Tethers Co, Bloomberg, ICO discussed on This Week in Startups
Clip from tethers co-founder talking about solving banking problems. Interesting solution here you know. We've we've had banking hiccups in the past. We've just we've always been able to route around eight or deal with it. Open up new accounts. Or what have you shift different. Corporate entity didn't lots of cat-and-mouse tricks that everybody in bitcoin industry has to avail themselves. Of all right listen the first twenty seconds everything and you didn't know about these characters. I mean oh my lord. We've always been able to route around and deal with cat-and-mouse tricks. They're they are on record saying they're doing this. Shell game to get around regulations. And i think that's a lot of people in crypto. They believe that if they can route around regulations are going to do it. We start with. Ico's we just had on the program on friday. That injuries and horowitz company. That's has a class action suit. You're going to see this over. And over again. Where people are trying to reinterpret the laws or route around them and then. They claim that they're the victims and Okay maybe but i don't buy it quote. From bloomberg in recent months and then in parentheses federal prosecutors sent letters to individuals alerting practices again taylor executives that they are targets of the investigation the notices signal that a decision on whether to bring a case could be made soon with senior justice department officials ultimately determining by the changes. Charges are warranted. Okay this means they're going to do it. I mean honestly when when you see this level of investigation. I think nine times out of ten. They don't take on. These cases is my understanding. I listened to pre bars. Podcast in you know. He gives you a really good inside baseball about this. I also listen to the law fair. Podcast generally these kind of prosecutors. Do not go after targets. In less they really feel confident that they're going to bring charges and certainly the information doesn't get leaked in less. I think there's a really strong chance of this going to be charges now. Who leaked it. It might be people from the doj it could be lawyers who maybe didn't get paid in between it could be a paralegal. It could be somebody who's friend of a friend who knows who was involved in this was writing them out. It could be that in exchange You know that tether works with got a bunch of got interviewed got a bunch of document requests and they then lead to bloomberg because they don't want to be on the hook maybe they're doing some. Cya you get the idea when these things come apart. It's every man rat woman for themselves. Everybody's racing for the exits trying to get some cheese cheese on their on their co conspirators. If that's in fact the case here we don't know that yet. There's a very interesting claim made in the bloomberg article. It doesn't have much attribution. But this is the quote. The tokens importance to the market. Is clear tethers in circulation are worth about sixty two billion and they underpin more than half of while. bitcoin trades. so that's interesting. Obviously we know tether is super super popular but you. This all happened the day after bitcoin price spike yesterday and it went up from thirty four to forty k. These kind of jumps are not unprecedented for bitcoin. But they are certainly not common. Know this this level of job. This is a big jump here talking about jumping six seven thousand dollars on a in a couple of hours or a day and there's a bunch of theories around this jump one. Was you know there was a sunday night rumor. That amazon was going be announcing bitcoin payments and they might create their own cryptocurrency while amazon actually denied these rumors today also denying that they would launch amazon coin in twenty twenty two but said it will continue to explore crypto according to a spokesperson. You know if they were in fact working on a secret project amazon coin which doesn't seem unfathomable or if they wanted to hold some bitcoin or let people pay in it. I don't see why they wouldn't do that. Or maybe as an experimental project but it certainly if they were working on it in earnest with a major project you probably know about that already because they would have been hiring people and when they interview people typically the way these stories like the apple car story..