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patio11's profile
Patrick McKenzie
Patrick McKenzie
Patrick McKenzie
@patio11

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Patrick McKenzie

@patio11

I work for the Internet, at @stripe, mostly on accelerating startups. Opinions here are my own.

東京都 Tokyo
kalzumeus.com
Joined February 2009

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    Patrick McKenzie‏ @patio11 15 Oct 2018
    • Report Tweet
    • Report NetzDG Violation

    Patrick McKenzie Retweeted CoinDesk

    Tether has, unless they have the most incompetent representatives in the financial industry, just confirmed that they do not have USD backing all outstanding tokens. (This has long been suspected to be true at least some of time; @Bitfinexed was on the case about a year ago.)https://twitter.com/CoinDesk/status/1051983963651223552 …

    Patrick McKenzie added,

    CoinDeskVerified account @CoinDesk
    Tether releases statement on USDT drop: "We would like to reiterate that although markets have shown temporary fluctuations in price, all USDT in circulation are sufficiently backed by U.S. dollars (USD) and that assets have always exceeded liabilities." http://ow.ly/RRwa30mfhrp 
    8:28 PM - 15 Oct 2018
    • 38 Retweets
    • 116 Likes
    • Emanuil dynagon Charles Arthur David Gerard Alan Shen &(mailler); Hodler Thomas H. Ptacek Alex Danco
    10 replies 38 retweets 116 likes
      1. New conversation
      2. Patrick McKenzie‏ @patio11 15 Oct 2018
        • Report Tweet
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        “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.

        4 replies 7 retweets 62 likes
        Show this thread
      3. Patrick McKenzie‏ @patio11 15 Oct 2018
        • Report Tweet
        • Report NetzDG Violation

        “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.

        9 replies 22 retweets 119 likes
        Show this thread
      4. End of conversation
      1. New conversation
      2. Bennett Tomlin‏ @BennettTomlin 15 Oct 2018
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        Replying to @patio11 @CasPiancey @Bitfinexed

        How do you figure? They say assets always exceeded liabilities

        3 replies 0 retweets 3 likes
      3. CasPiancey‏ @CasPiancey 15 Oct 2018
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        Replying to @BennettTomlin @patio11 @Bitfinexed

        "sufficiently backed" "assets have exceeded liabilities"

        1 reply 1 retweet 1 like
      4. 6 more replies
      1. New conversation
      2. EastMother‏ @EastMother 15 Oct 2018
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        Replying to @patio11 @CasPiancey @Bitfinexed

        Is there a distinction to be made between “all USDT” and “all USDT in circulation” ?

        1 reply 1 retweet 4 likes
      3. Bennett Tomlin‏ @BennettTomlin 15 Oct 2018
        • Report Tweet
        • Report NetzDG Violation
        Replying to @EastMother @patio11 and

        Ones is treasury don’t count as circulation

        1 reply 0 retweets 0 likes
      4. 3 more replies
      1. Freddie Pines‏ @FreddiePines 15 Oct 2018
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        Replying to @patio11 @Bitfinexed

        Freddie Pines Retweeted

        Marmot-loving @prestonjbyrne concludes the same: https://twitter.com/prestonjbyrne/status/1051988781174321152 …

        Freddie Pines added,

        This Tweet is unavailable.
        0 replies 0 retweets 1 like
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      1. New conversation
      2. QEfinity‏ @ImpactDLT 15 Oct 2018
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        Replying to @patio11 @Bitfinexed

        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.

        1 reply 0 retweets 0 likes
      3. Watson Ladd‏ @WatsonLadd 16 Oct 2018
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        Replying to @ImpactDLT @patio11 @Bitfinexed

        If they did, why wouldn't they say it?

        0 replies 0 retweets 0 likes
      4. End of conversation
      1. Crypto G‏ @CryptDoji 15 Oct 2018
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        Replying to @patio11 @Bitfinexed

        Unless? I’d say directly because of

        0 replies 0 retweets 0 likes
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