This is about Tether, which claims to have about $1.8 billion on deposit to satisfy claims against their eponymous cryptocurrency asset. I'll make a potentially controversial claim: it literally doesn't matter whether they *have* the money. https://twitter.com/Bitfinexed/status/954931013142089729 …
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Proof of confetti does not generate the proof that people hope to get, which is that their assets will be redeemable for non-confetti money at some point in the future. For hilarious microstructure reasons there is still a liquid market in USD-denominated confetti futures.
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But sooner or later, confetti will be valued at the spot price for confetti.
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End of conversation
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