graeme

69 ms·

961.
by graeme 5y ago
Yup. In my view not super meaningful for the co’s holding bitcoin. In, say, Microstrategy’s case, the market has entirely ignored any impairment announcements. This has been sensible I think. (The market also has Microstrategy well overvalu
962.
by graeme 5y ago
That may be, but the report had a striking effect. This is a thread about Tether, another company that is an obvious scam, that even once admitted in court a few years back that they were only 74% backed. If Hindenburg makes a report formal
963.
by graeme 5y ago
I’ve lost all faith in my ability to time this lol. It has to come down someday, and the bigger it gets the harder it falls. But Tether has a remarkable ability to kick things down the road so far.
964.
by graeme 5y ago
If Tether implodes, strong risk those exchanges do too. Massive counterparty risk.
965.
by graeme 5y ago
Tether claimed their excess reserves were $160 million. So the fine is a quarter of that.
966.
by graeme 5y ago
DAI is critically dependent on USDC. USDC recently received a Wells notice from SEC and had to amend their reserves. Still weird behaviour from them overall: they don’t disclose what their short term commercial paper is, its rating or how m
967.
by graeme 5y ago
The price in Tethers would rise
968.
by graeme 5y ago
They had a pretty serious report against Nikola that forced the CEO to step down and started an SEC investigation. They also forced a CEO stepdown at Lordstown motors, got the SEC to investigate and forced the company to amend their account
969.
by graeme 5y ago
This is very interesting. Hindenburg is the real deal. One challenge may be that, like the Mafia, Tether keeps its inner circle and employs family members. They have ~15 employees for a 70 billion dollar operation. The CTO’s wife is a manag
970.
by graeme 5y ago
They don’t own it the way Celsius owns your crypto. Celsius can do anything with the crypto it has. It is theirs. Stockbrokers have rules, segregated accounts, and insurance. There is also a direct registration option through the DRP. ht
971.
by graeme 5y ago
> No. The risk profiles on these products match that of Robhinhood, Wealthfront, or a Chase checking account (Genesis' custodial insurance policy beats the FDIC's $200k ceiling). Biggest issue is that you don't own your pr
972.
by graeme 5y ago
> Is there some nuance I’m missing? Yup. They’ve had attestations . In those, an auditor just looks at an account at a moment in time. So you could, for example: 1. Get a loan 2. Put it in the reserve account 3. Ask accountant to verify
973.
by graeme 5y ago
This is….negative news
974.
by graeme 5y ago
Oh yeah that’s a good one. I can’t edit now but always good to know for next time
975.
by graeme 5y ago
What are you talking about? Nexo and Celsius are centralized. There are no blockchain contracts. When you sign up with Celsius, you transfer ownership of all your crypto to them. If they went bust, it is their asset and their bond holders g
976.
by graeme 5y ago
Yup, exactly this. The error has been fixed, but there are copies out there
977.
by graeme 5y ago
Banks have very specific regulations to comply with that are much much much stricter than anything Tether or USDC face. The better comparison for stablecoins are money market funds. The lockup of those caused the worst of the 2008 financial
978.
by graeme 5y ago
Due to poor redaction, possible to know names of companies. * Nexo and one other are banned. * Celsius and four others have been hit with extensive information requests due November 1st. Likely they will be unable to comply
979.
by graeme 5y ago
Mods, Dang etc: I had to alter the title to fit the character limit. Please modify as needed. Actual title was “cease operations in New York”
980.
Attorney General orders unregistered crypto lending platforms to exit NY(ag.ny.gov)
169 points by graeme 5y ago|209 comments
981.
by graeme 5y ago
But what stops someone from minting the same jpegs elsewhere? Possible there is some mechanism I’m unaware of
982.
by graeme 5y ago
The fancy watch market is much much broader than celebrities
983.
by graeme 5y ago
Ok walk me through these wallet to wallet transfers and how they’re easier than bank transfers outside of the US. Like in Canada or Europe. In 10 seconds I can my friend’s account and they can use that money to pay online with debit, instan
984.
by graeme 5y ago
People are going to flash their wallet addresses at bars or at business meetings? We already have strong social taboos about flashing bank accounts. The whole point of status good is they convey wealth rather than tactlessly showing a total
985.
by graeme 5y ago
But you’d get twitter verification. Or will twitter only recognize one chain for NFTs? How do you handle someone minting multiple nfts of the same image on different chains?
986.
by graeme 5y ago
Will that really work long run? It seems too obvious. But thank you, that’s the most concise explanation I’ve seen for exactly how people could use NFTs to launder money. If this is happening, would you expect to see a bunch of NFTs go from
987.
by graeme 5y ago
Coinbase has the most active USD trading against BTC. Total volume runs from $300 million to about $1 billion. And that’s both buying and selling, it isn’t liquidation. So yes, good question indeed. $27 million in selling is expected to dro
988.
by graeme 5y ago
No, those two things go in opposite directions. During the march 2020 plunge crypto fell more than the S and P I think In a general recession with declining asset values crypto would likely fall more than general assets, and also risks simp
989.
by graeme 5y ago
Are you american? You have a pretty garbage bank transfer system. Europe’s transfer usability matches or beat’s cryptos for transfers within the system. I’m Canadian. I just tried transferring my free Coinbase crypto to another wallet to wi
990.
Why the ‘Big Short’ Guys Think Bitcoin Is a Bubble(nymag.com)
110 points by graeme 5y ago|219 comments

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