The Big Tether Short

[David's faith]

Hedge funds jumping in is pretty much the last thing you want to see, as the proponent of a given thesis.

That said, it's an interesting bet since there's no actual "upside" to Tether in USD terms. The only risk seems to be your borrow rate - 5, 6% per year?

Michael Burry was in a HF too around 2008. Sure, there are many clewless HF's. But don't condem all of them.

 

[Tokenz]

yes in a massive way, the whole crypto market. As of recently Tethers represented 70
Percent of daily volume.

Think of it, fake money represent 70% of volume.

Good grief, the amount of hatred in this man is unbearable...

 

[RedDuke]

Good grief, the amount of hatred in this man is unbearable...

hatred ? Just because I say something you refuse to acknowledge ???? You seem very upset for some reason.

 

[Tokenz]

hatred ? Just because I say something you refuse to acknowledge ???? You seem very upset for some reason.

You keep saying the same thing over and over like a broken record, we get the point. We are not deaf. If you have nothing better to contribute to this forum then no one is going to want you around here.

 

[RedDuke]

You keep saying the same thing over and over like a broken record, we get the point. We are not deaf. If you have nothing better to contribute to this forum then no one is going to want you around here.

new people join all the time. This thread is about Tether shorting and my posts are very relevant to topic being discussed. I understand that cognitive bias is hard to overcome. But you should try.

 

[johnarb]

https://twitter.com/x/status/1504209524177129481

 

[ph1l]

https://twitter.com/x/status/1504209524177129481

"Is Tether Backed 1 to 1 With Dollars?"

 

[RedDuke]

Great speech to avoid an answer.

 

[johnarb]

Great speech to avoid an answer.

I thought there were a lot of answers to questions that people have on their mind

• NY AG and CFTC settlements and agreement to provide attestations every quarter
• Attestations of reserves-backing every quarter (ongoing)
• Portfolio breakdown (reserves-backing)
• Commercial papers are A2 or better grade Standard & Poors ratings
• More than 100% backing (reserves value) due to the operational profits of the company being added to the reserves

What more could you ask for?

To be honest, the $80 Billion of Tethers that are circulating will be impossible to redeem, think of all the lost private keys, and also, many are locked in defi and private wallets

In fact, less than 5% are in redeemable location. I've said this many times but I gotta say it about a hundred times before it sinks in

There is huge demand for Tethers that there's a high yield for them in DeFi and CeFi

They will keep printing Tethers to meet the demand ¯\_(ツ)_/¯

 

[RedDuke]

I thought there were a lot of answers to questions that people have on their mind

• NY AG and CFTC settlements and agreement to provide attestations every quarter
• Attestations of reserves-backing every quarter (ongoing)
• Portfolio breakdown (reserves-backing)
• Commercial papers are A2 or better grade Standard & Poors ratings
• More than 100% backing (reserves value) due to the operational profits of the company being added to the reserves

What more could you ask for?

To be honest, the $80 Billion of Tethers that are circulating will be impossible to redeem, think of all the lost private keys, and also, many are locked in defi and private wallets

In fact, less than 5% are in redeemable location. I've said this many times but I gotta say it about a hundred times before it sinks in

There is huge demand for Tethers that there's a high yield for them in DeFi and CeFi

They will keep printing Tethers to meet the demand ¯\_(ツ)_/¯

and that will be its ultimate demise. Only Fed can do it, they competing with Fed