2023).
3. Faux, Z. Number Go Up: Inside Cryptoâs Wild Rise and Staggering Fall. (Crown Currency, 2023).
4. McKenzie, P. Tether Required Recapitalization In May 2022.