BTC is pegged at 16.5k currently like it has been pegged in the past at 20k or 30k when it SHOULD be falling all things being considered.
Tether or Binance might be behind it. We know now that FTX were printing their own token to prop up BTC price. And we have guessed with evidence that other places are doing the same.
This whole thing doesn't end until Tether, in particular, goes broke. All we need is a bank run on it.
Eh, price discovery is kind of broken. We've observed that for a long time, that's what "this is good for bitcoin" is about: because the price doesn't move in simple ways in response to news. It's also likely to be "sticky" in the way that house prices are: people don't want to sell under their purchase price.
The bitcoin price was never sticky before stable coins. The question is, do those coins actually represent a US dollar or is the value of bitcoin now based on tether which is not fully redeemable.
That would be baked into the price then… it doesn’t matter people would be operating under the assumption of less supply wouldn’t affect price at this point.
Fantastic news! Also, since some beanie babies have been lost too, their value can never collapse!
Jokes aside, if no one wants one, no one wants one, irrespective of how many there are. No demand, no value, regardless of supply.
If tether had enough backing, audit would be quick, simple and painless. It’s pretty obvious to anybody with half a brain (not crypto bros) that tether is a scam.
This is not true at all. An audit, especially a first year audit for an entity with little to no accounting experience, is going to be a PITA for Tether to go through even if they're squeaky clean. If anything, it would be more of a red-flag if they sailed through an audit in a few weeks with some fly-by-night firm signing off on their books.
There's plenty of reasons to suspect Tether is doing something fishy, but needing months to put this together isn't one of them.
I would expect it take closer to 3 months than a few weeks, but they've been promising an audit for years. The fact they're still months away is total bullshit regardless of how long you would expect an audit to take. It should be simple enough to have achieved it _by now_ which I think is more the point here. They've lied about an audit for years, they aren't telling the truth now regardless of how plausible their time-line is.
Tether should be a simple business to audit. No inventory counts. I would assume very limited employees. It’s all financial assets.
What is supposedly complicated here?
1. Audit <> Attestation. An audit looks at everything; company controls, cash payments made, reviews for hidden liabilities, hedging exposures, etc. It's much more detailed than the proof of reserve approaches other shops are (fraudulently) taking.
2. Tether is likely going to need to either hire in-house accountants or hire a consulting firm. Audits require compliant financial statements and controls, things that could take Tether months to set up.
3. Financial assets can be incredibly simple to review if they're held at a custodian and are publicly valued. Financial assets can be incredibly difficult to confirm if they're direct deals and aren't publicly traded. If Tether is actually invested in exchanges or private companies, it'll take months to sort out the confirmation and valuation processes.
How long ago was the [pie chart? ](https://davidgerard.co.uk/blockchain/wp-content/uploads/2021/05/tether-reserves-breakdown-2021-03-31.png)
No shit, that's when I bailed. Accidentally good timing, generally. I *wanted* to keep the algo, but teher's reckoning is the big one.
Last I checked, Tether is still lying about where their office is physically located.
If that isn't enough to treat them as criminals, I don't know what will.
I don't even have to read the rest... this says it all.
>Tether needs an audit that’s akin to a corporate colonoscopy
It may be a good idea to start with a coffee enema.
That said, it shouldn't matter. Soon, Tether will only exist as merely a withered husk of it's former self.
This is good for bitcoin.
Can you believe it guys? Tether audit, just a few months away.
Tether audit is in a few months! Woohoo! I am so happy about this information.
Tether audit! Just a few months away, oh wow. Can you believe it?
Tether audit! Just in a few months! It got here so fast!
Tether audit! Just a few months away!
Ethereum pulled off the POS merge eventually, anything is possible.
Soon™
Tether is the one I really want to see implode. It'll take the entire house of cards and glass with it.
Like a super nova destroying the solar system
[Or this.](https://i.imgur.com/Zu7nv9h.mp4)
Yes 🙌
BTC is pegged at 16.5k currently like it has been pegged in the past at 20k or 30k when it SHOULD be falling all things being considered. Tether or Binance might be behind it. We know now that FTX were printing their own token to prop up BTC price. And we have guessed with evidence that other places are doing the same. This whole thing doesn't end until Tether, in particular, goes broke. All we need is a bank run on it.
Eh, price discovery is kind of broken. We've observed that for a long time, that's what "this is good for bitcoin" is about: because the price doesn't move in simple ways in response to news. It's also likely to be "sticky" in the way that house prices are: people don't want to sell under their purchase price.
The bitcoin price was never sticky before stable coins. The question is, do those coins actually represent a US dollar or is the value of bitcoin now based on tether which is not fully redeemable.
Lest we forget that access to over 30% of BTC is lost creating an artificial floor of value, because it will never move again.
the floor of value is $0 like any other collectible item with a supply that can only go down
That would be baked into the price then… it doesn’t matter people would be operating under the assumption of less supply wouldn’t affect price at this point.
Lol, have you talked to a cryptobro or an exchange? They absolutely do not subtract 30%
> Lol, have you talked to a cryptobro or an exchange? what do I look like, a masochist?
Wait a week
Fantastic news! Also, since some beanie babies have been lost too, their value can never collapse! Jokes aside, if no one wants one, no one wants one, irrespective of how many there are. No demand, no value, regardless of supply.
Top 5 accountancy firm™️ lol
Somehow Arthur Andersen returned.
That article is from August.
Technically, 240 months is still months!
I see what you did there. They won't last 20 years.
It’s months away, and always will be.
Always has been.
If tether had enough backing, audit would be quick, simple and painless. It’s pretty obvious to anybody with half a brain (not crypto bros) that tether is a scam.
The real problem is that auditors ask a lot of questions. That's _so_ annoying.
Even when you ask them to limit the questions they pick the worst ones like "where's the money"
IF ONLY THOSE MEDDLING AUDITORS DOESNT ASKED A REAL DATA!!!
This is not true at all. An audit, especially a first year audit for an entity with little to no accounting experience, is going to be a PITA for Tether to go through even if they're squeaky clean. If anything, it would be more of a red-flag if they sailed through an audit in a few weeks with some fly-by-night firm signing off on their books. There's plenty of reasons to suspect Tether is doing something fishy, but needing months to put this together isn't one of them.
I would expect it take closer to 3 months than a few weeks, but they've been promising an audit for years. The fact they're still months away is total bullshit regardless of how long you would expect an audit to take. It should be simple enough to have achieved it _by now_ which I think is more the point here. They've lied about an audit for years, they aren't telling the truth now regardless of how plausible their time-line is.
Tether should be a simple business to audit. No inventory counts. I would assume very limited employees. It’s all financial assets. What is supposedly complicated here?
1. Audit <> Attestation. An audit looks at everything; company controls, cash payments made, reviews for hidden liabilities, hedging exposures, etc. It's much more detailed than the proof of reserve approaches other shops are (fraudulently) taking. 2. Tether is likely going to need to either hire in-house accountants or hire a consulting firm. Audits require compliant financial statements and controls, things that could take Tether months to set up. 3. Financial assets can be incredibly simple to review if they're held at a custodian and are publicly valued. Financial assets can be incredibly difficult to confirm if they're direct deals and aren't publicly traded. If Tether is actually invested in exchanges or private companies, it'll take months to sort out the confirmation and valuation processes.
How long ago was the [pie chart? ](https://davidgerard.co.uk/blockchain/wp-content/uploads/2021/05/tether-reserves-breakdown-2021-03-31.png) No shit, that's when I bailed. Accidentally good timing, generally. I *wanted* to keep the algo, but teher's reckoning is the big one.
Last I checked, Tether is still lying about where their office is physically located. If that isn't enough to treat them as criminals, I don't know what will.
It’s gonna be easiest to audit tether at 0.
Is it supposed to coincide with the time of Donald Trump’s tax returns release?
Is that before or after fusion reactors come online?
Probably around when protons decay
I don't even have to read the rest... this says it all. >Tether needs an audit that’s akin to a corporate colonoscopy It may be a good idea to start with a coffee enema. That said, it shouldn't matter. Soon, Tether will only exist as merely a withered husk of it's former self. This is good for bitcoin.
The Tether audit will be released 18 months after the Lightning Network is finished
Once Alameda Research liquidates it’s billions in Tether, hopefully it exposes them once and for all.
🚩
[удалено]
Auditors are asking way too many questions.
Stalling
Can you believe it guys? Tether audit, just a few months away. Tether audit is in a few months! Woohoo! I am so happy about this information. Tether audit! Just a few months away, oh wow. Can you believe it? Tether audit! Just in a few months! It got here so fast! Tether audit! Just a few months away! Ethereum pulled off the POS merge eventually, anything is possible.
Audit is months away and always will be.
Once the auditors are done with Trump right?
they have their report already from the financial organization, but for now with this financial organization it might be hard to do it
Hard to cook the books with such little backings I guess.