Jia Capital Synergy Capital, Cure Cancer, Dennis discussed on This Week in Startups

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Dennis is the head of research at synergy. Jia capital synergy capital He said that tether news is less of a market negative because it is an investigation into executives and alleged practices. He said that that's not as concerning as an investigation of what tether is stable going. I don't exactly understand his analysis there but sure whatever it's all bad news i mean if if you're any objective person looking at this from the outside oh my god what an issue. Oh this is turning out to be i. People are going to look back at this moment in time. Weather tether is on the up and up or not or fouquet's your fraud or just loosey-goosey with the rules or maybe bending rules until they break whatever they're doing over there. This is terrible for the industry. It is a just terrible black. I if you're in the crypto space you should be absolutely ashamed to share the crypto space with tether. You should absolutely get off tether as quick as possible. You should not be associated with something with this much heat on it right. This is like somebody involved in a heist who then goes in buys a cadillac and biza for code. You guys ever see goodfellas where everybody shows up. And they've all spent their money from the big ice at jfk or whatever it was like. That's not what you do. You're bringing heat to the entire space tether is bringing so much heat and scrutiny to this space that you don't want tether on your squad if you're in the crypto space cut them loose these. These guys are going to sink the entire space. Get your dollars out of tether and put them into you know. Cash fiat bitcoin by bitcoin. Sell your bitcoin. Whatever it is. I the last place any dollar should sit is in tether at this point until such time as their audited and then they claim they're going to get audited and it's not going to be years it's going to be months who's doing the audit you know. We're going to play this cat and mouse with them. Like we did with elizabeth homes for a year or two where she is going to go to this conference. She's gonna show up the machine's gonna cure cancer. Everybody's going to know you know with a pinprick. Three hundred different measurements of the blood and she just kept stalling and stalling installing until the whole been collapsed. Is that what's happening here. Feels like it. Maybe it's not but it feels like it and if it feels like it and you don't clean it up you're the problem tether your ceo your cfo and in fact your and your cto. Which i don't think actually have ever seen the commercial paper. I'm gonna go out on a limb here and make a crazy prediction. The cto and the g see the general counsel who were on cnbc. I don't think they know what's going on. I think they might be in an information vacuum. That's why they're going on. Cnbc in public. They have plausible deniability. How can they incriminate themselves. If they go yeah. We have chinese paper. The can say. Well i just knew we had international paper. I never saw the paper. That was the cfo's job and the ceo could say. Well i don't know the cfo. I don't know where the show is. I'm i'm on some island somewhere and that's what. A lot of these crypto people are winding up doing. There's a reason why they're moving to weird jurisdictions and getting out of dodge. I think there's a lot of dirty stuff that went on here. And i think the postmortem on the crypto space is gonna be wild promising technology. Tons of drifters tons of scams. And then the promising technology coming out the other side and changing the world but we're in that middle piece right now where it's just filled with scam. Artists charlatans and weirdos and hopefully this all ends and we can all move forward. if you're in the crypto space distance yourself from tether as my best advice if you own any tethers liquidate them immediately. Get bitcoin get cash by disney..

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