Motion: Tether has always been acting in bad faith (Bennett Tomlin vs. Larry Cermak, co-host: Patrick McKenzie)

The Blockchain Debate Podcast

Guests:
Bennett Tomlin (@bennetttomlin)
Larry Cermak (@lawmaster)
Host:
Richard Yan (@gentso09)
Patrick McKenzie (@patio11, special co-host)

Today’s motion is “Tether has always been acting in bad faith.”
This topic is very relevant for today’s markets because Tether is simultaneously an incredibly important, if not the most important, source of on-ramp liquidity for crypto, and a controversial, legally-challenged, blackbox operation that make market participants worry about their undesirable dealings and, worse, imminent collapse.
We previously had a similar debate on this with Matthew Graham from Sino Global Capital vs Cas Piancey, the independent crypto commentator and Tether skeptic. So definitely check that out.
Today’s debaters are Larry from the Crypto publication and Bennett Tomlin, another crypto commentator and Tether skeptic. The episode was also co-hosted by Patrick McKenzie, who also did extensive independent research on Tether.
If you’re into crypto and like to hear two sides of the story, be sure to also check out our previous episodes. We’ve featured some of the best known thinkers in the crypto space.
If you would like to debate or want to nominate someone, please DM me at @blockdebate on Twitter.
Please note that nothing in our podcast should be construed as financial advice.
Source of select items discussed in the debate (and supplemental material):

• Paper claiming unbacked Tether drove BTC price:
  • https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3195066
• Papers dispelling the above notion:
  • https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3175876
  • https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3508006
• Patrick McKenzie comprehensive history of Tether: https://www.kalzumeus.com/2019/10/28/tether-and-bitfinex/
• Bennett Tomlin blog: https://bennettftomlin.com/
• The Block publication: https://www.theblockcrypto.com/
• Amy Caster Tether timeline: https://amycastor.com/2019/01/17/the-curious-case-of-tether-a-complete-timeline-of-events/

Guest bios:
Bennett Tomlin regularly publishes articles about fraud in the crypto space via his blog. His dayjob is data scientist and fraud investigator in the pharmacy benefits area.
Larry Cermak is Director of Research and Analysis at The Block, a crypto research, analysis and news outlet geared toward institutional investors.
Patrick McKenzie is a Tokyo-based entrepreneur and commentator. He wrote a thorough recount of the Tether controversy on his personal website. Patrick works for the Internet at Stripe. All comments are his own.