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.
Unbelievable how many people openly discuss it in pubs and parties.
