Blockstream CEO Adam Back had what appeared to be a break down of sorts when discussing his outspoken support of embattled exchange Bitfinex recently at the HODLtillyouDIEit’snotaPonzi conference in Amsterdam.
The host of the event began questioning Mr Back about his support for Tether, Bitfinex, and the company that owns them both, Ifinex, after it came to light that Tether had been lying to the public for some time, and potentially fraudulent loans between the businesses in an attempt to cover up over $800 M of missing funds occurred.
The trouble started when the host used the “f” word, pointing out that the wide consensus was that Bitfinex and Tether had run an elaborate “fraud”.
“Fraud!?” yelled Adam Back. “Craig Wright is a fraud! Craig is the fraud!”
“Sure,” said the host. “But Mr Wright has never done an ICO, issued a stable coin and lied about it being audited, had funds confiscated as part of a money laundering investigation, or carried out fractional reserve banking in an illegal manner. Craig Wright is just a guy on the internet claiming to be someone famous, and he hasn’t actually taken anyone’s money. Many would say that compared to Tether and Bitfinex, Craig’s hands seem pretty clean.”
“Craig is the fraud!” screamed Mr Back in response. It appeared that Mr Back was in tears. His second in command, Samson Mow, assisted a limp Adam Back from the stage while moans of “craig is the fraud” could still be heard until someone at the audio desk finally cued up Tina Turner’s “The Best”.
Samson Mow spoke with CoinBlockDesk later in the foyer about the unusual event.
“Yeah I realise Bitfinex and Tether are literally the complete opposite of everything we’ve ever said Bitcoin stands for. But honestly, this lightning shit isn’t working out as planned, the number of active channels on the lightning network is actually falling believe it or not, and since we already scared away all the businesses we can’t think of anything else BTC is good for except to play trading games on exchanges. Besides, Adam bought heavily in when it fell to $9500 USD thinking that was the bottom, and he’s been doing what he can to get BTC back up to there so he can break even. We don’t need tether to go on forever, just maybe 6 more months or so, and then a bunch of us can cash out and let Bitfinex go bankrupt.”
The “BTC faithful”, as Mr Mow phrased it, are asked to keep putting their weekly tithes into BTC, and screenshotting their purchases while tagging them on social media #stackingsats. Mr Mow assures us that BTC will definitely rise in value forever despite not being usable in a business setting, as long as everyone just HODLs and keeps buying no matter what.