Crypto Critics' Corner

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Episode 158 – How Tether avoids prosecution with this one simple hack

Tether wins, Skeptics lose: the end of an era – Crypto Critics' Corner

Bennett Tomlin and Cas Piancey discuss Tether's ability to survive and grow, as well as how they have found safety in Donald Trump's future administration. Read more here. Additional resources: Bloomberg reporting on Bank Fraud Wall Street Journal reporting on Tether sanctions violation This video was recorded on November 23rd, 2024.

Cas Piancey and Bennett Tomlin discuss Tether’s ability to survive and grow, as well as how they have found safety in Donald Trump’s future administration.

This podcast was recorded on November 23rd, 2024.

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English Transcript:

00:00:05:04 - 00:00:12:10
Cas Piancey
Welcome back everyone. I am Cas Piancey. I'm joined, as usual by my partner in crime, Mr. Bennett Tomlin. How are you today?

00:00:12:10 - 00:00:13:21
Bennett Tomlin
I'm doing well. How are you, Cas?

00:00:13:21 - 00:00:17:17
Cas Piancey
I'm fine, I apologize. There's a fridge in the background of my shot.

00:00:17:17 - 00:00:27:12
Cas Piancey
My my regular fridge is broken. This is the only place in my house that works, so I'm sorry if there's, like, any fridge humming during this, and I apologize.

00:00:27:12 - 00:00:44:22
Cas Piancey
Yeah, just for having this in the background. It's kind of pathetic, but I'm sorry for that. And I'm also sorry for the episode we're about to do, because this episode is going to suck for everyone. For you and me, for all the listeners. I think most of the listeners are probably going to really dislike that we're doing this episode at all.

00:00:45:00 - 00:00:46:18
Cas Piancey
We're probably going to get a lot of vitriol,

00:00:46:18 - 00:00:50:10
Cas Piancey
in response to it, but I think it's worth us doing it because.

00:00:50:10 - 00:01:01:06
Bennett Tomlin
Great opening. Sorry. Just interrupt your great opening to this episode. We're going to hate it. Our audience is going to hate it. People who aren't in our audience are going to hate it. Random people on Twitter are going to hate it.

00:01:01:06 - 00:01:05:19
Bennett Tomlin
No one's going to like it. Giancarlo Devasini might like it.

00:01:05:19 - 00:01:11:11
Cas Piancey
No, exactly. Tether executives and crypto bros are going to love it and they are going to dunk on us. And that is what it is.

00:01:11:11 - 00:01:21:00
Cas Piancey
So, but I still think it's worth doing it because I think it's worth acknowledging where we're at in our mind state and how we feel about tether.

00:01:21:02 - 00:01:30:17
Cas Piancey
These days, while I feel is the wrong word, probably because this is not about our feelings, it's more about what we objectively see as the future for tether.

00:01:30:17 - 00:01:31:13
Cas Piancey
At this point.

00:01:31:13 - 00:01:43:02
Cas Piancey
So yeah, I let's get started. I guess the big news since our last episode is that Donald Trump got elected and is now choosing who his cabinet is going to be.

00:01:43:02 - 00:01:56:05
Cas Piancey
And these important people within within him, within his administration. And that is leading me to now, Bennett sending it to you basically. Where why why do we care about that?

00:01:56:05 - 00:01:59:07
Bennett Tomlin
We care about that. Because

00:01:59:07 - 00:02:16:16
Bennett Tomlin
for years, we've had the belief that the thing most likely to stop tether. The thing that especially is tether has actually become profitable. The thing we thought could actually stop them was government intervention and probably law enforcement intervention

00:02:16:16 - 00:02:26:05
Bennett Tomlin
for a long time. Several years ago, it was reported by Bloomberg that tether executives had received target letters related to a bank fraud investigation.

00:02:26:07 - 00:02:43:16
Bennett Tomlin
And then the years went by and that never turned into an indictment. More recently, there was some more reporting that suggested there was an investigation into tether, which got some people excited. But I'm going to try and destroy their excitement over the next couple minutes because,

00:02:43:16 - 00:02:50:23
Bennett Tomlin
the specific reporting on that investigation was that tether was being investigated for enabling sanctions violations.

00:02:50:23 - 00:03:14:06
Bennett Tomlin
Basically, criminals were using tether to do crime. And so there was an investigation into that. And frankly, I think people who were optimistic that was going to hurt tether forgot, like we've talked about in here before, that tether has already like, let the FBI and the Secret Service into their backend and shares their data with them, collaborates with them to seize and like, freeze funds.

00:03:14:09 - 00:03:39:00
Bennett Tomlin
So, like I never at this point believed it was plausible that sanctions issues like that we're going to get tether. If sanctions issues were going to get tether, it meant tether was far more involved in the violations than we had reason to believe. Besides that, like the fact that nothing has happened for years, tether has done an excellent job of finding political allies.

00:03:39:02 - 00:03:48:15
Bennett Tomlin
The majority of Tether's assets that we know about are held at Cantor Fitzgerald, which is led by one Howard Nick, who is leading

00:03:48:15 - 00:04:02:21
Bennett Tomlin
Donald Trump's transition team and has been nominated to be the future Commerce secretary. So one very strong tether ally is in the cabinet. And more broadly, the Trump administration has signaled a

00:04:02:21 - 00:04:12:07
Bennett Tomlin
strong belief that regulation should be removed, ignored, and barriers like that should be eliminated.

00:04:12:09 - 00:04:32:05
Bennett Tomlin
And we have past experience from the last time Trump was president that his nominees to the SEC, the CFTC, in the various law enforcement like divisions and why the various things were not interested in pursuing white collar crime broadly and crypto crime specifically.

00:04:32:05 - 00:04:34:16
Cas Piancey
want to pause and just back up a little bit there.

00:04:34:16 - 00:04:42:11
Cas Piancey
I think probably most of our listeners are familiar with Cantor Fitzgerald, but I think maybe some of them probably aren't.

00:04:42:11 - 00:04:45:18
Cas Piancey
So I want to I want to just backtrack a little bit and talk about Cantor Fitzgerald.

00:04:45:18 - 00:04:53:09
Cas Piancey
Cantor Fitzgerald has been around for a really long time, but they became more well known in the aftermath of 9/11.

00:04:53:12 - 00:05:02:11
Cas Piancey
Six, I do believe it was 647 of their employees or something like that. Like a massive 73% or something of their employees,

00:05:02:11 - 00:05:12:16
Cas Piancey
died in nine, 11. Really tragic. They were, I think, like the main I think they had of everyone the most employees lost that day.

00:05:12:16 - 00:05:22:06
Cas Piancey
that's tragic. I think the way that Howard Hutnik reacted to it and the kind of person he has shown to be since then,

00:05:22:06 - 00:05:23:11
Cas Piancey
he's apologies.

00:05:23:11 - 00:05:29:22
Cas Piancey
Howard Lutnick is in charge of Cantor Fitzgerald and was in charge when this all happened.

00:05:29:22 - 00:05:32:20
Cas Piancey
And the way he reacted to it and responded to it,

00:05:32:20 - 00:05:36:14
Cas Piancey
which was to not pay out salaries,

00:05:36:14 - 00:05:39:00
Cas Piancey
to the affected families

00:05:39:00 - 00:05:56:09
Cas Piancey
was widely shunned and just kind of showed who this guy was afterwards. I think most people believed Cantor Fitzgerald was was not going to make it, but because of the cuts he did and all of the weird ways that he reacted and behaved afterwards, he was able to not just save Cantor Fitzgerald.

00:05:56:09 - 00:06:01:14
Cas Piancey
He made it a huge multibillion dollar company again. And,

00:06:01:14 - 00:06:18:09
Cas Piancey
basically nowadays they're the ones who buy US treasuries for tether and Howard Lutnick has repeatedly gone on the record saying how great tether is, how they're totally not doing anything illegal. They're all good.

00:06:18:09 - 00:06:23:18
Cas Piancey
So I just want to clarify that in case anyone is unfamiliar with who Cantor Fitzgerald is and who Howard Lutnick is,

00:06:23:18 - 00:06:25:05
Cas Piancey
that's kind of a broad overview.

00:06:25:05 - 00:06:36:00
Cas Piancey
I urge anyone to kind of dig deeper if they want to. It's that that is very basic, you know, foundational levels of what Cantor Fitzgerald is and does and how they behave.

00:06:36:00 - 00:06:39:08
Cas Piancey
Another comparison for me would be like Cumberland or,

00:06:39:08 - 00:06:41:10
Cas Piancey
or something like that where it's just,

00:06:41:10 - 00:06:45:02
Cas Piancey
kind of like just corporate gray zone and they take full advantage of it

00:06:45:02 - 00:06:52:11
Bennett Tomlin
I feel like Don's a little sharper than Howard if we're putting them head to head. But I get the vibe similarity.

00:06:52:11 - 00:07:02:04
Cas Piancey
yeah, yeah, the company vibe. Not the individual vibe. Let me say that, Howard Lutnick, I think as far as anyone is concerned, is a just a joke of a person.

00:07:02:06 - 00:07:07:02
Bennett Tomlin
Hey, that's our future commerce secretary. He's going to be setting tariffs.

00:07:07:02 - 00:07:07:13
Cas Piancey
Yeah,

00:07:07:13 - 00:07:40:19
Cas Piancey
basically, I think him being in such a high position within the Trump administration really closes the book for me on any, especially in the next four years, any prosecution, any criminal charges, anything happening against Tether, I'm almost 100% certain it's not going to happen. So I like as as certain as I've ever been that the days of believing tether will see justice for what they've done.

00:07:40:21 - 00:07:42:12
Cas Piancey
I think those days are over. You know.

00:07:42:12 - 00:07:48:03
Bennett Tomlin
Yeah. There's a chance. Maybe in, like, the closing days of this administration, we get, like,

00:07:48:03 - 00:07:51:11
Bennett Tomlin
deferred prosecution or some kind of settlement, like,

00:07:51:11 - 00:08:01:22
Bennett Tomlin
the NIT, the edit team. It's unclear which at this point is actually in charge of the tether investigation. There's a little bit of conflicting reporting and how that investigation has moved back and forth.

00:08:01:22 - 00:08:20:11
Bennett Tomlin
But I could imagine potentially them like pushing tether to get something on paper because they know they can't take it to trial because it'll die before it gets there. And, tether might decide it's better to close it out than deal with it for however long it would take. But I frankly think that's pretty unlikely, too.

00:08:20:11 - 00:08:21:08
Bennett Tomlin
And so, yeah.

00:08:21:10 - 00:08:58:12
Bennett Tomlin
Tether one. And after four more years of unlimited, unmitigated growth with a president who is receiving the majority of the profits from a company that itself has promised to launch a stablecoin, it seems unlikely that there's going to be any substantial limitations on tether activity. And so even at the end of this four years, even if there is a massive anti-corruption movement in response to the various abuses we're about to see over the next several years, tether at that point will be, what, $150 billion, $200 billion insane number.

00:08:58:16 - 00:09:26:18
Bennett Tomlin
Like, even if at that point some prosecutor is fully committed to going after tether, that's big enough. You're in HSBC territory, right? You're in. We're getting a settlement. We're paying it. But it's not affecting our massive global conglomerate that owns land across ten countries. Energy production across four more has like three different governments. Like at a certain point, like at best you're getting a few billion dollars for the government's coffers out of tether and they win.

00:09:26:18 - 00:09:28:16
Bennett Tomlin
I guess they win. We lose.

00:09:28:16 - 00:09:29:03
Cas Piancey
Yeah,

00:09:29:03 - 00:09:33:07
Cas Piancey
It sucks. I mean, it sucks to say it. I think that tether. I've said it before,

00:09:33:07 - 00:09:46:07
Cas Piancey
and I undoubtedly will say it again, I there's all these people who say tether is good for the dollar. I widely disagree with that. I think part of the strength of the dollar is that you can sanction countries with it, right?

00:09:46:07 - 00:10:03:21
Cas Piancey
You can sanction your enemies with it. This provides a way around that. And I know we've talked about the Secret Service and FBI working with them or whatever, but this this truly does provide a much easier way for, for countries. We don't necessarily want to have access to the dollar to have access to the dollar.

00:10:03:21 - 00:10:06:22
Cas Piancey
And I don't I don't think that's a good thing for the dollar.

00:10:06:22 - 00:10:29:12
Cas Piancey
I'm sure there's a lot of advocates out there that will tell you it is. So I, I don't like this. I'm, I'm sad that we have to do an episode about it, but I also I'm just being realistic and logical and rational in that I think our days of covering tether in terms of like any odds of criminal stuff, I think those days are over.

00:10:29:12 - 00:10:33:11
Cas Piancey
We might still cover, we might still cover like a hack. We might still cover,

00:10:33:11 - 00:10:36:16
Cas Piancey
you know, who knows what. There's weird things that could absolutely. Like,

00:10:36:16 - 00:10:49:22
Bennett Tomlin
We may catch them. Investors investing in a fraudster or cooperating with some scammy payment processor or things like that. But, yeah, they're mostly free.

00:10:49:22 - 00:10:56:21
Cas Piancey
I, I think the criminal days are past us now, at least in terms of criminal charges and prosecution.

00:10:56:21 - 00:10:57:11
Cas Piancey
So,

00:10:57:11 - 00:10:59:13
Cas Piancey
it's painful to,

00:10:59:13 - 00:11:00:05
Cas Piancey
do this,

00:11:00:05 - 00:11:09:21
Cas Piancey
and I'm. And I'm sure we're going to get backlash. I'm sure there's gonna be people saying, oh, there's got to be people in there who are going to rat rat out on other like, I don't I don't think so.

00:11:10:01 - 00:11:13:01
Cas Piancey
I just don't think so. This is another point that someone brought up,

00:11:13:01 - 00:11:16:06
Cas Piancey
on bluesky, which is where you can find Ben at night, largely now.

00:11:16:06 - 00:11:19:16
Cas Piancey
By the way, we're not spending any time on Twitter these days.

00:11:19:16 - 00:11:23:15
Cas Piancey
Just, I think, Ben, it probably just puts out a few things here and there as,

00:11:23:15 - 00:11:26:22
Cas Piancey
trying to get some traction for articles and other stuff.

00:11:26:22 - 00:11:27:23
Cas Piancey
But in terms of,

00:11:27:23 - 00:11:40:10
Cas Piancey
where we're actually engaging, it's on blue Sky now. But somebody on blue Sky said something along the lines of Phil Potter. So maybe people who haven't gone back to the beginning of our catalog or whatever aren't familiar with Phil Potter.

00:11:40:10 - 00:11:44:04
Cas Piancey
But Phil Potter was the chief strategy officer at Bitfinex and Tether.

00:11:44:04 - 00:11:47:03
Cas Piancey
And he ended up resigning and getting this golden parachute,

00:11:47:03 - 00:11:48:17
Cas Piancey
making a bunch of money.

00:11:48:17 - 00:11:49:11
Cas Piancey
And

00:11:49:11 - 00:11:56:13
Cas Piancey
he lives in America. He is a US citizen, and nothing has happened to him.

00:11:56:13 - 00:12:17:17
Bennett Tomlin
Yeah. So the context here was someone on blue Sky asked, like, now that CZ is gone. Now that Do's gone, now that all the FTX executives have pled and cooperated, who's going to be the first tether executive to flip and cooperate to save themselves? And our takeaway, you and I collectively was none of them because

00:12:17:17 - 00:12:30:22
Bennett Tomlin
it seems plausible that Phil Potter has already had conversations with regulators or authorities about various things he's currently running like a stablecoin clearing firm and other things like that.

00:12:30:22 - 00:12:49:03
Bennett Tomlin
So it's not like he left the industry. And like you said, he's been walking down the streets of New York, like right where and why in Eden where, if there was ever actually going to be something, we would have had some evidence from it based on that, probably years ago. It's like how,

00:12:49:03 - 00:12:54:16
Bennett Tomlin
with Sam Tribeca walking around San Francisco right now, that's a pretty good sign.

00:12:54:16 - 00:13:05:10
Bennett Tomlin
He's not going to get in any trouble, right? Like, if he feels comfortable selling off his boat and walking around San Francisco and meeting up with people, he's not worried about someone putting handcuffs on him.

00:13:05:10 - 00:13:06:12
Cas Piancey
it is disheartening.

00:13:06:12 - 00:13:12:12
Cas Piancey
after spending so much time on it as a topic. I mean, it is it is literally why we started this podcast.

00:13:12:12 - 00:13:20:15
Cas Piancey
This podcast was not going to be crypto currency centric. It was going to be tether centric. We were doing, I think, literally 2 or 3 episodes, and that

00:13:20:15 - 00:13:21:03
Cas Piancey
was it.

00:13:21:03 - 00:13:22:17
Cas Piancey
And that was our plan.

00:13:22:17 - 00:13:34:14
Cas Piancey
And we we got urged to do more. So we've, we've since continued. But I guess that's crazy just to think that our podcast has outlived its original purpose.

00:13:34:14 - 00:13:42:14
Cas Piancey
Because, yeah, we're not I don't think tether is going to come up as a topic as much anymore. I think is kind of what I'm letting our audience know.

00:13:42:14 - 00:13:54:14
Cas Piancey
And to expect is that we're going to we cover fraud a lot. We cover cryptocurrency a lot. We talk about all the updates that are going on. There's people that we expect could probably get in trouble in the next few years. Still,

00:13:54:14 - 00:13:58:11
Cas Piancey
maybe on an international scale, less so than on a U.S scale.

00:13:58:11 - 00:13:59:12
Cas Piancey
But, you know,

00:13:59:12 - 00:14:01:10
Cas Piancey
tether is not one of them anymore.

00:14:01:10 - 00:14:07:08
Bennett Tomlin
Yeah. And they should also be a moment for people to perhaps realize there's not going to be very many,

00:14:07:08 - 00:14:13:08
Bennett Tomlin
SEC or CFTC cases for us to cover over the next four years or so.

00:14:13:08 - 00:14:23:22
Bennett Tomlin
We'll cover things as they come up in other news stories. We're able to break in cover, but there's, at least us based going to be substantially less regulator action.

00:14:24:04 - 00:14:39:13
Bennett Tomlin
And most of the rest of the world kind of takes their clues from the US. And often even when other countries regulators are bringing cases, there's often a bit of cooperation with U.S. authorities involved in things like that, and that's going to be different.

00:14:39:13 - 00:14:40:00
Cas Piancey
it is,

00:14:40:00 - 00:14:42:00
Cas Piancey
you know, we've got a grifter in chief,

00:14:42:00 - 00:14:47:12
Cas Piancey
now, and I think it's it does make you reflect on, like,

00:14:47:12 - 00:14:51:21
Cas Piancey
to me, it makes me reflect on a couple things, which is one, that

00:14:51:21 - 00:15:03:11
Cas Piancey
that absolutely is going to hinder criminal charges, prosecutions, all that stuff is going to slow down, and only the most egregious of crimes are going to be considered.

00:15:03:11 - 00:15:06:05
Cas Piancey
And I think on top of that,

00:15:06:05 - 00:15:11:07
Cas Piancey
it suggests to me that the American public actually likes.

00:15:11:07 - 00:15:23:19
Cas Piancey
Maybe it's just a charisma thing. Maybe it's maybe that it's this confidence man thing where, you know that that's enough for the American public to be won over. Is just that, this this guy who is a conman,

00:15:23:19 - 00:15:24:13
Cas Piancey
a that's enough.

00:15:24:13 - 00:15:28:23
Cas Piancey
We're we're happy because he's so confident and so sure of himself.

00:15:28:23 - 00:15:34:02
Cas Piancey
It doesn't matter that he does the fucking NFT trading cards. It doesn't matter that he does the,

00:15:34:02 - 00:15:44:08
Cas Piancey
world financial whatever globally, you know, you know that it doesn't matter that there's these cryptocurrency grips. Good for him. He's now that he's a cryptocurrency grifter like everyone.

00:15:44:08 - 00:15:49:00
Cas Piancey
Can cryptocurrency grift together and like, isn't the world a better place for that? I maybe

00:15:49:02 - 00:16:13:10
Bennett Tomlin
Yeah, I, I did write a newsletter kind of like this. Because there were people talking about what crypto regulations might look like, and I'm like, we have to assume that, like, whatever regulations are going to exist would permit the things the president himself has done. And the president wife's team was washed trading her NFT. The president's team was like issuing this BS Nontransferable NFT thing.

00:16:13:13 - 00:16:14:15
Bennett Tomlin
The president's,

00:16:14:15 - 00:16:29:02
Bennett Tomlin
like DeFi project is not DeFi and openly lied about being like a governance token in its marketing. And so that's going to be okay. Like, like if those kind of things are going to be permissible, it's hard for me to figure out what would be impermissible.

00:16:29:02 - 00:16:30:07
Cas Piancey
It's really funny, too, because,

00:16:30:07 - 00:16:31:12
Cas Piancey
Bill Hwang,

00:16:31:12 - 00:16:32:12
Cas Piancey
who was,

00:16:32:14 - 00:16:33:11
Cas Piancey
in charge of,

00:16:33:11 - 00:16:34:17
Cas Piancey
what is it called? Arc.

00:16:34:17 - 00:16:37:17
Bennett Tomlin
Archegos. But it's what I would say. But I'm often wrong.

00:16:37:17 - 00:16:39:13
Cas Piancey
Yeah, I think arc art Archegos.

00:16:39:13 - 00:16:41:23
Cas Piancey
In charge of this massive fund. And,

00:16:41:23 - 00:16:45:23
Cas Piancey
he just got sentenced to 18 years in prison because he,

00:16:45:23 - 00:16:59:11
Cas Piancey
basically washed, traded, and sneakily ran up the price on a on a bunch of stocks and then got crushed when they when there was a big sell off.

00:16:59:11 - 00:17:05:21
Cas Piancey
But it sounds to me like something like that would not even necessarily be considered illegal anymore.

00:17:05:21 - 00:17:11:01
Cas Piancey
So I like I'm wondering why he's going to be sitting in prison for 18 years if like if the

00:17:11:01 - 00:17:12:01
Bennett Tomlin
Bad timing.

00:17:12:01 - 00:17:19:14
Cas Piancey
Yeah. Yeah, exactly. Timing is everything. So, you know, and who knows, maybe, maybe Donald Trump will let him out.

00:17:19:14 - 00:17:29:20
Cas Piancey
Who knows? You know, maybe Donald, maybe I'm wrong about thinking. I've been thinking that a lot of these financial criminals aren't going to be pardoned and released, but I might I might be

00:17:29:20 - 00:17:31:23
Bennett Tomlin
Clinton pardoned Marc Rich. Right.

00:17:31:23 - 00:17:35:21
Bennett Tomlin
And Clinton was less openly and publicly corrupt than Trump.

00:17:35:21 - 00:17:37:00
Cas Piancey
Sure. And then there was,

00:17:37:00 - 00:17:41:10
Bennett Tomlin
Not to say he wasn't openly and publicly corrupt, for the record, just less.

00:17:41:10 - 00:17:48:04
Cas Piancey
Yeah. And so I guess I just wonder now, like I thought, I really thought, I don't think SBF is getting it like SBF and getting out under this administration,

00:17:48:04 - 00:18:09:13
Bennett Tomlin
SBF, as Biden's second donor isn't. But, you know, Ryan Salame thinks he is, and I don't think he is. Like, I don't think he's important enough to earn a pardon because he no longer has value, utility or connections he can provide. But I think Ryan Salame thinks he's done enough that he deserves one for all the stuff he did beforehand.

00:18:09:13 - 00:18:10:19
Cas Piancey
I will say I think it's

00:18:10:23 - 00:18:11:14
Bennett Tomlin
Oh sure.

00:18:11:14 - 00:18:11:20
Cas Piancey
he

00:18:11:20 - 00:18:15:14
Cas Piancey
he really played up, especially in going on Tucker Carlson and playing up

00:18:15:14 - 00:18:29:08
Bennett Tomlin
maybe post November 2028, like after the next election is already over and Trump is truly like waiting for the next inauguration. Who knows what he'll pardon then, right? And how many weird payments he'll get on January 21st?

00:18:29:08 - 00:18:32:02
Bennett Tomlin
From those same people who just happened to just get pardoned.

00:18:32:02 - 00:18:33:07
Bennett Tomlin
Fuck.

00:18:33:07 - 00:18:39:03
Cas Piancey
so while this is a rough episode and I think that it's, it's important that we make these acknowledgments and stuff,

00:18:39:03 - 00:18:42:08
Cas Piancey
I want to, I want to reiterate that

00:18:42:08 - 00:18:46:11
Cas Piancey
I think if this feels bad and if this,

00:18:46:11 - 00:18:52:21
Cas Piancey
hurts your hurts your mind to hear and hurts and hurts inside. Well, one it should.

00:18:52:21 - 00:18:54:00
Cas Piancey
And two,

00:18:54:00 - 00:19:02:05
Cas Piancey
if you think this is rough, just wait. Like the next four years are not going to be. It's things that should be fraud are not going to

00:19:02:15 - 00:19:11:16
Bennett Tomlin
Well. And like frauds. Not going to be the worst part of it, right? There's a lot of people in a lot more direct danger than, like, the the fraud and stuff, but.

00:19:11:16 - 00:19:23:01
Cas Piancey
absolutely. And like to are obviously like, there's people who are listeners who I'm sure will tell me like, oh, you think you have something to worry about? Well, you know, I'm LGBTQ or, you know,

00:19:23:01 - 00:19:26:03
Bennett Tomlin
Or an immigrant, a refugee and whatever.

00:19:26:03 - 00:19:39:01
Cas Piancey
exactly. Yeah. Like for sure. You're right. I'm not saying we. I'm just saying that the fraud enablement is going to be hard to watch, and it's going to be you're going to see people that you think, whoa, that person is doing something crazy, illegal.

00:19:39:01 - 00:19:47:07
Cas Piancey
They should go to jail, walk away with millions and millions of dollars, and you're going to have to just throw up your hands and say, well, I guess this is the world we live in now.

00:19:47:07 - 00:20:00:09
Bennett Tomlin
and it's going to damage regulators, law enforcement in various parts of like our civil infrastructure for like, so badly. It will take a long time to rebuild, assuming there's even the political will to do that.

00:20:00:09 - 00:20:14:02
Cas Piancey
Yeah. It becomes a self-perpetuating mechanism now. Right. Because what we what we're going to see is that a bunch of people are coming into government who are keen to say that in every single way, shape and form, government is ineffectual and,

00:20:14:02 - 00:20:22:00
Cas Piancey
bureaucratic and doesn't do anything right, which I agree that there is too much bureaucracy.

00:20:22:00 - 00:20:25:13
Cas Piancey
I agree that there's spending on silly things that we don't need.

00:20:25:13 - 00:20:40:01
Cas Piancey
But the kind of cuts that they're talking about making and the kind of the kind of cuts that they're suggesting tell me that it's going to make it's going to make government more ineffectual. And then once government becomes more ineffectual, everyone's going to say, man, government really sucks.

00:20:40:01 - 00:20:46:21
Cas Piancey
I hate government, I don't want to pay taxes, and I don't want to do this anymore. And then they're going and then it's just going to keep going and going and going and going.

00:20:46:21 - 00:20:59:23
Cas Piancey
So for me, I like I am very concerned about this when it comes to regulation fraud, all the all the things that I'm expecting to be crazy.

00:21:00:01 - 00:21:00:18
Cas Piancey
But,

00:21:00:18 - 00:21:04:01
Cas Piancey
I, I guess this is just a get ready episode. Prepare.

00:21:04:01 - 00:21:09:12
Bennett Tomlin
Hold on to your hats. CasCoin Luckily, will avoid regulator attention, though.

00:21:09:12 - 00:21:13:05
Cas Piancey
Well, after 17.5 bankruptcies, we're working through the last one.

00:21:13:05 - 00:21:17:15
Cas Piancey
Thankfully, now I it seems like we're we're all in the clear, so everyone you can,

00:21:17:15 - 00:21:21:09
Cas Piancey
I will be allowing you to access your cash coins again soon.

00:21:21:09 - 00:21:23:02
Cas Piancey
You will need to,

00:21:23:02 - 00:21:26:19
Cas Piancey
you need to remember your password. Which email you used. You're going to have to supply your,

00:21:26:19 - 00:21:29:19
Cas Piancey
some form of ID for me to make sure that it's you.

00:21:29:19 - 00:21:34:14
Cas Piancey
And then I will grant you access to your cash coins again. So exciting times for us.

00:21:34:14 - 00:21:37:03
Cas Piancey
And just a really good,

00:21:37:03 - 00:21:39:16
Cas Piancey
good episode for everybody. I'm really stoked.

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3 responses to “Episode 158 – How Tether avoids prosecution with this one simple hack”

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