“Wait isn’t that literally the opposite of what they said?” No; read it carefully. It makes a distinction between having full USD reserves and says they have “sufficient” reserves (implying: relative to our liquidity needs) and has full assets, but the delta is crypto.
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“What does that mean?” It means that Bitcoin is in the middle of a stupidly large credit bubble and the biggest supplier of credit, which also happens to be a major exchange, counterparty, and settlement layer, is insolvent and facing a run on the bank.
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How do you figure? They say assets always exceeded liabilities
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"sufficiently backed" "assets have exceeded liabilities"
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Is there a distinction to be made between “all USDT” and “all USDT in circulation” ?
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Ones is treasury don’t count as circulation
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Marmot-loving
@prestonjbyrne concludes the same: https://twitter.com/prestonjbyrne/status/1051988781174321152 …This Tweet is unavailable.Thanks. Twitter will use this to make your timeline better. UndoUndo
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While I agree with your analysis of the words, it doesn't mean that they do NOT have 1 to 1 USD backing. Your going with worse case.
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If they did, why wouldn't they say it?
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Unless? I’d say directly because of
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