Getting audited as a crypto company is extremely hard... sometimes impossible. The things which "constitute proof" in crypto are ignored/irrelevant to auditors, and the things they often rely on are don't exist or can't be relied on when combined with crypto.
There's a lot of fighting about Tether today. Here's the issue with USDT. Tether is most likely backed by USD fully. An audit revealed it had over $2 billion. But "most likely" is the problem. It's not 100% certain. Tether can easily silence all criticism with regular audits
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That also makes sense, haven't thought of it that way. Thanks for the insight
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Basically you need a new breed of auditors not bunch of accounting dude from some of the big4
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There has been no audit of Tether holdings so far
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There was one. But that didn't show the liabilities of Tether LLC. It wasn't a "full" audit
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There has never been an audit, Joseph, A memo and an attestation, the attestation didn't meet any GAAP standards.
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Quick refresher! Friedman was hired to do an audit and released a private memo to Tether, not to be designed for the public in any way, shape or form. The relationship was dissolved. FSS are lawyers - one of them, Sullivan, was on the BoD at Noble, so can't trust + not GAAP.
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As
@winklevoss pointed out you can’t just “get an audit” for a stable coin. He noted the issues below.$USDT and@Bitfinex are as shady as it gets with shell accounts & likely commingled assets but claiming an audit is easy is disengenioushttps://twitter.com/winklevoss/status/1052686482371211264?s=12 …Thanks. Twitter will use this to make your timeline better. UndoUndo
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I'm sorry but this "most likely is fully backed" narrative is balderdash. There is a big difference between assets and NET assets. Corporate Fin 101. Anyhow it's irrelevant since tethers are not redeemable for $ from Tether. Just a fraud tool.
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there is no such things as "regular audits" nor trustable at this point, AND there is no frameworks for stablecoins....
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USDT is a disaster waiting to happen.
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How confident would you guys be in
#Bitcoin if it was “most likely” be backed up by the blockchain?Thanks. Twitter will use this to make your timeline better. UndoUndo
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What the point if those tethers are irredeemable for dollars. Even if they have the 2 billion dollars, they ain't giving it back
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Also if you're are talking about the one published a couple of months ago, it was issued by a law firm, not an auditor. It's close to worthless and can be considered a PR op'
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That wasn’t an audit. They checked an account balance the same day EOS ended it’s $4 billion ICO. They are all@the same backers (Bitfinex-Tether-EOS). I am mildly into the crypto scene and what they are doing there is pretty damn obvious to me
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why Tether needs to back by another piece of paper that is back by trillions and trillions of debts? Tether is another token just like most of the cryptos, What does ETH back by? nothing.
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Eth is backed buy Unicorns
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The problem IMO is the risk they would undergo by having full audited transparency: regulators would know exactly where their real
is making them an easy prey.Thanks. Twitter will use this to make your timeline better. UndoUndo
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Boy just see the post by winkelvoss on ur nonsense on Audits vs attestations. Don’t be ignorant
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