We talked about Tether a while ago, because Tether, it turns out, instead of H. Tether

being backed by a US dollar, it was backed by, like, some receipts

and like a chicken bone and some, like, chewed gum.

That was a pretty valuable chicken bone, right?

And more...

One Tether equals one chicken bone. That is our promise to you.

And it turns out that the guy, the Brock Pierce from the Mighty Ducks was involved in Tether,

an Italian plastic surgeon, and so on and so on.

Just, and this is from Bloomberg investigation.

Again, I always like that we're sort of a little ahead on these

things. Tether's website has long displayed a page. Every tether is backed one to one by traditional

currency held in our reserves. But according to Tether's former banker in Puerto Rico,

their chief financial officer, former Italian former plastic surgeon, John Carlo Devacini,

wanted to use those reserves to make investments,

which means that basically... I'm going to throw a banga, bonga party.

Which basically means that it's in a classic sense of we are using technology to reinvent

different kinds of institutions that are unregulated, basically, right?

What we have successfully done, or what stablecoin issuers have successfully done, is they have created a bank that is no longer regulated like it would have been after the Great Depression.

Oh, good.

We've created another bank that isn't a bank.

Yeah.

So stable coins basically are bank.

...