Dan McArdle, cofounder of Messari and the creator of OnChainFX, discusses why tether lost its dollar peg, how the Gemini USD traded at above $1, and how this was similar to the time before Mt. Gox imploded. We also discuss the significance of the Fidelity news, plus McArdle's thesis on how Bitcoin would behave in a recession -- which isn't the conventional wisdom. Thank you to our sponsors! Blockdaemon: http://blockdaemon.com/unchained/ OnRamp: http://www.thinkonramp.com Episode links: Dan McArdle: https://twitter.com/robustus Messari: https://messari.io OnChainFX: https://onchainfx.com Tether falls in price: https://www.coindesk.com/price-of-tether-stablecoin-tanks-to-18-month-low/ Gemini trades as high as $1.09: https://www.coindesk.com/gemini-stablecoin-volume-doubles-top-10-exchange-bibox-tether-turmoil/ Bitfinex's banking situation: https://theblockcrypto.com/2018/10/16/tether-has-found-a-new-bank-in-the-caribbean/ https://theblockcrypto.com/2018/10/16/bitfinex-appears-to-have-moved-its-business-to-a-hong-kong-bank/ Unchained episode in which I answer listener questions: http://unchainedpodcast.co/listener-mail-laura-answers-your-questions-on-the-markets-velocity-privacy-and-more-ep88 Fidelity's news: https://www.forbes.com/sites/michaeldelcastillo/2018/10/15/fidelity-launches-institutional-platform-for-bitcoin-and-ethereum/ Dan's thoughts on how Bitcoin could behave in a recession: https://twitter.com/robustus/status/1010240675189805063