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Going to need you to thoroughly substantiate Tether doing QE. I've looked into this and see nothing other than circumstantial evidence. That said, I fully expe

Going to need you to thoroughly substantiate Tether doing QE. I've looked into this and see nothing other than circumstantial evidence. That said, I fully expect Tether to implode in the next year or so.

arcticbull 5y ago
Tether themselves said the coin is 3% backed by dollars, so it's 97% QE. The burden of proof isn't on me, it's on Tether. Extraordinary claims require extraordinary proof - they claim to have $60B of assets and to be the 7th largest player in the global commercial paper space, right behind Vanguard. They refuse to substantiate their claims with an audit. Not to mention they're 11 people on various non-extradition-treaty islands nobody in the commercial paper space has ever heard of. And Paolo appears to be doing interviews from his mom's basement.
- nwiswell 5y ago
  Do you think USDC is also a fraud? They're eating into USDT's market share at an alarming rate... If USDT is really insolvent, the collapse should happen pretty soon.
  - WalterSear 5y ago
    They have also been avoiding audits.
  - arcticbull 5y ago
    Personally, I have always held USDC in high regard. Their attestations (not audits, which they have also never done) are now roughly 3 months late and they have recently changed their wording from being 1:1 backed by dollars to being backed by various approved investments. [1] It was right at the time they made these changes that growth went parabolic. I'm also suspicious that right as the crypto downturn hit they suddenly went out to raise $440M - something I wouldn't expect a stablecoin with billions in the bank to need to do. [2] However, personally I would assign them a risk score of 3/10 ("Hmmm") as compared to Tether's 11/10 ("Oh sweet mercy") - a sentiment echoed by the Fed [3]. IMO there's a few things propping up USDT, including multi-stablecoin liquidity pools doing automatic arbitrage against other stablecoins. [1] https://www.centre.io/usdc-transparency https://www.centre.io/usdc-transparency [2] https://www.coindesk.com/usdc-builder-circle-raises-440m https://www.coindesk.com/usdc-builder-circle-raises-440m [3] https://www.coindesk.com/us-fed-official-calls-tether-a-challenge-to-financial-stability https://www.coindesk.com/us-fed-official-calls-tether-a-chal...

arcticbull 5y ago

Tether themselves said the coin is 3% backed by dollars, so it's 97% QE. The burden of proof isn't on me, it's on Tether. Extraordinary claims require extraordinary proof - they claim to have $60B of assets and to be the 7th largest player in the global commercial paper space, right behind Vanguard. They refuse to substantiate their claims with an audit. Not to mention they're 11 people on various non-extradition-treaty islands nobody in the commercial paper space has ever heard of. And Paolo appears to be doing interviews from his mom's basement.

nwiswell 5y ago
Do you think USDC is also a fraud? They're eating into USDT's market share at an alarming rate... If USDT is really insolvent, the collapse should happen pretty soon.
- WalterSear 5y ago
  They have also been avoiding audits.
- arcticbull 5y ago
  Personally, I have always held USDC in high regard. Their attestations (not audits, which they have also never done) are now roughly 3 months late and they have recently changed their wording from being 1:1 backed by dollars to being backed by various approved investments. [1] It was right at the time they made these changes that growth went parabolic. I'm also suspicious that right as the crypto downturn hit they suddenly went out to raise $440M - something I wouldn't expect a stablecoin with billions in the bank to need to do. [2] However, personally I would assign them a risk score of 3/10 ("Hmmm") as compared to Tether's 11/10 ("Oh sweet mercy") - a sentiment echoed by the Fed [3]. IMO there's a few things propping up USDT, including multi-stablecoin liquidity pools doing automatic arbitrage against other stablecoins. [1] https://www.centre.io/usdc-transparency https://www.centre.io/usdc-transparency [2] https://www.coindesk.com/usdc-builder-circle-raises-440m https://www.coindesk.com/usdc-builder-circle-raises-440m [3] https://www.coindesk.com/us-fed-official-calls-tether-a-challenge-to-financial-stability https://www.coindesk.com/us-fed-official-calls-tether-a-chal...