#DeFi started in 2013. It's patented and currently undergoing heavy R&D. See... https://t.co/dzXEzYlmLj

#DeFi成立于2013年。它已获得专利，目前正在进行大规模研发；D、 请参阅。。。https://t.co/dzXEzYlmLj

RT: @AmericaninBKK @DiMartinoBooth I'm about to put out a global macro report on sovereign contagion using the same methodology that I used to predict the 2011 European debt crisis.
I'm warning you right now on stablecoins, & I have made my position very clearly on the impending (this year) of the IP bubble burst

转发：@AmericaninBKK@DiMartinoBooth我将发布一份关于主权危机蔓延的全球宏观报告，使用与我预测2011年欧洲债务危机相同的方法。
我现在在stablecoins上警告你；对于即将到来的（今年）知识产权泡沫破裂，我已经非常明确地表明了我的立场

RT: Set your reminder now , we are going to “Talk about it” with @ReggieMiddleton the man patents 🧾 Wednesday July @ 8pm est. on Twitter spaces. #Frosty❄️
https://twitter.com/i/spaces/1... https://t.co/t7pV2Bmg9D

RT：现在设置你的提醒，我们将与@ReggieMiddleton the man“谈论它”🧾 美国东部时间7月星期三晚上8点。在推特空间上#冷冰冰的❄️
https://twitter.com/i/spaces/1... https://t.co/t7pV2Bmg9D

@BarletteTim @binance @circlepay @paxos My experience? The government is too busy looking into me, accusing me of being a "self-proclaimed financial guru" and a fraud.
There are many places they can alleviate risk for the retail investor, in lieu of pursuing the path that they are pursuing. I believe they choose not to

@BarletteTim@binance@circlepay@paxos我的经验？政府忙于调查我，指责我是“自称的金融大师”和骗子。
他们可以在许多地方为散户投资者减轻风险，而不是走他们正在走的路。我相信他们选择不这样做

I also warned on Block https://boombustblog.com/compo... and a big warning on @coinbase coming up. https://twitter.com/ReggieMidd...

我还警告了Blockhttps://boombustblog.com/compo...还有一个关于@coinbase的重大警告。https://twitter.com/ReggieMidd...

A cursory analysis of debt instrument leveraged hedge fund that is the the @circlepay reserve fund - the reserves behind $USDC stable coins. This is my second day of analysis on the apparently unperceived risks of $USDC.
For a 20 page earlier version, see https://boombustblog.com/compo... https://t.co/RQsuVYpwWu

粗略分析债务工具杠杆对冲基金，即@circlepay储备基金——美元稳定硬币背后的储备。这是我第二天对美元明显未察觉的风险进行分析。
有关20页的早期版本，请参阅https://boombustblog.com/compo... https://t.co/RQsuVYpwWu

@AaronCasillas I'll do it for the community. Put together a few BTC and/or ETH (ha, or even $USDC) and I'll open source it.

@AaronCasillas我会为社区做这件事。把一些BTC和/或ETH（ha，甚至USDC）放在一起，我会将其开源。

@AmericaninBKK @DiMartinoBooth I'm about to put out a global macro report on sovereign contagion using the same methodology that I used to predict the 2011 European debt crisis.
I'm warning you right now on stablecoins, & I have made my position very clearly on the impending (this year) of the IP bubble burst

@AmericaninBKK@DiMartinoBooth我将发布一份关于主权危机蔓延的全球宏观报告，使用与我预测2011年欧洲债务危机相同的方法。
我现在在stablecoins上警告你；对于即将到来的（今年）知识产权泡沫破裂，我已经非常明确地表明了我的立场

RT: Someone should really commission Reggie for this and make it open source, his work is second to none https://twitter.com/ReggieMidd...

RT：有人真的应该委托雷吉来做这件事，并使其开源，他的工作是首屈一指的https://twitter.com/ReggieMidd...

@AmericaninBKK Are you trying to say I'm not good at this crypto stuff? 😀
If you disregard the noise that you hear in the media, and really drill down into tech and adoption, you'd realize this "crypto stuff" is likely just as big as the internet in terms of global economic value add. 4 sure!

@AmericaninBKK你是想说我不擅长这种加密技术吗？😀
如果你无视媒体上的喧嚣，真正深入研究技术和采用，你就会意识到，就全球经济附加值而言，这种“加密技术”可能与互联网一样大。4当然！

These are very substantive differences and changes. I can't dedicate the time to go through all of this, but if anyone wants to commission a "real" stablecoin report, contact me. I may entertain such. https://twitter.com/JoshRosner...

这些都是非常实质性的差异和变化。我不能花时间来完成这一切，但如果有人想委托一份“真正的”stablecoin报告，请与我联系。我可以招待这样的人。https://twitter.com/JoshRosner...

Thank you for this. I will have the team look into it. https://twitter.com/JoshRosner...

谢谢你这么做。我会让团队调查一下。https://twitter.com/JoshRosner...

Many ask who offers a "safe" stablecoin. To adequately answer that the work needs to be done, and that is the problem in the industry - its not being done! @binance is likely more solvent than @circlepay, but also more convoluted, and @binance + @paxos have the patented IP issue https://twitter.com/ReggieMidd...

许多人问谁提供了一个“安全”的马厩。要充分回答这项工作需要完成，而这正是该行业的问题——它还没有完成@binance可能比@circlepay更具溶剂性，但也更复杂，@binance+@paxos具有专利IP问题https://twitter.com/ReggieMidd...

Believe it or not, I am not picking on @circlepay here. They just happened to be the #stablecoin that we looked into.
I think much more thought needs to go into the construction of these products, and the reserve assets need to be fully insulated from the operator. Common sense! https://twitter.com/ReggieMidd...

信不信由你，我不是在这里挑“circlepay”。他们恰好是我们调查的“stablecoin”。
我认为这些产品的建设需要更多的思考，储备资产需要与运营商完全隔离。常识！https://twitter.com/ReggieMidd...

Questions for @circlepay $USDC:
1 Balance sheet lumps everything w/ their very hi risk biz
2 Solvency issues trump reserve asset quality
3 Named as counterparties in the T&C? Litigation can freeze reserves?
4 Disclaim against ability to fully back token
5 Built upon patented IP? https://twitter.com/JoshRosner...

关于@circlepay$USDC的问题：
1资产负债表将一切与他们的高风险业务相结合
2偿付能力问题特朗普储备资产质量
3被指定为T&；C诉讼可以冻结准备金？
4拒绝完全支持令牌
5基于专利知识产权？https://twitter.com/JoshRosner...

@JoshRosner @adamscochran Can you provide us a link to the T&C agreements that you are referring to. and the page where counterparties are mentioned? I want to look for myself.

@JoshRosner@adamscochran你能给我们提供到T&；的链接吗；C您所指的协议。以及提及交易对手的页面？我想找我自己。

@JoshRosner @adamscochran I'm going to talk to my team, and discuss whether we have the bandwidth to do stable coin ratings across the industry.
Unless I'm mistaken, the state of the industry is pretty bad, and it appears as if regulators are more interested in proving a point than eliminating risk. Sad!

@JoshRosner@adamscochran我要和我的团队谈谈，讨论我们是否有足够的带宽在整个行业内进行稳定的硬币评级。
除非我弄错了，否则该行业的状况相当糟糕，而且似乎监管机构更感兴趣的是证明这一点，而不是消除风险。悲哀的

@JoshRosner @adamscochran I'm with you on this one. It is a big statement, and it is an unproven statement, and even if it was proven, it doesn't wholly eliminate the problem since the paucity in creditworthiness of the operator can lead to loss of access to the reserved funds. There there's that IP risk!

@JoshRosner@adamscochran我支持你的观点。这是一份大声明，而且是一份未经证实的声明，即使它已被证明，也不能完全消除问题，因为运营商的信誉不足可能导致无法获得保留资金。这就是知识产权风险！

@matthewrcohn @jerallaire Insolvency rare? SEC documents against recent price drops, high leverage indicate they may be insolvent now, and they likely have plenty of company. Circle's solvency is more relevant than $USDC reserve rating. The business must be rated as a whole or you risk capital access/loss

@matthewrcohn@jerallaire破产罕见？SEC针对近期价格下跌、高杠杆率的文件显示，他们现在可能无力偿债，而且可能有很多公司。Circle的偿付能力比美元储备评级更具相关性。必须对业务整体进行评级，否则您将面临资金获取/损失的风险

@jerallaire Had an enlightening debate with earlier, It was pointed out that Circle uses segregated accounts to avoid liability contagion through the balance sheet, which alleviates 1 concern that I had, but brings up another stablecoin dilemma. Operator solvency > risk than reserve quality

@jerallaire与早些时候进行了一场启发性的辩论，有人指出Circle使用独立账户来避免负债通过资产负债表传染，这缓解了我的一个担忧，但带来了另一个stablecoin困境。运营商偿付能力>；风险高于储备质量