Tether did 5BB+ in profit in first half = Greatest biz in history
- Thread starter GlobalMacro90
- Start date
Apparently Cantor Fitzgerald does manage their treasuries, which kind of gives Tether the benefit of a doubt.
But then again... How stupid do you have to be, to trust a banker? The only dumber thing than trusting a banker would be to trust a politician.
But EVEN IF their claimed assets are legit, they are likely already insolvent. I don't understand the nuances, but this guy who seems to be knowledgeable in the field claims so; twitter.com
I don't believe they have the claimed assets though. There is just too much proof that they have printed unbacked Tethers in the past.
they surely have some reserves, but how much? My guess would be it's less than 50% of the Tethers issues.
They always claim "we have always managed to redeem Tethers for USD"... WHICH IS THE EXACT SAME CLAIM EVERY PONZI SCHEME MAKES!!!
let’s be real, though this is just vibes and completely evidence free. As you said, Canter has admitted that they hold the treasuries for tether. It would be weird to lie about that if your canter, what would be to gain from lying about holding treasuries if they don’t really exist?. If you just take the treasuries and assume everything else on their balance sheet is fake that alone almost covers the liabilities.
Sure. I have said it many times ... I never "invested" in Tether. Ive never even made a transaction with Tether. Nobody "invests" in a stablecoin. Thats like saying you "invest" in the dollars in your checking account.
If you live in the US (like me) there is no need to use tether. Just use USDC for your stablecoin needs.
My beef is this mental gymnastics that goes something like this..
Tether is shady --> its a fraud (with no evidence) --> that means bitcoin is a fraud and will crash.
this line of thinking is just dumb at this point.
Tether is the world largest financial fraud. BTC is not a fraud, however its price is. Had it not been for fake money, BTC could be worth few grand or less. We just do not know the real crypto value due to fake money in the system. No other asset in the world is traded in fake money.
As far as Cantor, I am sure CEO did not lie in Davos. It is a known fact that Bitfinex do have around 5% of real money. Cantor is probably a custodian for 5-7 billion of treasuries. No argument here.
The only reason why BDO Italia audit did not come out after 2 years is because any audit would destroy this fraud. The reality will strike at the worst time.
The math isn't mathing. At least adjust your numbers
Two years ago 20 Billion usdt was redeemed for usd in a week's time, half came from SBF and Circle scheme
Did you not watch the video of primary dealer Cantor Fitzgerald ceo explaining this?
**** NOT FINANCIAL ADVICE, FOR ENTERTAINMENT PURPOSES ONLY ****
Be careful with trusting USDC
(The one to trust was US company Paxos, NY regulated BUSD stablecoin but it got destroyed by the SEC for some reason, lol)
Circle USDC is a tradfi with all of the inefficiencies and bleeding cash, promotions incentives, partnerships incentrives, VC's investment payoffs, lots of back office ops costs
But if you do not believe me, Goldman Sachs and Circle and early investors (Blackrock?) would like to do an exit liquidity dump on retail soon with an IPO
The crypto market is telling you that the market cap of USDC has been stagnant since the bear market...
listen to the market as it's always right, usdt marketcap has soared above $114 Billion, making net profits of over $5 Billion per year
I have not heard USDC having such profits, all I heard was that they had UNINSURED deposits of $3.3 Billion in a failed bank, not even a Tether intern would make that mistake
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spin it any way. We have no idea how these things played out as we have not been part of the transaction.
If Tether has fiat or treasuries it should be really easy to prove it. What they most likely have is crypto backing USDT with a “little bit” of real money max at 15-20 percent.
for now the music keep on playing. As a hedge that music never stops I do own some crypto.
I don't know if you're deliberately being silly here or what but it's not one bond purchase and one wire transfer here.
Even with a major primary dealer, they'd have to spread the money around all over the place. Go look at primary dealer stats and offering size stats.
https://markets.newyorkfed.org/api/marketshare/ytd/latest.pdf
https://www.treasurydirect.gov/instit/annceresult/press/preanre/2024/A_20240312_2.pdf
Even a fed primary dealer is only allowed to buy so much of any given offering. One hundred billion is greater than this amount.
I'm not sure you actually understand how big their holdings are. This isn't like buying 100 shares of Apple. If they don't carefully manage what they're doing they will drive the price upwards and overpay.
If their management is ridiculously incompetent I suppose the could just keep wiring money to a broker and never meaningfully review their statements, while providing no price guidance as to what they're willing to pay for bonds, maturities they want, etc.
(I would expect the primary dealer would not accept this, as it would be begging for a lawsuit. I would also expect anybody who is not a moron to refuse to accept instructions from a single employee for $100 billion in assets without confirming those instructions with others.)
You think they just wire a hundred billion dollars from a single account to another account then say what? Buy the maximum 35% of the next few treasury auctions regardless of price. Reinvest in whatever you feel like.
Even if these people have the assets they claim, with the level of staffing they have they are dangerously unsupervised.
And you think that makes it a GOOD idea to give tether your money?
Having the treasury purchases externally managed helps, but it still doesn't really address the staffing question. Even if someone else is doing the buying and selling, they need to provide instructions to the broker and review statements that will have THOUSANDS of treasuries on them at any given moment.
I also have to question the wisdom of having 100 billion in assets at a single broker. Concentration of risk, ability to get the best price, etc.
he never said how much treasuries are they holding. I believe they have some. But i don't believe they have as much as they claim to have.
It's evidence free that they have the money also. If they have the money, then why can't they have an audit?
And it's reasonable to be suspicious.