Each tether issued will be backed by the equivalent amount of currency unit (one USDTether equals one dollar).Tether is centralized and dependent on your trust of Bitfinex/Tether Limited, and that the people behind it are honest people. For the new entrants to this market it will be greatly beneficial understand the timeline of Tether and their connection to Bitfinex.
Professional auditors will regularly verify, sign, and publish our underlying bank balance and financial transfer statement.
|Fiat Inflow/Market Cap Ratio||Tether as % of total market (no margin)||Tether as % of total market (15% on margin)||Tether as % of total market (25% on margin)|
|JP Morgan estimate (50:1)||27.5 %||36.9 %||43.3 %|
Author’s opinion - it is highly unlikely that Tether is growing through any organic business process, rather that they are printing in response to market conditions.https://www.tetherreport.com
Tether printing moves the market appreciably; 48.8% of BTC’s price rise in the period studied occurred in the two-hour periods following the arrival of 91 different Tether grants to the Bitfinex wallet.
Bitfinex withdrawal/deposit statistics are unusual and would give rise to further scrutiny in a typical accounting environment.
This engagement does not contemplate tests of accounting records or the performance of other procedures performed in an audit or attest engagement. Our procedures performed are not for the purpose of providing assurance...In addition, our services do not include determination of compliance with laws and regulations in any jurisdiction.They state right from the beginning that this is a consultancy job (not an audit), and that its not meant to be assurance to third parties. Doing a consultancy job is just doing a task asked by your customer. In a consultancy job you take information as true from the client, and you have no mandate to verify whether your customer's claims are true or not. The way they checked is simply asking Tether to provide them the information:
All inquiries made through the consulting process have been directed towards, and the data obtained from, the Client and personnel responsible for maintaining such information.Tether provided a screenshots of twp bank balances. One of these is in the name of Tether Limited, and while the other is a personal account of an individual who Tether Limited claims has a trust agreement with them:
As of September 15, 2017, the bank held $60,919,810 in an account in the name of an in individual for the benefit of Tether Limited. FLPP obtained an engagement letter for an interim settlement plan between that individual and Tether Limited and that according to Tether Limited, is the relevant agreement with the trustee. FLLP did not evaluate the substance of the letter and makes no representation about its legality.Even worse is that later on in Note 1, they clearly claim that there is no actual evidence that this engagement letter or trust has any legal merit:
Note 1: FLLP makes no representations about sufficiency or enforceability of any trust agreement between the trustee and the ClientEssentially what this is saying is that the trust agreement may not even be worth the paper it’s printed on.
“FLLP did not evaluate the terms of the above bank accounts and makes no representations about the clients ability to access funds from the accounts or whether the funds are committed for purposes other than Tether token redemptions”Basically Tether gave them a name of an individual with $60 million in their account according to a screenshot, Tether then gave them a letter saying that there is a trust agreement between this individual and Tether Limited. They also have account with $382 million but no guarantee that this account holds to any lien or other commitments, or that it can be accessed.
If traders lose confidence in it and its value starts to drop, “people will run for the door,” says Carlson, the former Wall Street trader. If Tether can’t meet all its customers’ demand for dollars (and its Terms of Service suggest that in many cases it won’t even try), tether holders will try to snap up other cryptocurrencies instead, temporarily causing prices for those currencies to soar. With tether’s role as an inter-exchange facilitator compromised, investors might lose faith in cryptocurrencies more generally. “At the end of the day, people would be losing substantial sums, and in the long term this would be very bad for cryptocurrencies,” says Emin Gun Sirer, a Cornell professor and co-director of its Initiative for Cryptocurrencies and Smart Contracts.https://www.wired.com/story/why-tethers-collapse-would-be-bad-for-cryptocurrencies/
Another concern is that Bitfinex might simply shut down, pocketing the bitcoins it has allegedly been stockpiling. Because people who trade on Bitfinex allow the exchange to hold their money while they speculate, these traders could face substantial losses. “The exchanges are like unregulated banks and could run off with everyone’s money,” says Tony Arcieri, a former Square employee turned entrepreneur trying to build a legally regulated exchange.
The Fast and the FelineSecond Place
posted by wheel_turner on /memes
Click here to view the post. ● 118,977 Upvotes ● Posted: 01/01/2020 at 13:32:55 UTC
Get prepared for this new year!Third Place
posted by Beloni_BR on /wholesomememes
Click here to view the post. ● 93,214 Upvotes ● Posted: 01/01/2020 at 13:12:41 UTC
You're given the option to drop what you have and return to 12/31/2011 as yourself at that age, but with the extra 8 years of experience. Do you take it? Why or why not?Fourth Place
posted by BaddestofUsernames on /AskReddit
Click here to view the post. ● 92,714 Upvotes ● Posted: 01/01/2020 at 01:44:27 UTC
THE LAST MEME OF THE DECADE (posted with 14 seconds left to spare)Fifth Place
posted by lawrence_jacobs on /memes
Click here to view the post. ● 90,041 Upvotes ● Posted: 01/01/2020 at 10:07:25 UTC
Dad off to fight fires in NSW.
posted by meehaulahoolahine on /pics
Click here to view the post. ● 87,103 Upvotes ● Posted: 01/01/2020 at 06:40:41 UTC
I’m the bitcoin investment comment.Second Place
posted by pastatini on /AskReddit
Click here to view the post. ● 50,169 Upvotes ● Posted: 01/01/2020 at 02:35:27 UTC
Yes, those were the skinny years I wasted thinking I was fat.Third Place
posted by karenthesoccermom on /AskReddit
Click here to view the post. ● 35,102 Upvotes ● Posted: 01/01/2020 at 02:47:47 UTC
I turned 21 in 2011. You're saying I could redo my 20s, with a 29-year old brain and experiences? Hell yes I would. ` I wasted a lot of energy, time, money, my youth being too stupid to move forward.`Fourth Place
posted by ThatDogIsNotYourBaby on /AskReddit
Click here to view the post. ● 34,708 Upvotes ● Posted: 01/01/2020 at 04:03:37 UTC
Yes. With everything I know now, I could easily go back and be a millionaire.Fifth Place
posted by StarsCanScream on /AskReddit
Click here to view the post. ● 23,417 Upvotes ● Posted: 01/01/2020 at 01:47:36 UTC
That was 6 months before i got seriously injured for the fist time... I think i'd take it.
posted by Bobbinapplestoo on /AskReddit
Click here to view the post. ● 17,630 Upvotes ● Posted: 01/01/2020 at 02:55:15 UTC
When I’m Liverpool: World Champions EditionSecond Place
posted by elmo26 on /LiverpoolFC
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THE LAST MEME OF THE DECADE (posted with 14 seconds left to spare)Third Place
posted by lawrence_jacobs on /memes
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The story about labiaplasty you haven’t heardFourth Place
posted by jessica_pin on /TwoXChromosomes
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[Release] It is finally here! Zebra version 1.0!Fifth Place
posted by xTheMaster3x on /jailbreak
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Dad off to fight fires in NSW.
posted by meehaulahoolahine on /pics
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\"You cant tell me what to do\" `_He says with loud and pronounced breaths, he feels as his three ching gather moisture, the smell of cheetos rolling down his chins, accompanied by the green tint of mountain dew._` \"I will show them, ill show them what i think of their PC character!\" `_He pronounces loudly, his voice echoing through the walls in his moms basement, stoped by the seemingly endless bottles filled with liquids, and the cabinets of jars and ponies._` _Somewhere in the overworld, where **normies** dwell, a muffled cry of his mother as she rethinks the choices she made for him to be here._ `_He gets up from his double sized chair, the workings and spring for adjusting the height creak and shiver, the sound of something snapping remembers him to ask mom for another one._ ` \"Aw damnit, the second one this week!\" `_He waddles towards the boxes beside his bed, the sound of moist cardboard hitting the ground, he digs, his grubby hands flailing to grab something amidst the sea of thrash, but he succeeds._ ` \"I may be a bit dusty but ill show them.\" ` _He pulls out his wacom tablet, not the finest machinery but itll do its job, he treks back to his seat, connecting it all and booting up paint tool sai, the computer trembles as he sits back down and connects the tablet._` \"Ill fucking show them.\"Second Place
posted by DoomCogs on /Cringetopia
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You all are very kind. I remember that post well, like it was yesterday. The site was just a side project, but you all had different plans. It’s been quite a ride. Still so much to do - I feel like the site is about 10% of what I’d like it to be.Third Place
posted by pcpartpicker on /buildapc
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Cool. I joined this community to ban people like you.Fourth Place
posted by -Ph03niX- on /vaxxhappened
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Mandalorian armorFifth Place
posted by NotCreativeWithNamez on /AskReddit
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You literally stole my exact same post with the exact same title on the exact same subreddit [here](https://www.reddit.com/trashy/comments/bjbvip/throwing_the_community_electric_scooters_into_the/?utm_source=share&utm_medium=ios_app&utm_name=iossmf)
posted by iGrantastic on /trashy
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