"What's that mean?" Previously, they pretended that every USD-denominated tether was 1:1 backed by a deposit in a bank account in USD. At some point they abandoned that model and began backing tethers with cryptocurrencies. Being leveraged in a downmarket has the usual effects.
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Now Tether claims to be solvent, if you allow them to pick the marks for receivables from related entities. Which: yeah, that is not how this works.
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The change being “may include other assets and receivables”?
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Here's the evolution, frenhttps://twitter.com/CasPiancey/status/1105947998759149569 …
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I'm still waiting for the announcement in which Tether is 1:1 redeemable for Tether.
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Surely these other "assets and receivables" have to have the same value constantly to make this work. In which case tether would be better off just keeping the $ in the bank in the first place. Sounds so sketchy.
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I like the framing there: bold intro, then blah blah blah you probably don’t read this anyway, T it’s definitely 1-1 with $!
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It was always trivial for Tether to produce a cash reconciliation. If they don't, that means they can't or prefer not too.
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Seems we need some regulatory oversight on the 2b outstanding
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'collectively "reserves"'
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