Why the net outflow is more interesting: That is a lot harder to manipulate.
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Replying to @ncweaver @matthew_d_green
Occam’s razor: they have the reserves and always have, but just struggle to retain their banking services ever since Bitfinex lost them with Wells Fargo (the reason for Tether in the first place). Now maybe they found a bank that will have them (for now).
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Replying to @J0hndom @matthew_d_green
I doubt it, heck if you are too scummy for HSBC...
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Replying to @ncweaver @matthew_d_green
lol.. but despite what
@Bitfinexed wants to think .. no one can maintain the price of an asset arbitrarily through fairy dust wash trading. It is completely nonsensical. At best you can manipulate the price in a limited way for a very short time.2 replies 0 retweets 2 likes -
So if I have access to, say, 50% of the total stated reserves, I can’t actively maintain the “buck” for a significant period of time?
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Replying to @matthew_d_green @J0hndom and
If that’s the case, how did Bernie Madoff stay in business for so long?
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Maybe its a fractional reserve .. I dunno. If it were tho, I would have expected it to be broken in the massive sell-off bw Dec-March. Why would it be broken now many months later? (unless its because they lost their banking relationships).
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Replying to @J0hndom @matthew_d_green and
And the comparison to Madoff is fallacious.. he promised returns not stability. Tether is no less opaque about their reserves than most of these pegged currencies, but because they are not a country somehow its differenthttps://www.investopedia.com/articles/forex/061015/top-exchange-rates-pegged-us-dollar.asp …
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Replying to @J0hndom @matthew_d_green and
0 is also a return and it's a lot better than some deserve.
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Replying to @KyleSGibson @J0hndom and
You have to believe that either $2.5B worth of "institutional" money decided to not invest on say Coinbase but instead went to a skeevy unbacked unregulated exchange, bought $2.5B of their car wash tokens in order to trade shitcoins or... They just printed em. Hmm....
6 replies 5 retweets 36 likes
From a company without a working website and tether buyers were sending money to a shell company that had no legal relation to Tether
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