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IPFS News Link • Bitcoin

Market Weekly: Bitcoin Un-Tethered

• by Tom Luongo

It was settling, once and for all, the argument that central planners and oligarchs aren't omnipotent.

The State of New York's pathetic slap on the wrist of Tether marked the moment Bitcoin joined the ranks of the 'Too Big to Fail.'

Somewhere Peter Schiff is sad.

This lawsuit was supposed to be the nuclear bomb goldbugs thought would finally blow up bitcoin and return the world to their vision.

Too bad that multi-megaton nuke was more like an M-80 going off in my neighbor's backyard.

"Tether's claims that its virtual currency was fully backed by U.S. dollars at all times was a lie," James said in a statement. "Bitfinex and Tether recklessly and unlawfully covered-up massive financial losses to keep their scheme going and protect their bottom lines," she further said, adding: "These companies obscured the true risk investors faced and were operated by unlicensed and unregulated individuals and entities dealing in the darkest corners of the financial system."