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.
Have been working through $CEL #celsiusnetwork's $750m Series B round. Will share #googlesheets file tomorrow. Here's a preview.
3 Dec 2021 #Celsius resolved to issue up-to 36,930 Series B shares at a price of US$20,469 per share. As at 2 Feb 2022 total of 32,182 Series B shares had been issued. I'm presuming #bnktothefuture will have closed out the balance.
Mar 11 • 9 tweets • 3 min read
So finally got around to plugging in #tether's Dec 2021 attestation numbers. So their non-token debt is now up to 57m which means their net assets are down to $137m imagine having 80Billion in assets and still having to borrow money each quarter to fund operations....
oh and the increase in debt between quarters is $41m which just happens to be the fine #tether copped.
Jan 31 • 13 tweets • 4 min read
Look at that....Primo directorship of a UK company with GBP1Billion of capital (US$1.Billion give or take). Pretty cool hey.....and even better....he had the best investors....
Himself. Why have outside investors when you can write the cheque yourself. pretty cool being able to write a single check for $1.4billion.....
Dec 31, 2021 • 14 tweets • 6 min read
Pondering the tax consequences of the #celsius#hodl and #accrued profits come tax time. I thought I'd brush up on my #cryptotax understanding I found the following blog to be really clear, concise and useful. cryptotrader.tax/blog/the-trade… h/t @coinledger
The tax framework I had assumed would be applicable was/is pretty well as I expected. Most of which I've learnt over the years the hard way by getting shit wrong (don't get me started on the pain of get pegged in the bum by the tax-office for failing rollover relief tests).
@newmoneyreview Well this is the next thing to look at....who actually paid for and were issued CEL tokens at 30c ....ftx and bitfinex I'm guessing between the three and their perifeey they would control literally the whole market...it trade a like a non bouncing dead cat.
@newmoneyreview CEL tokens issued 30cents went 10x by Q3-2020...Dec 2020 the last month of the financial period the price went vertical closing year out at $5.45. adding $2B to Celsius balance sheet....ironically rather than be penalised for issuing far more than market demand
Nov 29, 2021 • 4 tweets • 2 min read
#celsius flywheel of bullshit.
we have no external shareholders.....other than those external shareholders we have..ffs #flywheelofbullshit
Nov 29, 2021 • 7 tweets • 2 min read
So the second you transfer any digital asset into a #celsius account beneficial ownership changes. Its no longer your asset.
This means your ability to manage risk becomes binary - either the assets are with Celsius or not with Celsius.
Nov 28, 2021 • 7 tweets • 3 min read
Today I wasted too much time trying to reconcile some fairly basic numbers for #celsius which was a bit frustrating and I was scratching around trying to work out where I'd gone wrong.
So I'll throw it out to twitter ..... Someone tell which one of these numbers on celcius.network/cel-token-expl… page is actually correct?
Oct 25, 2021 • 18 tweets • 5 min read
just got around going through #celsiusnetwork financials for Dec 2020 accounts. (see my previous posts re:$150m secured debt). I probably won't finish off the analysis until end of the week (pulling all the data into sheets is a pain). here's something to make you go 🤔
For clarity even though its a UK company all figures are in US'000.....which means the assets shown are US$4.709B and 'net assets' are US$1.44B.....I'll admit. once I realized the numbers were billions not millions....I was kinda impressed...
Oct 11, 2021 • 5 tweets • 3 min read
I've been asked a couple of times how I was able to aggregate the daily #tether transparency pages so I thought I'd share the data.
Shared googlesheet >>> bit.ly/3iQ3W5U#OSINT
While you could scrape the html table direct from the transparency page its only provides the last 24hours.
Wayback machine captures the page multiple times per month. Use the IMPORTHTML function (USDT is "table 3") web.archive.org/web/2021011213…
Jun 28, 2021 • 12 tweets • 12 min read
@RealWillyBot@jimcramer While its great to see #MSM's epiphany (albeit 3 years late) that #tether might be #dodgy. perplexing that #tether is still being discussed as if its a potential risk vs a flat out fraud. Not only is it obvious that tether are NOT the 7th largest holder of commercial paper. @RealWillyBot@jimcramer While commercial paper is s Trillion$ market its long been in decline, average term is 270 days and almost always rolled over (and if its not most likely refinanced for cheaper longer term debt - hence the decline)
@ebit4u Every country has a certain comparative advantage over others. This is what Cyprus does best so in acknowledgement that these start-ups have tiny tiny tiny micro lives they make sure there is high throughput, rapid turnover and tiny little fines when they get caught
@ebit4u kinda genius nurturing 10x the volume of startups, means 10x the licensing and end of life fines keeps the costs down ensuring they can be up and running quick as a flash.
May 14, 2021 • 15 tweets • 5 min read
Following the release of #tether's distended testicle I mean attestation. I attempted to reconstruct some numbers....as mentioned only additional information I was able to yield was there was an additional $13m of undisclosed debt.
Armed with the donkey boys amazing double barrel pie chart I've added to the original analysis. The same doc previously shared which I'll share again at the end.