 In the 1970’s Roman Suszko (1977: 377) declared many-valued logic to be “a magnificent conceptual deceit”. Suszko actually claimed that “there are but two logical values, true and false” (Caleiro et al. 2005: 169), a statement now called Suszko’s Thesis. For Suszko, the set of truth values assumed in a logical matrix for a many-valued logic is a set of “admissible referents” (called “algebraic values”) of formulas but not a set of logical values. Whereas the algebraic values are elements of an algebraic structure and referents of formulas, the logical value true is used to define valid consequence: If every premise is true, then so is (at least one of) the conclusion(s). The other logical value, false, is preserved in the opposite direction: If the (every) conclusion is false, then so is at least one of the premises. The logical values are thus represented by a bi-partition of the set of algebraic values into a set of designated values (truth) and its complement (falsity).