7 ms·

volume is disproportionately in 1:1 USD stablecoins, bitcoin, and ethereum. you can sort the landing page here by 24H volume for a quick glance, or you can che

volume is disproportionately in 1:1 USD stablecoins, bitcoin, and ethereum. you can sort the landing page here by 24H volume for a quick glance, or you can check the exchanges tab for more detail: https://www.coingecko.com/ https://www.coingecko.com/

londons_explore 4y ago
But there are large questions over how 1:1 those stablecoins really are...
- mumbisChungo 4y ago
  This is the one I have used for years: https://www.centre.io/usdc-transparency https://www.centre.io/usdc-transparency
Lionga 4y ago
If just 10% of the "1:1 USD stablecoins" where cashed out today their price would fall 99%. And bitcoin and ethereum are also just at a "value" that's inflated 10 to 100 times due to crypto internal leverage.
- mumbisChungo 4y ago
  No, USDT and USDC are both backed on a 1:1 basis by banking custodians which are regularly audited.
  - Elinvynia 4y ago
    Could you point me to an USDT audit? Thanks!
    - Lionga 4y ago
      The whole audit is nicely cover in a single "Trust me bro"
      - mumbisChungo 4y ago
        you can read the texts of them yourself and make up your own mind DYOR or "don't trust, verify" are common mantras in the industry for a reason, and similarly are the reason that I hold custody of my own assets rather than relying on centralized entities like FTX.
    - mumbisChungo 4y ago
      https://tether.to/en/transparency/#reports https://tether.to/en/transparency/#reports
      - cycrutchfield 4y ago
        Not an audit
        mumbisChungo 4y ago
        One of the first links on that page is a document titled "INDEPENDENT AUDITORS' REPORT ON THE CONSOLIDATED RESERVES REPORT" https://assets.ctfassets.net/vyse88cgwfbl/2xJyKdUKicdRUWpC9buRWR/6fe2987698dbbf39b947af718d736ddb/Std_ISAE_3000R_Opinion_30-6-2022_RC134792022BD0303.pdf https://assets.ctfassets.net/vyse88cgwfbl/2xJyKdUKicdRUWpC9b...
        cycrutchfield 4y ago
        A reserves report is not an audit
        swarnie 4y ago
        Who are bdo.it ? Not one of the first four auditing companies i'd call or trust.
        NovemberWhiskey 4y ago
        BDO is literally the number five accounting firm globally; so, yeah, not the top four, but ...
        mikeyouse 4y ago
        BDO is a legit company, though not a "Big-4", I think most would consider them top-10 for audit without any qualms. It's much more reputable than some of the firms that Tether had been trotting out in the past.
    - ulrashida 4y ago
      Roughly 20% of Tether's "cash equivalent" investments are with grade A-1 and A-2 parties. It's effectively stable, until it's not. We'll see it in our lifetimes.
  - alasdair_ 4y ago
    USDT is backed by over $8billion in commercial paper, a lot of which seems to be in Chinese real estate companies that are very unlikely to be worth their claimed value. And note that this was true in May - global markets are WAY down since then. Moreover, it was only a spot verification - they could have moved money into treasuries for a day and then moved it back again. The auditors explicitly avoided commenting on this.
    - mumbisChungo 4y ago
      Yes, it looks like 12% of their assets are in commercial paper. I'm not claiming to be an omniscient source of truth, but USDT is supposed to be backed 1:1, is audited regularly, and has survived extreme volatility events and bank runs for the better part of a decade. Maybe it will collapse some day. I personally have more trust in USDC and Circle, so I use that if I need a stablecoin.
      - belltaco 4y ago
        USDT wasn't even audited once, forget about regularly. https://blockworks.co/tether-pushes-back-timeline-on-audit-report/ https://blockworks.co/tether-pushes-back-timeline-on-audit-r...
        mumbisChungo 4y ago
        Maybe I'm misunderstanding what this document is https://assets.ctfassets.net/vyse88cgwfbl/2xJyKdUKicdRUWpC9buRWR/6fe2987698dbbf39b947af718d736ddb/Std_ISAE_3000R_Opinion_30-6-2022_RC134792022BD0303.pdf https://assets.ctfassets.net/vyse88cgwfbl/2xJyKdUKicdRUWpC9b...
        belltaco 4y ago
        That's not an audit, it's an attestation. The article says: >The company does release quarterly attestations, separate from a thorough audit, as required by a 2021 legal settlement with the New York Attorney General’s Office. Following the hiring of its new accounting firm, BDO Italia, earlier this month, Tether said it intends to release them on a monthly basis, beginning early next year.
- danielvf 4y ago
  We've already seen more than 10% of USDT cashed out in a previous exciting time a few months ago and the traded price value went down a few cents for a few hours. Nothing remotely like 99%.
  - Lionga 4y ago
    It was a maximum of around 1% in a single day and this made Tether fall 2 or 3 percent during LUNA crash. The problem is the selling pressure does not interact linear with price but exponential

londons_explore 4y ago

But there are large questions over how 1:1 those stablecoins really are...

mumbisChungo 4y ago
This is the one I have used for years: https://www.centre.io/usdc-transparency https://www.centre.io/usdc-transparency

Lionga 4y ago

If just 10% of the "1:1 USD stablecoins" where cashed out today their price would fall 99%. And bitcoin and ethereum are also just at a "value" that's inflated 10 to 100 times due to crypto internal leverage.

mumbisChungo 4y ago
No, USDT and USDC are both backed on a 1:1 basis by banking custodians which are regularly audited.
- Elinvynia 4y ago
  Could you point me to an USDT audit? Thanks!
  - Lionga 4y ago
    The whole audit is nicely cover in a single "Trust me bro"
    - mumbisChungo 4y ago
      you can read the texts of them yourself and make up your own mind DYOR or "don't trust, verify" are common mantras in the industry for a reason, and similarly are the reason that I hold custody of my own assets rather than relying on centralized entities like FTX.
  - mumbisChungo 4y ago
    https://tether.to/en/transparency/#reports https://tether.to/en/transparency/#reports
    - cycrutchfield 4y ago
      Not an audit
      - mumbisChungo 4y ago
        One of the first links on that page is a document titled "INDEPENDENT AUDITORS' REPORT ON THE CONSOLIDATED RESERVES REPORT" https://assets.ctfassets.net/vyse88cgwfbl/2xJyKdUKicdRUWpC9buRWR/6fe2987698dbbf39b947af718d736ddb/Std_ISAE_3000R_Opinion_30-6-2022_RC134792022BD0303.pdf https://assets.ctfassets.net/vyse88cgwfbl/2xJyKdUKicdRUWpC9b...
        cycrutchfield 4y ago
        A reserves report is not an audit
        swarnie 4y ago
        Who are bdo.it ? Not one of the first four auditing companies i'd call or trust.
        NovemberWhiskey 4y ago
        BDO is literally the number five accounting firm globally; so, yeah, not the top four, but ...
        mikeyouse 4y ago
        BDO is a legit company, though not a "Big-4", I think most would consider them top-10 for audit without any qualms. It's much more reputable than some of the firms that Tether had been trotting out in the past.
  - ulrashida 4y ago
    Roughly 20% of Tether's "cash equivalent" investments are with grade A-1 and A-2 parties. It's effectively stable, until it's not. We'll see it in our lifetimes.
- alasdair_ 4y ago
  USDT is backed by over $8billion in commercial paper, a lot of which seems to be in Chinese real estate companies that are very unlikely to be worth their claimed value. And note that this was true in May - global markets are WAY down since then. Moreover, it was only a spot verification - they could have moved money into treasuries for a day and then moved it back again. The auditors explicitly avoided commenting on this.
  - mumbisChungo 4y ago
    Yes, it looks like 12% of their assets are in commercial paper. I'm not claiming to be an omniscient source of truth, but USDT is supposed to be backed 1:1, is audited regularly, and has survived extreme volatility events and bank runs for the better part of a decade. Maybe it will collapse some day. I personally have more trust in USDC and Circle, so I use that if I need a stablecoin.
    - belltaco 4y ago
      USDT wasn't even audited once, forget about regularly. https://blockworks.co/tether-pushes-back-timeline-on-audit-report/ https://blockworks.co/tether-pushes-back-timeline-on-audit-r...
      - mumbisChungo 4y ago
        Maybe I'm misunderstanding what this document is https://assets.ctfassets.net/vyse88cgwfbl/2xJyKdUKicdRUWpC9buRWR/6fe2987698dbbf39b947af718d736ddb/Std_ISAE_3000R_Opinion_30-6-2022_RC134792022BD0303.pdf https://assets.ctfassets.net/vyse88cgwfbl/2xJyKdUKicdRUWpC9b...
        belltaco 4y ago
        That's not an audit, it's an attestation. The article says: >The company does release quarterly attestations, separate from a thorough audit, as required by a 2021 legal settlement with the New York Attorney General’s Office. Following the hiring of its new accounting firm, BDO Italia, earlier this month, Tether said it intends to release them on a monthly basis, beginning early next year.
danielvf 4y ago
We've already seen more than 10% of USDT cashed out in a previous exciting time a few months ago and the traded price value went down a few cents for a few hours. Nothing remotely like 99%.
- Lionga 4y ago
  It was a maximum of around 1% in a single day and this made Tether fall 2 or 3 percent during LUNA crash. The problem is the selling pressure does not interact linear with price but exponential