JuiceCrewAllStar
Whole Milk Drinker
- Joined
- Feb 4, 2014
- Messages
- 37,060
- Reaction score
- 9,786
sun comes up
Sold TELL at $5.73. It was a good run.
I only sell TELL when ATS tells me to sell TELL. ATS is my god.
I only sell TELL when ATS tells me to sell TELL. ATS is my god.
An investor friend told me you don’t go broke taking profits. I was up about 125%. That’s good enough for me. On to the next one.
I have no argument with that. I do not buy individual stocks that often anyway. I cashed out tesla after ridiculous gains in a short time period. It continued to climb after I sold, but I couldn’t complain.
Oh fuck that. You can 100% complain. It just doesn't do you any good. I do this all the time because I hate myself.
I had the opportunity to dump my AMC for 100% gain about six days ago. Got greedy. Now my calls are wedging my butt cheeks apart and just going HAM in a very bad way.
Pretty red out there, boys.
i held AMC for exactly one week and then realized WHAT THE FUCK AM I DOING invested in a movie theater that literally has no business
You need to keep reading the entire agreement. The settlement agreement requires Tether to provide proof of their reserves to the state every quarter for two years. And you need to know what Tether previously provided to the OAG to know the proof they are being asked to provide. They have made their first required disclosure about the status of their reserves as of 3/31/21.
This issue had an enormous spotlight on it when the case was outstanding. There were some people claiming the principals of the company would just walk off either before or after the settlement. There were people saying they'd never make the first disclosure. And when the disclosure was made there were people who studying it and institutions were no doubt getting background information beyond what was publicly disclosed.
IIRC the breakdown as of 3/31/21 was Tether was backed 75% by cash and cash equivalents, about 15% by secured loans and about 10% with corporate bonds and precious metals deposits. They'll have to make another disclosure as of 6/30. And those disclosures will continue quarterly for two years. I admittedly don't know what constitutes a bona fide reserve in the eyes of the state of New York - e.g. what is securing the loans that represent 15% of the reserves.
More to the point, the state of New York was never just going to say hey, just don't work with residents of NY. Further, the ban was not a complete ban. And more importantly, New York knows its residents and resident institutions that participate in the crypto markets still use and hold millions of dollars worth of Tether every day. So they were not just going to walk away and permit a "ponzi". It absolutely was in the state's interest to track and monitor those reserves going forward, which is what they are doing.
FWIW, not that it would be much use if USDT was a complete scam bc the crypto markets (and other markets) would be wrecked, but I use USDC (fully reserved with USD) and LUSD (backed fully by ETH) when using stable coins.
Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of FT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found at https://www.ft.com/tour.
https://www.ft.com/content/342966af-98dc-4b48-b997-38c00804270a
“Until last week we hadn’t really heard of them,” said a trader at a large bank. “It was news to us.”
JPMorgan’s analysts said the large commercial paper holdings may suggest that Tether is struggling to find a bank willing to take its cash as a deposit. The US Office of the Comptroller of the Currency has released guidance saying that banks can take deposits from stablecoin issuers only if the coins are fully backed by reserves.
However, as Tether’s reserve holdings have been questioned by regulators such as the New York attorney-general in the past, providing banking services to Tether will “likely raise reputational risk concerns”, wrote the JPMorgan analysts.
But Stuart Hoegner, Tether’s general counsel, said: “With respect to reputation, we believe we are seeing the opposite: more and more counterparties are comfortable with Tether and our transparency initiatives and are keen to work with us.”
“Tether has amply demonstrated, most recently through assurance opinions from [auditor] Moore Cayman, that all issued tethers are, in fact, fully reserved,” he added.
Tether said that it funnelled roughly half its reserves into commercial paper. Another 18 per cent is held in fiduciary deposits, more than 12 per cent in secured loans and nearly 10 per cent in corporate bonds, funds and precious metals. Cash made up only 2.9 per cent, according to the company’s disclosure.
Yo, ATS and Blue, my spider sense is tingling. Feels like housing inventories are really taking off. Prices are still sky high, but I think the market is leveling off. I'm really surprised at how much the inventory seems to be increasing. Feels eerie.
Maybe it's the rain, but I'm feeling like we could go the other direction fast if the ol' COVID comes back.
I'm getting a bit of that too, but everything I've seen/read in terms of mortgage/housing looks strong until late 2022 at the earliest, or into 2023. All eyes on the Fed later next year, but if the 'vid comes back strong, the supposed rate hike(s) may just become an never-ending rumor.
Saw Morgan Stanley expects a 10-20% stock market correction though, which makes sense. I've been too much on the sidelines since March, but now may remain there for a while.
The supply chain shitshow caused by Covid port disruptions and floods in China is going to cause a massive drop in retail revenue this fall and winter. I'd say a correction seems guaranteed.