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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. Philipp Mattheis‏ @PhilippMattheis Jul 25
      Replying to @ndeet @paoloardoino @MarkusTurm

      I don't mind a good whataboutism once in a while, but in this case: USDC is at least closer to full disclosure. Peoplel have similar doubt about BUSD

      2 replies 0 retweets 0 likes
    2. Paolo Ardoino‏Verified account @paoloardoino Jul 25
      Replying to @PhilippMattheis @ndeet @MarkusTurm

      USDc asset allocation is following Tether's step. Check last attestation. Tether is also working on a full audit, something that NO stablecoin has in this moment. Every stablecoin relies on attestations.

      1 reply 0 retweets 2 likes
    3. Philipp Mattheis‏ @PhilippMattheis Jul 25
      Replying to @paoloardoino @ndeet @MarkusTurm

      great, everybody is looking forward to that! So far USDC looks better... Or anything wrong with this article?https://www.ledgerinsights.com/circle-publishes-details-of-usdc-stablecoin-asset-backing/ …

      2 replies 0 retweets 0 likes
    4. Paolo Ardoino‏Verified account @paoloardoino Jul 25
      Replying to @PhilippMattheis @ndeet @MarkusTurm

      Why you claim that tether might not be fully backed but take the others for granted? Are you asking for a full audit to everyone else? Anyway tether is working on it.

      1 reply 0 retweets 2 likes
    5. Philipp Mattheis‏ @PhilippMattheis Jul 25
      Replying to @paoloardoino @ndeet @MarkusTurm

      I am not claiming it. I just asked you (already twice): Is every USDT backed by one USD? That's what many people are interested in.

      1 reply 0 retweets 0 likes
    6. Paolo Ardoino‏Verified account @paoloardoino Jul 25
      Replying to @PhilippMattheis @ndeet @MarkusTurm

      It's backed by reserves. We published our portfolio of assets. And we were the first stablecoin to do so. Others proved they followed our steps while claiming to be "more transparent". But I see you won't care and prefer your bias.

      1 reply 0 retweets 2 likes
    7. Philipp Mattheis‏ @PhilippMattheis Jul 25
      Replying to @paoloardoino @ndeet @MarkusTurm

      It's not about bias. Otherwise I wouldn't ask at all. I asked you: Is every USDT backed by 1 USD? And you answer "it is backed by reserves".

      1 reply 0 retweets 1 like
    8. ndeet ∞/21M‏ @ndeet Jul 25
      Replying to @PhilippMattheis @paoloardoino @MarkusTurm

      Sorry but look at the breakdowns, none of them is backed 1:1 by USD because not all reserves are cash. Not sure what your goal is but this is getting absurd.

      1 reply 0 retweets 1 like
    9. Philipp Mattheis‏ @PhilippMattheis Jul 25
      Replying to @ndeet @paoloardoino @MarkusTurm

      how can it be stable then? If they are not fully backed, their value can’t be 1, but less. That’s what many people are warning about: A huge mispricing with lots of disruptive potential for #bitcoin and other markets

      3 replies 0 retweets 0 likes
    10. ndeet ∞/21M‏ @ndeet Jul 25
      Replying to @PhilippMattheis @paoloardoino @MarkusTurm

      Same is true for USDC, yet you claim it is "better". You liked the stupid reply above so I'm out. Good luck and stay sane. ;)

      1 reply 0 retweets 1 like
      Paolo Ardoino‏Verified account @paoloardoino Jul 25
      Replying to @ndeet @PhilippMattheis @MarkusTurm

      Yeah..it's pointless. Thanks for trying to help explaining. Questioning is of course fine but this is tin foil hat level bias. At least I would expect questioning all the other stablecoins in the same way. Bah...

      2:30 PM - 25 Jul 2021
      • 2 Likes
      • Joko ⚡️ ndeet ∞/21M
      1 reply 0 retweets 2 likes
        1. ndeet ∞/21M‏ @ndeet Jul 25
          Replying to @paoloardoino @PhilippMattheis @MarkusTurm

          I did not expect that much stubbornness and bias tbh. We are going full circle (pun intended) and questioning now the quality of reserves which leads to questioning the fiat system and the world. Amazing. Looking forward to your report and wish others incl. exchanges follow.

          0 replies 0 retweets 1 like
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