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RE: The MASSIVE Tether Ticking Time BOMB
Tether somewhat reminds of WorldCom...
I agree ,i bet the auditors most likely were looking at inflated or false numbers ...and asked "what is this?"
As anyone whos works at a legitimate financial company knows...reputation is huge .
Tether has always been a bit shady in regards to what they have falsely represented.
(In a criminal aspect, its brilliant because too many investors in this space...don't take the time to actually read up the white paper. They just dump cash into what's "hot")
This would be the ideal market for anyone who follows PT Barnum's famous quote
"There's a sucker born every minute"
Great comment btw.
Since Tether will likely do everything in their power to make sure a third party does not expose them, how do you think it will play out? Unless regulators step in and demand a legitimate audit, the only way I see the bubble popping is if a large number of USDT holders try to cash out for USD. Can you even do that directly through Tether? Are there any exchanges that offer a USDT-USD pairing?
You can use Kraken for exchanging USDT-USD
Personally, it took me a little while to realize USDT ≠ USD. It is used in exchanges as if it was the same.
I've always been leery of tether but didn't realize until now that Poloniex and binance quote their Bitcoin prices in Tether. Also, this is the number that is picked up by coinmarketcap
See thats the problem i believe.
An exchange might have liability issues based on that.
ALOT of people think its USD.
Kinda scary when you think how many have their positions based on this aspect.