Paolo ArdoinoVerified account

Agreed. Skeptics overstate the case with “It’s literally all Tether”, and then that nuance-lacking strawman version, which is the only version that really gets surfaced, is easily knocked down.

The thing I'm not convinced about yet is whether skeptics are getting the cause-effect backward and it's actually: More tether printing coming from more money flowing into crypto sphere and finding its way to tether, due to its important role in crypto. Like how USDC has grown.

Sure, but you’re just describing the plausible deniability of it all again. We cannot know if it’s legit-and-private or fraud. We can only infer, and all common sense signals suggest the same thing.https://twitter.com/joekelly100/status/1347142182751367169 …

Sure, round numbers / pre-authing isn’t indicative of anything either way. Legit proof would mean transparency around what on earth is actually backing them, because it sure as fuck isn’t $23 billion. But that’s not going to happen. Also, when were the “billions of redemption?”

I assumed Noah was referring to USDC with the billions of redemption. I guess to me it's more likely that tether is absorbing overall capital that's inflowing into crypto, and finding its way to tether. That's more compelling to me so far than the Kindling Theory.

Indeed a really nice one