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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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    1. 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 
      10 replies 38 retweets 116 likes
      Show this thread
    2. Patrick McKenzie‏ @patio11 15 Oct 2018
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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. Adrian Bye‏ @adrianbye 15 Oct 2018
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      • Report NetzDG Violation
      Replying to @patio11

      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."

      1 reply 0 retweets 0 likes
      Patrick McKenzie‏ @patio11 15 Oct 2018
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      Replying to @adrianbye

      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.

      8:42 PM - 15 Oct 2018
      • 1 Retweet
      • 3 Likes
      • FactFreeh Sergey Savenko CasPiancey Joe The Rigolo
      1 reply 1 retweet 3 likes
        1. New conversation
        2. Adrian Bye‏ @adrianbye 15 Oct 2018
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          • Report NetzDG Violation
          Replying to @patio11

          They also said "assets have always exceeded liabilities". I think you missed that too.

          1 reply 0 retweets 0 likes
        3. CasPiancey‏ @CasPiancey 15 Oct 2018
          • Report Tweet
          • Report NetzDG Violation
          Replying to @adrianbye @patio11

          You're not reading between the lines. Also, Sullivan of FSS was on the Board of Directors for Noble Banks, so trusting that attestation would be a mistake.

          0 replies 0 retweets 1 like
        4. End of conversation

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