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you're assuming that Tether is not just printing Tether's out of nothing of course :) As they have never had an audit and have already admitted to not being 1:
by raesene9 6y ago
you're assuming that Tether is not just printing Tether's out of nothing of course :)
As they have never had an audit and have already admitted to not being 1:1 backed, that's not necessarily an assumption that'll play out well.
- martinko 6y agoEven if they are (having spoken to the cfo and ceo personally, i dont hink they are), this affects tether holders, not btc holders.
- raesene9 6y agoerr it's been publicly admitted by Tether in documentation submitted to the NY courts hearing their case against the NYAG that they're not 1:1 backed. From https://bitcoinmagazine.com/articles/holders-are-not-at-risk-bitfinex-lawyer-responds-to-ny-attorney-general https://bitcoinmagazine.com/articles/holders-are-not-at-risk... "Hoegner admits that Tether is operating under a roughly 74 percent reserve"
- martinko 6y agoThats two different things. They are backed by loans to bitfinex, like your money in the bank is backed by mortgages etc. I am not defending this, I think it is a major fuck up (one of many by bitfinex), but again, I do not think they are insolvent and that they will not be able to cover tether liabilities.