Brock Pierce may become legendary for another reason - his involvement in "Tether", which is used by several exchanges including Bitfinex.

The problem?

It seems Tether is being used to circumvent bank difficulties, which simply means it is being issued with no aim towards it being "pegged" to US Dollars.

This means that when the wheels come off the cart, from issuing too much of it, BFX and other exchanges will have their own mini-hyperinflation event, where they lose control of the Tether valuation - which in turn will harm anyone with funds parked there.

Don't store anything on exchanges using Tether, this one is starting to look like "Gox 2.0".