Thread by @dshephard

By now I’m sure most of you have heard the superb, milestone #Bitcoin debate between @nic__carter and @profplum99 on the @ttmygh podcast. 1/

A Thread 👇

Here's a link if you haven't:
ttmygh.podbean.com/e/gwp_002/

Of all the points discussed, there is one immediate concern that must be addressed: #Tether. It’s easy to have a knee-jerk response in anger to @profplum99 for making the challenge, but his concerns about whether there are sufficient reserves backing #Tether are noteworthy. 2/

Furthermore, Nic does not dispute the broader reserve concern, pointing out this it is unknowable at this moment.

It’s time to “hone the sword” once and for all and strengthen the case for crypto by determining whether #Tether is actually being counterfeited to... 3/

...support the price of crypto assets. If it cannot be stated definitively that that is not so, then #irresponsiblylong is just irresponsibly reckless. It tests common sense to invest a large portion of one's net worth into an asset with that grave a threat looming. 4/

I would argue that @Paypal and @Dan_Schulman and @Square and @Jack have a fiduciary duty to determine if a product they offer on their platforms is propped up by counterfeit assets. In other words, they have a duty to get to the bottom of this. 5/

I would argue that @michael_saylor has an immediate responsibility to determine for certain, once and for all, whether #Bitcoin, which he is actively promoting to corporations as a SoV for their treasuries, is propped up by counterfeit. 6/

I would argue that @RaoulGMI has a great vested interest, not only for the sake of his P&L, but for the credibility of his reputation and his @RealVision platform to determine if #Tether is not backed. 7/

Merely waving away this concern as “Meh, more #FUD” is not a sufficient rebuttal for institutions that are weighing whether to invest millions/billions. If I were a CFO attending Saylor’s “Bitcoin for Corporations” summit on Feb 3, it would be one of my first questions. 8/

What’s more, Saylor himself advocates “regulatory clarity” as a means for accelerating the adoption of #Bitcoin. It can hardly be overstated that “threat clarity” is equally as important for accelerating #Bitcoin adoption. 9/

This is not just some “Crypto Anon” #FUD. @profplum99 came out publicly and staked his reputation and expertise on a compelling argument that has not been refuted with verifiable evidence. 10/

The #Bitcoin community has a duty to get to the bottom of it and sort it out, otherwise, the dream of 2021 as some great #Bitcoin bull run built on institutional buy-in is just that… a dream. And being #irresponsiblylong a dream is foolish. 11/

Institutions are not going to put trillions into #Bitcoin if they think there’s a looming question about the soundness of some of the reserves backing it up. Even if #Tether only accounts for 3.5% of #Bitcoin, as some have suggested... 12/

...the threat to #Bitcoin is still severe and merits a proper accounting.

Doing this work myself is well outside my area of competence, and so I, like thousands in this community, rely upon those of you who possess the experience, skill and knowledge to do it rigorously. 13/

This clarity is essential for mass adoption. #Bitcoin can’t acquire vast institutional and retail adoption until these threats are rooted out. /14

@CaitlinLong_ @LynAldenContact @woonomic @CathieDWood @dan_pantera @DTAPCAP @robustus @danheld @nlw @PrestonPysh @TetotRemi

@iam_preethi @APompliano @LawrenceLepard @JeffBooth @alexharfouche1 @AlexSaundersAU @Melt_Dem @novogratz @BlockFiZac @Mason_Jappa @TrueCrypto28 @laurashin

/fin