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does anyone find it kind of... πππππ... that at any point in time there was more or less the exact same amount of #Tether on #Ethereum as on #JustinSun's #TRON?
it's almost as if #Tether was minting 2 $USDT for each $1 in #USD backing, one on each chain...
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does anyone find it kind of... πππππ... that at any point in time there was more or less the exact same amount of #Tether on #Ethereum as on #JustinSun's #TRON?
it's almost as if #Tether was minting 2 $USDT for each $1 in #USD backing, one on each chain...
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I mean I guess we shouldn't really worry about it given that almost 100% of the $USDT on the #Tron blockchain was created for use by #SBF on his exchange #FTX. The #FTXScam is basically an honest exchange run by honest folks, right? #FTXScam
(h/t @DataFinnovation)
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I mean I guess we shouldn't really worry about it given that almost 100% of the $USDT on the #Tron blockchain was created for use by #SBF on his exchange #FTX. The #FTXScam is basically an honest exchange run by honest folks, right? #FTXScam
(h/t @DataFinnovation)
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Internet sleuths have been able to locate roughly half of the cash that backs $USDT. Surely any day now someone will stumble on all those tens of billions of dollars worth of "treasuries" that were formerly called "commercial paper"... (h/trick @DataFinnovation)
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Internet sleuths have been able to locate roughly half of the cash that backs $USDT. Surely any day now someone will stumble on all those tens of billions of dollars worth of "treasuries" that were formerly called "commercial paper"... (h/trick @DataFinnovation)
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If you are curious how this data stacks up against *overall* $USDT market cap, here's a chart.
If you are curious how this data stacks up against *overall* $USDT market cap, here's a chart.
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Note that on the Ethereum chain $USDT is often "burned" by sending it to the #Tether treasury wallet and "minted" by sending it back out.
Above charts show tokens in existence, *not* circulation. But we can see from a chart of the Treasury balance they're not far off.
Note that on the Ethereum chain $USDT is often "burned" by sending it to the #Tether treasury wallet and "minted" by sending it back out.
Above charts show tokens in existence, *not* circulation. But we can see from a chart of the Treasury balance they're not far off.
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Surely it's just a total coincidence that as #JustinSun and #Tron are starting to have extreme difficulties now all of a sudden #Matrixport, one of the biggest players in the Chinese language crypto markets, values #Tron based $USDT at exactly $0?
Surely it's just a total coincidence that as #JustinSun and #Tron are starting to have extreme difficulties now all of a sudden #Matrixport, one of the biggest players in the Chinese language crypto markets, values #Tron based $USDT at exactly $0?
https://twitter.com/WuBlockchain/status/1613500016290848769
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FWIW the mint/burn numbers underlying this chart were pulled by me from raw blockchain data.
π My account will probably be sent back to The Shadows of BΗΗn by the bot armies of the Axis powers for this 𧡠so if you think anyone should see it consider like/RT/follow.
FWIW the mint/burn numbers underlying this chart were pulled by me from raw blockchain data.
π My account will probably be sent back to The Shadows of BΗΗn by the bot armies of the Axis powers for this 𧡠so if you think anyone should see it consider like/RT/follow.
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Inevitably there will be cries of "just a coincidence!" I will note that to believe that you have to believe:
1. there was exactly the same demand for $USDT on #Tron as on #Ethereum at all times. for years.
2. FTX's $USDT buys are aboveboard
Inevitably there will be cries of "just a coincidence!" I will note that to believe that you have to believe:
1. there was exactly the same demand for $USDT on #Tron as on #Ethereum at all times. for years.
2. FTX's $USDT buys are aboveboard
https://twitter.com/Cryptadamist/status/1600012333450817538
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@insigocelot and others have also noted something else weird going on right now: someone is minting large amounts of $USDC and using it to keep $USDT pegged to $1 on #Kraken.
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@insigocelot and others have also noted something else weird going on right now: someone is minting large amounts of $USDC and using it to keep $USDT pegged to $1 on #Kraken.
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https://twitter.com/insigocelot/status/1614691732804747267
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consider this scenario:
if the cash backing $USDT is in $SBNY as the data π suggests, $SBNY cannot know it is is there because that would violate the New York Attorney General's settlement with #Tether
consider this scenario:
if the cash backing $USDT is in $SBNY as the data π suggests, $SBNY cannot know it is is there because that would violate the New York Attorney General's settlement with #Tether
https://twitter.com/Cryptadamist/status/1611240179301502977
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What's to stop this chain of events? π
Or if not exactly this scenario, what controls are out there that would stop another similar kind of scenario where somehow the cash backing $USDT is counted twice?
There are many such scenarios... and I'm just asking questions.
What's to stop this chain of events? π
Or if not exactly this scenario, what controls are out there that would stop another similar kind of scenario where somehow the cash backing $USDT is counted twice?
There are many such scenarios... and I'm just asking questions.
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Or is it just a coincidence that $SBNY hooked up the $USDC printing machine to its #SigNET system a few months ago?
Or is it just a coincidence that $SBNY hooked up the $USDC printing machine to its #SigNET system a few months ago?
https://twitter.com/Cryptadamist/status/1614841634298134529
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If you want to know more about #FTX, $SI, $SBNY, #SigNET, and all the rest I recommend you read this.
Too bad no one who searches for these hashtags or will be able to see this 𧡠it once it is re-shrouded in the mists of The Shadows of BΗΗn...
cryptadamus.substack.com/p/signature-baβ¦
If you want to know more about #FTX, $SI, $SBNY, #SigNET, and all the rest I recommend you read this.
Too bad no one who searches for these hashtags or will be able to see this 𧡠it once it is re-shrouded in the mists of The Shadows of BΗΗn...
cryptadamus.substack.com/p/signature-baβ¦
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I'll just leave this here. (h/t @imugolfen)
I'll just leave this here. (h/t @imugolfen)
https://twitter.com/imugolfen/status/1614882157117292544
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Note that I have no idea if what @DMusanni says here is correct but...
Let's just say I wouldn't be surprised.
Note that I have no idea if what @DMusanni says here is correct but...
Let's just say I wouldn't be surprised.
https://twitter.com/DMusanni/status/1614868221915705344
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A little light reading as well as a fun "Tether Airways Flight Simulator" by @jaypinho where no matter how you try to steer the accounting plane it inevitably crashes into a mountain.
protos.com/the-challenge-β¦
A little light reading as well as a fun "Tether Airways Flight Simulator" by @jaypinho where no matter how you try to steer the accounting plane it inevitably crashes into a mountain.
protos.com/the-challenge-β¦
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Truly these are the last days... #ThePartingOfTheStableCoin waters is upon us.
Truly these are the last days... #ThePartingOfTheStableCoin waters is upon us.
https://twitter.com/palomato3k/status/1614794748392251393
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One thing I didn't mention in the #Huobi/#JustinSun mega-thread is that the over $30bn excess $USDT you see minted and burned on #Tron vs. #Ethereum is somewhat mitigated by the "mint"/"burn" of the Tether Treasury reserves.
But it's still weird.
One thing I didn't mention in the #Huobi/#JustinSun mega-thread is that the over $30bn excess $USDT you see minted and burned on #Tron vs. #Ethereum is somewhat mitigated by the "mint"/"burn" of the Tether Treasury reserves.
But it's still weird.
https://twitter.com/Cryptadamist/status/1611209640754249728
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And BTW if you're wondering why I keep disappearing into The Shadows of BΗΗn consider that this tweet, which explicitly encourages *abuse reporting* anyone spreading "FUD"ΒΉ, has 2.5 million views and 26,000 "likes".
ΒΉ pronounced "facts"
And BTW if you're wondering why I keep disappearing into The Shadows of BΗΗn consider that this tweet, which explicitly encourages *abuse reporting* anyone spreading "FUD"ΒΉ, has 2.5 million views and 26,000 "likes".
ΒΉ pronounced "facts"
https://twitter.com/cz_binance/status/1614011671957078016
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p.s if you hold crypto and yr position is "I don't hold $USDT so this won't affect me" then I suggest you read this 𧡠by crypto OG @peerchemist where he tries to play out various scenarios bc this is why even my pro-crypto friends are in fiat now
peerchemist.medium.com/what-will-happβ¦
p.s if you hold crypto and yr position is "I don't hold $USDT so this won't affect me" then I suggest you read this 𧡠by crypto OG @peerchemist where he tries to play out various scenarios bc this is why even my pro-crypto friends are in fiat now
peerchemist.medium.com/what-will-happβ¦
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