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Super
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Super
@SuperDuperCycle
🦸♂️🃏 I collect odd, useful ideas: the kind that feel obvious five minutes after you hear them.
Katılım Kasım 2022
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NEW: Swan Bitcoin files in SDNY to subpoena Cantor Fitzgerald and its former CEO, Commerce Secretary Howard Lutnick, seeking discovery tied to a dispute with Tether over a joint mining venture.
The filing alleges a mid-2024 internal conspiracy led by ex-CIO Raphael Zagury with Tether-linked actors to gut Swan’s mining JV, 2040 Energy, including a coordinated mass resignation and data exfiltration.
Swan claims 13 employees resigned within hours on Aug 8, 2024, thousands of confidential files were taken, and Tether quickly replaced Swan with a new entity run by the defectors.
The subpoena targets Cantor and Lutnick over alleged proximity to events, including IPO discussions with Swan and subsequent ties to Tether-related deals after contact with Swan was abruptly cut.
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I have never been more bullish on crypto.
Because the rules-based order is collapsing and the code-based order is rising. So the short term price doesn’t matter.
As international law breaks down, we will need not just onchain currencies, but onchain companies. As the post-war order breaks down, we’ll similarly need the post-internet order. States will fail, and the network will take their place.
We need internet capitalism, we need internet democracy, and we need internet privacy. So we need cryptocurrency.
cami@camiinthisthang
I’m telling you guys the next 3 months are about to get wild All the smart people will either try to go to one of the few crypto projects with sustainable revenue & growth or will leave crypto completely We saw 3 of the smartest ppl outright leave crypto in the last 48 hours
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🚨BREAKING: TOMORROW — Trump Meets Crypto Leaders at the White House Crypto Summit 🇺🇸🔥
Just a heads-up — tomorrow is the big day.
@realDonaldTrump is set to host senior policy executives like @BlockchainAssn tied to @Ripple, @Coinbase, @Krakenfx and other major crypto trade groups — alongside banking reps — in a working-level White House meeting aimed at finally moving stalled U.S. crypto legislation forward. 👀
BULLISH🚀
Diana@InvestWithD
🚨CONFIRMED: Trump Will Meet Crypto Giants & Bank Reps on MONDAY — CEOs Themselves WON’T Attend 🇺🇸🔥 This Monday’s White House crypto showdown is officially a working-level policy meeting — not a C-suite summit. Instead, the room will be filled with senior policy executives like @BlockchainAssn tied to @Ripple, @Krakenfx, Head of Policy of @Coinbase, and other major crypto trade groups — alongside banking representatives. 👀 And the biggest sticking point on the table? 👉 Stablecoins — specifically whether crypto firms should be allowed to offer rewards or interest on dollar-pegged tokens. Likely the first of several talks aimed at finally unlocking U.S. crypto legislation. 🚀
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🚨 BREAKING
David Sacks says he expects banks to fully enter crypto after market structure laws pass.
‼️#XRP is already in place.
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@coinbureau I'll just leave this here x.com/JosephA140/sta…
Joseph@JosephA140
I spent 100’s of hours writing research on tether for @Citi. @CryptoHayes missed a few key points. 1) 𝐓𝐡𝐞𝐢𝐫 𝐝𝐢𝐬𝐜𝐥𝐨𝐬𝐞𝐝 𝐚𝐬𝐬𝐞𝐭𝐬 =/ 𝐚𝐥𝐥 𝐜𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐞 𝐚𝐬𝐬𝐞𝐭𝐬 When tether generates $ they have a separate equity balance sheet which they don’t report publicly. The numbers they disclose are under a ‘matching’ philosophy; they’re just showing you how their reserves are backed. The equity balance is sheet is made up of equity investments, mining operations, corporate reserves & possibly more BTC, with the rest distributed as dividends to shareholders. 2) 𝐓𝐡𝐞𝐲’𝐫𝐞 𝐡𝐢𝐠𝐡𝐥𝐲 𝐩𝐫𝐨𝐟𝐢𝐭𝐚𝐛𝐥𝐞 𝐚𝐧𝐝 𝐭𝐡𝐞𝐢𝐫 𝐞𝐪𝐮𝐢𝐭𝐲 𝐢𝐬 𝐯𝐚𝐥𝐮𝐚𝐛𝐥𝐞. 𝐓𝐡𝐞𝐲 𝐜𝐚𝐧 𝐬𝐞𝐥𝐥 𝐞𝐪𝐮𝐢𝐭𝐲 𝐭𝐨 𝐜𝐨𝐯𝐞𝐫 𝐚𝐧𝐲 𝐠𝐚𝐩𝐬 𝐢𝐧 𝐭𝐡𝐞𝐢𝐫 𝐛𝐚𝐥𝐚𝐧𝐜𝐞 𝐬𝐡𝐞𝐞𝐭. Tether has ~$120bn in interest yielding treasuries which have been yielding ~4% since 2023. That’s ~$10bn in liquid PnL with little cost (150 employees), making it one of the most efficient cash generating businesses in the world. I’m guessing this would make their equity worth somewhere in the $50-100bn range. Although they’ve reported they’re looking to raise $20bn for 3% which would put them at ~$500bn+ valuation. Probably won’t materialise, and likely overvalued, but still highly valuable equity. 3) 𝐁𝐚𝐧𝐤𝐬 𝐨𝐩𝐞𝐫𝐚𝐭𝐞 𝐨𝐧 𝐬𝐢𝐠𝐧𝐢𝐟𝐢𝐜𝐚𝐧𝐭𝐥𝐲 𝐥𝐨𝐰𝐞𝐫 𝐟𝐫𝐚𝐜𝐭𝐢𝐨𝐧𝐚𝐥 𝐫𝐞𝐬𝐞𝐫𝐯𝐞𝐬. 𝟓-𝟏𝟓% 𝐨𝐟 𝐛𝐚𝐧𝐤 𝐝𝐞𝐩𝐨𝐬𝐢𝐭𝐬 𝐚𝐫𝐞 𝐡𝐞𝐥𝐝 𝐢𝐧 𝐥𝐢𝐪𝐮𝐢𝐝 𝐚𝐬𝐬𝐞𝐭𝐬, 𝐭𝐡𝐞 𝐨𝐭𝐡𝐞𝐫 𝟖𝟓%+ 𝐚𝐫𝐞 𝐡𝐞𝐥𝐝 𝐢𝐧 𝐬𝐢𝐠𝐧𝐢𝐟𝐢𝐜𝐚𝐧𝐭𝐥𝐲 𝐦𝐨𝐫𝐞 𝐢𝐥𝐥𝐢𝐪𝐮𝐢𝐝 𝐚𝐬𝐬𝐞𝐭𝐬. Tether is different but holds similar qualities to a Bank in this regard, and is significantly better collateralised. A key difference is banks are backed by Lender of last resort (Central Bank) but Tether is not. TLDR: Tether isn’t going insolvent, quite the opposite; they own a money printing machine.
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🔥ARTHUR HAYES WARNS $USDT COULD GO INSOLVENT
Hayes says Tether is betting on Fed cuts, which would make their interest income drop, so they’re buying gold and Bitcoin to make up for it.
But a ~30% crash in those holdings could make USDT “theoretically insolvent,” he warns.
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I spent 100’s of hours writing research on tether for @Citi.
@CryptoHayes missed a few key points.
1) 𝐓𝐡𝐞𝐢𝐫 𝐝𝐢𝐬𝐜𝐥𝐨𝐬𝐞𝐝 𝐚𝐬𝐬𝐞𝐭𝐬 =/ 𝐚𝐥𝐥 𝐜𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐞 𝐚𝐬𝐬𝐞𝐭𝐬
When tether generates $ they have a separate equity balance sheet which they don’t report publicly. The numbers they disclose are under a ‘matching’ philosophy; they’re just showing you how their reserves are backed.
The equity balance is sheet is made up of equity investments, mining operations, corporate reserves & possibly more BTC, with the rest distributed as dividends to shareholders.
2) 𝐓𝐡𝐞𝐲’𝐫𝐞 𝐡𝐢𝐠𝐡𝐥𝐲 𝐩𝐫𝐨𝐟𝐢𝐭𝐚𝐛𝐥𝐞 𝐚𝐧𝐝 𝐭𝐡𝐞𝐢𝐫 𝐞𝐪𝐮𝐢𝐭𝐲 𝐢𝐬 𝐯𝐚𝐥𝐮𝐚𝐛𝐥𝐞. 𝐓𝐡𝐞𝐲 𝐜𝐚𝐧 𝐬𝐞𝐥𝐥 𝐞𝐪𝐮𝐢𝐭𝐲 𝐭𝐨 𝐜𝐨𝐯𝐞𝐫 𝐚𝐧𝐲 𝐠𝐚𝐩𝐬 𝐢𝐧 𝐭𝐡𝐞𝐢𝐫 𝐛𝐚𝐥𝐚𝐧𝐜𝐞 𝐬𝐡𝐞𝐞𝐭.
Tether has ~$120bn in interest yielding treasuries which have been yielding ~4% since 2023. That’s ~$10bn in liquid PnL with little cost (150 employees), making it one of the most efficient cash generating businesses in the world.
I’m guessing this would make their equity worth somewhere in the $50-100bn range. Although they’ve reported they’re looking to raise $20bn for 3% which would put them at ~$500bn+ valuation. Probably won’t materialise, and likely overvalued, but still highly valuable equity.
3) 𝐁𝐚𝐧𝐤𝐬 𝐨𝐩𝐞𝐫𝐚𝐭𝐞 𝐨𝐧 𝐬𝐢𝐠𝐧𝐢𝐟𝐢𝐜𝐚𝐧𝐭𝐥𝐲 𝐥𝐨𝐰𝐞𝐫 𝐟𝐫𝐚𝐜𝐭𝐢𝐨𝐧𝐚𝐥 𝐫𝐞𝐬𝐞𝐫𝐯𝐞𝐬. 𝟓-𝟏𝟓% 𝐨𝐟 𝐛𝐚𝐧𝐤 𝐝𝐞𝐩𝐨𝐬𝐢𝐭𝐬 𝐚𝐫𝐞 𝐡𝐞𝐥𝐝 𝐢𝐧 𝐥𝐢𝐪𝐮𝐢𝐝 𝐚𝐬𝐬𝐞𝐭𝐬, 𝐭𝐡𝐞 𝐨𝐭𝐡𝐞𝐫 𝟖𝟓%+ 𝐚𝐫𝐞 𝐡𝐞𝐥𝐝 𝐢𝐧 𝐬𝐢𝐠𝐧𝐢𝐟𝐢𝐜𝐚𝐧𝐭𝐥𝐲 𝐦𝐨𝐫𝐞 𝐢𝐥𝐥𝐢𝐪𝐮𝐢𝐝 𝐚𝐬𝐬𝐞𝐭𝐬.
Tether is different but holds similar qualities to a Bank in this regard, and is significantly better collateralised. A key difference is banks are backed by Lender of last resort (Central Bank) but Tether is not.
TLDR: Tether isn’t going insolvent, quite the opposite; they own a money printing machine.
Arthur Hayes@CryptoHayes
The Tether folks are in the early innings of running a massive interest rate trade. How I read this audit is they think the Fed will cut rates which crushes their interest income. In response, they are buying gold and $BTC that should in theory moon as the price of money falls. A roughly 30% decline in the gold + $BTC position would wipe out their equity, and then USDT would be in theory insolvent. I'm sure some large holders and exchanges will demand a real-time view of their B/S so they can assess the solvency risk of Tether. Get out your popcorn, I expect the MSM to run wild with this, especially all the editors with TDS who want to shit on Lutnick and Cantor for backing this stablecoin.
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Racists and nationalists rejoice! X has violated their users privacy so that you can purity test where people connect from and from what device. It's like coloring peoples' texts different based on apple vs android. Just mouse over their joined date on their profile. Nothing protects the town square like making people wear their nationality on their sleeve right?
Why make it so hard to find though if race baiting is the flavor du jour? Just put the flag next to the username like 4chan pol forum does. But like, if I wanted pol, I'd go to pol, I come here to get stuff done, and this racist, nationalist crap, I really don't get it.
Oh, and government gray check accounts are exempted. What? Now, since X has shown they will make what was previously private about you public, where does it stop? Have you sent them your ID? Do they have your credit card info? Why not show what credit card people pay from? "Connected from MasterCard." You're already advertising one app store or another, why not payment methods too?
It's pretty much disgusting really, and whereas this violation was advertised to "protect the town square." I feel like it's made the square more of a circus than usual, and that's saying something.
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Do you have a profile pic that's not your face?
Do you have a username that's not what people call you in person?
That's called anonymity. And I see lots of you anonymous guys celebrating the death of anonymity. Ironic really. You hypocrites are real funny.
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first, money was gold
then, the state replaced it with paper
after, satoshi created digital gold, bitcoin
this was a big improvement, but it was missing a core trait of real gold
fungibility
a core property of gold is that it's fungible; you can interchange it with other gold
but once you add serial numbers and tracking, you can diminish the value and cancel it based on its history
in other words, without privacy, you can not get fungibility, and hence you can't fully replicate gold money at internet-scale
this wasn't Satoshi's fault, he wanted to add this
the reason it wasn't added is that we did not have the technology to make this a reality back then (ZK)
we have the technology now
unencrypted money is a bug
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Due to the rapid ascent in price, $ZEC is now the 2nd largest *LIQUID* holding in @MaelstromFund portfolio behind $BTC.
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🚨Binance just made it clear:
If your Zcash (ZEC) has ever touched the shielded pool it’s no longer welcome.
They’ll only accept coins that stayed fully transparent, where every transaction and sender can be traced by their KYC/AML systems.
In other words:
🔍 Privacy coins are fine as long as they’re not private.
💰 Your “Zcash” must behave like Bitcoin with a glass wallet.
🧱 The moment it’s shielded, it’s “tainted.”
Translation: Binance isn’t rejecting your ZEC.
They’re rejecting your right to financial privacy🚨
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