so this tweet happened directly after a eth tether were sent out. my guess would be someone is swapping out OMNI for ETH. .. cc @dividebyninehttps://twitter.com/whale_alert/status/1133757435292917761 …
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Can we expect to see a destroy event ?
It's quite a while (3 weeks) we did not get a redeem request. Currently we see only demand for new issuance and seems there is a really strong confidence in Tether. When the trend will reverse we'll definitely see destroy event.
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one more question. how are swaps handled accounting wise? tether treasury on your balance sheet counts as total obligations. Isnt there a risk of "doubling up"?
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@bitfinex uses `USE` to identify Tether-ERC20 tx layer and `USO` for Tether-Omni. When a user deposits/wd we just credit/debit `UST` (USDt) because USE/USO are just chain layers. Books balance up for `UST`, while USE/USO show surplus/deficit due to different market demand. - Show replies
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When you will see redeem request, it will be too late.
Thanks. Twitter will use this to make your timeline better. UndoUndo
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Thanks. Twitter will use this to make your timeline better. UndoUndo
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You never had a tether redeem request in the last 3 weeks (if ever) because you are printing them out of thin air with no nothing to back them up. We’ll see that destroy event allright. It’s just not gonna be what you think it is.
Thanks. Twitter will use this to make your timeline better. UndoUndo
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