/biz/ - Business & Finance

>>7024705
I can posit a likely scenario here. Tether does not want to reveal their banking in such a way that will jeopardize said banking. They want a legitimate auditing firm like Friedman to vouch for them but Friedman is probably unwilling to sign off on an audit with key information omitted (bank details).

The money could very well be in accounts as Tether claims, but publicly revealing where the money is could easily lead to their accounts being closed (those who have been following this know it has already happened at least once). Tether probably wants some kind of binding agreement from Friedman to keep bank details secret and Friedman refused.

>>7024719
This

Why the tether fud op? No one gets audited for liquidity in finance and if they do it says whatever it needs to say to pass.

Ignoring the news and just looking at the chart should tell you enough about where the tether pairs are heading. And yes, Tether exchanges get probably fucked.

>>7024791
If Tether really does have the liquidity, then they better get their ass on Kraken and push their peg back up to a dollar then.

Peg is falling = Tethers aren't actually backed by USD. You can't deny it.

>Given the excruciatingly detailed procedures Friedman was undertaking for the relatively simple balance sheet of Tether, it became clear that an audit would be unattainable in a reasonable time frame.

>hire auditor
>w-w-why are they auditing us?

>>7024874
Peg falling cos btc rising, you didn't know this? Swing trading btc has been a no brainier. Set buy order at 9.8k, sell at 11.5, profit.

If one cares to take that risk it's apparently reliable and I think the way the price of usdt mirrors this is evidence enough. Personally I don't trust exchanges with anything more than a shit coin in sub 1k Fiat values.

I think you're over thinking things.

>>7024932
Because they wanted to reveal everyone that they are solvent, but Friedmann LLP doesn't do half thing and would reveal everything to the public. Therefore they dissolved the business with each other

See >>7024719

>>7024719
this is probably the case

one of the first thing auditors request for support are bank statements and if I were in tether's position, I wouldn't do anything more than a bank rec with the account numbers redacted

WHASA WHASA WHASA WHASUUUUPPPPPP BBBIIIITTTFFFIIIIIIIIIIIIINNNNNNNEEEEEEEEEEXXX!!!!!!!!!!!!!!!!!!!!!

>>7025079

>>7024998
while that could be true, but the statement doesn't appear to suggest that at all.

it's a poorly worded statement that makes tether look like shit.

Good fuck auditors. We don't need pesky oversight. Free markets everyone, free markets.

>>7025135
>-but*

>>7025135
There always 2 sides to a story. So far we have like 99% of the people on crypto space think Tether is a scam, but there are infinite reasons for no complete audit

when does the panic start?
when do exchanges start delisting?

>>7024719
This is possible. There's any number of reasons. The public has no idea so don't act like you do.

>>7025145
snake oil, snake oil
make penis grow,
cures cancer
attract qt girlfriend
buy snake oil very cheap

>>7024705
Fuck off with your FUD. Tether crashing is good for Bitcoin.

>>7025198
Exaclty. Only a problem if you let it be.

Nobody talking about the fact that they printed 600 million after the audit failed?

>>7025180
i expect some clarification on monday after the weekend work break

how reassuring or not this clarification is will determine the markets response

i figured they would sell the rumour but they had all night to do that and didnt. maybe they will now i dunno

>>7025180
101 demand and supply. Tether is always hovering around 1 USD +-2% because of higher and lower demand.

Do you shout out tether moon mission too, when it is above 1 USD?

>>7025180
When will merchants stop accepting USD because it's worthless monopoly money?

>>7025252
Why the fuck would it be good for btc if the only thing that is pumping it falls?

>>7025295
get a load of this delusional moron.

>>7025178
then maybe tether's spokesman should come up with something better than:
>our books are really straightforwards to audit but for some reason our own auditors have decided to take a deep dive. it's taking too long and we're not comfortable with that, so we're firing them. btw aren't we super transparent for volunteering for something like this?

>>7024971
The price of bitcoin is rising at a faster rate on Tether exchanges than on USD fiat exchanges.

Do you understand what a currency peg is? The value of Tether shouldn't be floating. If it's floating, then that means it could theoretically go to zero if enough sellers sell.

The only way to ensure the peg is if Tether buys any excess selling demand. If they're not doing this on their website and not doing it on Kraken, then the peg is going to fall.

Pic related: People are selling their tether on USDT exchanges and the market is treating USD and USDT differently.

>>7024791
>>7024719
>Trust Tether because theyre audited
>Its auditers fault for unwilling to sign off key information
>Actually they dont NEED auditing, auditing is silly!
Every time, keep coming up with excuses

>>7025338
Probably because a lot of their money is "dark" and can't be sourced for AML and KYC requirements, but the banks holding it for them are doing it even though it breaks the law and they don't want to sell them out.

>>7024705
So transparent.

>>7025418
* likely eastern european, middle eastern, or central american banks

People still buying tether at this point are soon going to be like the people who bought bitconnect knowing it was a Ponzi. People are going to tell you that you should have known better when you lose everything. That it was so obviously a scam and that only a complete idiot would have bought it.

>>7025386
People buy usdt pairs and sell them for real fiat. This will get ugly.

>>7024864
what is that? a one second chart?!?
Tether is here to stay and is legit...damn I tire of you fools!!!

>>7025760
idiot, right here
12 hour chart on cryptowat.ch

This can't be real

>>7025760
on a second note, buy more crypto, follow the Nigger, you earned it to be fucked in the ass for not understanding simple economic concepts like supply, offer and demand

>>7025808
This entire market is irrational and has been overvalued since its inception. Don't act like you're doing something right.

Why the fuck do they even need to be audited? Who the fuck else even gets audited?

>>7025844
>Don't act like you're doing something right.
Like what? Buying low, selling high and keeping an eye on the surrounding economy and FIAT as FIAT replacement currencies, and taking decision based on those factors and not just some paid monkeys on jewtube screaming and throwing shit against the wall like 3/4 of the current crypto gamblers.

Pro tip, buy silver gold and oil puts one and a halve month ago

>>7025862
Well everyone knows the rest of the market is fake and not worth anything, but these guys actually try to say there is real money so they have to go down for it.

That's the crypto market. Make sense?

>>7024719
>Hey guys I have money in my private cayman account under a false name, can you sign it off like it is backing tether?

Funny to see inflation in live action. Look at the tether graph.
https://coinmarketcap.com/currencies/tether/

>>7025485
polish

>>7025485
>>7025418
Its gonna be a bloodbath desu

TEEEEETHEEEEEER

>store of value

thank god the meme is dying

>>7027286
Youre going to be dissappointed by the irrationality of this market