@shanepicker @matthewrcohn @jerallaire Not a fan of undue regulation, but looking at how @circlepay is put together, then looking at how one who purports to be a knowledgeable professional publicly justifies (or overlooks) blatantly obvious operating/investment risks, regulation is needed. Actually hurts for me to say

@shanepicker@matthewrcohn@jerallaire不喜欢过度监管，但看看circlepay是如何组合在一起的，然后看看一个自称是知识渊博的专业人士的人是如何公开证明（或忽视）显而易见的运营/投资风险的，需要监管。实际上我很伤心

@shanepicker @matthewrcohn @jerallaire Do a little research into the Reserve Fund, the first money market fund in history (at least that I know of) that broke the buck. How'd that happen? Because they had 1.5% of their AUM in Lehman illiquid (likely level 3) assets (I called Lehman!). Black Rook Circle's maximum? 5%!

@shanepicker@matthewrcohn@jerallaire对储备基金做了一些研究，这是历史上第一个（至少据我所知）打破美元的货币市场基金。怎么会这样？因为他们有1.5%的资产管理规模在雷曼的非流动性（可能是3级）资产中（我称之为雷曼！）。黑车圈的最大值？5%!

@shanepicker @matthewrcohn @jerallaire While we're on the topic of risk, did you read the prospectus for the Blackrock Circle Reserve Fund:
Leverage is allowed
Illiquid assets are allowed
Up to a 3rd of total portfolio can go into reverse repos But wait, does the federal government by rev reops? If not, then corp risk

@shanepicker@matthewrcohn@jerallaire当我们讨论风险话题时，您是否阅读了贝莱德循环储备基金的招股说明书：
允许杠杆作用
允许使用非流动资产
高达三分之一的总投资组合可以进行反向回购，但等待，联邦政府是否通过reops？如果没有，则公司风险

@shanepicker @matthewrcohn @jerallaire You guys are too focused on the stated risk of the portfolio reserves (while also ignoring the likely risk profile of profile organically, but we can get to that later).
Your analytical error? Not observing total operating risk! There's a material chance of losing access to funds

@shanepicker@matthewrcohn@jerallaire你们太专注于投资组合准备金的声明风险（同时也有机地忽略了可能的风险状况，但我们可以稍后再讨论）。
你的分析错误？不遵守总操作风险！很有可能失去获得资金的渠道

@shanepicker @matthewrcohn @jerallaire Stop looking at this academically and look at it from the perspective of a user that needs reliable access to ALL of the funds given, at any time required. If @circlepay goes boom, there will almost definitely be a period where access is lost. This is not AAA risk! Get it yet?

@shanepicker@matthewrcohn@jerallaire不要从学术角度来看待这一点，而是从一个用户的角度来看待它，这个用户需要在任何需要的时候可靠地访问所提供的所有资金。如果@circlepay繁荣起来，几乎肯定会有一段时间无法访问。这不是AAA风险！明白了吗？

@shanepicker @matthewrcohn @jerallaire Problem is you're failing to view this objectively, despite your "MBA" from "Top 5 school". @circlepay touts cash/cash equivalent, full reserve $USDC backing, misleadingly inferring USDC is as safe as cash in a bank. FALSE! Banks have minimum solvency requirements + @FDICgov

@shanepicker@matthewrcohn@jerallaire的问题是，尽管你拥有“前五名学校”的MBA学位，但你并没有客观地看待这一点@circlepay兜售现金/现金等价物、全额准备金美元支持，误导性地推断美元就像银行里的现金一样安全。错误的银行有最低偿付能力要求

@shanepicker @matthewrcohn @jerallaire Mt. DeFi patent has called multiple (as in many) bank failures in the past - months ahead of time. This includes the biggest in US history (see https://boombustblog.com/compo... and https://boombustblog.com/compo...). Compare notes. Customer assets are at risk. You should see that, if your good.

@shanepicker@matthewrcohn@jerallaire Mt.DeFi patent已经提前数月宣布了多起（如许多）银行倒闭。这包括美国历史上最大的一次（参见https://boombustblog.com/compo...和https://boombustblog.com/compo...). 比较注释。客户资产面临风险。你应该看到这一点，如果你很好的话。

@shanepicker @matthewrcohn @jerallaire They raised ~$421m in cash and the source of that cash now sits on their balance sheet at $906M, and again, that's before this most recent debacle. Do you understand how to read the financial statements? Tell me, specifically, where the FUD is in these statements. I'll wait. https://t.co/FBXteHO9dw

@shanepicker@matthewrcohn@jerallaire他们筹集了约4.21亿美元的现金，这些现金的来源现在位于他们的资产负债表上，为9.06亿美元，再一次，这是在最近一次崩溃之前。你知道如何阅读财务报表吗？具体来说，告诉我FUD在这些声明中的位置。我会等的。https://t.co/FBXteHO9dw

@shanepicker @matthewrcohn @jerallaire I can guarantee you that neither @PayPal nor most banks have neg amortizing convertible debt on the books sucking economic value out of the company at a rate of 100% annually. Prove to me that I am wrong & show me such @jpmorgan or @paypal balance sheets. Go ahead, I'll wait

@shanepicker@matthewrcohn@jerallaire我可以向你保证，无论是@PayPal还是大多数银行的账面上都没有负摊销可转换债务，每年都会以100%的速度从公司中吸走经济价值。向我证明我错了&；给我看看这样的@jpmorgan或@paypal资产负债表。去吧，我等着

@shanepicker @matthewrcohn @jerallaire If Circle's investors were as convinced of their viability as you are, the Circle would have been able to sell plain vanilla preferred, but they were forced into a draconian convertible deal that has already doubled their debt load.. Convert debt setting them up for a takeover?

@shanepicker@matthewrcohn@jerallaire如果Circle的投资者像你一样相信他们的生存能力，Circle本来可以出售普通香草优先股，但他们被迫达成了一项苛刻的可转换交易，该交易已经使他们的债务负担翻了一番。。转换债务，让他们接受收购？

@shanepicker @matthewrcohn @jerallaire You should research more about who you're debating with. Chances of me not knowing how to read a financial statement is slim. Circle ~billion $ in convertible bond liabilities classified as level 3, meaning subjective valuation. That doubled in 1 reporting period. Read up on why

@shanepicker@matthewrcohn@jerallaire你应该多研究一下你在和谁辩论。我不知道如何阅读财务报表的可能性很小。将约10亿美元的可转换债券负债划分为3级，这意味着主观估值。这在1个报告期内翻了一番。阅读原因

@shanepicker @matthewrcohn @jerallaire Are you serious? #Bitcoin price is not relevant. Stablecoin demand has a direct correlation to #BTC sentiment. Note as the price collapses, stablecoin redemption spikes, and vice versa. The fact that you don't know this causes me to discount everything else that you say.

@shanepicker@matthewrcohn@jerallaire你是认真的吗#比特币价格与此无关。稳定消费需求与#BTC情绪直接相关。请注意，随着价格暴跌，stablecoin赎回会飙升，反之亦然。你不知道这一点，这让我对你所说的一切都打了折扣。

@shanepicker @matthewrcohn @jerallaire Prove it, since you say I'm reading an auditor's report wrong. Show ne, explicitly, where and how, with links and actual screens hots.

@shanepicker@matthewrcohn@jerallaire证明这一点，因为你说我读错了审计报告。用链接和实际屏幕热点明确显示ne、位置和方式。

How Reggie Middleton got started in finance, tech and then Crypto, if anyone ever wanted to know.... https://youtu.be/-ra6Sy_8A-c

如果有人想知道的话，雷吉·米德尔顿是如何在金融、科技和加密领域起步的。。。。https://youtu.be/-ra6Sy_8A-c

@coopnkobe Well, he said wait 30 days, so, 29.... 28....

@好吧，他说等30天，所以，29。。。。28....

@shanepicker @matthewrcohn @jerallaire I looked at their financials & saw half $billion loss & previous to that a going concern warning from their auditors. This is all BEFORE the significant market rout that has taken out multiple companies and 66% of $BTC price. They're net outflows via redemptions means less profit https://t.co/TZogR3tm2i

@shanepicker@matthewrcohn@jerallaire我查看了他们的财务状况；损失了5亿美元；在此之前，他们的审计师发出了持续经营警告。这一切都发生在重大市场崩盘之前，这场市场崩盘夺走了多家公司和66%的BTC价格。它们是通过赎回实现的净流出，意味着利润减少https://t.co/TZogR3tm2i

@shanepicker @matthewrcohn @jerallaire How's it deceptive?
a) Mgmt stated in SEC documents they have concerns as an ongoing concern
b) They're taking massive accounting/economic losses
c) Apparently those who've see the books don't deem them worthy of preferential terms & the co. acquiesces.
d) Reserve mgmt aggressive

@shanepicker@matthewrcohn@jerallaire这有什么欺骗性？
a） 管理层在SEC文件中表示，他们的担忧是一个持续的担忧
b） 他们正在承受巨大的会计/经济损失
c） 显然，那些看过这些书的人认为它们不值得优惠条件&；公司默许了。
d） 储备管理积极

@Trekkw2ks @Evan_Mann @moonbirds @proof_xyz Yep! I believe #NFTs squarely infringe upon our patented IP.

@Trekkw2ks@Evan\u Mann@moonbirds@proof\u xyz Yep！我认为#NFT完全侵犯了我们的专利知识产权。

@BuyVeri_ @AmericaninBKK @DiMartinoBooth Many deci-billion dollar entities have been profiting for up to a decade off of technologies and properties that currently do not, and did not, belong to them.
As that comes to an end, either amicably, or by force, there will be a significant realignment of values in the space

@BuyVeri_@AmericaninBKK@DiMartinoBooth近十年来，许多价值十几亿美元的实体一直在利用目前不属于、也不属于它们的技术和财产获利。
当这一切结束时，无论是友好的还是武力的，空间中的价值观都将发生重大调整

RT: Bro… you are so under appreciated in the financial word it’s not even funny. There are some of us out here though that are listening intently. Have a feeling your going to have another epic call soon to add to the list . @ReggieMiddleton https://twitter.com/reggiemidd...

RT：兄弟……你在金融这个词上被低估了，这一点都不好笑。虽然我们中有一些人在专心听。有一种感觉，你很快就会接到另一个史诗般的电话，将其添加到列表中@雷吉·米德尔顿https://twitter.com/reggiemidd...