{"id":26169,"date":"2023-12-06T21:28:30","date_gmt":"2023-12-06T21:28:30","guid":{"rendered":"https:\/\/davidgerard.co.uk\/blockchain\/?p=26169"},"modified":"2023-12-07T13:47:54","modified_gmt":"2023-12-07T13:47:54","slug":"bitcoin-goes-up-can-5-billion-unbacked-tethers-kickstart-a-fresh-crypto-bubble","status":"publish","type":"post","link":"https:\/\/davidgerard.co.uk\/blockchain\/2023\/12\/06\/bitcoin-goes-up-can-5-billion-unbacked-tethers-kickstart-a-fresh-crypto-bubble\/","title":{"rendered":"Bitcoin goes up! Can 5 billion unbacked tethers kickstart a fresh crypto bubble?"},"content":{"rendered":"<p><em>By <b>Amy Castor<\/b> and <b>David Gerard<\/b><\/em><\/p>\n<ul>\n<li aria-level=\"1\">Help our work: if you liked this post, <b><i>tell just one other person<\/i><\/b>. It really helps, especially since Twitter\u2019s so bad now.\n<li aria-level=\"1\">You can also send us money! Here\u2019s<a href=\"https:\/\/www.patreon.com\/amycastor\"> Amy\u2019s<\/a> Patreon and here\u2019s <a href=\"https:\/\/www.patreon.com\/davidgerard\/\">David\u2019s<\/a>. For casual tips, here\u2019s<a href=\"http:\/\/ko-fi.com\/amycastor\"> Amy\u2019s<\/a> Ko-Fi and here\u2019s<a href=\"https:\/\/ko-fi.com\/A1529D5\"> David\u2019s<\/a>.<\/li>\n<\/ul>\n<blockquote>\n<p style=\"text-align: left;\">&#8220;They all went to live in a bitcoin wallet upstate where there&#8217;s room to run and play and is at least 1000 feet from a school.&#8221;<\/p>\n<p style=\"text-align: right;\">\u2014\u00a0Agents are GO!<\/p>\n<\/blockquote>\n<p>Bitcoin is over $44,000! In just the last week, the <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2022\/04\/10\/the-national-posts-invisible-hand-society-nft-collection-the-facepalm-manifesto\/\">invisible hand of the market<\/a> suddenly decided that bitcoins are <i>really good<\/i> now!<\/p>\n<p>By <i>complete coincidence<\/i>, Tether has printed five billion USDT stablecoins in the past month out of thin air as \u201cloans\u201d \u2014 backed in the Tether reserve only by the \u201cloans\u201d themselves.<\/p>\n<p>How high can you pump a number with five billion fake dollars to deploy?<\/p>\n<p>We\u2019re going to go through what\u2019s actually in this pump: not much.<\/p>\n<p>The financial press has been disgracing itself by reprinting crypto industry marketing points. As Dan Davies <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2021\/09\/23\/dan-davies-lying-for-money-not-a-book-about-crypto-except-it-totally-is\/\">doesn&#8217;t say<\/a>: when a number is going up much faster than it should, you should treat the red flags as celebratory bunting.<\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2018\/01\/19\/news-450m-tethers-this-week-bitconnect-shuts-down-gpu-miner-viruses-us-treasury-unbanking-the-banked-altcoin-fraud\/rollercoaster-explosion\/\" rel=\"attachment wp-att-4280\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-4280\" src=\"https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2018\/01\/rollercoaster-explosion.gif\" alt=\"\" width=\"324\" height=\"214\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<h3>The visible thumb on the scale of the market<\/h3>\n<p>The number did not go up because of Wall Street interest, futile ETF filings, regulator signals, interest rates, the global economy, or sunspots. It went up because of shenanigans. It\u2019s <i>always<\/i> shenanigans.<\/p>\n<p>In just one month, from November 5 to December 5, Tether\u2019s issuance climbed from 85 billion to 90 billion.<\/p>\n<p>You would think, with that kind of totally genuine and organic market demand for stablecoins, USDC\u2019s issuance would also be going up \u2014 but no. USDC\u2019s issuance is 24.4 billion, having seen a steady decrease from 44 billion in March 2023.<\/p>\n<p>So where is Tether getting all the dollars to back these tethers?<\/p>\n<p>It isn\u2019t. Tether\u2019s printing press is not fueled by demand. This is Tether issuing loans to some of its biggest customers \u2014 printing pseudo-dollars out of thin air, with the only \u201cbacking\u201d being the loan itself, counted as an asset. The loans are secured by cryptos held as collateral \u2014 not as reserves. No actual dollars flow into the system this way.<\/p>\n<p>Tether spent years denying that they issued tethers from thin air as loans \u2014 then Alex Mashinsky of Celsius Network <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2021\/10\/31\/tethers-bad-month-cftc-bloomberg-reggie-fowler\/\">confirmed in October 2021<\/a> that Celsius had been taking out such loans from Tether. It came out in the <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2021\/10\/29\/the-cftc-settlement-with-tether-and-bitfinex-42-5-million-dollars-in-fines\/\">CFTC settlement<\/a> later that month that they had been doing this precise thing for a while.<\/p>\n<p>Tether admitted in September that it was making \u201csecured\u201d loans again \u2014 after saying in December 2022 that it would reduce its secured loans to zero. [<a href=\"https:\/\/www.wsj.com\/finance\/currencies\/tether-is-lending-its-stablecoins-again-b11705f2\"><i>WSJ<\/i><\/a>]<\/p>\n<p>In mid-2022, after <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2022\/05\/10\/terras-stablecoin-does-a-2008-crisis-ust-crashes-and-takes-bitcoin-with-it\/\">the Terra-Luna collapse<\/a>, Tether <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2022\/06\/13\/celsius-goes-fahrenheit-451-and-number-goes-down\/\">bragged<\/a> that it had <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2022\/06\/22\/crypto-collapse-latest-the-contagion-spreads\/\">\u201credeemed\u201d 16 billion USDT<\/a>. We would assume most or all of that was loans being canceled and the tethers burned. We certainly don\u2019t know of any independently verifiable evidence that a single actual dollar was transferred in return.<\/p>\n<p>For comparison, USDC reserves are held in short-term treasuries and cash in US bank accounts. A USDC appears to have an actual dollar backing it \u2014 and now that interest rates are up, Circle has been making a ton of money.<\/p>\n<p>If Tether had billions of real dollars backing its tethers \u2014 as it claims \u2014 then the folks running Tether could also make a ton of money simply by putting the reserve into Treasury bills. They do not need to be making loans.<\/p>\n<p>In late 2022, CZ from Binance was <i>deeply<\/i> upset that Sam Bankman-Fried from FTX might destabilize tethers by <a href=\"https:\/\/amycastor.com\/2022\/12\/18\/crypto-collapse-binance-is-not-so-fine-ftx-delaware-vs-ftx-bahamas-celsius-voyager-gemini-tether\/\">trying to cash out &#8230; $250,000 worth<\/a>. That\u2019s out of a supposed reserve in the <i>billions.<\/i> This brings into serious question how many actual dollars are anywhere near Tether \u2014 clearly not enough.<\/p>\n<p>Crypto institutions \u2014 exchanges, hedge funds \u2014 use the tethers to buy leverage and pump the price. They post their inflated crypto as collateral to borrow more USDT and keep pumping. [<a href=\"https:\/\/www.dirtybubblemedia.com\/p\/examining-tethers-secret-loan-portfolio\"><i>Dirty Bubble<\/i><\/a>]<\/p>\n<h3>A bitcoin ETF will totally be approved any minute now<\/h3>\n<p>Crypto has a vast array of promotional memes as to why number go up, which they recycle as often as possible. The current favorite is that the SEC is going to approve a spot bitcoin ETF in January.<\/p>\n<p>A spot bitcoin ETF would hold bitcoin as its underlying asset and track the price of bitcoin. It would be a lot less messy to hold and trade than actual bitcoins. So the fantasy is that an ETF will open the floodgates for institutional and retail money to pour into bitcoin.<\/p>\n<p>Crypto is claiming that the SEC will approve several of these Bitcoin ETF applications, including ones from Grayscale, Blackrock, and Bitwise, all at once. Coinbase, who desperately need a new business model, is <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2023\/11\/07\/coinbase-q3-earnings-regulatory-clarity-is-all-we-need-and-a-miracle-or-two\/\">betting that it will be a custody provider for all the bitcoin<\/a>.<\/p>\n<p>A lot of this optimism seems to stem from a <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2023\/09\/04\/crypto-collapse-tethers-new-bank-britannia-binance-woes-nobody-uses-paypals-stablecoin-avi-eisenberg-is-not-getting-his-phones-back\/\">court ruling in August<\/a> that the SEC wrongly rejected Grayscale\u2019s application to convert its <a href=\"https:\/\/amycastor.com\/2022\/04\/19\/welcome-to-grayscales-hotel-california\/\">Bitcoin Trust<\/a> into a spot bitcoin ETF, and must review Grayscale&#8217;s filing.<\/p>\n<p>The SEC has never approved a spot bitcoin ETF. In every rejection, it\u2019s repeated the same <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2022\/03\/16\/news-no-crypto-in-401k-retirement-plans-more-bitcoin-etf-rejections-nfts-on-instagram-jamaican-cbdc\/\">concerns about market manipulation<\/a> \u2014 including specifically manipulation by Tether. We doubt very much that that is going to change \u2014 especially now with all the tether printing.<\/p>\n<p>Another common promotional claim is that all the crime is gone now. Binance has been busted, it\u2019s all compliant going forward! Note that these guys were saying exactly the same thing straight after Sam Bankman-Fried was jailed.<\/p>\n<h3>Finance press stenography<\/h3>\n<p>The finance press is news about numbers going up. But they seriously need more interrogation of <i>why<\/i> \u2014 especially since the facts are extremely well-known and available by now.<\/p>\n<p>This isn\u2019t helped by only asking for commentary from the crypto pumpers themselves.<\/p>\n<ul>\n<li aria-level=\"1\"><b>AP:<\/b> It\u2019s ETFs! They ask Kaiko Crypto Research. Also, Binance being busted so hard is <i>good<\/i> news for bitcoin. [<a href=\"https:\/\/apnews.com\/article\/bitcoin-price-surge-40k-spot-etfs-16a5678dad7a112e1292bc651cc9fe78\"><i>AP<\/i><\/a>]<\/li>\n<li aria-level=\"1\"><b>WSJ:<\/b> \u201cA couple of coming events are fueling investor optimism,\u201d according to some guy at \u201ccrypto market maker Auros.\u201d This was removed from a later edition of the story, which doesn\u2019t even offer a guess as to what\u2019s going on \u2014 though it adds that the Coinbase stock price is going up because bitcoin is going up. [<i>WSJ, <\/i><a href=\"http:\/\/archive.today\/2023.12.04-124915\/https:\/\/www.wsj.com\/livecoverage\/stock-market-today-dow-jones-12-04-2023\/card\/bitcoin-price-tops-40-000-X5BGBKTnpClu0NnEXQ06\"><i>archive of December 4<\/i><\/a><i>; WSJ, <\/i><a href=\"http:\/\/archive.today\/2023.12.06-170444\/https:\/\/www.wsj.com\/livecoverage\/stock-market-today-dow-jones-12-04-2023\/card\/bitcoin-price-tops-40-000-X5BGBKTnpClu0NnEXQ06\"><i>archive of December 6<\/i><\/a>]<\/li>\n<li aria-level=\"1\"><b>Bloomberg:<\/b> ETFs. They ask Moody\u2019s, but also the Asia Crypto Alliance, a \u201chead of digital asset strategy,\u201d and Token Bay Capital. [<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-12-03\/bitcoin-hits-40-000-level-for-the-first-time-since-may-2022\"><i>Bloomberg<\/i><\/a><i>, <\/i><a href=\"https:\/\/archive.is\/GinIY\"><i>archive<\/i><\/a><i>; <\/i><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-12-03\/bitcoin-hits-40-000-level-for-the-first-time-since-may-2022\"><i>Bloomberg<\/i><\/a><i>, <\/i><a href=\"https:\/\/archive.is\/NrYBB\"><i>archive<\/i><\/a>]<\/li>\n<li aria-level=\"1\">\n<b>NYT:<\/b> Grayscale says it\u2019s ETFs, so that must be it. Points for asking John Reed Stark, though. [<a href=\"https:\/\/www.nytimes.com\/2023\/11\/16\/technology\/cryptocurrency-bitcoin-etf.html\"><i>NYT<\/i><\/a>]<\/h1>\n<\/li>\n<li aria-level=\"1\">\n<b>FT:<\/b> ETFs, according to a \u201ccrypto hedge fund manager\u201d and a guy from eToro. [<a href=\"https:\/\/www.ft.com\/content\/9d7106e3-419b-4e1e-a7ef-36a30acb57f0\"><i>FT<\/i><\/a><i>, <\/i><a href=\"https:\/\/archive.is\/64mD1\"><i>archive<\/i><\/a>]<\/h1>\n<\/li>\n<\/ul>\n<p>We\u2019ll credit the FT editorial that\u2019s not at all convinced that bitcoin is coming back, despite the hype. [<a href=\"https:\/\/www.ft.com\/content\/1222843b-ff71-4517-9e15-d643f8919cf0\"><i>FT<\/i><\/a><i>, <\/i><a href=\"https:\/\/archive.is\/QYtmi\"><i>archive<\/i><\/a>]<\/p>\n<p>We have yet to find one financial press story on bitcoin going up that mentions Tether. Every story on the recent bitcoin price rise that fails to mention Tether has failed at journalism.<\/p>\n<p>We know that many of the finance journalists who read our newsletters are as frustrated as we are with the low quality of coverage. We feel your pain.<\/p>\n<h3>Why now?<\/h3>\n<p>The point of a pump like this is to get more retail actual dollars into the crypto economy so the whales can cash out \u2014 the early investors need fresh dollars from later investors.<\/p>\n<p>We\u2019re not seeing that happening this time. Data is scarce, but it\u2019s useful that the largest actual-dollar crypto exchange, Coinbase, is a public company and isn\u2019t allowed to lie in its SEC filings. So we know that retail is about <a href=\"https:\/\/amycastor.com\/2023\/11\/07\/coinbase-q3-earnings-regulatory-clarity-is-all-we-need-and-a-miracle-or-two\/\">one-eighth<\/a> what it was in late 2021.<\/p>\n<p>So why are the whales in such a hurry to try to create a pump when the fresh suckers just haven\u2019t had a chance to grow back yet after the last time they got skinned?<\/p>\n<p>We think crypto is very worried about US regulators. Despite furious lobbying, even crypto-friendly legislators like Cynthia Lummis are going in loud about Tether in particular. [<a href=\"https:\/\/twitter.com\/SenLummis\/status\/1717585513836691606\"><i>Twitter<\/i><\/a><i>, <\/i><a href=\"http:\/\/archive.today\/2023.10.28-133401\/https:\/\/twitter.com\/SenLummis\/status\/1717585513836691606\"><i>archive<\/i><\/a>]<\/p>\n<p>The SEC <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2023\/06\/07\/the-sec-sues-coinbase-its-on\/\">sued Coinbase in June<\/a>. It sued <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2023\/12\/03\/crypto-collapse-sec-brings-regulatory-clarity-to-kraken-and-celsius-stablecoins-for-the-uk-crypto-money-laundering\/\">Kraken in November<\/a>. It also <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2023\/04\/23\/crypto-collapse-reggie-fowler-sentencing-delayed-sec-charges-bittrex-coinbase-looks-to-leave-the-us-scaramucci-and-ftx-bitfinex-ripple\/\">sued Bittrex in April<\/a>.<\/p>\n<p>We don\u2019t expect crypto in the US to just get shut down \u2014 there are too many legislators in crypto\u2019s pockets. But we do expect regulators, up to the top of the Treasury, to be profoundly jaundiced about this nonsense. Wally Adeyemo, Deputy Secretary of the Treasury, spoke recently of the trouble with \u201cdollar-backed stable coin providers outside the United States\u201d \u2014 he meant Tether. [<a href=\"https:\/\/home.treasury.gov\/news\/press-releases\/jy1934\"><i>Treasury<\/i><\/a>]<\/p>\n<p>Digital Currency Group is desperate \u2014 <a href=\"https:\/\/amycastor.com\/2023\/10\/30\/new-york-vs-dcg-genesis-and-gemini-kids-kids-youre-both-ugly\/\">Genesis has a billion-dollar hole<\/a> and DCG is likely to have to cover it. They need their Grayscale ETF approved \u2014 and not delayed even further. They are betting that if the price of bitcoin is high in January, that will pressure the SEC to approve a bitcoin ETF.<\/p>\n<p>The bitcoin miners\u2019 stockpiles of unsaleable cryptos are even bigger this year than <a href=\"https:\/\/amycastor.com\/2022\/08\/04\/bitcoin-mining-in-the-crypto-crash-the-mining-companies-creative-accounting\/\">last year.<\/a> They aren\u2019t selling into this price rise. We think they don\u2019t trust that there\u2019s liquidity there \u2014 not enough actual dollars for them to dump.<\/p>\n<h3>Starting &#8230; now<\/h3>\n<p>It\u2019s been three years since the same moves worked to <a href=\"https:\/\/amycastor.com\/2022\/06\/26\/how-2020-set-the-stage-for-the-2021-bitcoin-bubble\/\">kickstart a bubble in late 2020<\/a>, and six years since Tether pumped the price through 2017. Can it work again this time?<\/p>\n<p>In 2020, Tether issuance went from 3 billion in March to nearly 21 billion by the end of the year. In December 2020, they finally deployed enough dubiously backed fake money \u2014 <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2020\/12\/13\/tether-is-too-big-to-fail-the-entire-crypto-industry-utterly-depends-on-it\/\">300 million tethers<\/a> on Binance and Huobi \u2014 to <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2020\/12\/18\/number-go-up-new-bitcoin-peak-exactly-three-years-after-the-last-whats-happening-here\/\">pump the bitcoin price<\/a> over the previous 2017 peak of $20,000.<\/p>\n<p>That was all it took for the press to breathlessly report the number going up, without interrogating it in any way. In February 2021, Elon Musk bought into bitcoin, and the consumer rush really got started.<\/p>\n<p>Can crypto start the fire again? There were pumps all through 2018 and 2019 that got a lot of press attention with spurious explanations. These were all <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2019\/05\/13\/bitcoin-is-going-through-the-roof-its-manipulation-with-tethers-not-organic-demand\/\">price manipulations to burn the margin traders.<\/a> Nobody took it seriously until the bitcoin price went over the previous peak.<\/p>\n<p>So for another bubble to take off, it\u2019ll need:<\/p>\n<ol>\n<li aria-level=\"1\">A price over the previous high of $69,000;<\/li>\n<li aria-level=\"1\">Regulators not blocking a lot of the easy ways in for dollars;<\/li>\n<li aria-level=\"1\">Tether and similar stablecoins not to be shut down;<\/li>\n<li aria-level=\"1\">Enough ordinary retail suckers with the actual dollars to throw at the whales.<\/li>\n<\/ol>\n<p>We don\u2019t think all four of those are likely. But we could be wrong \u2014 never underestimate the enthusiasm of suckers.<\/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>The visible thumb on the scale of the market.<\/p>\n","protected":false},"author":1,"featured_media":18370,"comment_status":"open","ping_status":"closed","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":[2493,3677,3676,568,21,1505,783,916,167,288,2812,1275,2158,1047,1735,1798,3093,1799,437,3675,391,1717,3679,2491,33,1449,39,3678,403,1865,3680],"class_list":["post-26169","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorised","tag-alex-mashinsky","tag-asia-crypto-alliance","tag-auros","tag-binance","tag-bitcoin","tag-bitwise","tag-blackrock","tag-celsius","tag-cftc","tag-coinbase","tag-cynthia-lummis","tag-cz","tag-elon-musk","tag-etf","tag-etoro","tag-ftx","tag-gbtc","tag-grayscale","tag-john-reed-stark","tag-kaiko","tag-kraken","tag-mining","tag-moodys","tag-sam-bankman-fried","tag-sec","tag-stablecoin","tag-tether","tag-token-bay-capital","tag-us-treasury","tag-usdc","tag-wally-adeyemo"],"jetpack_featured_media_url":"https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2020\/12\/bitcoin-rollercoaster-up.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts\/26169","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=26169"}],"version-history":[{"count":41,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts\/26169\/revisions"}],"predecessor-version":[{"id":26211,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts\/26169\/revisions\/26211"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/media\/18370"}],"wp:attachment":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/media?parent=26169"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/categories?post=26169"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/tags?post=26169"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}