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It is weird. And really this report comes down to them getting a couple of signed letters from third parties. Why do it this way rather than a normal audit?
by zik 8y ago
It is weird. And really this report comes down to them getting a couple of signed letters from third parties. Why do it this way rather than a normal audit?
- sanxiyn 8y agoA positive interpretation is that Tether is solvent and wants to prove solvency but does not want to deal with non-solvency related audit issues. That's assuming some goodwill... If you don't assume goodwill, what you should conclude from this is anyone's guess.
- ct520 8y agoIt’s a goodwill gesture without letting too much known. (Worked for companies that did similar when dealing with big banks and were privately held)
- TAForObvReasons 8y agoDesigned to distract and deflect. Goodwill on financial solvency matters was completely destroyed after they suspiciously "dissolved" their relationship with audit firm: https://www.coindesk.com/tether-confirms-relationship-auditor-dissolved/ https://www.coindesk.com/tether-confirms-relationship-audito... This is somewhat reminiscent of Michael Cohen's "proof" that "[he has] never been to Prague in [his] life." (in his case, a picture of a cover of a US passport). It is not actually proof of anything useful, but does manage to help control the narrative in a specific way https://twitter.com/MichaelCohen212/status/818991277685567489 https://twitter.com/MichaelCohen212/status/81899127768556748...
- sanxiyn 8y agoFriedman LLP fiasco is consistent with my positive interpretation.
- duskwuff 8y agoWhen there's $2B+ at stake, people expect something a little more definitive than "goodwill".