Tether posted an update on their website:

>We have also read online about many outlandish conspiracy theories suggesting that Tether is not backed 1:1 by currency on deposit with banking institutions. Any such claim is unequivocally false, and the audits will bear that out.

tether.to/tether-update/

BITFINEX SOLD BITCOINS TO GET FIAT FOR TETHER YESTERDAY.
IT ALL MAKES SENSE NOW AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA

so basically this amounts to a big 'trust us, guys! cmon, trust us!'

> and the audits will bear that out.

What audits? Didn't they recently claim they cannot audit because they have to protect their customers?

they will still be required to open their books, which will make it obvious they were fraudulent at least for a significant stretch of time.

Even if they can avoid the complete cryptocalypse, this is still a very picky situation for them

It's old news. Wait for the details regarding the subpoena or for a press release.

Lets be clear here. They are going to cook the SHIT out of their books if they ever do get an audit. They got here doing tricky and stupid shit it won't just stop suddenly.

This. It was probably the case that Tether were holding BTC and other cryptos in reserve rather than USD. USD/USDT has basically 0 volume, BTC/USDT does.

What if they have all those backed USD? I mean 2 billion isn't a large amount for those institution.

This is just like politics how one group of supporters never believe, trust, or agree with the other side.

>News from September
The bulls desperately shilling their shitcoin economy is hilarious

One thing for sure. If TETHER proves to be legit. Crypto going to the fucking moon.... wait a minute... this is crypto.. if Tether proves legit then I'm sure some nigger will scream SELL and BTC will go to 3K

Isn't that a legitimate argument though? I mean they posted a pdf file that they claim to be an audit report by a third party. Isn't that enough?

Tethers are not backed 1:1 in liquid assets, they are backed by bank assets, which is different to what they say on their website.

>TL:DR Guyz we are backed 1:1 with real cash. (not really)

They are shifting the goal posts again.

Bank balance = credit owed to you by that institution, not cash or liquid assets.

For all we know the petrodollars are being gambled on other exchanges creating a double spend of tether assets.

(Dollar>Tether Foundation>Bank>Cryptogambling)

You do not need to reserve the right to terminate if the only time you are terminating is when the contract fulfillment itself is illegal (e.g redeeming to sanctioned countries). As in such a case the contract itself is non-binding

What a shit legal excuse they provide.

FULL STOP

Doesn't the parabolic rise in BTC price pretty much begin right around when Bitfinex partnered with Tether?

This is 5 month old news why the fuck is everyone still posting and talking about this daily? Are people that desperate to try and get btc pumps?

This

This was what i was thinking, they are just selling for liquidity, the question is. arw they done yet?

And we're to believe that the members of the organization draw a salary off of the paltry 500,000 USD in equity the company holds?
biglaff.png
The dumpening was maybe like 100-200mil across all the exchanges. If that was Tether that was Tether scratching their ass.

BUT HOLY FUCK
THE ENTIRE THING FINALLY MAKES SENSE.
Both the dumpening and the simultaneous insane buying frenzy.

>having to trust an entity
>when the point of blockchain is you trust no one single entity

pretty sure there's a never ending sea of idiots out there waiting to be scammed

Well if that's the case then more evidence. The double spend issue where 1$ is leveraged as 2$ seen as real cash rather than risky assets, means that we are hitting the same line of conduct that led us to the 2008 crash.

ahh well.

>and the audits will bear that out
>bear that out
>bear

2018 bear market confirmed

>History repeating itself
Surprised, is anybody honestly?
If they played the market well on the way up they might be able to remain solvent for a while yet. But I mean that's what they were doing leading up to 2008. Fucking granting mortgages that shouldn't have been granted. Counting unrealized gains as leverage.

this is like buying a used car from a used car dealer with a sordid past who's telling you to trust him that it works without taking it to an independent mechanic. or in the case of their "auditors" it's like only taking it to the car shops specified mechanic. not the best idea.

>pretty sure there's a never ending sea of idiots out there waiting to be scammed
if there is one thing that this year of going balls-deep and poopsocking crypto/crypto news/crypto posts has taught me it's this. fuck, i even fell for some but i was smart enough not to put over 10% into some shit named ponzicoin

Oh, well, if they say they have 2 billion dollars sitting in reserves it must be true then.

Their ToS literally states that tether is backed by nothing. If you can't exchange it for a $ when you go to their office then it's not backed by a $. Even if they have a trillion in the bank.

The whole tether problem has already been solved by Bitshares DEX stable smart assets. BitUSD, BitCNY etc are all back 300% by BTS upon opening of a short position with a margin maintenance requirement of 200%. There is no need for a centralized unbacked shitstablecoin.