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1. clacke: inhibited exhausted pixie dream boy 🇸🇪🇭🇰💙💛 (clacke@libranet.de)'s status on Monday, 29-Apr-2019 22:53:21 EDT clacke: inhibited exhausted pixie dream boy 🇸🇪🇭🇰💙💛
   "Things got weird for stablecoin Tether"
   
   www.bloomberg.com/opinion/arti…
   
   It was not *exactly* insolvent, but it certainly made itself practically illiquid and possibly insolvent, depending on whether you think the almost-bank in Panama had the actual money BitFinex paid to Tether's account in exchange for money in a real Bahamas bank, when the purpose for the exchange of money was that BitFinex could get their money out of the Panama almost-bank.
   
   Either way, it definitely went into fractional-banking territory rather than dollar-backed gold standard simile when it opened a line of credit to BitFinex.
   1. clacke: inhibited exhausted pixie dream boy 🇸🇪🇭🇰💙💛 (clacke@libranet.de)'s status on Monday, 29-Apr-2019 23:16:07 EDT clacke: inhibited exhausted pixie dream boy 🇸🇪🇭🇰💙💛

      in reply to
      couldn't*
      
      And maybe "the reason for the exchange" is a better way of putting it.