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goblin scribe
@nanobythebay
I have had major concerns about tether $USDT since at least 2017. It has been hard to know what to do in response to this, but suffice to say that it is the biggest systemic risk to every cryptocurrency that exists.
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jason@calacanis.com
@Jason
·
Do I have this correct: 1. Tether is a stable coin backed by real dollars 2. Their balance sheet has ~$30b "commercial paper" 3. commercial paper means loans 4. $30b makes them the 7th largest short term debt holder in the world 5. no one on Wall Street knows them? educate me!
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goblin scribe
@nanobythebay
Thanks! See more of my thread. What you’re doing is important work. We need tether to die or to be confirmed legit for crypto to actually thrive. I recommend you get
@SBF_Alameda
on the pod since he’s one of tether’s staunchest defenders.
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goblin scribe
@nanobythebay
Replying to
@jespow
@Jason
and 8 others
I would agree with this except for the relative magnitude of each. Quick googling for these metrics: Madoff $65B fraud out of ~$60T market cap in 2008 = 0.1% Tether $60B out of $1.5T crypto market = 4% Tether is 40x magnitude relative to market cap vs Madoff
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