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Frank Muci Profile picture
Frank Muci
@frankmuci
Occasional blogs on econ/finance/development/crypto. Policy Fellow @LSEPublicPolicy. Views my own.
Jun 20, 2022 • 7 tweets • 2 min read
Tether (USDT) has redeemed $15.3B in the past six weeks & is down 18% from the peak

Ongoing market jitters could trigger further unease & redemption requests which could snowball into a "rush to the exits"

If Tether is fully backed, holders are fine... BUT 1/ If it isn't, crypto is in for another wipeout, possibly as big as the last 3mo in percentage terms

So is Tether fully backed? Nobody knows.

It has lied and gotten caught about being fully backed in the past, repeatedly.

Have they cleaned up since? 2/
Mar 31, 2022 • 14 tweets • 4 min read
Hyperbitcoinization — the idea that entire countries will replace traditional currencies with bitcoin — is absurd.

People that peddle it have never worked at a finance ministry, central bank or in public policy. Thread:

Bitcoin as a unit of account is just unworkable. Ask yourself:

1. How would governments prepare the annual budget (worth 20-40% of GDP) in bitcoin if the price can double or half in a few months? 2/X
Mar 30, 2022 • 7 tweets • 3 min read
This week, I wrote about whether Bitcoin adoption can “fix” El Salvador’s sluggish economy.

The answer is no. El Salvador had a bloody civil war in 1979-92 and never managed to recoup the economic losses.
Mar 19, 2022 • 37 tweets • 11 min read
50 questions El Salvador should answer before selling the bitcoin-backed ‘volcano bond’

A thread:

@matt_levine @jerrybrito @NeerajKA @nic__carter @TheStalwart @patio11 @TimMuth @sobradob @alegw @nayibbukele @JuicefBukele @SahilBloom @smdiehl @Excellion @AKurmanaev @paoloardoino 1. Where can we find an offering circular, prospectus, or whitepaper for the bitcoin bond?

2. Will an offering circular, prospectus or whitepaper be made public before the issuance?
Aug 21, 2018 • 14 tweets • 3 min read
¿Cómo venía la hiperinflación antes de los anuncios? ¿Qué pasara ahora? Un hilo: La hiper Venezolana es sencilla. El gobierno gasta mucho más en salarios/pensiones/bonos/subsidios/ compras de lo que gana vía impuestos/petróleo y tiene un déficit fiscal enorme. No tiene ahorros ni puede endeudarse así que financia el déficit imprimiendo dinero con el BCV.