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 …
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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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You left off this: In June 2018, a report from Freeh Sporkin & Sullivan, based on a random date balance inspection and a full review of relevant documentation of bank accounts, confirmed that all Tethers in circulation as of that date were indeed fully backed by USD reserves."
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If I take that at face value, and I don’t think that I do, they would unambiguously state that that remains the case. But they said a thing which very carefully *doesn’t* say that.
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Isn't this nitpicking over the word "sufficient"? Without it, the statement reads like: "we cover all the USDT and have even more assets to back it up than necessary"
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a small, yet very important distinction.
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