Good evening pachyderms. I became exasperated with crypto people telling that Tether was safer than banks because banks are fractionally reserved but Tether is "overcollateralised". So I've written a piece explaining exactly why Tether is fractionally reserved like banks and no safer than banks. Paywalled, I'm afraid, but I hope worth the small subscription!
https://coppolacomment.substack.com/p/tether-is-fractionally-reserved?sd=pf
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@Frances_Coppola Now that it's warmer, I'm going to be a hippo, but it's still a pachyderm. I'll be fully reserved with fat deposits in case all the food runs out cos of Brexit, but that's alright for a hippo.
@SteelFolk You'll be pleased to know your tusks are now protected by law just as an elephant's are.