8/15/2023 0 Comments Crypto nuggets news![]() In a subsequent and truly remarkable interview by Coindesk TV with Circle’s co-founder, chairman, and CEO Jeremy Allaire, published on June 30, 2021, Mr. I described the peculiarities of the March attestation in A Test, Attest (Potato, Potahto), which, if nothing else, proves how a terrible title leads to poor engagement for a Substack piece. Since the initial publication of Instability Coins, Circle has published both their March and April attestations as to what they – and their auditor-who-isn’t-actually-doing-an-audit – claim is backing USDC. ![]() Judging by the explosion in new and negative articles on tether in the weeks following the publication of Instability Coins, the assumption that everybody already knew tether was a huge scandal was false (and for the record, lest you think I’m letting the modest initial success of Doomberg get to my head, I don’t for a second think Doomberg is impacting the news – I just hope to describe it, and occasionally predict it, while having fun doing so). ![]() When I wrote Instability Coins a week later, in which I collaborated with the prolific and formidable to describe numerous red flags surrounding the “good” stablecoin, USDC, I assumed it was kinda sorta understood that the “bad” stablecoin, tether, was, in fact, bad. In hindsight, I should have known it would be Chinese regulators that spooked Musk, in particular, as he certainly has no track record whatsoever of reacting to threats from US regulators, and for good reason. While I got both the price action and the general cause correct, it was a crackdown by the Chinese government – as opposed to US or European authorities – that seems to have catalyzed this most recent crypto winter. That’s certainly the egg of a future Doomberg piece – time will tell if it hatches. I freely admit this proves how new I am to the crypto world, but hey – I pride myself on being a fast-learning chicken! I’ve since discovered that good old SBF (as he is colloquially known by those in the know) was the second largest donor to Joe Biden’s presidential campaign. Second, I was surprised to learn that Sam Bankman-Fried was an actual person. I have a firm belief that powerful people get tipped off just ahead of big events, either directly or indirectly, and you’d do well in life if you searched for (and listened to) these signals. First, every instinctive bone in my body was screaming that regulatory action in the crypto space was imminent, driven mainly by my observation of the behavior of Elon Musk, CEO of Tesla, and Jack Dorsey, CEO of both Square and Twitter, as well as comments by various US and European authorities. The motivation for the piece was twofold. When I wrote Crypto Carnage Coming? in mid-May, bitcoin was trading digital hands for about $50,000 each. Want to catch the original articles when they publish? Subscribe below! In this inaugural edition, I revisit four articles I published about the crypto market. My solution to this dilemma is the Chicken Nuggets series, in which I’ll occasionally group together several (hopefully) interesting follow-ups to previous Doomberg articles. Often, the things I want to say in follow-up to a particular piece don’t justify a full Doomberg article but they do deserve some abbreviated airtime nonetheless. You receive great feedback from readers, the world continues to evolve, events unfold, and predictions you’ve made either prove true or, as I prefer to describe the alternative, too early. Interesting things happen after you write a Substack article. You know I’ve been sitting on that quote from the beginning, right? The chicken is involved the pig is committed. “ The difference between involvement and commitment is like ham and eggs.
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