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Remember it’s simply Bitfinex saying they have 74% reserves, just like they used to say they had 100% reserves. There has still never been an audit. Nobody has
by xref 7y ago
Remember it’s simply Bitfinex saying they have 74% reserves, just like they used to say they had 100% reserves. There has still never been an audit. Nobody has seen their books. They don’t recognize the jurisdiction of the NY AG.
Bitfinex is the only one who can give a number, and a company in that position usually places themselves in the most generous light, and they still only claimed 74%.
- gpresot 7y agoThey claimed this 74% in filings to the NY Supreme Court, so, while I agree it is not as strong as an auditors' report, it is also a bit stronger than a PR release or a Twitter burst.
- xref 7y agoI’d strongly disagree, seeing as that filing was in a court they see as a joke > Bitfinex and Tether dispute that the court has jurisdiction over the companies because, among other reasons, they do not operate in the U.S., and because both companies bar New York residents from doing business on their platforms.
- PhantomGremlin 7y agothe NY Supreme Court Before you get too excited about that phrase, the courts in New York State have funny names. The words "Supreme Court" have a much different meaning than they do in any other state. https://en.wikipedia.org/wiki/New_York_Supreme_Court https://en.wikipedia.org/wiki/New_York_Supreme_Court
- perl4ever 7y agoAccording to other comments I've seen, they don't redeem tethers for dollars in the first place, so the amount of reserves they have doesn't matter, does it? Liquidity is beside the point if they don't even offer redemption.