Tether admits insolvency in court filing: https://www.coindesk.com/tether-lawyer-confirms-stablecoin-74-percent-backed-by-cash-and-equivalents … I think the $64 million question now is where the next shoe is to drop, because it's overwhelmingly likely that they've been de facto supplying credit to the ecosystem.
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One of several times that cryptocurrency enthusiasts decided to praise the practice of *checks notes* fractional reserve banking, without implementing things that banks often do, like having credit risk monitoring, an audit committee, 2+ loans, diversity of funding sources, etc.pic.twitter.com/Hd66L1BkOk
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It must feel nice being constantly right about tether. It's shady and news confirm it's shady all the time!
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