Spaces discussion, "Is Circle Financial Insolvent & Does That Mean USDC Collapse?" title's correct. Assuming Circle collapses into insolvency, they're the only operator of $USDC, & court ordered liquidation can wind for yrs. Credit quality of operator matters > reserve quality. https://twitter.com/ReggieMidd...

空间讨论，“Circle Financial破产了吗？这是否意味着美国农业部破产？”标题正确。假设Circle破产，他们是美元的唯一运营商；法院命令的清算可结束年。运营商的信用质量问题>；保留质量。https://twitter.com/ReggieMidd...

Had an enlightening debate with Adam earlier, He 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 https://twitter.com/adamscochr...

早些时候，他与Adam进行了一场启发性的辩论，他指出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，但也带来了另一个stablecoin困境。运营商偿付能力>；风险高于储备质量https://twitter.com/adamscochr...

@IgnoreRonPaul @adamscochran @circlepay Of course!

@IgnoreRonPaul@adamscochran@circlepay当然！

@adamscochran @circlepay If Circle were to go public, and put this in their risk disclaimers:
"As for the IP stuff, there is nothing to answer there as there isn't some claim currently. Onus is on proving a fault, not proving the lack of a fault."
It could get real ugly real fast. Get my point?

@adamscochran@circlepay，如果Circle要上市，并将其纳入其风险免责声明中：
“至于IP方面的问题，目前没有什么可以回答的，因为没有任何说法。责任在于证明错误，而不是证明没有错误。”
它可能会很快变得很丑陋。明白我的意思吗？

@adamscochran @circlepay As for IP, the same message from my previous post applies. If you are selling an alleged proxy for the global reserve currency & there's a credible possibility of your ENTIRE business model infringing, it should be addressed up front, or operating risks will trump reserve rating

@adamscochran@circlepay对于IP，我之前帖子中的相同消息适用。如果您正在出售所谓的全球储备货币代理；您的整个商业模式都有可能被侵犯，应该提前解决，否则运营风险将超过准备金评级

@adamscochran @circlepay Hence "FUD". Let me explain. Without a clear contingency plan for smooth operation post cessation of operations, risk/uncertainty (rightfully) exists. USDC is being marketed as top tier investment grade assets, but that's not true, for the credit risk of Circle contaminates it.

@adamscochran@circlepay，因此为“FUD”。让我解释一下。如果没有明确的应急计划来保证运营停止后的顺利运营，风险/不确定性（理所当然）就存在。美国农业部正被宣传为顶级投资级资产，但事实并非如此，因为循环的信用风险污染了它。

@adamscochran That doesn't allay the fears of a prudent investor, through. If the USDC reserves are truly segregated, there should be no need for a bailout of reserves.
As an operating company, its obvious they don't have access to capital at preferential terms, hence those nasty convertibles

@adamscochran表示，这并不能减轻谨慎投资者的担忧。如果美国农业部的储备真的被隔离，那么就不需要救助储备。
作为一家运营公司，很明显他们无法以优惠条件获得资金，因此这些可兑换证券很糟糕

My primary concern is not @circlepay missing and $USDC reserve funds it is its health as a viable ongoing concern.
You never did address the IP due diligence question, nor what happens to USDC if Circle ceases to operate. There's risk on multiple fronts, which should be addressed https://twitter.com/adamscochr...

我主要关心的不是“circlepay失踪”和美元储备基金，而是它的健康作为一个可行的持续关注。
您从未解决过知识产权尽职调查问题，如果Circle停止运营，美国农业部会发生什么。存在多方面的风险，应予以解决https://twitter.com/adamscochr...

This seems to run contrary to the "substantial doubt of the Company’s ability to continue as a going concern" comments from SPAC filings and the losses accruing from the convertible note sale
- which would have been straight equity if things were as rosy as you say. https://twitter.com/adamscochr...

这似乎与SPAC文件中的“对公司持续经营能力的重大怀疑”意见以及可转换债券销售产生的损失背道而驰
-如果事情像你说的那样乐观，那就是直接公平。https://twitter.com/adamscochr...

In an earlier tweet, you said Circle uses max 3 month T-Bills.
To be clear and forthright, I am not trying to give you or Circle a hard time. I am polite and professional, and if I am wrong about any of my assumptions, I will gladly, publicly, admit such. Rest assured. https://twitter.com/adamscochr...

在之前的推文中，你说Circle最多使用3个月的国库券。
坦率地说，我并不是想给你或给你一个艰难的时刻。我很有礼貌，也很专业，如果我的任何假设都错了，我会很乐意公开承认这一点。放心。https://twitter.com/adamscochr...

@adamscochran I understand, but that is not what you said. Either way, it's trivial due to the short duration..
On to the next risk. @circlepay entire business model appears to rest upon patented IP. Please detail any IP due diligence that has been conducted, and results, if available.

@adamscochran我理解，但你不是这么说的。不管怎样，由于持续时间短，这都是微不足道的。。
下一个风险@circlepay的整个商业模式似乎依赖于专利知识产权。请详细说明已进行的任何知识产权尽职调查以及结果（如有）。

@adamscochran Ok, I see, and that is good. But...
Accounting for the client's money that is fully segregated on the corporate balance sheet is highly misleading, even if it does adhere to GAAP (and I don't know if it does or does not).
Do you agree?
Who administers USDC if Circle goes bye-bye?

@adamscochran好的，我明白了，这很好。但是
即使客户的资金在公司资产负债表上完全分离，即使它确实符合GAAP（我不知道它是否符合GAAP），对其进行会计核算也会产生很大的误导。
你同意吗？
如果Circle走了，谁来管理USDC？

@adamscochran IF you lend out USDC, on a leveraged basis, and you take a leverage loss, or any loss, that loss accrues to the balance sheet. If you are driven out of business through insolvency, then creditors will clamor for assets on your balance sheet, of which USDC reserves lie.

@adamscochran如果你在杠杆基础上借出美元，并且你承担杠杆损失或任何损失，该损失将计入资产负债表。如果你因资不抵债而被逐出公司，那么债权人将叫嚣着要你的资产负债表上的资产，其中包括美国农业部的储备。

@adamscochran Rate hikes make extant, lower yielding debt less valuable, not more.

@adamscochran加息使现存的低收益债务价值降低，而不是增加。

@adamscochran If Circle went under, as I understand it, you will have to compete with all of Circle's other creditors to get to the assets,
Would a bankruptcy court give USDC holders preference? If the answer to this is yes, please produce evidence of such. That is now you allay fears/concern

@adamscochran据我所知，如果Circle破产，你将不得不与Circle的所有其他债权人竞争以获得资产，
破产法院会给予美国农业部持有人优先权吗？如果答案是肯定的，请提供证据。现在你可以减轻恐惧/担忧了

@adamscochran Explain what you mean by "legal asset segregation", in explicit detail. They have claimed the assets on their balance sheet, and have claimed the USDC as liabilities.
That does not sound segregated to me, nor likely to a plaintiff firm.

@adamscochran明确详细地解释了你所说的“合法资产隔离”是什么意思。他们已在资产负债表上申报了资产，并将美国农业部列为负债。
对我来说，这听起来不像是种族隔离，对原告公司来说也不太可能。

I don't thinks this is true. If @circlepay were driven out of business, file bankruptcy, etc., the reserves behind the peg sit directly on the company's balance sheet and NOT segregated through an off-balance sheet mechanism, thus are subject to creditor claims. Please address. https://twitter.com/adamscochr...

我不认为这是真的。如果@circlepay被逐出公司、申请破产等，挂钩背后的准备金直接存在于公司的资产负债表上，而不是通过资产负债表外机制分离，因此受到债权人的索赔。请填写地址。https://twitter.com/adamscochr...

So, are you saying that @circlepay takes no counterparty credit or operating risk through their lending operations, or are you implicitly stating that the USDC reserves on balance sheet are somehow immune or cordoned off from Circle's creditors? https://twitter.com/adamscochr...

那么，你是说@circlepay在其贷款业务中不承担任何交易对手信用或运营风险，还是你含蓄地说，资产负债表上的美国联邦储备委员会储备在某种程度上免受Circle债权人的影响？https://twitter.com/adamscochr...

Concern here is that Circle's taking massive accounting losses, actual economic losses, and admitted "substantial doubt of the Company’s ability to continue as a going concern", yet house CBDC reserves on their balance sheet, contaminating any hi quality rating. Circle is hi risk https://twitter.com/adamscochr...

令人担忧的是，Circle承受了巨大的会计损失和实际经济损失，并承认“对公司继续经营的能力存在重大怀疑”，但在其资产负债表上保留了CBDC准备金，污染了任何高质量评级。圆圈是高风险的https://twitter.com/adamscochr...

Can you explain the beneficial and economic difference between lending out $USD and $USDC?
I mean, why are you making the differentiation? https://twitter.com/adamscochr...

你能解释一下贷款美元和贷款美元C之间的利益和经济差异吗？
我的意思是，你为什么要进行区分？https://twitter.com/adamscochr...