This week we came across a few articles looking critically at crypto projects that we thought fit well together:
Anyone seen Tethers Billions?
Bloomberg has dug deep into the stable coin Tether, which allegedly is supposed to back each Tether with one US dollar. The problem is that there are $69 Billion Tethers, and no one can document where the dollars are. Not a great start.
NFT Projects are just MLMs for Tech Elites
The story of the average person getting rich on a lucrative NFT project carries the same benefit as the story of the lady who could barely afford a $5 box of cereal and then brought a dream home with LuLaRoe - both paradigms benefit from an illusion that meritocracy prevails. It’s hard to hope in a world without that illusion.
Bitcoin is no longer a “decentralized” money system
If you want to extract Bitcoin on your own and at the same time get one payment a week, today you have to invest around one billion kroner. There are very few who can.
What does it mean in practice?
Yes, the story of decentralization is long overdue.
I collect cash flows
I collect shares of businesses. Been doing it since my late teens. Not always successfully. I use a certain type of non fungible token called a stock certificate for this. I never lay hands on the certificate, it’s in digital form, living somewhere in the multiverse. A company called DTC makes sure the shares I’ve bought are the shares I get. And then I hold them. Sometimes I will trade them for digital dollars that I also don’t ever see or touch.