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To put this into perspective 1. 1 billion is just 1.33% of the total USD Tether has issued. 2. USDC also issued 1bn in the last 24 hours.

by csomar 5y ago

santhoshnarayan 5y ago
source re usdc?
- gadnuk 5y ago
  Actually $1.9 billion USDC was printed since the dip. And $2 billion USDT Source: https://twitter.com/LucaLand97/status/1467591656870494210?s=20 https://twitter.com/LucaLand97/status/1467591656870494210?s=... Source for USDC prints: https://twitter.com/usdcoinprinter https://twitter.com/usdcoinprinter
rglullis 5y ago
Circle has passed multiple audits. Coinbase is a company that managed to at least convince the SEC they are doing things correctly. Also important, no one from Circle/Coinbase leadership is missing, incommunicado or in hiding.
- qeternity 5y ago
  > Circle has passed multiple audits. Circle has absolutely never been audited. Circle, like Tether, has published attestations, which do not remotely approach the thoroughness of an audit.
  - seibelj 5y ago
    I worked at Circle. If you think that Jeremy Allaire is going to go to federal prison, you are out of your mind. Their combined in-house plus external legal teams are larger than 95% of the YC startup headcounts. The US government has been all over them for years.
    - qeternity 5y ago
      > I worked at Circle. If you think that Jeremy Allaire is going to go to federal prison, you are out of your mind. You're making massive leap in logic. I completely agree with you. Regulators have been absurdly slow to react, and I think that both Circle and Tether will probably end up just fine, at least legally. There may be a cataclysmic breaking of the peg but ultimately it will be retail that gets slaughtered. Tether's own terms from day 1 have basically told you that all you're getting from them is something that hopefully someone else will value for close to $1. I think these guys are pretty iron clad. Doesn't change the fact that Tether has almost certainly played a key role in manipulating crypto higher, on the mild end by providing leverage through crypto collateralized loans, and at the serious end by outright fraudulently printing Tether.
      - seibelj 5y ago
        How it is a massive leap when you are insinuating that the attestation means Circle is doing something shady? You are trying to have it both ways. Circle is not a sketchy Eastern European or Caribbean operation. They have a big office in Boston across the street from the Federal Bank of Boston and employ highly paid people who wouldn’t jeopardize their careers. The FUD is just ludicrous.
        qeternity 5y ago
        > How it is a massive leap when you are insinuating that the attestation means Circle is doing something shady? Because being shady isn't illegal? You're the one suggesting this might amount to something felonious, which is perhaps telling. > They have a big office in Boston across the street from the Federal Bank of Boston and employ highly paid people who wouldn’t jeopardize their careers. This is a terrible argument. I have worked with people who were highly paid people working for well connected shops in fancy offices (Enron, Lehman, etc). > The FUD is just ludicrous. What FUD? Point to a single thing I've said that isn't purely factual.
    - rglullis 5y ago
      As someone who worked at Circle, how comfortable would you be if you held a significant percentage of your savings as USDC? Same question, but for USDT, DAI and hard-cash-in-hand?
  - rglullis 5y ago
    Ok. I stand corrected. Call them attestations. Nonetheless, they have been done by independent third-parties who are a lot more reputed than whatever has actually managed to look into Tether's data. Even if you take the "attestation" done by Tether at face value, it showed a mix of assets that is absolutely unhealthy.
    - qeternity 5y ago
      Cool. So you clearly have no idea what an attestation is, or why the fact that it's not an audit is so important. > Nonetheless, they have been done by independent third-parties who are a lot more reputed than whatever has actually managed to look into Tether's data. Like the New York Attorney General? Go read the NYAG settlement. Tether got an attestation by wiring in $850m of Bitfinex's cash to their account the morning before an attestation, and then wiring it back to Bitfinex immediately after. The attestations merely state certain very shallow facts like "at this point in time, there were $X assets in an account". They do not audit the source and ultimate ownership of those things. Look man, I get that you want someone to pump your bags. But sometimes it's best to just bite your tongue. Tether doesn't have any defense. They may be totally legit, and if they are, it's totally indefensible to act this way. And if they're not legit, well...
      - rglullis 5y ago
        > Tether doesn't have any defense I am not defending Tether, quite the opposite. My only argument is in favor of Circle, and even then admittedly in terms of "Circle at least provides a better sense of legitimacy". > I get that you want someone to pump your bags. Sure, I will make a fortune by shilling USDC. /s Anyway, you are right. I was under the impression that Circle was doing proper audits, and if that is not true, we need more people and exchanges pressuring them to do or to stop using it.
        qeternity 5y ago
        > I am not defending Tether, quite the opposite. My only argument is in favor of Circle, and even then admittedly in terms of "Circle at least provides a better sense of legitimacy". My bad, lost my sense of bearing in a Tether thread. I agree with you here, and for the blockchain work I do, I use USDC. Appreciate the rest of your comments. Didn't mean to jump on you.
- vesinisa 5y ago
  Wrong, USDC has never been auditted. They do publish a monthly "attestation" by an independent accountant that seems to amount to tautologically saying that they are satisfied that Circle is not engaged in fraud IF the account balances provided by Circle are truthful: https://www.centre.io/usdc-transparency https://www.centre.io/usdc-transparency
- deleted 5y ago
  [deleted]
skookum 5y ago
More perspective: - A year ago 1B USDT would have been more than 5% of it's market cap. - A year ago 1B USDC would have been 33% of it's market cap, today it is 2.5%. A lot of stablecoin mintage has occurred over the past year.

To put this into perspective 1. 1 billion is just 1.33% of the total USD Tether has issued. 2. USDC also issued 1bn in the last 24 hours.

by csomar 5y ago

To put this into perspective 1. 1 billion is just 1.33% of the total USD Tether has issued. 2. USDC also issued 1bn in the last 24 hours.

santhoshnarayan 5y ago

source re usdc?

gadnuk 5y ago
Actually $1.9 billion USDC was printed since the dip. And $2 billion USDT Source: https://twitter.com/LucaLand97/status/1467591656870494210?s=20 https://twitter.com/LucaLand97/status/1467591656870494210?s=... Source for USDC prints: https://twitter.com/usdcoinprinter https://twitter.com/usdcoinprinter

rglullis 5y ago

Circle has passed multiple audits. Coinbase is a company that managed to at least convince the SEC they are doing things correctly. Also important, no one from Circle/Coinbase leadership is missing, incommunicado or in hiding.

qeternity 5y ago
> Circle has passed multiple audits. Circle has absolutely never been audited. Circle, like Tether, has published attestations, which do not remotely approach the thoroughness of an audit.
- seibelj 5y ago
  I worked at Circle. If you think that Jeremy Allaire is going to go to federal prison, you are out of your mind. Their combined in-house plus external legal teams are larger than 95% of the YC startup headcounts. The US government has been all over them for years.
  - qeternity 5y ago
    > I worked at Circle. If you think that Jeremy Allaire is going to go to federal prison, you are out of your mind. You're making massive leap in logic. I completely agree with you. Regulators have been absurdly slow to react, and I think that both Circle and Tether will probably end up just fine, at least legally. There may be a cataclysmic breaking of the peg but ultimately it will be retail that gets slaughtered. Tether's own terms from day 1 have basically told you that all you're getting from them is something that hopefully someone else will value for close to $1. I think these guys are pretty iron clad. Doesn't change the fact that Tether has almost certainly played a key role in manipulating crypto higher, on the mild end by providing leverage through crypto collateralized loans, and at the serious end by outright fraudulently printing Tether.
    - seibelj 5y ago
      How it is a massive leap when you are insinuating that the attestation means Circle is doing something shady? You are trying to have it both ways. Circle is not a sketchy Eastern European or Caribbean operation. They have a big office in Boston across the street from the Federal Bank of Boston and employ highly paid people who wouldn’t jeopardize their careers. The FUD is just ludicrous.
      - qeternity 5y ago
        > How it is a massive leap when you are insinuating that the attestation means Circle is doing something shady? Because being shady isn't illegal? You're the one suggesting this might amount to something felonious, which is perhaps telling. > They have a big office in Boston across the street from the Federal Bank of Boston and employ highly paid people who wouldn’t jeopardize their careers. This is a terrible argument. I have worked with people who were highly paid people working for well connected shops in fancy offices (Enron, Lehman, etc). > The FUD is just ludicrous. What FUD? Point to a single thing I've said that isn't purely factual.
  - rglullis 5y ago
    As someone who worked at Circle, how comfortable would you be if you held a significant percentage of your savings as USDC? Same question, but for USDT, DAI and hard-cash-in-hand?
- rglullis 5y ago
  Ok. I stand corrected. Call them attestations. Nonetheless, they have been done by independent third-parties who are a lot more reputed than whatever has actually managed to look into Tether's data. Even if you take the "attestation" done by Tether at face value, it showed a mix of assets that is absolutely unhealthy.
  - qeternity 5y ago
    Cool. So you clearly have no idea what an attestation is, or why the fact that it's not an audit is so important. > Nonetheless, they have been done by independent third-parties who are a lot more reputed than whatever has actually managed to look into Tether's data. Like the New York Attorney General? Go read the NYAG settlement. Tether got an attestation by wiring in $850m of Bitfinex's cash to their account the morning before an attestation, and then wiring it back to Bitfinex immediately after. The attestations merely state certain very shallow facts like "at this point in time, there were $X assets in an account". They do not audit the source and ultimate ownership of those things. Look man, I get that you want someone to pump your bags. But sometimes it's best to just bite your tongue. Tether doesn't have any defense. They may be totally legit, and if they are, it's totally indefensible to act this way. And if they're not legit, well...
    - rglullis 5y ago
      > Tether doesn't have any defense I am not defending Tether, quite the opposite. My only argument is in favor of Circle, and even then admittedly in terms of "Circle at least provides a better sense of legitimacy". > I get that you want someone to pump your bags. Sure, I will make a fortune by shilling USDC. /s Anyway, you are right. I was under the impression that Circle was doing proper audits, and if that is not true, we need more people and exchanges pressuring them to do or to stop using it.
      - qeternity 5y ago
        > I am not defending Tether, quite the opposite. My only argument is in favor of Circle, and even then admittedly in terms of "Circle at least provides a better sense of legitimacy". My bad, lost my sense of bearing in a Tether thread. I agree with you here, and for the blockchain work I do, I use USDC. Appreciate the rest of your comments. Didn't mean to jump on you.
vesinisa 5y ago
Wrong, USDC has never been auditted. They do publish a monthly "attestation" by an independent accountant that seems to amount to tautologically saying that they are satisfied that Circle is not engaged in fraud IF the account balances provided by Circle are truthful: https://www.centre.io/usdc-transparency https://www.centre.io/usdc-transparency
deleted 5y ago
[deleted]

skookum 5y ago

More perspective: - A year ago 1B USDT would have been more than 5% of it's market cap. - A year ago 1B USDC would have been 33% of it's market cap, today it is 2.5%. A lot of stablecoin mintage has occurred over the past year.