Tether founder Brock Pierce defaults, loses hotel, sues partner

[jafo]

Why is the founder of Tether borrowing money to invest in a hotel business? Why?
Are other actors/founders in the crypto ecosphere also so scattered-brained?

https://protos.com/tether-founder-brock-pierce-defaults-loses-hotel-sues-partner/

 

[void]

Why is the founder of Tether borrowing money to invest in a hotel business? Why?

because it's rational to borrow and let the ever diluting currency pay for it?

 

[jafo]

because it's rational to borrow and let the ever diluting currency pay for it?

But, euphemistically, wouldn't we prefer that our cardio-thoracic surgeon CONCENTRATE/FOCUS on improving his skills & knowledge on cardio-thoracic surgery instead of dabbing into "hotel" ownership?

 

[wellington]

The tether he founded is not the tether today / he has no involvement

 

[jafo]

The tether he founded is not the tether today / he has no involvement

Maybe he should have stuck to what he is an expert in.

 

[lavel]

Maybe he should have stuck to what he is an expert in.

It's not always so easy to know why other people do something that makes sense to them but does not make sense to you??!!

 

[jafo]

It's not always so easy to know why other people do something that makes sense to them but does not make sense to you??!!

One of the world's greatest athletes, an X-Men, couldn't cut it in another sport...and here we have "average" humans trying to be leaders in several fields? Like WTF???!!!

Am I the ONLY one who sees these follies for what they are?

 

[Amandograde]

One of the world's greatest athletes, an X-Men, couldn't cut it in another sport...and here we have "average" humans trying to be leaders in several fields? Like WTF???!!!
View attachment 5925

Am I the ONLY one who sees these follies for what they are?

nah, same here. If one has (a lucky) successful strike, people often assume they can hit it the same way in several or even in whatever they touch.

 

[JohnnyDoe]

Tether has the reverse Midas effect, everything it touches turns into

 

[jesuschrist]

He sold Tether in the beginning to Bitfinex, after Brock Pierce co-founded EOS with Brendan Blumer and Daniel Larimer and they scammed people out of 4 billion dollars, but they paid the SEC 24 million dollars so the SEC said all is forgiven.

It was common for US crypto people to get loans from Genesis instead of selling their crypto, now that they closed they are in trouble.

I can understand why the US let Tether operate, they basically promote and connect the Asian people to the US currency system.
But capital outflow is supposedly a big problem for China, and Tether even operate in HK, why does Xi Jinping let them continue their business?
Can someone explain this to me? Stopping Tether would solve a very big problem for them instantly.

 

[manukahoney]

Can someone explain this to me? Stopping Tether would solve a very big problem for them instantly.

It works both ways. Many use tether to pay for goods in China because banks just don't do international transfers very well.

 

[Amandograde]

He sold Tether in the beginning to Bitfinex, after Brock Pierce co-founded EOS with Brendan Blumer and Daniel Larimer and they scammed people out of 4 billion dollars, but they paid the SEC 24 million dollars so the SEC said all is forgiven.

It was common for US crypto people to get loans from Genesis instead of selling their crypto, now that they closed they are in trouble.

I can understand why the US let Tether operate, they basically promote and connect the Asian people to the US currency system.

But capital outflow is supposedly a big problem for China, and Tether even operate in HK, why does Xi Jinping let them continue their business?
Can someone explain this to me? Stopping Tether would solve a very big problem for them instantly.

why is it a big problem for china?

 

[wellington]

One of the owners of Tether is a British Thai -Chinese linked chap if memory serves.

-Chakrit Sakunkrit (Thai Name)
- Christopher Harborne (British Name)

You can research the funds he's pushed into the UK political scene, this likely has a hands off warning to the US, and likewise his actions/activities here in Thailand would protect him for now.

https://www.linkedin.com/in/christopher-harborne-80594223/?originalSubdomain=th

 

[jafo]

He sold Tether in the beginning to Bitfinex, after Brock Pierce co-founded EOS with Brendan Blumer and Daniel Larimer and they scammed people out of 4 billion dollars, but they paid the SEC 24 million dollars so the SEC said all is forgiven.

It was common for US crypto people to get loans from Genesis instead of selling their crypto, now that they closed they are in trouble.

I can understand why the US let Tether operate, they basically promote and connect the Asian people to the US currency system.
But capital outflow is supposedly a big problem for China, and Tether even operate in HK, why does Xi Jinping let them continue their business?
Can someone explain this to me? Stopping Tether would solve a very big problem for them instantly.

This is MY circle of Competence!

China does NOT want this "problem" solved! This isn't a problem for them. This is a life savior for them. It's too long to write here. Too many documents I have to upload, but here is one:

***I do NOT admit knowledge of cryptocurrencies as I don't know who is who...even people I've been doing business with for years. Think about it... some of you have a wife you have known for years and you STILL wouldn't introduce them to a "courtesan"
Anyway, I just pretend to be shocked by the newly acquired information. This convo goes on for a few pages and then we get into a call ... after he "convinced" me to send USD₮

I'll explain in general terms.... our whole system (capitalist, democracy, etc etc...whatever) is based on "some" pre-ordained politically privileged & connected individuals running a HUGE monopoly (pleonasm, I know). Independent small sellers and independent small resellers with independent end users take away massive profits from platforms like Amazon, Mercado Libre, eBay, etc., etc., that use their excess cash to... we-all-know-what. Basically, feeding the regulatory capture system.

I can't use the regular banking system to wire transfer USD 1.8M to my supplier in that WeChat convo for CPUs. It's not really a lot of money for CPUs. For context, it's only a few (~250) Intel Xeon CPU Max 9480 CPUs. See below.

Imagine what the bank monkeys will make me go through before I can wire my own money ....now multiply that by ∞ and that's how bad they will get when it is time for me to get paid with a "profit" . This isn't even my worst nightmare .
My worst nightmare is shipping it, my buyer receiving it, wiring me my money, and then my bank freezing the funds and requesting from me an "Authorized Distribution Letter" from Intel allowing me to resell their specific product . Bank monkeys and their legal monkeys don't care about "Exhaustion of IPR and jurisprudence". In ROI terms, I would be putting at risk USD 1.62M for a gain of only 10% (180K). This is madness! China knows ALL this.

By the way, Intel and its assigns can do much much worse, but no need to write a horror story so early in the new year. You get the point.


If you really want to know more or want me to explain more, shoot me a DM.

 

[jesuschrist]

I do NOT admit knowledge of cryptocurrencies as I don't know who is who

Same, in person the maximum I say that yes I heard about crypto but I don't follow it. While the truth is I'm likely longer in it than anyone I ever met Unbelievable how many people openly discuss it in pubs and parties.

Imagine what the bank monkeys will make me go through before I can wire my own money

I start to understand it, this was a very insightful post thank you so much for it!