yesterday I flagged the flaky wording used by #celsius in their suspension of services memo to its members. ""Activated a clause" in their Terms of Use....without actually stating which clause they were referrring to.

Having read through the Terms of Use it appears one reason for not specifying the clause the clause they have 'activated' is there are more than one clause they are relying upon to effect the suspension

one for Custody [you retain ownership of the asset] (Custody only began 15 April 2022) and the other clause(s) are for the balance of all accounts [you relinquish ownership to Celsius].

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Jakal

@intel_jakal

Jun 13

If you have a rental property. You make a return by finding some nice people who need a place to live they undertake to pay you x return per week and as long as they dont wreck the place or stop paying everyone is happy.

Essentially you are entrusting your asset to a third party on the promise that they will make payments in the future as agreed. If they stop paying you kick them out.

So imagine your shock and horror. that those nice people started to have some financial issues because they werent getting paid by someone else and gave you a heads up by email refering to a bit of html on a website. Essentially we will get back to you when we can sort you out.

Read 11 tweets

Jakal

@intel_jakal

May 14

@bitfinexed

yesterday I threw out an off the cuff question to @bitfinexed
How much of the redeemed #tether was used to recover and maintain its peg?

The obvious answer is whatever they had to.

I've spent a big chunk of today crunching data to see what answers I could come up with.

Last night I scratched out my hypothesis - to maintain its peg...#tether would need to tap its own cash...can only do that via redemptions and the 'tell' will be burning the tokens like they never existed.

Basis for this thinking is pretty simple. That's what they do when they need cash and lots of it. Remember back in 2018 #novogratz was swooning over the orderly redemption of $700m by #tether.

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