Oh man this is going to take me a whole bunch of hours to figure out isn't it
I simultaneously do and do not want to try to model this
This is me looking at huge swaths of DeFi by the way, like much of it is interesting, but if you don't work through every single assumption made then you end up missing massive potential flaws
I'm reminded of FEI where if I hadn't worked through every piece of their math I might have missed the massive math error in the whitepaper that all the VC firms missed
It's even harder because I don't have a mathematics or finance background so I'm continually having to teach myself brand new concepts (which I love)

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More from @BennettTomlin

9 Jun
Just in case a bunch of people decide to start talking Tether because it's on Mad Money tonight, I wanted to make a quick thread of some of my most important articles covering it. Let's start with an introduction: bennettftomlin.com/2020/12/08/an-…
Some historical context surrounding their unacceptable behavior: bennettftomlin.com/2021/05/23/tet…
A discussion of what the NYAG settlement revealed: bennettftomlin.com/2021/02/23/ana…
Read 16 tweets
9 Jun
Is there anyone who can confirm they have met the corporeal form of Matthew Tremblay, the former CCO of Tether?
This is an honest inquiry
Perhaps any of the people who swear they redeemed tethers early on and so must have been verified, I assume they might need to talk to CCO
Read 4 tweets
8 Jun
Hey guess what @CasPiancey and I just discussed on our podcast? This exact idea: cryptocriticscorner.com/2021/06/07/epi…
Spoiler alert: we don't think Bitcoin needs it's own media (also what is The Block, CoinDesk, CoinTelegraph, Bitcoin Magazine, Decrypt, Protos, and every single other crypto media outlet)
Also there is naturally going to be companies that specialize in reporting on crypto, that doesn't mean Bitcoin needs its own media
Read 6 tweets
24 May
This article fundamentally is a list of uncontested facts about Bitfinex and Tether. These facts make Bitfinex and Tether seem irresponsible and untrustworthy. However, many are still willing to defend these companies
Tether and Bitfinex gave over $1 billion to alleged money launderers and never signed a contract or agreement of any kind
Tether promised to always be backed 1:1 with cash. Instead they are backed 1:0.03 by cash
Read 14 tweets
21 May
If often feels as though cryptocurrency people want to discuss displacing the state; I very rarely see people building the systems to withstand the assault of a nation.
Consider Bitcoin for example and let’s assume just the United States wants to attack it and no one else
First thing you do is turn on all mining power you can get your hands on. Push the hashrate as high as possible right before a difficulty adjustment.
Read 15 tweets
27 Mar
Bitfinex/Tether Executives and Founders and what they did beforehand:
Stuart Hoegner, the General Counsel for both Bitfinex and Tether was the Director of Compliance for Excapsa. Excapsa was famously implicated (during Stu's tenure) in the notorious Ultimate Bet cheating scandal where some poker players could see other players hole cards
Phil Potter, the former Chief Strategy Officer and director for both Bitfinex and Tether had to leave his role in investment banking after a New York Times article where he bragged about how wealthy he was
Read 15 tweets

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