{"id":12312,"date":"2019-03-14T22:04:00","date_gmt":"2019-03-14T22:04:00","guid":{"rendered":"https:\/\/davidgerard.co.uk\/blockchain\/?p=12312"},"modified":"2019-03-15T16:39:00","modified_gmt":"2019-03-15T16:39:00","slug":"decrypt-the-fictional-trading-reserve-by-me-after-tether-announced-that-the-skeptics-had-been-right-all-along","status":"publish","type":"post","link":"https:\/\/davidgerard.co.uk\/blockchain\/2019\/03\/14\/decrypt-the-fictional-trading-reserve-by-me-after-tether-announced-that-the-skeptics-had-been-right-all-along\/","title":{"rendered":"Decrypt: The fictional trading reserve \u2014 by me, after Tether announced that the skeptics had been right all along"},"content":{"rendered":"<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">i honestly thought the day that tether just openly admitted they don&#39;t have all the cash would be more exciting than this but lol nothing matters<\/p>\n<p>&mdash; Buttcoin (@ButtCoin) <a href=\"https:\/\/twitter.com\/ButtCoin\/status\/1105940482755043328?ref_src=twsrc%5Etfw\">March 13, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>&nbsp;<\/p>\n<p>Late yesterday evening, either <a href=\"https:\/\/twitter.com\/CasPiancey\/status\/1105940462576300032\">Cas Piancey<\/a> or <a href=\"https:\/\/twitter.com\/BennettTomlin\/status\/1105937144986644481\">Bennett Tomlin<\/a> brought to the attention of crypto Twitter that Tether had revealed how it backs USDT &#8230; not with dollars (<b>edit:<\/b> it was Bitfinex&#8217;ed, <a href=\"https:\/\/www.reddit.com\/r\/Buttcoin\/comments\/b0ru8o\/tether_comes_clean_admits_they_loan_tether_money\/\">over on Reddit<\/a>):<\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2019\/03\/14\/decrypt-the-fictional-trading-reserve-by-me-after-tether-announced-that-the-skeptics-had-been-right-all-along\/tether-reserves\/\" rel=\"attachment wp-att-12320\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-12320\" src=\"https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2019\/03\/tether-reserves.png\" alt=\"\" width=\"600\" height=\"564\" srcset=\"https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2019\/03\/tether-reserves.png 759w, https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2019\/03\/tether-reserves-300x282.png 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>I sat down at lunch today and started a Twitter rant on the subject, I pottered with it during the working day, it reached 600 words and I sent it to Josh Quittner a bit after 5pm, <a href=\"https:\/\/decryptmedia.com\/5916\/the-fictional-trading-reserve\">and he just put it up.<\/a> Liberty Reserve joke <a href=\"https:\/\/twitter.com\/KyleSGibson\/status\/1102778356846739458\">stolen<\/a> from Kyle S. Gibson.<\/p>\n<p>Josh did well with the photo \u2014 <a href=\"https:\/\/i2.wp.com\/wp.decryptmedia.com\/wp-content\/uploads\/2019\/03\/horse2.jpg\">that horse<\/a> clearly bought in December 2017, and has saddlebags <em>this<\/em> heavy.<\/p>\n<p>Bitfinex&#8217;ed has unlocked his Twitter:<\/p>\n<p>&nbsp;<\/p>\n<p>https:\/\/twitter.com\/Bitfinexed\/status\/1106214051074502656<\/p>\n<p>&nbsp;<\/p>\n<p><small><i> For two years, you have been asking: Who is Tether? This is Tether speaking. I am the coin who loves his life. I am the coin who does not sacrifice his backing or his collateral. I am the coin who has deprived you of victims and thus has destroyed your world, and if you wish to<\/i><\/small><\/p>\n<br><br><div align=\"center\"><p><a href=\"https:\/\/www.patreon.com\/bePatron?u=8420236\"><img src=\"https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2021\/10\/become_a_patron_button.svg\" alt=\"Become a Patron!\" title=\"Become a Patron!\" width=217 height=51><\/a><br><p style=\"align:center;\" class=\"patreon-badge\"><i>Your subscriptions keep this site going. <a href=\"https:\/\/www.patreon.com\/bePatron?u=8420236\">Sign up today!<\/a><\/i><\/p><\/div>","protected":false},"excerpt":{"rendered":"<p>So, it turns out that Bitfinex&#8217;ed was right about everything.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[1183,84,661,1109,1161,39],"class_list":["post-12312","post","type-post","status-publish","format-standard","hentry","category-uncategorised","tag-bennett-tomlin","tag-bitfinexed","tag-cas-piancey","tag-decrypt-media","tag-kyle-s-gibson","tag-tether"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts\/12312","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/comments?post=12312"}],"version-history":[{"count":9,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts\/12312\/revisions"}],"predecessor-version":[{"id":12323,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts\/12312\/revisions\/12323"}],"wp:attachment":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/media?parent=12312"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/categories?post=12312"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/tags?post=12312"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}