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Could be AR and working capital credit for credible institutions like FTX that need tether. Thinking they will need to keep it all as cash in their bank checking account is crazytalk. They need to generate small returns to keep their fees as low as they are

Shitcoin minimalist (parody)

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Then at least be open about it. Would't take much to take away much of the doubt.

Defi Yoda | Dips, I buy

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I think they have been trying? are you asking them open up their account and reveal all transactions and their clients & counterparties?

Shitcoin minimalist (parody)

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Nope a monthly report provided by a neutral 3rd party would be enough. Could be as easy as an allocation table of underlying assets, ie 80% cash, 10% loan, 10% crypto.

Defi Yoda | Dips, I buy

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Yeah that sounds reasonable... Do you know what USDC and GUSD does today?

Shitcoin minimalist (parody)

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USDC Reserve Attestation Report | September 2020

The latest attestation report from Grant Thornton LLP: USD Coin issued remain fully backed by US dollars held in reserve. Read the latest report here!

Defi Yoda | Dips, I buy

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these guys seem to be just keeping this all in cash and are generally well funded. I don’t think USDT and Bitfinex is in the same situation. They probably needed to give themselves a loan and likely has way more complicated accounting situation for a clean audit.

Shitcoin minimalist (parody)

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No doubt about that, but it being more complicated isn't a good excuse to not do it, it's the opposite I would say.

Defi Yoda | Dips, I buy

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Yeah I agree. Their attempts at audits have not been great. I see a situation where they aren’t doing something so terrible, but still having hard time a reputable third party to give them a stamp of approval and taking on the liability and publicity risk

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yeah I think that's basically right if the answer is "yeah it's all there, I mean except for that $500m which is frozen by the Polish gov't b/c of cryptocapital and we'll get that back but it might be years and also it's just 5% of the total", that's not exactly easy to audit

3:02 PM · Jan 13, 2021Twitter Web App

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Defi Yoda | Dips, I buy

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I think the hardest part is gonna be any sort of certification people are looking for. It could be the case that maybe it all started off somewhat shady, but the crypto bull rallies and scale eliminated their counterparty risk. The incentives seem totally aligned now though

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