The Untold History of Stablecoins | PHIL POTTER

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 Erik Voorhees, 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 — developing research, software and technologies for scaling Bitcoin via the integration of Drivechains (BIP 300/301) Hashi on — a primitive for executing Bitcoin Defi transactions, with having to trust a federated bridge or other centralized entity BitBox — 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.