6 ms·

I'm waiting for a Tether collapse to create my long position, but I'm starting to feel like Michael Burry in the Big Short: the market can remain irrational for

by haolez 6y ago

I'm waiting for a Tether collapse to create my long position, but I'm starting to feel like Michael Burry in the Big Short: the market can remain irrational for a long time.

aent 6y ago
They have a deadline in about a month to reveal what exactly their "reserves" are comprised of, could be the moment.
- raducu 6y ago
  Did anything changed about tether having to reveal anything about their reserves? This has been going on for years, and it seemed that nobody was able to force them to prove anything.
  - aent 6y ago
    It's part of their recent NY settlement: https://www.bloomberg.com/news/articles/2021-02-23/crypto-exchange-bitfinex-settles-with-new-york-to-end-probe https://www.bloomberg.com/news/articles/2021-02-23/crypto-ex... >New York officials, who originally began investigating Bitfinex in 2019, will receive quarterly reports on composition of Tether’s reserves for the next two years. The companies will end all trading activity with New Yorkers. That starts in about a month
    - raducu 6y ago
      Thanks! There's nothing in the article that suggests that tether will be closed if they are not backed up 100%, so I guess it won't make any real change even if they are not.
    - rasz 6y ago
      Didnt they already had dates set for publishing Audit results in January? and then without revealing anything they obtain a settlement? Show you the scale of money and what it can do. At $Trillions being printed per month they can buy anything.
kolinko 6y ago
If/when Tether collapses people will escape it en masse into bitcoin and ethereum. Paradoxically, it can lead to the prices in crypto shooting up, not down.
creepto 6y ago
Have puts on all of the miners and Microstrategy. Months out, enough time for Bitfinex to get curbstomped by the DOJ, CFTC, or NYAG. Also enough time for them to expire worthless.
- lifty 6y ago
  Which expiration date and what price? When I checked last time they seemed pretty expensive.

by haolez 6y ago

I'm waiting for a Tether collapse to create my long position, but I'm starting to feel like Michael Burry in the Big Short: the market can remain irrational for a long time.

aent 6y ago

They have a deadline in about a month to reveal what exactly their "reserves" are comprised of, could be the moment.

raducu 6y ago
Did anything changed about tether having to reveal anything about their reserves? This has been going on for years, and it seemed that nobody was able to force them to prove anything.
- aent 6y ago
  It's part of their recent NY settlement: https://www.bloomberg.com/news/articles/2021-02-23/crypto-exchange-bitfinex-settles-with-new-york-to-end-probe https://www.bloomberg.com/news/articles/2021-02-23/crypto-ex... >New York officials, who originally began investigating Bitfinex in 2019, will receive quarterly reports on composition of Tether’s reserves for the next two years. The companies will end all trading activity with New Yorkers. That starts in about a month
  - raducu 6y ago
    Thanks! There's nothing in the article that suggests that tether will be closed if they are not backed up 100%, so I guess it won't make any real change even if they are not.
  - rasz 6y ago
    Didnt they already had dates set for publishing Audit results in January? and then without revealing anything they obtain a settlement? Show you the scale of money and what it can do. At $Trillions being printed per month they can buy anything.

kolinko 6y ago

If/when Tether collapses people will escape it en masse into bitcoin and ethereum. Paradoxically, it can lead to the prices in crypto shooting up, not down.

creepto 6y ago

Have puts on all of the miners and Microstrategy. Months out, enough time for Bitfinex to get curbstomped by the DOJ, CFTC, or NYAG. Also enough time for them to expire worthless.

lifty 6y ago
Which expiration date and what price? When I checked last time they seemed pretty expensive.