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[flibbr @flibbr]

@isabelfoxenduke Love listening to Phil's stories as always

[Isabel Foxen Duke⚡️ @isabelfoxenduke]

BITCOIN RAILS #56: THE UNTOLD HISTORY OF STABLECOINS | with Tether co-founder, Phil Potter

🔗 YOUTUBE: https://t.co/EKYRs8hsJ6
🌿 SPOTIFY: https://t.co/BWvi1RHYXs

There are few people as consequential in crypto history as Phil Potter, co-founder of Tether and creator of the world's first stablecoin. After trading Bitcoin in “Satoshi Square” amongst peers like @ErikVoorhees, Charlie Shrem, the Winklevoss twins, and others, Potter became known for two things:

1. Professionalizing Bitcoin trading via the development of Bitfinex—and managing the 2nd largest exchange hack in Bitcoin's history

2. Inventing stablecoins — arguably the most important piece of crypto-infrastructure outside of Bitcoin itself

Ultimately, Potter shares that stablecoins were “too successful,” adding that “anytime someone makes a lot of money really fast that they don’t understand... they think you’re a criminal.”

In 2019, Phil stepped down from his role as CSO of Tether after a series of relentless personal, legal, and regulatory attacks. In his first video interview since around that time — I’m thrilled to share the story of Tether that’s been waiting to be told.

In this episode, Phil Potter shares:

- What the early days of Bitcoin trading were like (think: in-person Bitcoin-cash trades in NYC’s Washington Square Park)

- How Bitfinex revolutionized trading infrastructure for Bitcoin—and managed the second largest exchange hack of all time.

- The Birth story of Tether + the dark side of being one of the most successful companies in US history.

- How Phil managed the onslaught of regulatory, legal, and personal attacks that followed Tether’s rapid success.

This episode of Bitcoin Rails is brought to you my NEW sponsors:

- LayerTwo Labs @LayerTwoLabs — developing research, software and technologies for scaling Bitcoin via the integration of Drivechains (BIP 300/301)
- Hashi on @SuiNetwork — a primitive for executing Bitcoin Defi transactions, with having to trust a federated bridge or other centralized entity
- BitBox @BitBoxSwiss — an open-source Bitcoin-only hardware wallet, with smooth UX and no compromises on security. Check out Bitbox [dot] swiss and use code BITCOINRAILS to get a discount.

TIMESTAMPS:
00:00 Intro
00:58 Phil Potter Origins
05:09 Bitcoin Rabbit Hole
13:47 How Debanking Changed Phil
30:24 Building Bitfinex Like Wall Street
42:19 Betrayed by Partners and Big Risk
48:25 Bitfinex Builds a Pro Exchange
57:30 Liquidity Risk and Trust
01:06:45 Tether Idea During Banking Crisis
01:18:49 Why Banks Said No
01:24:05 Freezes, Compliance, and KYC
01:49:57 Listing Ethereum and XRP
01:54:32 FUD Campaign and Legal Heat
02:06:34 Bitfinex Hack Recovery
02:14:45 Why Phil Left Bitfinex and Tether
02:18:21 U.S. Strategy, Regulation, and What Changed
02:23:21 IRS Pressure and the Broken System
02:25:18 Closing Thoughts

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@MrBoggDann Few of us remain. Bitcoin tested their faith. Shitcoins tested their loyalty.

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Bitfinex is still the #1 exchange for any serious trader.

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Halving soon.

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@lowstrife Started from the bottom now were here, Started from the bottom now the whole team fuckin here. Positions from the bottom now its clear. https://t.co/Hoat9Ylzno

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@alistairmilne Tether truthers in disbelief.

[Alistair Milne @alistairmilne]

No-one is talking about the relentless buyer on Bitfinex who keeps buying Bitcoin in 100BTC clips (lets the order sit in the book until filled) every few hrs or so

.... is that you Tether?

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@WhalepoolCalls ♥️ Infinite zero cost dollars vs 21m worked for btc. There is no top.

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Bitfinex has always been, and will always been the #1 crypto exchange in the world. Long on finex lindy effect.