Tether, the cryptocurrency which is theoretically backed 1:1 by USD held in a bank account and available on demand, is currently in the early stages of a bank run.
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Replying to @Ceasar_Bautista
I think many people will buy Bitcoin as a result of this (because it will be perceived as a way to exfiltrate value denominated in tether), but I continue to not think either is valuable.
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Replying to @patio11 @Ceasar_Bautista
Your best guess is that bitcoin will move to 0 or you are actively shorting it?
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Unlikely he's actively shorting it. Short-selling makes a fair number of assumptions that can be hard to prove with cryptocurrency, and Patrick seems like he doesn't want a piece of the cryptocurrency market in general. He seems more "doesn't want to get any on him."
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Replying to @codefolio @Ceasar_Bautista
I have no position in cryptocurrency or any derivative of it. If there were options available on Bitcoin, ~10% of my net worth would be in on the bet “Bitcoin achieves its true value of zero before X.” I keep being wrong about timing but only have to be right once ;) )
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(The only sensible way to short Bitcoin at the moment is futures and the structure of those products does not make me confident that I have a happy result for my family contingent on me being absolutely right.)
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Harness your inner Michael Burry! Go make your own financial product from scratch.
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If I had about, oh, $100 million or so I’d have had a lot of discussions with Goldman and DRW by now.
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I bet you could put together a consortium with that kind of money.
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Part of me thinks non-trivial chance of that being accurate but a larger part thinks that there are a lot more productive uses of a year to three of my life.
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That's a fair POV. But if you ever change your mind and decide to start a crypto short fund, I hope I get to invest.
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i really don't get how you guys aren't pumped on the delicious irony of a blockchain based investment vehicle for shorting blockchain.pic.twitter.com/hCMOS006b9
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