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It would be best for the HN community if submitters stick to the HN guidelines and not blatantly editorialize the article headline. I’m bearish on Tether too,
by otoburb 5y ago
It would be best for the HN community if submitters stick to the HN guidelines and not blatantly editorialize the article headline.
I’m bearish on Tether too, but the 76% backing in cash and cash equivalents is a far different picture compared to only focusing on the 3-4% cash.
- tluyben2 5y agoYeah, this is far less bad than I thought it would be. I did indeed expect a few %s to be actually backed by something of value. So please change the title.
- grey-area 5y agoI'm afraid I don't trust their unspecified 'cash equivalents' which are mostly not cash or anything close. So I think the title is justified and not in any way a distortion of their position. Here is some more detail on the breakdown and this unspecified 'commercial paper': https://amycastor.com/2021/05/13/tethers-first-breakdown-of-reserves-consists-of-two-silly-pie-charts/ https://amycastor.com/2021/05/13/tethers-first-breakdown-of-... Personally if they don't break down what those assets are, I wouldn't trust it's not just 'cryptocurrency assets' rebranded as cash.
- creepto 5y agoThese are IOU's, as good as money.