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The first one really is key here. Exhibit A is "stablecoin" Tether, which has more red flags than a Kremlin May Day parade and steadfastly refuses to get audit
by 9nGQluzmnq3M 6y ago
The first one really is key here. Exhibit A is "stablecoin" Tether, which has more red flags than a Kremlin May Day parade and steadfastly refuses to get audited, but has nevertheless been puttering away for several years now. When will the penny drop?
https://www.kalzumeus.com/2019/10/28/tether-and-bitfinex/ https://www.kalzumeus.com/2019/10/28/tether-and-bitfinex/
- C1sc0cat 6y agoHow do you avoid getting audited for several years ?
- sokoloff 6y agoAs a cryptocurrency? You just decide not to get audited.
- lordnacho 6y agoI'm no expert, but I think what happens is you shop around for an auditor but you somehow can never find one who will sign off on the audit, because they need you to produce some docs that you don't have.
- 9nGQluzmnq3M 6y agos/don't have/don't want to give/
- seanhunter 6y agoIf you're not a public company then in many/most jurisdictions it's up to the owners/investors to decide whether or not to have audited financials. If they are a 100% legit and have assets to back their tether there really isn't much of a reason not to have that audited and published on a website. For example bullionvault.com publish an audit of physical metal reserves daily.
- chewz 6y agoFrom my experience a fraud is easy to spot with a keen eye. But persuading the public that hot company is a fraud - different matter.