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https://www.theblockcrypto.com/post/48857/former-head-of-circle-otc-says-theres-more-to-the-tether-narrative https://www.theblockcrypto.com/post/48857/former-he

https://www.theblockcrypto.com/post/48857/former-head-of-circle-otc-says-theres-more-to-the-tether-narrative https://www.theblockcrypto.com/post/48857/former-head-of-cir... > Matuszewski told On the Brink's Nic Carter that the idea of tethers driving the price of bitcoin significantly higher is "not true whatsoever." > "I say this as someone who created and redeemed billions of tether over the course of my life and specifically created it in 2017," he said. > In short, Matuszewski affirmed that there were incentivizing events for the generation of Tethers. Bitfinex didn't print Tether out of nowhere either, since Matuszewski said he himself was one of the drivers. > “I can tell you that billions of dollars were sent in to make it like that," he said. "I can 100%, without question, verifiably guarantee it happened. I did it, I was there...That money wasn't just being hypothecated. It wasn't just coming out of thin air, that was happening." I worked for Circle, I worked with Dan, and I can guarantee you that Dan (former head of Circle Trade, the second largest crypto OTC desk) knows his stuff, and Tether is nowhere near as sketchy as your posts and conspiracies would have you believe.

arcticbull 6y ago
> In short, Matuszewski affirmed that there were incentivizing events for the generation of Tethers. Bitfinex didn't print Tether out of nowhere either, since Matuszewski said he himself was one of the drivers. Great! Then an audit should be right around the corner, yeah? Or did we forget when their last auditor quit [1]. > "I say this as someone who created and redeemed billions of tether over the course of my life and specifically created it in 2017," he said. Tether's terms of service: "The right to have Tether Tokens redeemed or issued is a contractual right personal to you. Tether reserves the right to delay the redemption or withdrawal of Tether Tokens if such delay is necessitated by the illiquidity or unavailability or loss of any Reserves held by Tether to back the Tether Tokens, and Tether reserves the right to redeem Tether Tokens by in-kind redemptions of securities and other assets held in the Reserves." [2] Translation: Redemptions not guaranteed. > I worked for Circle, I worked with Dan, and I can guarantee you that Dan (former head of Circle Trade, the second largest crypto OTC desk) knows his stuff, and Tether is nowhere near as sketchy as your posts and conspiracies would have you believe. I'm sure the NYAG disagrees. [3] Likely in no small part because one large market participant doesn't validate a fraud. They would be hugely incentivized to provide Matuszewski service so that he could go on record and say exactly this kind of thing. I'm sure the same quotes could be attributed to big players in the Madoff case. So, in short: [audit needed] [1] https://markets.businessinsider.com/currencies/news/cryptocurrency-tether-splits-with-its-auditors-friedman-llp-2018-1-1014418471 https://markets.businessinsider.com/currencies/news/cryptocu... [2] https://tether.to/legal/ https://tether.to/legal/ [3] https://cointelegraph.com/news/new-york-ag-finds-it-perverse-for-bitfinex-and-tether-to-criticize-investigation https://cointelegraph.com/news/new-york-ag-finds-it-perverse...
- seibelj 6y ago
  There is absolutely nothing I could say to change your mind, any reader can see the arguments made, and it's left for them to decide.
  - arcticbull 6y ago
    You show me an audit and I'll tell the world I was wrong from the rooftops. Is an audit for the thing that represents over 80% of the volume of all cryptocurrency exchanges that much to ask? Should we just have faith that the lord Satoshi is come?
  - arcticbull 6y ago
    To be clear I believe USDC is backed 1:1, in no small part because they're audited by Grant Thornton. [1] If those folks can do it, remind me again why USDT can't? Somehow Circle was able to overcome the seemingly impossible burden of their auditors only writing reports in Mandarin lol. [1] https://www.circle.com/blog/usdc-reserve-attestation-report-from-grant-thornton-llp-april-2019 https://www.circle.com/blog/usdc-reserve-attestation-report-...
- GoblinSlayer 6y ago
  > Redemptions not guaranteed. You saw somebody providing guarantees despite illiquidity?

arcticbull 6y ago

> In short, Matuszewski affirmed that there were incentivizing events for the generation of Tethers. Bitfinex didn't print Tether out of nowhere either, since Matuszewski said he himself was one of the drivers. Great! Then an audit should be right around the corner, yeah? Or did we forget when their last auditor quit [1]. > "I say this as someone who created and redeemed billions of tether over the course of my life and specifically created it in 2017," he said. Tether's terms of service: "The right to have Tether Tokens redeemed or issued is a contractual right personal to you. Tether reserves the right to delay the redemption or withdrawal of Tether Tokens if such delay is necessitated by the illiquidity or unavailability or loss of any Reserves held by Tether to back the Tether Tokens, and Tether reserves the right to redeem Tether Tokens by in-kind redemptions of securities and other assets held in the Reserves." [2] Translation: Redemptions not guaranteed. > I worked for Circle, I worked with Dan, and I can guarantee you that Dan (former head of Circle Trade, the second largest crypto OTC desk) knows his stuff, and Tether is nowhere near as sketchy as your posts and conspiracies would have you believe. I'm sure the NYAG disagrees. [3] Likely in no small part because one large market participant doesn't validate a fraud. They would be hugely incentivized to provide Matuszewski service so that he could go on record and say exactly this kind of thing. I'm sure the same quotes could be attributed to big players in the Madoff case. So, in short: [audit needed] [1] https://markets.businessinsider.com/currencies/news/cryptocurrency-tether-splits-with-its-auditors-friedman-llp-2018-1-1014418471 https://markets.businessinsider.com/currencies/news/cryptocu... [2] https://tether.to/legal/ https://tether.to/legal/ [3] https://cointelegraph.com/news/new-york-ag-finds-it-perverse-for-bitfinex-and-tether-to-criticize-investigation https://cointelegraph.com/news/new-york-ag-finds-it-perverse...

seibelj 6y ago
There is absolutely nothing I could say to change your mind, any reader can see the arguments made, and it's left for them to decide.
- arcticbull 6y ago
  You show me an audit and I'll tell the world I was wrong from the rooftops. Is an audit for the thing that represents over 80% of the volume of all cryptocurrency exchanges that much to ask? Should we just have faith that the lord Satoshi is come?
- arcticbull 6y ago
  To be clear I believe USDC is backed 1:1, in no small part because they're audited by Grant Thornton. [1] If those folks can do it, remind me again why USDT can't? Somehow Circle was able to overcome the seemingly impossible burden of their auditors only writing reports in Mandarin lol. [1] https://www.circle.com/blog/usdc-reserve-attestation-report-from-grant-thornton-llp-april-2019 https://www.circle.com/blog/usdc-reserve-attestation-report-...
GoblinSlayer 6y ago
> Redemptions not guaranteed. You saw somebody providing guarantees despite illiquidity?