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Another mystery for me is why, if the backing actually existed, did Tether refuse to have that verified through independent auditing? I can think of a couple of
by mannykannot 8y ago
Another mystery for me is why, if the backing actually existed, did Tether refuse to have that verified through independent auditing? I can think of a couple of reasons why not, but one of them is that it was not actually unencumbered, and another is that it might be inconvenient down the road for it to have been clearly established that, at one point, Tether really did have the cash.
- tialaramex 8y agoParticularly extraordinary because if you're a crook and you need an audit you can get one for a price. All the Big Four firms signed off on accounts at (mostly Eastern European) banks which subsequently turned out to be either straight up frauds or so corrupt that it hardly matters. So Tether not only couldn't manage to get a clean audit they couldn't find a way to bribe their way past this obstacle or they weren't willing to splash the money to do so.
- tim333 8y agoThey are reluctant to do that though. It can be very expensive if they get sued.
- londons_explore 8y agoThe cost of the audit is the main barrier. The CEO of bitfinex is super stingy, and if something can't be done with minimum wage workers, it probably won't be done at all.