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I’m glad I don’t have any cryptocurrency.Heaven help the 20% of...

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Frogkey

1,944 Posts.

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20/01/21

17:23

Post #: 50315676
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Originally posted by skypiliot: ↑

Its been the question that I have been following for years and no one knows because any effort to get documentation up until now has been unsuccesfull. At one stage due to pressure and criticism Tether got accountants in to do a proper audit but fired them before they could report there was apparently a confidentiality clause in the auditors contract so that we heard absolutley nothing . It is now widly acknowledged as myself and a few others have been saying that
A. Despite iniital promises to back evey tether with a USD it isnt . Tether relented on this and acknowledged it saying it is backed by other assets .
2. The amount of the assets backing it is thought to be about 0.75c per dollar making does this make it something of a a money printing/ fractional banking scheme.

Is that legal? What happens if there is a run on the redemption of tether.

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I’m glad I don’t have any cryptocurrency.
Heaven help the 20% of Australians that do.
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