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Where are the Billions That Supposedly Back the Tether Stablecoin?

Andrew Orr ·

Tether is a cryptocurrency pegged to the U.S. dollar, but regulators and prosecutors are closing in on the company, questioning the amount of Tether’s reserves.

As far as the regulators are concerned, the size of Tether’s supposed dollar holdings is so big that it would be dangerous even assuming the dollars are real. If enough traders asked for their dollars back at once, the company could have to liquidate its assets at a loss, setting off a run on the not-bank. The losses could cascade into the regulated financial system by crashing credit markets. If the trolls are right, and Tether is a Ponzi scheme, it would be larger than Bernie Madoff’s.

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U.S. Justice Department Forms Crypto Enforcement Team

Andrew Orr ·

The U.S. Justice Department is forming a crypto enforcement team to “root out abuse” such as money laundering.

“We want to strengthen our capacity to dismantle the financial ecosystem that enables these criminal actors to flourish and — quite frankly — to profit from what they’re doing,” said Monaco. “We’re going to do that by drawing on our cyber experts and cyber prosecutors and money laundering experts.”

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Steve Jobs Tried to Get Michael Dell to License macOS on Every Machine he Sold

Charlotte Henry ·

There has been lots of conversation and reminiscing about Steve Jobs on the tenth anniversary of his passing. One of those with a story is Michael Dell. He recalled how Mr. Jobs wanted macOS on every Dell machine, and to be paid a license fee for it. As CNET noted, such a deal would have had a profound impact on the future of computing.

“He said, look at this — we’ve got this Dell desktop and it’s running Mac OS,” Dell tells me. “Why don’t you license the Mac OS?” Dell thought it was a great idea and told Jobs he’d pay a licensing fee for every PC sold with the Mac OS. But Jobs had a counteroffer: He was worried that licensing scheme might undermine Apple’s own Mac sales because Dell computers were less costly. Instead, Dell says, Jobs suggested he just load the Mac OS alongside Windows on every Dell PC and let customers decide which software to use — and then pay Apple for every Dell PC sold. “It could have changed the trajectory for Windows and Mac OS on PCs. But obviously they went in a different direction.”