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paoloardoino's profile
Paolo Ardoino
Paolo Ardoino
Paolo Ardoino
Verified account
@paoloardoino

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Paolo ArdoinoVerified account

@paoloardoino

CTO @bitfinex + CTO @tether_to [Views are my own]

London
github.com/prdn
Joined January 2010

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    1. i_am_nomad‏ @IamNomad 29 May 2019

      i_am_nomad Retweeted Whale Alert

      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 …

      i_am_nomad added,

      Whale Alert @whale_alert
      🚨 🚨 25,000,000 #USDT (25,258,528 USD) transferred from #Bitfinex to Tether Treasury Tx: https://whale-alert.io/transaction/bitcoin/830617c0e175dce45bbfc40fb0c038f49776742262b137eca8ac09de6c70097c …
      2 replies 0 retweets 12 likes
    2. Paolo Ardoino‏Verified account @paoloardoino 29 May 2019
      Replying to @IamNomad @dividebynine

      Yep, @bitfinex Omni to ETH swap. Other leg:https://www.omniexplorer.info/tx/830617c0e175dce45bbfc40fb0c038f49776742262b137eca8ac09de6c70097c …

      1 reply 0 retweets 7 likes
    3. i_am_nomad‏ @IamNomad 29 May 2019
      Replying to @paoloardoino @dividebynine @bitfinex

      thanks for the confirmation. Is there a move to leave omni or just managing technical debt ?

      1 reply 0 retweets 5 likes
    4. Paolo Ardoino‏Verified account @paoloardoino 29 May 2019
      Replying to @IamNomad @dividebynine @bitfinex

      We are seeing an increase of issuance of Tether on ETH, especially since one week ago. Bitfinex is also used a lot as a swapping center for traders to send in Tether Omni and get Tether ERC20 and viceversa. So we need to balance our books on demand.

      2 replies 3 retweets 11 likes
    5. i_am_nomad‏ @IamNomad 29 May 2019
      Replying to @paoloardoino @dividebynine @bitfinex

      Can we expect to see a destroy event ?

      1 reply 0 retweets 4 likes
    6. Paolo Ardoino‏Verified account @paoloardoino 29 May 2019
      Replying to @IamNomad @dividebynine @bitfinex

      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.

      4 replies 1 retweet 5 likes
    7. i_am_nomad‏ @IamNomad 29 May 2019
      Replying to @paoloardoino @dividebynine @bitfinex

      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"?

      1 reply 0 retweets 4 likes
      Paolo Ardoino‏Verified account @paoloardoino 29 May 2019
      Replying to @IamNomad @dividebynine @bitfinex

      . @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.

      8:56 AM - 29 May 2019
      • 3 Likes
      • Henry Child SUN OF MAN Late Stage Capitalist
      1 reply 0 retweets 3 likes
        1. New conversation
        1. Paolo Ardoino‏Verified account @paoloardoino 29 May 2019
          Replying to @paoloardoino @IamNomad and

          So basically there is no risk of doubling. We just end up with too many Tether-Omni and too few Tether-ERC20 based on the current withdrawal requests and we proceed with the swapping.

          1 reply 0 retweets 7 likes
        2. Kyle S. Gibson‏ @KyleSGibson 29 May 2019
          Replying to @paoloardoino @IamNomad @dividebynine

          pic.twitter.com/0o0tTPIDNz

          0 replies 0 retweets 1 like
          3. End of conversation

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